The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1871-03-29
FINANCIAL and Commercial.

Financial and Commercial.
The Treasury Programme for April.
The rumored coup d'etat Of the
Secretary.
From the Weekly Summary olthc N. Y. Financial
Chronicle.
There has been very little speculative
interest in the Government bond market
and the attention Of dealers has been
largely occupied in discussing the pros.
speCts Of tho new loan, and the probable
operations Of Mr.. Boutwell-in regard to
tho purchase of bonds and sale Of gold in
April. Subscriptions to the loan may now
perhaps amount to $25 900, but 1t las
been rumored, and Is believed by many Of
our leading bankers, that Secretary Bout.
well will take extraordinary measures to
stimulate subscriptions In April, either by
selling very large amount Of gold, and
purchasing like amount Of bonds, or by
giving notice Of the redemption Of q Ger.
tain amount Of 5.20s in gold, at tho OK.
piration OF three months, The probable
amount Of these transactions on tho part
Of the Secretary have been varlously esti.
mated, some parties placing their figures
as high as Sl00,OO0,000, but without any
apparent basis for their suggestions; In
deed the whole discussion In regard TO the
April programme Of the government, al.
though 1t has been tho engrOssing theme
ofthe market, appears 10 have been carried
on without any definite intimation Of the
course which will actually be pursued.
It Is stated, without much show Of pro.
liability. that there Is party largely in.
terested in bonds and short Of gold, who
arc endeavoring toget Mr.. Boutwell, to
carry out the plan indicated above, and
which they are now deeply interested in,
and urge upon tho Secretary that such a
course is the ono most clearly prompted
by patriotic motives. 1t Is quiet possible,
however, that Mr.. Boutwell, may dis.
appoint those who have been specializing
upon his probable action, by not pursuing
any CT the several courses which have
been laid outior him.
In regard to paying off 5.20s in gold, 1t
has been claimed that the public credit
act Of March ls, 1860, would prevent that
from being done until green6acks arG ut
PAR in gold, or until the new loan can be
negotiated at par in gold; the text Of the
act Is as follows: "But none Of the said
interest bearing obligations not already
due shall be redeemed or paid before ma.
turity, unless at such time rs United
States notes shall be convertible into coin
at the option Of the holder, or unless ut
such time as bonds Of the United States
bearing lower rate Of interest than the
bonds 10 be redeemed CGn be- sold at par
in coin" How far the action Of the Secre.
tnry will be impeded by this law, II does
not appear, aud tho subject will be of
greater interest when lis plans for April
have been announced
From tho Leading Article in same.
The news from Paris yesterday tended
to increase tho incertitude and hesitancy
of the movements in Wall street, devel.
opel by the recent unauthorized report
that MIR. Boutwell, has determined to adopt
a new financial policy, which will unset.
tie the money market, put down gold, and
cause rise in government bonds. What
this policy might be, was variously re-
ported. The most common report Is that
he will sell at once about One-third Of the
80 millions OF gold, which iSin the Treas
ury, the property ofthe government The
premium will thus, It Is argued, decline.
An immediate purchase Of fve-twenties
Is to follow, and Is expected TO cause them
to advance. The success Of the new loan
is by this two-fold manGuvre to be assur-
cd, Tor the obstacles will be removed
which now make the ten-tOrties and the
five-twentieS more attractive to investors
than the new fveS. The rumOr Is wholly
without confirmation, and It's discredit
ought to have been secured by the
fact that such piece Of financial
strategy would DO suicidal. II
would be equally injurious to Mr.. Bout.
wells popularity, and to his prospects for
completing his proposed negotiations.
The sudden and violent forces which 1t
would evoke for the alternate rise and tall
Of gold and foreign exchange would IN.
settle values, awaken general distrust and
inflict severe losses on our commerce and
trade. If the gold premium Is to be vic.
lenlly put down, 1t will be apt to recoil as
. violently, and Mr.. BoutwelPs power over
, the market Is limited by his available coin
surplus, which Is the product OF taxation,
and ought to be sold for as high price as
it is worth IN the market, rather than be
, used rs means Of depressing values and
/ throwing business into confusion. In May,
1906, this expedient Of controlling the
. gold premium was tried for the last time
for its failure prevented Mr. McColloch
, from ever venturiug upon repetition oI
such costly and futile experiment. II the
J success Of the funding scheme can be
gained By no other means, the people will
elect to wait until q more auspicious time,
, Itawakens some surprise that the five.
twenties should have declined since the
. new loan was announced, But stability
Is one Of the elements Of financial strength,
} Tho general effect on public confidence Is
} always unfayorable for a. time when there
!. Is any unsettllng Of loans or any reorgan.