The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1870-08-19
How tie War has IBleITuOte1 AHDsEs
Iean R1POTls.The DEaIa OG GOldss
Tight Money llBEiat AbeAds

f.
NM ~ CAIS00 TEiSrs y TasAasS.
hbR Sla ~ fhSt = sItoEt n
g6ld dGFif tbS 1T ~ WtS b jU1t
about e1Ul 70 u lOtal nO1Ds ep0Tied
tlnTiaE ~ In ltsfc Bltiag ATlil 20
TaS expeIt Ia the teB monGas WAs--as
shown 81 he FepoTt Of The Bureau u
6tstIlltc t22 ,T76,74S. Tho eIpOrt fEum
tie poEt Of New YORK Elonf, ioE The tve
weeks ending August IA, VA oOO.'
2is.
This drain a gold, which = now gOing
On u de rats q e3,0OQpN peT Week1,
0Enlnst "a aVGF1ge Of le. than 5O0,OO
~ veek before i1e declaration d VA 2
T,0I iesn5iireIy lrSde6ebdent u the Price d
b1n,lG "A EaF0pa, and h not the Telut II
iuI1d1 iaiug as1t Ilck hero tOF sale, but y
az efIsct 81 tbs cheek n the export d
domestic pToductH.
Ths ~ published report o. tbs BuFea1
al elatiStiGs bhOWI that Of Tie total tli0,
10000 Of domhstlc pF0duCiS exported
during tbA Ten .RgAihl N9llg, ApEjl 81
1911, 900 ol0 Nas cn3lon, w ms
wheat and bour, GA lp9l WsS p9tED.
lsum, - 900 600 Wns gold, and 91SQ OO,-
O0O-Wns tOblcc0- these fynilgma cOpti.
tutInE 50 par cent 81 our tOsSl export u
domestic prpdpGtg .t1E he tGn Inopth!,
This Is lust about thg proportion which
thesS I'VE articles bear 70 each Other oTtllo
yely, ard % The total E1p0Tt Little
year. Nov when Il : ccusldeEedl
Ihst lie e5pdrt u cotton b u pFes7
Ght only ols,sevGlth Of tie volume
Il was ifres months ago, and only one.
nth Of what Il WaS . month ago, and that
n consequence II The war, the export Of
petroleum bAy lIhat eeA66d, ard That Of
tobacco 4 greatly diminished, and thAt
the export Of btcStStufG Is no greater Than
Ot this time last ybar-We uSy, when al
ibis & considered there will appear ample
rcasnn Why the expert al gold during thsl
Il M feG . blIOulA bo.aS afgb - dtis-l
Ing the whole ten months ending AIril
81lh, TIN mort remarkable iA4tqls q ri
ali b that, while thecountEy has thus been
drnlHel Of Rb0utl4 Of 10 per cent Of All
tIIs Hold b Tho United 4tate0, tA6 pfiee ttas
TisCn only abOpt n PER CENT as the total
result, thus GE, Of tile war. and the cOnse-
OusDt drain OF specie Thus, while the
nFice Of United States bonds in European
markets B Ste,LAtly rising, the Rur h cut
ting Oh the foreign demand fOf Q great
norton Of orr exports Our imports have
probably diminished some 10 quality but
tie iIShef pfieeSiEOr al foreign IHanli.
iaeture1 articles have contributed largely
20 keep up tie aggregate value 81 Imports
10 near what II was before The war; hence
the necessity for tile increased expert Of
gold 10 bdlis THE trade balance. It's up.
parent that this condition ii thlngs cannot
continue long without \ large advance In
the price OlEOld. Five weeks more, such
a. tie last five, would take nearly all the
gold out If the Nav York banks, and
! leave tho importing community DEEPEN
dent uDOn The Wekk sales OiIlle Treasury
| for tie payment Of duties. II the war IN
Europe should last six weeks, something
like this is likely to DO tho result
The suspension of specie payments IN
Fn.nce may have some ConntCnctlng
effect against an advance In the price Ot
gold hero, because the vast horde Of specie
IN tho Bank Of France n likely TO bc
withdrawn In a loan 10 the Government
and pRid out to the army But'lt must
bO remembered that tho paper circulation
Of The Bank Of France Inns not been In
creased, but ID limited, during suspension,
10 | 100000, 900 francs by the act Of the
Corps IEgislAiif, whereas the circulation
Of tho bank, under ordinary circllInstan.
cCS, Is only regulated by the amount OF
specie In Its vaults, and on the 9lst ult
the circulation was l ,4TO, 900, 900 fFNncS.
The Suspension Of speCIG payments, there
OrU-whiCh was authorized only In order
to enable the bank 10 lend It's specie 10 the
StSIc-meanS contraction Of the CIFOu'
lNtiOn Or tic Bank Ut France; anil NJ
there has. bUen no RWLhOTiZHtiONOl Gov.
eminent paper 10 circulate as money, but
only Understanding treasury notes, or
bonds, 10 represent the increased Govern.
mCnt loan, there docs not seem reason for
expecting any Increase In the volume Of
leGal tender paper money over ,OOO. OOO,-
900 franco Some idea Of the effect, how.
cvOr, Of tho dispersion OF tho specie in
the Bank Of France may be obtained from
tho fact that tho near $230, 0OO,O 900 in ia
vaults Il CQCal 10 Ill the gold in the Uni.
ted States Treasury and the Bank Of Eng
land put together,
The iNct that the banks Of Now York
city have lost 81, 257, S6l OF deposits dur.
Ing the Inst four weeks the effect that the
drain OrspeciO to Europe must soon have
rpOh the money market there, md con-
scqucntly In other cities also, When the
dCnoSIts decline the bRnk loans must nc.
cc;Sarily be cut short anda tight money
mRrketbC tho result The New York
banks have always counted their specie
deposits as part Of their legal reserve, and
now that It Il rapidly being drawn out Of
tho country by the export Of gold ln1dc
necessary hy the falling of in exports of
domestic produce. II has the sa,uc effect
rs though they lost Just that amount Of
legal. tender notes their reserves fall short
and they arc obliged Ia cut down their
loans. This has nOtFcSulted in any pres
sure In the money market as yet, because
business Is extremely dull in all parts Of
tho country. But thcdrain Of gold Is still
going on, and, ut the same time. the dc
lnand for currency lrom all parts oil the
country for the movement 81 tho new crop
is Just beginning. In addition to the loss
Of their gold deposits, tho banks Of New
York must now experience, within the
next few weeks, the loss Of tho major pOr-
ton Of the banks in tho Western and
Southern cities, and Il Is difficult to sec
how sewers pinch for money In SCptcm-
Der Is to bC avoided, R
THE Martinsburg !Sdr, commenting
mn the call for a Democrats COnCresSiOu-