The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1870-03-01
Commercial and Financial.
THEFNANcIAL SITUATION.
The Impracticability of Funding...
Mr.. Boutwell's Error in Forcing
.r ~ Down Cold ',a. rdI
Erom Mav7tr's Rt4kIy J0r March 8.

Mr.. Boutwell's Error in Forcing
l Down GOld.a rd.f
BFom Ha,7rr's HGGR4y for NGnA6 79G "T
The plan recommended by the Com.
mittee On!NYnys anda Means Of the HOnsc
OF Representatives Of cutting down the In.
teFnaf revenue to the extent Of some thir!
ty millions Of dollars may be regarded as
tho expression Of an opinion against Mr.,
Boutwell's funding scheme. The recent
loan put upon tho European market by
Russia, and theiratcIof intrrest prevailing
In many of the money centres Of Europe,
haVeiundo doubtedly satisfied the Committee
tlnt Nh. BOutwelrs scheme Is wholly im-
practicable The Russian loan, although
bearing 5 per cent interest, was offered at
ESQ for each El00. or at about OF per cent
interest. II commands already premium
.of2t per cent, dueto the fhct that the to,
tai Of bids was greatly In excess Of the
amount required. a-l f, .-,.
The standing of Russia throughout Eu.
rope Is good, owing 10 tllepunctuality with
which her payments were met during her
recent war, 10 the firmneSs with which
the Emperor Is seated In power, 10 her eX-
cnptlon from tie danger Of conquest by
other nations, md to her vast territorial
possessions. As our people hnvo been
steadily running upa lebtto Europe since
the war TO an amount which now reaches
two hundred and ten millions Of dollars
per annum, as our financial policy has not
been improved by cutting down our eX-
cess Of papcr.money, and as the amount
paid for interest on our bonds held abroad
Is much less than the annual score we al.
low to run up, 1t ean not be said that cl.
ther our ability or our willingness, 10
stand the burden Of our enormous debt
has vet been proved to the satisfaction Of
capitalists in Europe. All expectation,
therefore, Of placing four and half per
cent, loan at par at present must bc treat
el as the Committee Of Ways and Means
has determined, Z 1850 yr. sE.
II undoubtedly true that the Secretary
Of the Treasury lias had ASSURANCES that
such loan could DO placed abroad if q
sufficient discount were allowed, and the
bonds were made payable in the money Of
Important European states; but'it will be
found on investigation that the desirO for
commissions has had great influence, and
tllat there would le close scrutiny into
our situation on the part Of the capitalists
who stand behind which would prevent
the required subscriptions.
The United States Is yet 70 encounter
the severe experience Of paying interest
without nj The same time mourning q larger
debt When Europe shall refuse to trust
us to tho extent Of our now ANIMAL indeht-
etlncsS, or VIC ourselves shall abandon tho
extravaganza which occasions this annual
charge, we shall be competent TO estimate
the true effect Of the debt upon our popu.
latiOn. There can 10 no improvement In
our condition until, having passed through
this experience, we shall have lemonstra-
ted what Is the temper and spirit of tho
people on this subject. Mr.. Boutwell, OK
pccts this 10 he assumed the creditor re-
6uires that It shall be proved.
We have already shown, In previous
articles, TINT the policy pursued by the
Treasury Of pressing down gold, without
at tho same time Improving our paper
currency In corresponding degree, lLAs