The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-05-20

found the lehIgh University.
--~-
The Ease In Money.
The constant current Of demand for four
per cent certificates, in addition to the
large sales OF four per ceat bonds, indi.
Gates q marvellous supply Of money. The
latest hank reports in New York show an
increase in the reserve Of over $22,OOO,0O0
within a month, and all the indications
presage abundance Of funds during the
whole course Of the summer. This is
somewhat remarkable when II is borne in
mind that from 100000 TO $ 100000 a
week goes into these certificates, and that
more than one-half Of the last subscription
of four per cent bonds has been distribut-
ed to permanent investors. At the same
time competent authorities estimate that
about $240yOOO,0OO Of the called bonds re-
main in the hands Of those who have not
yet provided for the reinvestment OF the
proceeds. In due time the government
will be paying for these bonds, and the
money will pass into the markets.
The evidence Is that very large invest
ments have been madei In the new bonds
OF funds not recently placed in govern
ment securities. Beyond question, so far
as the purchases Of the certificates are
made outside Of the circle OF speculation,
the money comes from deposits and
hoardings, and the speculation in these
securities is itself an evidence Of the
abundance Of capital. The payment Of
the called bonds in excess Of the relnvest.
ments in governments will add to the
funds seeking for employment. Because
the Treasury is just now paying double in.
terest, on the called bonds as we'll as on
the new fours, an addition exists to the
tide Of supply Of currency. 1t is obvious
that Congress will appropriate the &c.
100000 of legal tenders set apart for the
redemption OF fractional currency, for the
payment Of arrears Of pensions; and this
will be a direct initiation of the circulating
medium.
All the while the coming OF silver is CO.
ing on, and is increasing the volume OF
currency, II not in actual circulation then
in the treasury and thus potentially for
business effect. The treasury has ceased
to be an applicant for loans even for re,
funding, except for the remainder Of the
certificates authorized by law. 1t will
soon cease the payment Of its double
interest, but beyond that it will have no
occasl>1 to NEEDLE with the money
markets.
BY complete withdrawal from the char.
acter OF borrower, and by the constant ad.
dition Of silver, as well as by the letting
loose OF legal tenders in the treasury and
other provision for the adjustment of ar.
rears Of pensions, the government casts its
influence in favor of great case in money,
in favor indeed Of constant and increasing
initiation Of the currency.
The proceeds Of the called bonds, the
arrears Of pensions, represented both by
the legal tender set free and by silver, will
pour out funds which must find invest
ment. Prices must feel the effect, and
new enterprises will be entered upon
which have been long postponed in the
hope Of just such a situation a is now
upon us. Speculation is reviving. In
that the community has no interest; on
the contrary evil will come from it. The
true remedy is to seek for unemployment
Of superfiuous capital and energy in legiti-
mate industry and trade.
Now, that the earnings of money have
fallen, and capital is content with lower
returns, in manufacturers and in railroads
opportunities for investments may be
found which would have offered no attrac-
ton when twelve per cent could be gath
cred from the securities of the United
States. Rather than be idle capital will
be content with small dividends in enter
prises OF undoubted security, and perma-
nent in character. Public sentiment needs
to turn now to solid production, and to the
development of home interests. If bust
ness men can increase the population out
Of which their customers will come, they
can afford to risk as much rs our citizens
have at other times put into railroads and
various other enterprises. Manufacturers
and improved facilities OF communication
secure this advantage.
In some direction or the other, either in
legitimate business or in speculation, mil
lions Of dollars are to seek employment in
the immediate future. Prudence coun-
sells Tor home development, for improve.
ments which will be sure 10 benefit our
own community wei il they do NOT nav
large dividends, while in the long run ex.
perience proves that the best returns are
in fact made by the steady flow of earn
ingS which can be constantly watched and
Will be always reproductive.
How h Queen Travels IncognIta.
1nndOn World, MayL
Is it not possible that a not unnatural
tnn1tnaktnn - IL - E