The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1870-03-01

gold shall be continued through the
spring.
The apparent abundance Of gold Is due
to the lhct that, on each succeeding sale,
tho purchaser takes from the Sub.trcas-
urer certificate Of Its deposit Ii the
Treasury instead Ofmovingthe gold Itself,
and hence our banks appear to he loaded
with It MS well rs tic Treasury.
These certificates now amount 10 over
finy million Of dollars, for which there is
hut little demand exCept'tO pay dulles;
and in the absence of foreign demand for
balances gold remains drug upon the
market, which the Treasury for the mo-
mint can beat down ut Its pleasure,
Sales Of exchange In Wall street, founded
upon tclegraphic sales Of bonds In Lon
don, were made on Friday, showing that
the foreigner Is still content TO allow his
balances 10 remain IN this country instead
of taking. them 10 London, where only st
10 3pOr cent interest can now be earned.
ltappearS, however, from the showing
of the London EdOHOiRiS, that there Is II
pcrceptible improvement In the industry
Of England, due to cheaper cotton and to
cheap bread, as well us to better rewards
for what they manufacture, and itmny lie
that the want Of capital In England may
be increased. II must lIC evident, llOwev-
or, that whether tho improvement will be-
sufficient 10 turn the flow Of capital
toward Europe or not, II Is In the highest
degree imprldcnt for us TO be induced by
the fOrbearancc of the creditor TO go on
rccklcssly In increasing our permanent In
debtedneSs.
The state Of trade in all parts Of the
Union eXciiGS some anxiety. The West
abstains from buying because their fill
stocks remain OH the shelves, and cOllGc.
tiOns have been light. The success Of
trade there turns upon the profits Of agri.
culture; and as they have been very small
in the most favored regions. purchases are
made only 10 supply immediate and press
ing wants. Tho South and SOuillwGstHre
represented in the market by n few Gus.
toners; but they also buy sIMringly, lIClng
doubtful about the price Of cotton for the
remainder Of the season. lfthCrc wCrO
certainty TINT the price nj which il haS
been sold by spectators for delivery In
the spring Culd he maintainetl the South
would be active purchasers Of goods; but
the doubt produces Cautiun. rs Il il sup
posed tllNt cotton goods, and indeed mRny
other articles, would sympathiZc with the
lall ifit'tnkes place. -.
The prosperity of tho English depends,
as til cir press asserts, upon cheap cotton
and brcndstuGfs. Their Whole financial
power Is used to give them this advantage,
and 10 dCpreSs both articles In tho United
States. These efforts have been met In
tho South, for the protection Of their great
staple, with courage, skill, and up TO u latc
period, with success. So far as concerns
the exports of tho North, there were none
TO afford projection, and slaughter was
easy, asit was aided by the action Of the
Treasury. l nt .H HF,rr
Had there been steadincss In gold at q
premium fixed with duo regard to tho OK
tent ofIour papcrucirculation, the North
would have sold It's grain iOthe foreigner,
and converted the proceeds into currency
Attle rate at which the currency Circula-
ted when hc'cxpcnsc OF production was
incurred; but by reason Of the large differ
ence-wheat having been produced when
gold was at S5 per cent IHniuni, and sold
when ut 20-enormous losses have been
made by the great farming interest, which
have been communicated to dealers Of
every description. M .r.E l"ss.
Tie future of trade for this season de-
ponds largely upon the action Of the Trea.
sury and OF Congress. HistO be hoped
that Western members will noturge intia.
,ion rs q remedy. II the currency shall
be made 10 correspond In quantity with
the present price Of gold, fluctuation in It's
market price, extending to- the whole
trade and industry Of tho country, will DO
avoided. b ''l..' -f,.l.f 'a.iHN
y The Great Decline in Gold.
FSUn as ". +. CONF 44drtrIlstr Of Saturday.
Whenever stocks, gold, or governments
arc buoyant and advancing, the street
opinion generally carries them In expecta,
ton 10 much higher figures than they at,
tain, The reverse Is equally true, and
street talk now carries gold down five or
ten per cont further, md in some minds to
par even. Tho public should not be de-
Iuded By this impression into making
plans on the basis Of q much lower rate
in gold; nj least for the present Though
there Is nothing to keep II up ut high
figures, the present decline FROM 2i4 to
10s-tle quotation nj this hour-has been
too sharp and npid 10 be Inscribed wholly
to natural Causes. Spectators generally
have sold, and there Is now q heavy short
interest on the street. Such being the
casc, q reaction In price mAy not tnnatu.
rally be looked for. Gold will be much
more likely to touch go ngain before II
docs 10. Ultimately the price will proba!
blY,TecCylc to par, but TINT such will be
the case now, or next year, It would be
hardly safe Ia assume. '''.
From he NttS Tori Tribune qt Saturday.
The largc amount OF money for invest.
nent will unqucstionably Keep up the
price of our best railroad and State bonds,
and tho regular dividcnl.paying railroad
stocks, Notwithstanding tho downward
price Of gold. The action Of the Senate
In not yielding TO an initiation Of the cur.
fency, tends 10 give confidence 10 capital
that Is seeking investments on which in.
tcrcst and divilends arc certain 10 be paid
The Senate has inspired capitalists and
business. men here, with new hope, and
they are looking forward now to u better
state Of things tlinn We have had for the
last eight years. If money was not easy
ut all the money centers, &c business was
dull, II "tho times were out OF joint" and
failures and general distress prevailing for
the want Of money, there would then be
snmc reason for the cry Of moro currency,
which comes up from some quarters.
The bonds 1881 are above par, while
other 5.9Os arc approximaung very near
II, and If gold declines for another month,
as 1t las for the past, the 5.20S viii bc
par, with gold here at home, as well as
abroad In the markets Of Europe, where
great confidence Is felt in our bonds, be-