The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1870-05-25
Commercial and Financial.
Government Bonds and tho Gold Pre-
MUM.

From NstTv CIspS e Co.'S Monthly Circular
The abundance of money may be cx.
pected to give a buoyant character to the
Wall Street markets generally; and cs.
pecially should 1t prove, rs we Are led 10
expect, that Congress will refrain from
any legislation calculated 10 affect mate.
rally tho condition Of the finances. 1t up,
pears to be now generally concluded
among members Of Congress that funding
could be Advantagcously postponed until
o later session, when the public credit
may bc further improved as result Of q
reduction Of taxation and tho public cX-
penditures and the national debt has been
Mrtler reduced. The remarkable appre.
citation Of Government securities during
the last fifteen months, has induced Il
feeling, that when an effort Is made to
fund the debt, the rate should be
Four per cent; and us 1t would not
be possible to market, ut present, sc.
Curities bearing that interest, 1t Is deem.
cd prudent To wait until such Il bond
can be negotiated. In view Of this
prospect, there Is gradual tendency in
United States Bonds to advance to pNr in
gold, upon the assumption that whenever
Il may become practicable to market Il
new bond Of the character indicated, the
Fivc-TwenLicS now outstanding will bG
called in and redeemed In gold. So long
Us Five.Twenties remain below par in
gold, there is clear prospect Of u profit
10 holders upon the principal when re.
deemed; q fact which Is not only calCu.
lated to nuke investors retain their bonds
but which alsO holds out strong induce.
ment TO buy them ut q short investment,
AT present, these considerations arc pre-.
vented from having their full force upon
the market from the fact that Congress
has not yet acted ConClusivcly upon tnan'
cial questions, and because efforts, appar'
emily speculative, NrO just now being
made to introduce In Congress new
schemes for funding and the resumption
OF specie payments. From tho character
OF our advices us 10 the disposition Of
members oil Congress 10 disCountcnanCc
all premature financial measures, we do
not hesitate to warn our friends against
being unduly influenced by new propO-
sails Of this character.
The Gold Premium lacks any decided
tendency. There Is very general feeling
that with Il steady strengthening In the
rites of Exchange, and the approach
OF the season when We usually ship the
larger portion OF our annual exports Of
our annual exports Of specie, the price Of
Gold should advance; and yet this Opin.
ion Is held with somO migivings. In the
first place, It is counteractcd by the fact
that, so far this year, we hive shipped
comparatively little specie, the total cx.
ports from this port, from January list to
May eth, being only $8,700,0O0 against
$10,000,00O in 1860, and $22, 500, 600 In
1868; and in the next place, while the
current and late imports have not been
especially heavy, VIC have on hand q much
larger surplus Of cotton for export than ai
this period OF late years. Again, the cX'
pectatlon Of increased sales Of Gold by
the Treasury next month, and the proba-
bility that after the close Of legislation on
tho finances, Europe may renew It's for.
mer active demand for our securities, have
vcry naturally u tendency to discourage
nurcbsses for anything beyond a tempo.
rarv rise, 1t Is this conflict and balanc.
ing Of probabilities which keeps tho pre-.
MUM 80 steady.