The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1870-03-10
Commercial and Financial.

INSTEAD of quoting gold ut premium It
is truer and wiser to quote paper at dis
count. Gold Is thestandard currency, and
is always at par, for all practical currency
purposes, at It's face. 1t Is the paper cur.
rcncy that has been bought and sold, ut
prices varying according TO tho varying
confidence Of tho public in ultimate re-
lcmption, and according to the excess Of
it in use. TO appreciate the course Of the
national credit, therefore, VIC should quote
the price, moi of gold, but Of grccnbacks.
Upon this point tho New York Post pre-
scnts some interesting facts. 1t shows
that In June, 1863, the highest worth of n
grccnback dollar in cents Of real money
was 9Gq, and the lowest OH: in June,
1868, highest II, lowest G7t; In June, 1854,
highest 5S+, lowest Sosi In June, 1865,
highest "a, lowest 68. The lowest points
touched were in 1904, as in July Of
that year grecnbacks ranged from
As down to 3G4. Since 1866 the
fluctuations have been within narrower
limits, and n table may be limited to an
nual extremes Of the market. The high.
est and lowest value Of n Grccnback dollar
was, in 1906, S0050i; In 1867, 754@0St ;
in 1903, T5SQlG8f; in 1860, 9S4@Glf; in
1870, two months), s7@S9. The highest
value Of grcenbacks in 1890 was attained
In March, just after tho final victories oi
the Union armies, and In panic Of the
spectators in gold and stocks; and their
lowest apparent value in 1860 was merely
nominal quotation, made upon the fll.
NOUS "blOck Friday" in September, by
spectators corner" Since January,
1870, came in, the appreciation Of green
backs has gone on pretty steadily. Yes.
tertlay grecnbacks reached tho highest
point since July, 1862. Gold was quoted
tnNcw York at noon aS low rs 110i,
making paper worth in comparison OO4.
From he Tribune Of Tuesday. ..
Many business men desire a continued
decline until grccnbacks and bank notes
Arc Mt par with gold. They believe that
tho sooner specie basis Is reached the
better 1t will be for all the great business
interests OF the country, for then there Will
be substantial basis 10 make calculations
upon, for now, with gold at even 1921,
there is uncertainty and doubt, We have
heard the opinion expressed to-day that
Mr. Boutwell, will accept any bids that
may be male for gold on Wednesday. The
decline in gold from the 18th ult., from 100
TO 1921, has upset all the theories Of flnNn.
ciers, and they arc ready now TO accept
tho situation" and arc looking forward to
resumption Of specie payments with much
resignation. ..r ...
From the philadelphia Ledger.
The spectators as well rs the public
are beginning to comprehend the fact that
the Secretary Of the Treasury has a sys-
tem in his management Of the National
finances, and that that system means the
appreciation Of tho National credit, and
through 1t tho currency, which Is steadily
coming up to par. Gold and bonds are no
lower than they were, but the currency
being worth more, n smaller nominal
amount Of 1t will buy 800 Of gold or
bonds. All other commodities must
eventually yield to tho same controlling
influence, and lower prices must be the
rule SO long rs the currency continues to
appreciate. Money Is abundant At Rll the
commercial centres, because Of tho very
limited amount Of business doing, which
keep prices the staples above what they
would be II business was more active and
drew more largely on the floating capital.
There will probably DO change In this
reSpcct rs soon as tho spring trade and
navigation opens to active traffic, and then
currency prices will moro closely asSiml.
lRto IN HOIl Vnlnpa ..