The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1875-10-15

The Gold Premium and the Ohio
Election,

Gold closed yesterday evening at lOs
premium, which Is ( Of an advance over
it, closing price on Tuesday evening, and
lOsomc people this advance may seem to
show that instead Of raising the value Of
greCnbaCks the election Of Hayes has act.
nAlly deprecated their purchasing pow.
en- The explanation Of the present pre-.
MUM on gold Is easily found outside Of
the result flhc Ohio election. The great
law oimpply and demand is affecting it
al this time. We are not shipping
enough prolucctO Europe to pny what we
owe, and we are importing too many
foreign goods. Wcmust therefore OK port
gold. There il at this time less than
TOOO,OOO Oi available gold in the New
York market, not enough to make settle.
mCnts in foreign exchange easy. This
gold il concentrated in few hands and ia
completely under the control Of those
who own il. They can regulate It's
price from day to day with compare.
tive ease. A day or two before the
Ohio election, especially the day be.
fore, the Short sales oi gold in
New York were large. These sales were
made on the strength Of Hayes expected
election, and in the belief that the result
would put down the price. Such sales
created market at once for gold, just as
II all the produce dealers in Wheeling
Aal sold flour the day before that elcc.
ton in the expectation Of buying il back
lllovcr rates after the election. Natu.
rally their sales for future delivery Of
'hai which they did not possess at the
Time Of the sale, and which they expect.
Ito buy from other people at lower
prices, would create market for flour
'nd stiilen the price Of II.
Just so with the gold market in New
'oFG' The supply il very limited at
oe'l' and between the legitimate demand
WI roy importers and the ilegitimnte
u'nlaod by short sellers, the price shows
'0 advancing tendency. II is not i'm.
probable that the premium will rcmnin
Ut" 'oF some time, A country that is
"cP'y in debt abroad, and that has no
"o''Ooni' OF liz own to sell, and whose
F'''''c corporations are not in good re.
f"'' OH account Of widespread failure
" pay their interest, has but one
'Svat'e to keep up ia credit,
','' 'na'lsIo market ia surplus produce
NV, TS'Oau 10 AZ great an extent Ms possible.
'"s We a'e not doing now to an extent
.""'''cn' 10 pay what we owe OH old nc.
,V"'' AMI what We are constantly con.
""'''"Soh new account 1t takes mn i'm.
"'''' demand for our cotton, wheat,
I'" Petroleum, tobacco, &C., to dis.
"a'se these two classes Of liabilities, and
o0I? when the European crops are
,aO''' oFonr own sufficiently abundant to
wy P"ownlhc price here to the shipping
.."'' mat We can export the products
"''e named instead of gold. Had II
wv "vcn lot the immense yield Of our
,, ,', We would been brought up with a
.yl'a urn long ago. We have already
ported ihi' year between sixty and
,,,y t'So'y millions Of specie from the port
nl 'eT 'otk alone, and these shipments
''Se the place Of other exports.
,.1 as TO the advance in the price Of gold,
mo. D.uo not look upon it with regret in the
r.t''N' ,.S condition Of thi, country, but
.. ,a,"t' The reverse. The premium il to a
'''a.n . extent our protection. 1t acts IA
s"'l'' Gold has been relatively lower
Wa. ,.l' nearly everything we produce, and
.S Oeen kept down in price by gov.
SsueO' sales and other unnatural
""ueOcS'' Hence foreigners have been