The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1875-06-21
Chasing the Rainbow.

We have q very fair sample Of this
folly in the annexed article from the
New York Tribune. The wOrshiperS Of
mammon have for twelve months
been putting on the sCrews-contracting
the currency in the VAN hope of clutch
inc the golden harvest, and yet. by the
showing of the Tribune, they are farther
from their object than when they start
ed. In the meantime all enterprise Is
checked and all industry paralyzed, that
these absurd people may indulge their
insane passion;
THE OUTLOOK FOR RESUMPTION.
From the New York Tribune.
The United States fiscal year closes
with the current month, and forty-two
months more will bring US. to January
lst, 1879, the time appointed for the re-
sumption of specie payments. Let US
see what progress, ifany, has been made
towards such condition o. our finances
and currency as will render it possible
to keep the solemn pledge made by
Congress to resume in 1879.
|. On July lst, 1874, the outstanding
legal-tender circulation was $685., 100000,
from which we deduct $l4,5OOOOO for
paper money in the Treasury, leaving
$780,, 500 900 as the net circulation. On
July lst 1875 the outstanding legal-tend-
ersWill be about 1916, 900 000'and the cur
rency balance perhaps 50 10000, leav-
ing 1872 100000 as the net circulation.
Thus we see so far as the volume Of its
legal.tender notes is concerned, the
Treasury will be in no better condition
for resumption than it was eleven months
ago.
IL, In regard to national bank notes,
the amount outstanding will differ very
little from the total year ago, but
there are now nearly fifteen million dol
lars more of legal tender notes now on
deposite with the Treasurer Of the United
States for the purpose of retiring circu-
lation. The Government is pledged 20
pay the notes of the banks
in legal tender money, which, in the
event of resumption, will be coin or It's
equivalent, and the effect Of its guaren-
tee will be that the possessor of q given
sum in bank will have the same power
Of drawing gold from the National
Treasury as the owner o''an equal sum
in grcenbacks.
III. Putting the legal-tender notes
and the bank notes together and deduct
ing from the aggregate the currency
balance in the Treasury and the legal
tenders held by the Treasurer for retlr-
ing bank notes, we have as the final re-
suit a direct and contingent resting
place on the Government to pay in gold
some ten millions less Of paper money
than it was responsible for q year ago,
being decrease of nearly one and a
Hgif Der cent. The difference is too insig-
nilcant to be taken into serious considGra-
ton.
". Undoubtedly the cash reserves
and other resources and liabilities of the
banks are an important element in such
a calculation as tins but We are unable
from the published returns to discover
that any progress has been made by the
banks which makes them better fit to
do business on gold basis than they
were year ago.
V. The United States, carrying on an
I extensive trade with foreign countries,
both in produce and manufactures and
the various kinds of stocks, bonds and
debts. are called Oh occasionally to ey-
port large sums in gold, amounting in
some wears 10 more than the whole pro-
duction of the mines. Hence arises the
necessity for specie in order to maintain
payments in specie. The drawers O.
bills of exchange on London are now
paving seventeen per cent. premium for
gold coin to export. After 1879, suppos.
ing the resumption Of specie payments to
take place according to tue promise and
To- De no sham, gold coin must at all
times be available without the payment
of premium What are we doing to-
ward getting together such u quantity oi
gold COIN or bullion as to make Us secure
against such ''drain" of gold as that
which Is now in progress in spite OF the
seventeen per cent premium! ON July
l, 1874, the Treasury opened with SOL
100000 IN gold and silver com ana bull
lion, and there were So, 100000 on de-
post with it belonging to banks and pri-
waite citizens. On July l, 1879. the
Treasury will probably have less gold by
several millions than it had at the
beginning Of the fiscal year, and
the banks and private citizens VIII
also have less on deposit with it. 1t must
also be considered that during the year
the Treasury has bought q schooner load
OF silver to coin into tokens, which to-
kens will not be available for the pay
ment Of greenbacks and bank notes, and
will not be legal-tender for any debt Of
more than five dollars. five deduct
from the coin balance reported in the last
debt statement twenty millions for the de-
posts of the banks and private citizens
left with the Treasury for security and
convenience twenty millions more for the
bonds now being redeemed for the Sink