The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-04-21
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A Better Feeling.
n.,oi. no doubt that the unprecedent'
'"' .",ces. Of the Government in its fund
:. sa' ooe,ationg, whereby its bonds have
W.. W. exchanged so as to save millions oil
~, p,,l,,, annually in the way OF interest,
GUM SS'pi,nosr,eI tone to the general bnSi'
,ofthe country that will soon make
',.gt4t a' ior good in nearly all depart
ss,,, Wv. Of trade. II cannot be otherwise.
I ~ n. first place confidence in the Gov.
~ lament credit has been materially
',..rtheued The wild schemes Of the
c,soDbarkers have been checked by the
u,sni6cent operations Of the Treasury
nsr,tmen.. There is at this time only q
,.,y fain, demand for initiation. We see
,,,relv any Of lit in the newspapers now.
,d,ys, 1t has become ridiculous in the
.resoftle masses, and those who were
,..cpsomed to clamor on the subject now
pipe very gently. Their voice is scarcely
audible at this time.
This being the case, the monied inter.
.t,ofthe country are inclinsd to accept
n, financial situation as definitely settled
n hyor ola conservative and safe policy.
And now that the government Is calling
a, ,bese interests to come forward with
theirs and per cent bonds and change
them into per cents, a large amount Of
avi,l will naturally prefer to be paid
oFather than re.iuvest in a bond pay.
psoaly per cent interest. That rate
u,pere,! will do for Europe but not for
hb country, save in exceptional cases.
Banks, insurance companies and trust
finds will still continue to invest
their surplus in government bonds be.
eue Of their safety and convertibility.
but great numbers Of capitalists will
prefer something that promises better re.
turns anil hence they will gradually seek
anil fnl Investments in real estate and in
The business Of the country. The feeling
in New York is indicated by general ad.
uuein securities at the close OF the week.
The fst expression OF better feeling gen.
eniIy takes that form. Miscellaneous SO.
ruities are enhanced in value in the esti.
mation Of those who hold them by the
promised ease in the money market, and
this ease is assured by the call OF the
Secretary for 100 millions OF l0-lO bonds,
which he proposes to pay of. The pay.
nent Of these bonds will leave a vast
amount Of unemployed money loose in the
country, for it il well to understand that
theSyHdiCate Of bankers, who in one day
subscribed for the 100 millions OF 4 per
cents ata half per cent premium, did SO
With the expectation Of placing a large
amount in Europe at a profit. This will
aid tOtle balance Of trade in our favor
and give this country the use OF good
deal Of capital at q low rate OF interest.
Even iftheholdingsofour bonds in Europe
should not he increased by the purchases
Of the Syndicate, yet the exchanging OF 4
per cents for fves would save us that
muck interest. Thus far this year we
have placed 40 millions OF 4 per cent
bonds, calling many 0 per cents home
from Europe in the operation, thereby
saving percent Of interest formerly paid
and giving tho country that much more
ease
4tthe close OF the war the annual in.
tefest on the public debt was, in round
numbers, ljl millions. By July next it
will be reduced ton little over S5 millions.
ltnay be less than this in case the debt
i further reduced meanwhile. This is q
rJuCIionof nearly one.half Of our interest,
lai is to that extent just that much OF
ktup on the country. The faster We re-
tuce our interest burdens the more will
ing adanxiOus foreign capitalists are to
tlkeouF bonds at diminishing rate ofin-
te'e't, which fact shows how important it
stokeep the Government in the control
OF those who mean to administer its finan-
e!aI affairs honestly and honorably.