The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-01-26
IhtGntelIigettt
A.. we close TO Specie Pay
Inents?

menus
The gold premium hugs its present low
figures pretty closely these last few days,
varying only about an eighth Of one per
cent up and down. 1t closed yesterday
tl;, and seems to have no present In
rIina,iOn to go up. Considering the
,ritsliOn at Washington over the silver
bin this low price seems not a little
remarkable, and indicates the truth oil
vba, has been said for some time past,
tb,t the weight Of opinion in financial
ci,ele. ia that the Bland bill cannot
become u law over the President's veto.
That the President will veto the bill in It's
pre.ent shape seems to be conceded,
although, on the other hand, it has been
aid, and not denied, that he ia ready 10
.ivn some other sort OF silver bill.
There is a rumor in our dispatches
,bis morning Of a movement among the
New York banks to put their business on
gold basis, by receiving and paying out
rfecnbacks and gold interchangeably.
The Philadelphia Times OF Thursday ap.
p,als to Congress 10 wipe out the
premium at once by accepting greenbacks
ia payment Of duties, founding its appeal
on the assertion that just as soon as the
government ceases TO discredit its obli-
cations by receiving them for duties, just
that soon will the premium disappear.
Il, idea land this is the opinion Of many
i.that there is now only this ono stum-
bling block in the way to specie pay
ments, and that once that is put out OF
the way gold and greenbacks will again
circulate together as the money OF the
country, and thus we will solve the long
dispute as to how much money ia needed
to revive trade.
We must have now close upon 200
millions Of gold in the country. We had
$50 millions at the close Of 1876, and
since then we have imported gold. Our
exports Of merchandise last year
were about $50 millions, and our
imports 45O millions, showing an ex-
csss Of 200 millions in our favor. This
large balance in our favor, together with
the almost uninterrupted decrease in the
public debt, ia telling, and should tell, in
favor Of our currency, and give our bonds
commanding prominence abroad over
those Of nations that keep large standing
armies, and that are threatened with the
complications growing ont Of the Eastern
question.
There are now outstanding (see last
Treasury statement) about $40 millions
Of greenbacks, and about 800 millions Of
National bank notes, and the Treasury
held lS9 millions Of coin exclusive Of
gold certificates, which latter belong TO
deposilors. If, therefore, we assume 200
millions az the amount Of gold in the
country that would be put in circulation
by the wiping out Of the premium, we
would have total circulation Of paper
and gold OF 500 millions, which would
exceed by nearly 100 millions our
highest volume. Of greenbacks, bank notes
and fractional currency, in circulation at
any time during or since the war. In
1878, the year Of the panic, we had 74O
millions Of paper a1oat, and tho next
year TOUR highest year, III millions, at
which time prices Of all kinds were on
an average at least so per cent higher
than now. So that, il we were now on a
specie basis, the volume Of currency
tgOId and paper) would virtually be 90
per cent greater than in 1874.
In this computation we have taken no
account OF the silver in the country,
which has taken the place Of the fraction
al currency. We have no statistics in
the INrEILIGENCER office showing the
amount Of silver in the country, but in
asmuCh as il has supplanted the small
currency, and inasmuch as we had in
1876 about "a millions OF the latter, we
may add that amount 10 the 500 millions
Of money which we have to-day almost
within our grasp. Surely 900 millions
Of money ought 10 be sufficient for the
wants Of trade" as the phrase goes. Be
fore the war, for instance in 1859, we had
1893 millions OF paper and 275 millions oil
gold in circulation, or a total volume OF
46S millions; and II this amount was suf'
feent then, surely nearly twice that
amount ought to be sufficient now, when
prices are once more upon the same level.
But, says some one, when we come to
specie the government will retire the
gseenbacksi in other words, redeem them.
This may or may not be the case. There
iinO law now existing under which ii
eau be done. By the law Of 1876 the
Secretary Of the Treasury was expressly
prohibited from rcdeeming greenbacks
below volume Of three hundred mil
lions, and inasmuch as the present House
Of Representatives is so decidedly in-ia-
vOr gilmore money and less misery" il
i'not to be supposed that any law will be
passed permitting reduction below that
amount, This being the case, does ii moi
seem to be our true policy to get as soor
" possible on specie basis, and thu
utilize at once two hundred millions o
gold now dormant2
The Eastern Question.
Malta. Ill. Es.