The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1882-07-28


s Gold bnllon.............-. s9,0l1.Il6 66ll,S SG
i liver d0llars..........,..- 625il12 ST. lS3,slG
= Fractional coin ........... 272i7G96 q GU
SSilver bullion. ........... 3S0y, DiJ g2i000s
Z Silver lCeitiicates......... l2055 sui II 800 GO
United states notes...... 3O20i Uyl 81 G1ObSy
q National bank notes...... 5,li5,237 G2SG,2il
= National BIZ gold notes. 1871, rs q ,O3j
q Deposits held by nation. 81
"a bank ,deposItories... ll.7ss.sss ll,@hs,96i
3 Minor coln....-.........- ,s6,0C5 1902
Total. i95 $751; ls6, 23i
increase Of ISL ,0Jy
SSs The latest statements Of national bank
notes received by the Treasurer for re.
sSdemptlon show an increase Of about half n
e million in tho comparison Of one week Of
1852 with the same period In 1881. A
& small proportion Of the banks sending in
Ethese notes do not ask for their renewal,
while many others withdraw portion Of
gthe bonds held by the government to
secure their circulation, thus decreasing
its volume. Three causes OF contraction,
though slight, should not escape notice.
"a resume in round numbers Of the dc.
sScrease Of the circulating medium is rs FOL-
lows
9 Loss OF $50 go eco
increase oil treasury IT, 10000
700 zoo
So In regard to what this showing indicates
ito tho minds Of financial and business men
sof acknowledged acumen, the Herald says
A2Iierdld reporter has tried to ascertain
Y the conservative sense OF business men
whose judgment is authority on the prob.
il abilities OF the future finance Of the coun-
Z try. In showing the above statistics, he
X found that they were generally regarded
without alarm and even with compacency.
The great chcapness Of money which had
so'long prevailed was pointed Mt rs III un-
T swerable argument against the conclusions
which might otherwise be drawn from the
{ remarkable increase in the export OF specie;
and tue uniformly favorable reports re-.
\ garding the western crops assume, accord.
s. ing to them, a reversal OF the balance of
n foreign trade before the end OF the year. The
4 only thing that is feared is the extraordi-
mary demand for money which may be felt
when the crops move 10 the seaboard. a
Temporary slringency may then occur,
(which, in q period OF reckless speculation,
might be productive Of disaster. 1t is not
1 believed, however, that under existing cir
cumstances 1t will be Mt NIL dangerous.
The views Of q number OF leading mer-
schants and bankers on this point will be
read with great interest. i
Nv s5,a INTEREST TO NE HIGHER. 8.
Mr.. William NJ. Jenkins, president Of
u tho Bank Of America, said that there was
Il no doubt Of the importance OF the drain Of
4 specie from this country for foreign use
sand Of a consequent lessening OF the volume
SSof5 the circulating medium rs compared
with the same date last year, when tie in
'Etlux OF gold was more than ten tunes what
Ssitis now. This was largely due to tho in.
RI crease OF importation OF merchandise, the
3 result in one way OF our greater prosperity
4 as regards material production, which in
5duced more liberal expenditure on the
4 part fof the rich, while the great demand
:Sior export caused the prices Of the common
commodities Of life to be high and COM
SSpelled the poor man to pay more for his
\ Subsistence than formerly he did.
do You anticipate an unusual stringency
nm: the money market before September ~
4. Money will probably go as high rs six
Sper cent, which is only fair interest.
sThe rate OF TWO or three per cent from day
Sto day which is now being paid is not fair.
Il It's too low to be healthful, aftording rs it
4does, too great an encouragement to specr,-
Slation. There may DO DAYS in the future
when money will be tied up by few op.
ESerators and may bring fifty or sixty per
cent q day. But such price would not
! last longer than n single day and interest
would then relapse to the normal rate,
There will DO no ruling rate Of eight or nine
4 per cent this fall 81 :. Z.
3Sssss.s""Do you apprehend any serious results
Iron the repeal OF the Usury law?n
Not ut all. Country people have false
5Snotion on that question. They think they
5swill have to pay a higher interest than for.
merly, but they IRE mistaken. Six and
II seven per cent interest per annum is u
5Ithing OF the past in this country, which is
\ getting more and moro TO the financial
i level lof England. We are too rich to
exact more than three or four per cent for
money loaned on real estate security" 3. &
Ssfss.sW i'll the. first improvement Of the West.
FERN agricultural product cause any embar.
ssrassment to money ,borrowers?"' 81. ,5.t.s I.
think not. There is a call OF bonds
tor the Treasury Department for au early
sSSPhShtuSiSE lllS puLIluH
into circulation, l believe, OF ten or twelve
smillions. This will have the effect OF
+ preventive, Of panic Mt the time when the
Sdemand for money to move The crops will
+ be greatest. There will be little movement
before that. excepting that Of wool ~ ~
;.!!$ TRANSPORTATION IxiaESclEs.
Mr.. Benjamin B. Sherman, President Of
the Mechanics National Bank, thought
that there might be some stringency in
money. before the LIST Of August. Money
SSwould be in great demand unless the Sec.
sretary Of tho Treasury issued an earlier call
Tor bonds than that for September. I. The
Il great volume of the ripening crop would
require q much larger amount Of money
stor its movement than it did last year. The
I renewed activity in the stock market might
ssS occasion sudden and unexpected demands
&ior money. There has been an outflow Of
s tho precious metals which must sooner or
later, be felt in the rate Of interest. He did
mot believe that there was sufficient in.
sscrease Of the reserve In the United States
Treasury, or in the amount OF currency
permanently retired to produce in itself
4 any serious effect.
Mr. George S. Coe, the president OF the
American Exchange National Bank, had