The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1871-04-18
Financial and Business Prospects.

From Henry Clcws 4 Co.'S Monthly Circular.
In financial circles there Is a healthier
movement than has been experienced for
many months past; and so lar US respects
those fundamental conditions which main.
" affect confidence, the situation Of Of.
fairs is perhaps sounder than at any time
since 1860. The expansion OF loans by
the banks Is no doubt duo more
than isgenerally supposed to this improve
ment in confidence, and so lar II reflects o
more satisfactory condition Of things in
the country at large. II is seen that, be-
yond our chronic currency arrangements
and the suppression Of specie payments,
affairs have now about reached normal
condition, and the general Indication Of
business lead 10 the conclusion that We
are entering on an era Of old.time indus.
trial and commercial prosperity. This
improvement is not attended with any
speculative or oVer.sanguine trading; but
on the contrary, with the adoption Of
unusually conservative and economical
methods of doing business, and with u
general reduction OF expenses-O iea.
Mrc which in no small dc
gree contributes TO the healthier
tone Of confidence alluded to. As, with.
in the last two or three years, a vast
amount OF work has been done in provid.
ing increased accommodation for the bus.
mess Ofthe country, especially in the con.
struction Of railways, it is gratifying to
see that production and trade are now ex.
tending, so as to give adequate employ
ment 10 these enlarged facilities The
distrust with which some Of our new
railroad enterprises were first received is
disappearing under the rapid completion
OF tho works and their already demon.
strated necessity to provide for our com.
mercial wants. Indeed, 1t may be safely
affirmed that the confidence Of our people
is not at all proportional to tho resources
Of their country; and hence we constant.
" find enterprises proving successful
which, at their inception, were deemed
wild speculations.
It is important 10 keep in view that the
success OF the Government loan must
have q permanent effect on the rate OF In
terest and on the gold premium. In all
countries, the rate at which the govern.
ment can borrow goes far towards deter.
mining the rate Of other descriptions Of
loans. This is naturally the case; because
the credit Of tho government represents
the general condition and trustworthiness
Of the country ut large, and because the
treasury, being the largest borrower, fixes
a standard by which all other credits are
measured. 1t is therefore, to DO ex.
pected that with reduction Of 1A1t
per cent In the rate Of interest
paid by the Government, there will be q
corresponding decline in the rate paid by
borrowers At large, result which must
appear highly satisfactory, in view Of the
oppressive rates We have been wont to
pay on borrowed capital. The success Of
the loan, or even Of only the five per cent,
portion thereof, would be conclusive
evidence Of the improved credit and tinan.
Cial strength Of the Government, and as
such it would tend to improve the value
of 'greenbaCks," which are one Of the
many forms of Treasury obligations; and
decline in the premium on gold-all
other things being equal-may, therefore,
be looked for as one Of the legitimate re.
suits Of the completion Of thenegotiation.