The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1871-04-26

can now, therefore, be prosecuted WIN
viCor, The troubles in France and the
slow recovery of Europe from the ravages
Of the late war, prevent tho outflow from
this country Of tue foreign capital which
has been for months past 9ccumulating
here to au unusual extent. This large
aggregate of foreign capital will probably
remain here for q long time to come.
Secondly. The banks all over the coun.
try IRE in sound, strong position, and
the extension oil the banking system In
the Western and Southern States will
impart IN active impulse to the produc:
tive energies of those States, In token OF
this the bank statement of New York last
week was very favorable, clearly showing
that the April drain Is over, and that both
currency and deposits had begun 10 re.
turn. The average is, moreover, o rising
one, and the statement this afternoon may
fairly be expected TO be equally favorable.
Thirdly. The Government is pledged 10
do nothing WHICH would Conducc to make
money tight or to discourage the activity
Of business. One paramount object OF tho
Administration Is stated to be to use such
power rs the Treasury may possess over
the monetary mechanism Of the country
in the way which will best conduce TO the
material wealth OF the country, and to
make tho people contentcd and proper
Gus. No doubtful experiments will be
tried for restoration Of specie payments.
No unwIse and untimcly contraction Of
the currency will be made. Nothing will
be done 10 dCrange the credit system Of
tho country. The assurance that there
will be no tampcrlng with the currency
will give stability to public confidence
which has long been wanting. Moreover
multitude Of taxes has been repealedi
and these vcxations, wasteGul imposts be-
| ing removed, the vital energies which
were rcpresscd by them will suffer q re-
coil, so that many sources Of prosperity
which have been long dried Up will
speedily he opened again.
These and many similar arguments art
urged 10 prove that We ore on the eve oil
season of lively improvement aud ma
tcrial progress. Still it must not be for
gotten that the foundation on which al
these improvements builds Is one OF inlIa
ton. The paper money basis on which
rests the and until more substantial ant
stable currency Is reached there will a.!
ways be more or less uncertainty In al
our representations as to the future.
Tho era Of specie payments, seems tc
be reccdlng from us, lnd on era oil lnlla
ton threatens 10 establish itself With the
formidable evils which cannot fail to at
tend It, Tho past six months have wit
messed a determined effort on tho part o
interested persons to obtain an expansion
of the currency on the plea OF impartlnG
u stimulus to business, and recupcratiul
the financial health Ofthc Country. TheiI
partial successes IN the past will doubt
less lead them To further efforts In thu
future.
There Is some apparent change Of Opln
ion us to the tendency Of the gold pre-
MUM in the immediate future. AyGar Of
more Of gradual, steady decline has cs
tablished in financial circles prevailing
conviction that the DAYS of high gold art
over, and that the premium must Of neCeS
sity decline till coin and currency are u
par. or late, however, the tide has seem
cd to he turning, and II very strong under
current in Wall street is settling towar[
higher rates Of gold.
There is a large class Of persons who be
liCve that gold is selling below its rela
tive price as compared to other com
molitics They claim that us gold is ont
Of our largest products we are losing
many millions Il year by selling It ut 1
cheaper price than it should fairly com
mand. These men carry their argumen
u step further. They tell US that our ex
port trade is suffering severely from the
long continued depression Of gold which
is the unit Of value in which our foreign
trade Is expressed. The depression Of thu
| gold premium, they say, prevents ou
crops from coming forward while risC
in gold to point something nearer to its
right standard would enrich the country
and make its foreign commerce more lu
crative. Such are the arguments Of some
Of the leaders in the gold movement
Others point to the balance OF trade, tn
scarcity Of foreign bills, the immense ex
cess Of imports during several past years
and the diminished activity Of the Eu
ropean demand for some classes OF Ameri
can securities. BY other persons agar
the prudent increase Of the bullion re
serve In the Bank Of England Is deGmet
likely to 20 on and will promote With othe
causes large shipment Of gold from thi
side, VnrfOus clnsses of men arc thu
arguing from the peculiar aspect OF III,
question which is most familiar TO then
that gold, independent Of any speculative
manGuvrcS, ought to rise, and there L
certainly the more force in their argu
ments from the fact that our paper money
Is gradually increaSing in volume, tho ma
tional bank notes having now reached
the aggregate Of 3l4 millions. The ques
tons ut issue are too numerous and subtll
to admit Of dogmattc opinions. II gold il
really selling at q price which does mo-
fairly represent the depression OF ou
paper money, the restoration Of the cQui
iibrium OF value will, OF course, be for th(
health Of our commerce, and will con
tribute TO the best interests Of the who'll
people. II the depreciation OF our papel
money were really to demand that golC
should range ut l15, no ledgerdemain cal
long keep t at no or at 100 without in
fliciing losses on our industrial popula
ton and deranging the financial mechan
ism OF the country. How accurately Mr.
Boutwell, has interpreted the signs Of thu
times in adopting his policy for keeping
gold down, and with what success III
will be able to keep up that policy, thu
country will watch with much Oagernes'
to see.
THAT man. said wag, "came t
Nashua forty years AgO. OurchnSnd n bnS