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

vcr In change where change was due
This Is beginning in tho right direction
It shows ut u glance that nothing Is lo6t
on either side, that the lessened amount o.
moro valuable money will command aS
much Of any commodity Us q greater
amount Of deprecated and cheap money,
besides which, the custom gradually will
famlllarize lB with the money Of the
world, and when the Government shall IN.
nounce that 1t Is ready to meet all It's liza
billtics in coin on demand, there will be
neither shock nor excitement, but the
business Of the country will easily and
generally follow In It's wake Some ofouE
contemporaries think TINT tho time has ar
rived for tho Government TO nllme day
on which It will resume, and the next
Fourth of July Inns been mentioned us the
signal point for tho occasion. From the
course Of the gold and the currency mar.
ket since the present year cAnc in, there
seems 10 bc no occasion for 0n announce
ment In advance, fittings progress for two
months to come us for the two months that
have passed, even as early u period as the
next national anniversary would bc antici.
patGd. While wO arc not rs sAnguinc as
some us to an carly resumption, and antiC.
ipatcl reactions in the gold market be-
fore bottom Is touched, VIC arc neverlhC-
less gratificd to sec such an Improvement
In the national credit as to render coin
payments Onall demand liabilities talked Of
bY the heretofore inCredulous on that point,
US II thing quite within the rnnge OCprOba-
bility in the near future. Secretary Bout
well has but'to steadily and perslstcntly
pursue his policy Ofbuying honds-the only
mode Of liquidHting the debt In his power
TO resist the creation Of Any other debt,
whether Of notes or bonds, and to enlcav-
or to persuade Congress 10 authorize him
to destroy all tho bonds he may purchase,
TO early bring round not only tho desired
contamination of u resumption Of specie
payments by tho Government, but rG-
sumption by the banks and by tho people
This matter, that half year ago seemed
literallylimpOSsible, Is now talked Of with
careless uncOnCGrn as to consequences.
Thus far the appreciation Of the currency
has boon effected without any direct con-
traction Of its amount. On the contrary,
the grrenbaCk and National bunk CirCula-
tiOn is now ms fully employed us Inst year,
and us prudently so, Judging by the quar-
tcrly returns OftIlC banks just published,
il seems reasonable ami probable that the
general trade and prosperity Of the COlln-
tryarC neither to be checked nor serious
ly unsettled by the appreciation in this
currency aud the further fall In gold, even
up To the. point when the two shall be ut
par, .. .. .....r
FFuUI LIG IFtLEbRrg Commercial Of yssttrtiay.
Since tho announcement Of tho pro-
gramme Of the Treasurer for March, show
Ing the amount Of gold sales and bond
purchases by tho GOVernmcntfOr the pres.
ent month, gold has taken an upward
movement. The downward course OF the
premium halted ut 10, the point the cliques
had settled upon, us WAs stated several
weeks HgO. II was expected last week
that tlIctI'rcasury would largely increase
its sales of gold during March, in order to
provide for the payment Of pensions, but
the publication Of the order from the
Treasury this morning lispCls tllat hope
Oi the "bearS." At first the intelligence
did not produce the sharp upward reaction
expected, but In the course Of tho tlay the
temper Of the market became decidedly
"bullisll," and II strong advancing tcndcn-
cy set in, and prices closed from one 10
two per cent. higher. The break in gold
has undoubtedly been stimulated by specu.
lativc influences, rs We have before re-
marked. Yesterday morning, IN New
York, a telegram wNs freely circulated on
the market, purp0I ting 10 be from Wash
ington, stating that the Secretary Of tho
Treasury was intent on prccipltating spe.
Cie payments; that he felt sure Of the
funding bill being adopted by the House;
that there will bC no increase Of currency
at this session; and in short, that thou
sand things and everything will llc done
at Washington to bring down the pre-
MUM. The thing was evidently hold
canard, but It had itB effect in producing
the fall in tho price Of gold 10 116f, ailer
opening at III. There Il some reason for
snppOsing that this decline Is connected
with mother great speculative movement.
The fall in the premium naturally lAcili-
tAtcs the carrying Of gold. With gold ut
115, q combination with Sj,0O0,0OO Of
money for margins could purchase and
carry $50, 100000 Of gold, md indications
are not wanting that Just sucll IN opera.
tton Is now IN progress, the gold being
bought ut from III downward, with an
ultimate purpose Of holding It of tho
market and producing IN extreme up.
ward reaction. This danger Of gold be.
ing bought up on speculation, when the
premium has been brought 10 allow point,
should be kept in mind by speculative
sellers, or they may suddenly find them
selves very seriously "cornered"
From ne NeU T0FE Sun, pu ..
The bear element Is aided by tho Sccre.
tary Of the Treasury, whose great desire Is
to bring Government bonds and gold to
the same standard, and this elimination
will probably soon be attained; 1885
have already for several days sold above
par in gold, and tho balance Of tho list
will be manipulated until reaching a cor.
responding gold basis, either by the de-
cline In gold or the advance in bonds.
When cOnsummated, there will be cause
for cOngratulatiOn, and the new funding
bill. with such notifications as may be
important, will receive the sanction Of
Congress, and tho speculatlons Of the
Gold Room will then become orlittlc ornO
interest 10 the general public, Whenever
the present or any future funding bill be-
comes n law, the fluctuatlOn In gold will
10 subject of no Importance, and busi.
ness, rs previous to the war, will be con-
Quoted over the counters Of bullion deal.
crs, instead Of through the medium Of the
Gold Exchange, US ut present.
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