The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1870-03-07
WHEELING, W. VA, MONDAY MORNING, MARCH {, 1870


Now all these things are as matter {
course, carefully noted by the Wall stree
gamblers. It Is undoubtedly to their Id
terest that gold should, Il possible, go eve
lower than It now Is. The lower It get
the better for the speculator. They or
probably waiting for It 10 touch Bottom,
| We may be full sure they will not mis-
their opportunity to make o strike whel
tho right time comes. And who know
how far they may have contributed to th
present decline!
We arc certainly on the verge Of a fresl
outbreak Of speculation. Tho signs al
point In that direction.
From he CGneiaNaH GasFtte.
Tho export of bonds settles our tradt
balance, and this displaces gold from tlH
use, although the adverse balance Is no.
less thAn one hundred and fifty millions I
yOar. Legal tender notes settle all in
dGbtedneSS at home, and thus liBpAcegOll
from It's uses in business. The only llst
for gold Is to pay duties on imports; and
In this the stream which flows into tic
Treasury flows out again, and keeps cir
cuIating in this small circuit. There arc
tilly or sixty millions OF gold In tho
market, besides what the Treasury holds,
for which there Is no use. Under these
conditions there Is no telling how low 1t
mly go, now that II llas got momentum
In tllG downward course. ...
But does It's fall under these conditions
prove TINT II will go down To par and stNy
when all these conditions shall be rcvCrs-
cd; when specie payment is resumed, and
the gold we havG-say 176 milliOns-is re-
QuirCd to serve for the redemption Of $50
millions OrgrcenDacks and bunk notes and
for the payment Of duties. on imports, and
when the dwindling Of our stock Of bonds
shall restore the drain Of gold TO pay
foreign balances and the interest on tue
debt held abroad! If any who imagine
tho fall Of gold is certain approach to
specie payment Of the whole volume, Of
tho currency arC capable Of thinking, let
them reflect whether the fill Of gold when
there Is no use for It proves that It will
stay down when all this use shall be re.
Quircd Of 1t.
" j. Cor. Of Gin. COnlnIsniai. . .. lg,.
The influences which affect the gold pre-.
miunls arc but few. ..',.'.
l. So fir as legislation Is concerned,
there Is nothing TO fear. Since the recent
expression Of opinion In the Senate against
expansion of tho currency, there Is no
chance Of any measure of initiation being
passed by Congress. II ShernAn's Fund.
Ing Bill becomes law, We will perhaps
be able TO get n portion of the new loan
taken abroad on cheaper terms than We
now pay. But Il it docs not become n
Inv, the Secretary Of the Treasury has
other efficient means ofaction in his hands.
2. So far as our credit abroad affects ho
gold market, We arc in better way than,
ever We were before. Tho one thousand
millions Of Government bonds held in
Europe have steadily risen In value year
by year since their expectation till now
they are all on the very verge ofpar, some
Of them having actually reached the par
value. The markets Of Europe show their
tAtth in our credit by taking our paper, In
constantly increasing quantity, at Our own
valuation Congress gavc them reason for
this fifth last session, when it repeated the
declaration that tho principal as well rs
the interest Of our bonds was payable In
coin. 1t seems, too, that the decision 0t
the Supreme Court has strengthened their
assurance in our financial morality.
3. So FIR as the price Of gold Is affected
by our commercial exports and imports
that Is, by our foreign exchanges-We
have not for eight or ten years been insuch
u hopeful condition as we arc at tho pres
ent time. Our cotton exports for the
year will be greater than for any year
since the opening Of the war, and for this
single article We will get more money
than VIC ever got In any previous year.
While the value Of our exports have In.
creased, tho volume and value Of our i'm
ports have diminished, and, as a conse.
quencc, our commercial exchanges are in
a better way at this time than for long
time past.
4. So far us tho price ofygold Is affected
by the condition Of tho National Treas
ury, that Is, by the public income and ex-
pCnditurcs, We certainly can not look for
a high premium. It's familiar story TO
everybody how tho revenue returns have
increased during tho last year by more
faithful collection of the taxes, and how
the expenditures, Of tho Government have
been diminished, by o moro economical
administration Of tho public service. It
Is known 10 everybody how tho Treasury
has d largo surplus Of gold constantly on
had, so that 1t Is able 10 sell three, four or
SIN millions per month, according 70 It's
pleasure And II Is also known how the
Treasury Is able TO buy up four or five
millions of It's own bonds every month,
and place them to tho credit Of the Sink
ing Fund II Is known, in short, that the
financial condition is In all respects strong
and hopeful.
What are the other influences that nj.
feet tic price Of gold? What are the
operating forces calculated TO send the
gold premium up, or tho value Of Govern
mGnt bonds down2
| am not arguing that there may not, ut
any moment, appear Causes that will send
gold up two or three figures from Its pres.
cnt low point. Nor am arguing, not by
any means, that 1t Is impossible for Con.
grcss, or the Trcasury,Or the Administr1.
ti0n, should take sOniC foul or foolish step
tint: would again send gold Exiting" I
slraIl only be surprised u all these parties
conduct themselves discrcetly in all re-
s,lccts; but have watcllcdthem too close
IL, and for too long time, to be ablc 10
enjoy any assurances in this respect,
Lhave merely mentioned what have
been tho forces and influences felt here US
affecting the market during the last few
weeks, and MS affecting tho movements Of