The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1870-02-22
Commercial and Financial.
THE FINANCIAL POLICY.

From The " y FTHdNciGl ChroHtaso Of Saturday
RumOrs from Washington have fire..
qucntly been circulated during several
days pnst as 10 IL change in our financial
policy. It Is said TINT no further attempts
will ilG mallU to. plss any Of tho funding
bills, but that they, will all lapse. As Mr..
Boutwell, lias expressed so strong desire
10 have some funding measure adopted, In
the hope to relieve tic Treasury OF paIt OI
the burden Of annual interest," u number
Of well informed persons refuse To believe
that these funding bills which have been
elaborated with 50 much caro- and labor
will be allowed to die without some fur.
thcr efforts tO Uxtricate them. There can
be no doubt, however, that these measures
arc far from popular, and the discussion Ol
them has caused good deal Of pCrturba'
ton in financial circles. The fact has
been brought To light that disturbance
of the monetary machinery Of the COun'
try Is produced by the perpetual agitation
for disintcgrattng and rclunding the
public debt, At great cost the bonds
were funded in their present form, and
however convenient md desirable i
might bc in many respects 10 haye tic
debt funded otherwise than IL Is, still tho
saving by lower rate Of interest would
amount only to few millions IL year,
while the loss which the constant agIta.
ton infliCts on tho financial prosperity ol
the country Is fir more considerable.
However this may be in regard to the
funding measures, there Is no doubt tllat
the agitation Of the currency bill has had
some such effects as these. lndCed, this
circumstance has long ago led the most
shrcWd observers To the conclusion thlt
Congress will really do nothing either for
the rchmding Of the debt, or for tho en-
larEing the issues Of bank notes, or for tho
making of any vital change in tho green
back system. If this could he assured, We
should have one Of the elements for re.
suscitation Of business, for we should hc
rid Of the uncertainty md instability
which arc the destruction Of public cont.
dcncC, and settled firm foundation would
be laid for an active ind prosperous revi.
val Of Industrial and commercial vitality.
There is another point 10 which we
must not fail to advert. We refer TO the
proposed repeal Ol taxation. Internal
taxes 10 the amount of some thirty mil.
lions of dollars are TO be taken of, and II
tho rcmittcd taxes are wisely selected, al
impulse can scarcely fail TO be impaired to
business. At any rItc, the lAngu0r which
the excessive pressure OF Our fiscal system
has caused may be expected gradually to
disappear. There Is 10 danger that our
credit will suffer In foreign countries by
the impatiCnCc orCXCGSsivC taxation which
Is beginning 10 appear among our people.
On tic contrary, the foundations Of our
credit will really be strengthened by the
strengthening Of the foundations Of our
national prosperity and the stimulus im-
parted by repeal Of the taxes which In
Iurel our productive power.
f U. s. BONDS.
The bond market remains quiet and
heavy. The foreign markets have ex-
hlbitcil more tlrmneSs, prices having nd
vanccd at London and Frankfort 4al per
cent within the week. The foreign bank.
ers appear To anticipate, from the tenor Of
their advices, u renewed demand for
bonds, and their expectation Is apparently
wal rantcd by the growing casO in money
on the continent. Upon direct orders
from Europe, and also upon speculation
bascd on the foregoing prospects, the Ger
man bankers have been quite free buyers
Of bonds to-day. Tho market, however
has responded very freely 10 this move
ment, partly because some OF the domestic
dealers arc operating for lower prices, ana
partly because gold has declined to an ex-
lent equivalent to tho rise In bonds
House is opposed to the adoption Of any
Nrndlny measure this session, and That the
Committee Of Ways and Means arc al.
most unanimous in favor Of reducing the
tarilT a9O, 100000, and the internal taxes
SSO. 600, 600, have not materially affected
tho bond market, The reduction Of rcvC'
nuc would, to II certain extent, crlrtail the