The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1872-07-09
ARE WE SURE OF THE GOLD :

From then. 7. Post)
We suppose that 1t Is conceded by most
Of those thoughtful persons who have
given attention to financial subjects, that
the financial condition Of this country
Of present Is precarious. There are ex-
cepuons, oil course. We doubt whether
the Secretary Of the Treasury feels any
apprehension about the monetary future.
His reports are always rose.colored. &c
seems 10 think that all things are going
well. But not so with others. Many are
apprehensive Of trouble to come, know.
Ing that our dollar Is an artificial dollar,
that our debts are accumulating abroad,
that our exports are relatively diminish.
lhg, and that the national stock OF coin Is
small. On the last point the Secretary
has lately explained that he has counted
IN his monthly reports an average Of $19
100000 q month Of paid.oR tive.twentles,
mot finally verified" as coin on hand.
Theylare not coin; and the whole stock
OF coin in the country Is consequently
considerably less than the people have
been led to suppose.
But while on these grounds there Is 0
very general doubt and apprehension in
regard TO the financial future, there seems
TO be little unanimity OF opinion In respect
to the exact point where the trouble Ia
likely to strike US. All the light that can
be cast should be thrown forward upon
this point. To be forewaJned is to be
forearmed. We would like to suggest, as
our contribution towards an answer 70
this difficult question, that 1t would not
be strange u the government found diff
Guilty in getting the gold necessary to pay
the interest on the funded debt.
Certainly, so long as foreigners con-
tinue willing TO take new bonds for any
thing, bonds for goods, bonds for balances,
bonds even for interest on old bonds, nc
trouble ever will be experienced. But
can this process go on indefinitely? Il
the nation willing to become increasingly
and perpetually a debtor nation? viii
foreigners always be willing to take
promises to pay In lieu Of the pay itself
If new securities fail on this side or o
willingness to take them on that side, then
there will be a brisk demand here for gold
to pay all sorts Of interest with oyel
there. Government will need gold, and
corporations will need gold. Under
these circumstances, gold, which Is
now one of the cheapest commodi'
ties In the market, would became one Oh
the dearest. If our export trade were in
healthful condition, or If production were
going forward here under o sound stand
ard OF value, then gold for all our needs
could be bought abroad; but the very
things which now cause US to run in debt
instead Of paying as we go, would then
make 1t difficult to buy gold with goods
the domestic supply would soon be ex'
hausted, for the government, by its own
confession, has not enough on hand fol
one years interest on Its own bonds, and
it is acknowledged that government holds
more than all other people combined, al
least east OF the Rocky Mountains; while
the annual production from the mines o.
this country, OF both silver and gold. il
not now much, If any, in excess OF $50,
100000. The government alone owes ar
annual gold interest Of $112,OO0,00O,
large part Of which is due abroad; and
corporations and firms owe another large
annual gold interest account abroad, 1t Il
impossible to say precisely how much
The best authorities estimate the whole
foreign Indebtedness Of the country q
about 81 600 ,00O,0 900, on which the interes
expected, If not realized by those who
hold the debt, can not be less than 800,
100000.