The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1870-03-23
FINANCIAL.
LET WELL ALONE.

LET WELL ALONE. T..
There seems TO be a sort of mani'
among Congressman for tinkerini
at the national finances, and gener
ally those who are most ignorant o
the subject make the most noise abou
it. Yet there is no subject which call
more urgently for laisseE faire policy
The country will settle the financia
problem for itself. The laws of trade
industry of the people, wonderful re
sources of the country and our rapi'
growth in wealth and population vii
regulate the finances and currency /
Congress will let them alone. We ar
doing we'll enough now. We are pay
ing the debt at the rate of nearly hun
dred millions a year, and are approx
mating specie basis. Why, then
disturb this state OF thingsi Too muct
legislation is an evil. 1t operates much
as the practice of some quacks who
physic their patients to- death. Let
well alone should be the motto OF every
member of Congress.
THE GOVERNMENT MARKET.
During the decline in gold the effect
upon the government list was to con-
siderable extent counter-balanced by
the advancing quotations in London
and the demand for bonds on European
account. Both these latter Influences
were lost to the market during the past
week, fve.twenties in London being
weaker and declining on Saturday to az
low as 90s. The effect was slow de-
cline of fraction each day, until on
Saturday the lowest prices were made
in the second downward turn which
governments have taken since their
original "break," when gold went to
ll0i and the Funding bill passed the
Senate.-Ne,U York Herald.
From the Circular of Henry Clews & Col
New YORK, March 18th, 1870.
The discussion in Congress of meas
ures relative to funding and the cnrren-
cy has been the occasion of much IT.
regularity in monetary and financial
affairs. The bills introduced have been
of a character calculated to fundament-
ally affect the money market and the
market for securities; and the varying
prospects of their adoption have been
attended with much speculat on and de
rangement Of prices. Speculative com.
binations appear to have been formed
by parties more or less intimately ac'
quainted with the progress of the
schemes at Washington and with the
means employed for securing their adop'
tion, and the operations of these cliques
have been productive of wide tuctua'
tions in the gold premium. On the one
hand, measures appear to have been
broached in Congress for the purpose
of breaking down theprice of gold; and
on the other the speculative movement
has contributed to encourage the intro
duction of extravagent and unsettling
proposals looking to the resumption Of
specie payments. The Senate has
shown disposition to oo prcciritate III
its financial measures; and Wall Street
has lost its composure and followed
with unreasoning excitement the con-
stantly varying proposals at Washing
ton. Ont Of the general confusion an
| idea has spruug up that, in some I'M
known manner, we have suddenly Y come
to verge closely upon the specie basis;
,although il is difficult to SEQ what, be-
ysnd the fall in gold 10 close upon ITO,
there is to suggest such an opinion
The public credit has certainly improv-
ed; for our Six per cents now range close
upon par in gold, which, of itself, mn
questionably justities lower premlum
on gold. But the Treausury is actually
in a less favorable position for resumlng
payment upon its notes than it was one
or two years ago; the policy Of market
ing its surplus gold having placed IN
the hands of the public the coin which
is needed as q reserve against the de-
mand obligations of the Government.
The coin now actually owned by the
Treasury is barely s per cent of its de-
mand notes: and this disposal of there
serve necessitates either a retraction OF
Mr.. Boutwells policy of selling his sur
plus specie, or a very severe contraction
of the legal tender circulation. The
latter appears to be the policy chosen
by the Secretary, and to secure its en-
forcement he has the backing of a we'll
disciplined party support, bent upon
making the programme party issue.
The provisions in the Senate Funding
Bill, authorizing the Secretary of the
Treasury to exchange. Four per cent
bonds for the United States Notes;
without limit, is one means designed for
etfecting the contemplated contraction;
and the ninth clause of the bill, author
izing an unlimited issue of new bank
currency with concurrent cancelia-
ton of an equal amount of legal tea
ders, is q second means for accomplish
ing that object. Party influences was
freely used to secure the passage of the
bill in the Senate; and there is good
reason for expecting that the same ap.
pliances will be employed in the House.
A previous knowledge, by few capi-
taIists, of the details of this scheme
and of the coercive measures to be
employed for ensuring its adoption, was
at the basis of the persistent specula-
tion for depressing the gold premium;
and the fature course of the value not
merely of gold, but also of securities,
and even of all commodities, mast very
materially depend upon the chances OF
this policy becoming law. 1t seems
scarcely conceivable that the House,
with its stern opposition to contraction,
and its leaning toward initiation, can be
brought ronnd to such q radical policy
even by the severest exercise of party
discipline. Should this policy be adopt
ed, serious prospect will confront the
country. Any well considered measures
for funding the debt at q low rate of
interest are to be welcomed as a great
point gained toward the permanent ad-
iustment of the finances. But measures
looking to rapid and arbitrary con-
traction of the currency, as a means TO
resumption, are to be deprecated as in:
volving a gratuitous arrangement of
business which the public will not be
likely to tolerate, and which, therefore,
must fail of realizing the object con.
templated. Until the doubts suggested
by the pending financial measures are
cleared up, business cannot but remain
in an unsettled and feverish condition.
Capitalists feel that we have reached an
important crisis in the affairs of the
country, and that the decision of Con-
gress upon the bills now under consid,