The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1870-12-20
Financial Prospects-..A Sensation
Ahead.

AACA0S
Ffpn Ms Philadelphia R.oOrd.
The controlling influence in speculative
and financial movements since last July
has bean the situation Of affairs In Europe,
with their varying and constant changes.
London more than ever has held chief
control over the financial world, and New
York and all our money centres have re-
spOnded TO every pulSauOn OF the London
Stock Exchange, The financial legisla'
ton Of Congress will be likely TO change
the current of observation from London
TO Washington, and, If the rumorS should
prove true that Mr. Boutwell, will make
an attempt TO extend his purchase Of bonds
by utilizing forty millions Of the coin in
the treasury" or, in other words, If this
amount of gold Is to be sold, and the cur.
rency prOeCedS invested in $40 bonds, we
shall have . lively time. This is under
stood to DO what the secretary con-
siders the practical preliminary step
toward placing the new 5 per cent
bonds he has asked for in the place OF
the 6 per cent 5.20s. Itsnot proposed
Ie change the funding bill, passed
last summer, in any Of its provisions, ex.
cent as to the rate of interest on the 1 and
~ per cent bonds, which will be increased
To / ner cen, 70 the extent OF three hun
dred millions That bill provided that
the Treasury could receive gold on deposit
at an annual rate OF interest NOT exceed
inC9 q per cent; and, further, that certiti-
cafes OF deposit could be issued TOR such
gold, and only IS per cent OF the actual
Spld should be retained against these GER
IiicatcS, the balance Of IS per cent to be
used in paving of the $50 bonds" II
this policy should be ConSummated, the
amount OF gold let loose upon the market
bY the treasury would amount in very
short time to nearly seventy millions Of
dollars This plethorS OF gold Upon the
market, it is expected, will facilitate the
operations Of that part Of the funding bill
which provides tor issuing certificates for
deposits Of gold in the treasury, making
that department OF the government y
great gold bank. Ii is not our province to
either condemn or approve this scheme,
or to vOuch for its truth in detail, but We
give il As We find it talked about among
pe0ple who have means Of getting correct
luIOEIIlAlluu III (AALS Nou4CNNASAs ~ va
not be out OF place to give the views OF a
leading New York financial journal on the
probable effects OF this policy:
The sale Of forty millions Of gold in
the space Of thirty or sixty days BY gov.
eminent, in connection with the large
regular disbursements, TO say nothing Of
the receipts Of gold from the Pacific
slope, would undoubtedly cause q large
diminution in the number Of solvent gold
brokers' and SpeculAtorS. II is barely pos.
Sible that in the panic which would follow
in the gold room We might see the green.
back dollar on = par with the gold dollar,
although this might be but for an instant.
Still, il that should be the case. then 1t
would remove any barrier which the pub
lie credit act is supposed TO present against
paying off bonds before SreenbaCkS are in
gold. \ considerable portion Of the
money let loose in payment for govern
ment bonds would undoubtedly ind
resting place in those securities which
represent the grand system OF internal
improvements which have rendered
American skill and American enterprise
renowned the world over.
The Stock Exchange could hardly be
insenSible TO this great increase Of avails-
bic money, and We should be likely to
witness an era OF buovAncv and excite
ment there as electrified Wall street in the
palmy days Of paper money during the
rebellion. In view Of these evcntualities
Of the financial situation, the session Of
COugrtSS and the action Of the treasury
department in the future. will be awaited
with intense interest.
ut this story should prove true, even 10
a very moderate Cxien; OE what is stated.
then Wall street will be unQuestionably
relieved from the SlACnation which has
been opposing i: for the last three
months These are unQueStioaably revo-
luiionary times, and ii is hard TO tell what
\ Secretary OF the treasury with preSiien-
tiAl aspirations may or nlSy NOT do 10 cap
his vAUliins SnbiIion. Ii gold is forced
down 10 about pAr, and bonds down in
currency and W in gold 10 par-Aiter that,
VhA; then! Wall street will BE lively,
and Secretary Boutwell, well-iiscussei
man.