The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1870-12-13
National Finances and Business
Prospects.
From Monthly Circular Of Henry CIsr' d Co.
New YORK, December 5, 1870.


commercial and financial arrangements
growing out OF the political 'upheayal in
Europe have been much less severe than
might have been anticipated; and at a
period OF the year when credits are usual.
" severely tested, We find comparatively
few irregularities in payments-a crafty
ing evidence of the enterprises especially
exposed 10 the Influences Of European poll
tics, vet, upon the whole, there is o steady,
healthy feeling in the general trade Of the
country, and the aspects OF our internal
commerce are s4ttSfactoFys
The indications at the opening Of Con-
gress, to-day, are not such as 70 suggest
any policies calculated TO disturb the
steady course Of business The Presi.
dents Message and the Department. Re-
lpoFts, non tie whole f1vor d steady puF-
suance Of existing measures, with such
notifications, as may conduce 10 Q sound
er condition 81 affairs without the intro
duction Of any deranging means TO that
end. The Secretary Of the Treasury an
nOunces highly satisfactory result OF the
finances for the last fiscal year, viz, o re.
duction OF SlOl, 100000 in the principal
Of the debt, and an appreciation Of II per
cent in the value OF United States notes ;
while from March ], 1860, to December
/. 1870, the debt was reduced S19l ,1OO,-
900. The Secretary recommends that the
revenue be so regulated as tp yield q sur
Mus Of S25, 100000 10 $50 600, 900 per an.
NUN, available for the purchase Of
Government obligations. He also pro.
poses that, owing TO the failure Of
Inc Government 10 refund any por-
ton OF the debt under the Funding
Act Of last session, Congress authorize
The issue Of $500, 900 900 more five per
cent bonds than are provided for in that
measure; which may be accepted as q
virtual concession that bonds bearing 4 or
Al per cent cannot, in the present condl.
ton OF the public credit, he negotiated;
and which accords with the views re.
pcatedly expressed in our Circulars. The
report makes no reference to the question
Of specie payments. Indeed, the absence
of Recommendations upon important ques-
tons seems 10 imply that the Secretary
prefers to leave the initiation OF measures
10, Congress. In financial circles, there is
a general feeling Of satisfaction that the
Administration does not stand committed
BY its official documents delivered to Con-
gress, TO any policies calculated to disturb
public confidence or TO unsettle the gen.
eral course Of business How lar Con
Cress may follow the worthy example set
by the members Of the Government re-
mains 10 be seen. Some Of the measures
introduced on the first day Of the session
show that members have learnt little
upon financial questions during their vaca-
ton, and that there IS not likely 10 be any
scarcity OF vagaries in the form Of fiscal
and financial measures. The experience
Of last session, however, should be re-
membered as showing that wild schemes
are generally ultimately defeated.
The market for United States bonds
shows a rather frmer tone. The war in.
tluences in Europe and the low premium
on gold have combined TO depress prices
TO an unusually low point; and those who
have little confidence in the early refund
ing Of the six per cent bonds are conse-
u6ently disposed TO choose fye-twenues.
These investments, of course, involve a
certain degree Of risk, arising from pos.
sibIe further decline in gold; and it is to
be presumed that those who buy for q per-
manency have little confidence in y com
paratively early resumption Of specie pay.
ments There is undoubtedly consider
able completely and uncertainty about the
influences now affecting the prices Of these
securities. Their value is dependent
upon the course Of European politics;
upon our relations with Great Britain on
the Alabama and fisheries questions; upon
the policy Of Congress- relative to funding,
10 specie payments; and 10 banking and
the reduction of the debt; and upon the
fluctuations in the gold premium. And it
being difficult 10 form satisfactory opin-
ion upon the probable solution Of any one
Of these problems, there is necessarily an
unusual degree Of uncertainty connected
with this class OF investments; which can
only be expected 10 operate untavorably
upon their value and TO divert investors TO
other securities. Ii is very much owing
TO these uncertainties that, in spiteOt the
steady reduction Of the amount Of bonds
on the market by the Treasury purchases
Of fiVe.twenties, the course Of values has
been steadily downward.
At the moment, the Cold Premium is
controlled Chiefly by the varying aspects
Of European politics !; and very naturally
50, considering that the course Of foreign
exchanges, during the late five motdhs Of
war, has been such Us 10 cause large
amounts Of capital to rest temporarily
here, which might be subject TO disturb
ance either in the event Of peace or Of an
adverse result OF the Black Sea question.
So long as these questions remain unset
tied, the gold market IS likely 70 remain
sensitive, and respond only partially to
domestic influences calculated 10 depress
the premium. There is. perhaps, every
reason to expect that the course Of Con
gress relative 10 the finances will be con-
sentative The growing public sentiment
in favor Of the earliest possible resump-
ton Of specie payments may be expected
to find expression in the proposal Of meas
urCs looking to that end; but It Is quGs-
tiOnable whether, with the crude and
contradictory ideas in Congress on the
methods 70 be adopted, any really prac'
ticable scheme will be reached. II At the
same time, the earnest discussion Of the
subject, with q common sympathy with
the end proposed, can hardly fail 70 hAYe
on important influence on the premium.
At the present time, the amount, of gold
actually on the market Is comparatively
light, The specie held by the Associated
Banks, on the 3D. inst, being only ST.
1nO Nnn oC,o;,,,t SpO 0Nn nNO q ,I,H .nno
period Of 1869. The requirements fOrex-
port and for the payment Of Custom Du.
ties are likely to reduce the supply ma.
tcrially during tho month, and may OK.
pose borrowers of gold 10 the exactfon Of
high rates Of interest, until the payment
Of the January interest on the Public
Debt Contrary 10 genenal expectation,
the report OF Secretary, Boutwell, throws
no light on his future policy respecting
tho JtisnOsal of the Government surDlus