The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-08-31

! VOL. XIII,
a new departure on,the currency question
that we have seen anywhere in this can
vaSs. It reads little like General sAN
CART's speech on Wheeling Ialand Ii
favor Of leather money. The General, Il
will be remembered, took the ground thai
all that was necessary to give currency tc
any species Of money was 10 put tht
Government stamp on 1t. This done ant
II had an instantaneous and wide spread
value without reference to Ito convert.
bllity into gold or silver. The idea Of The
Monroe County Republicans, however, il
not absolutely original. In times OF panic
the Bank Of England has been known tc
carry out the same policy to certain ex-
tent. Under the Bank act irredeemablt
paper money Is issued in large quantities
on extraordinary occasions TO those who
can deposit good security, and therefore
no man Is necessitated 10 fail who
has valuable property. This rene
10y for panics, however, like all
heroic remedies, might be little
dangerous in every day practice, and we
should not be surprised to learn that the
experience Of the world up to this time ia
against the feasibility Of the Monroe coun.
ty pAnacea. The Hon. JOHN HALL, who
is the candidate Of the Republicans and
opposition Democrats, does notlsy down
any such broad gauge financial pro-
gramme, He simply announces himself
as being "in favor Of q reasonable increase
OF the currency" Some people may
consider the word reasonable" In such o
connection as q contradiction in terms, In.
Asmuch as money has not been SO plenty
and cheap since the war as 1t is at this
time. But this point we will not enlarge
upon at present. The extracts we have
given and the references we have made
will serve 10 show our readers what q
mixed up and decidedly promiscuous po.
sition both political parties Of the coun-
try occupy on the currency question.
The PIttUburgh Iron and Nail Market.
From the GAzstte OF Saturday.
The most important matter we have
TO record Is the action oil the Convention,
which assembled here on Wednesday last,
in advancing rates. A three cent card was
agreed upon, which places the actual sci.
ling price for merchant bars at . 7a9 8
usual time, with a discount Of two per
cent for cash. Our manufacturers have
nearly, II not all, been refusing 10 sell for
some time past, except at an advance:
but there was no uniformity Of rates, and
the market, in consequence, was in an
unsettled and unsatisfactory condition.
Now, however, this obstacle having been
removed, a much better and more hope
full feeling prevails. Furthermore, what
is equally as important is that the ad.
vance is general, 1t Is not confined to Pitts.
burgh; the Convention was represented,
either in person or by letter, by nearly all
the leading manufacturing points both
east and west, and all agreed 10 stand by
its action. The margin for profit, even at
the advance, we are reliably informed, Is
not as large as 1t was prior to the panic,
by any means, even at the largely reduced
cost Of the raw article, as well as fuel and
labor. But shrinkage In this respect Is the
order oil the day, and the manufacturer as
well as the lsborer must, and that very
properly, too, bear his share Off While,
as noted In our last review, the fall
trade has not opened up as ac-
lively as some oi the more san
guine had counted upon, business is about
all that can re9s onably be expected. The
mills, with one or two exceptions, are all
IN operation, some Of them working
double turn; and, furthermore, the COM
plant recently has not been about a scarci.
tY OF orders so much as in regard 10
prices which, for time, were down to q
point that did not cover the actual cost
Of manufacture. Makers do not enter
tain any doubt but that they will have
all they can do during the balance Of the
year. Some OF them are now sold ahead
from thirty 10 sixty days, and they are
determined upon having more remuners-
tive prices.
| NAILS.
The position Of the market remains
substantially as noted in our last review,
and 1t Is far from being satisfactory to
our manufacturers. Prices are down to
a point that afford no margin for profit,
and, Furthermore, In nearly all the leading
western markets Nails are being sold be-
low actual cost. There Is TO be q meet.
ing of manufacturers in this city next
week, in which Wheeling will be repre-
sented, and there is little doubt but what
rates will be agreed upon that will yield
a margin to the maker. Furthermore, as
It Is understood that those who sold the
most Of the cheap nails recently are now
most anxious for an advance, 1t Is not
likely that cutting will be indulged in as
freely as 1t has been.
The Coal Market.
IIYnunpAtnw rryIhnnn1