Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1882-07-28
Alarmists and Conservatives.

This is the sum which the financial alarm
lists declare to have taken from our volume
of money by the course Of commercial
events. They add that there is besides
large unpaid balance of indebtedness to
foreign countries, estimated at $50,OOO,OOO,
which must continue to exact an export oil
specie or its equivalent in value.
A reporter has tried to ascertain the con-
servativc sense Of business men whose
judgment is authority on the probabilities
for the future finance of the country. In
spite of the showing OF the above statistics,
he found that they were. generally regard.
ed without alarm and even with compla;
cency. The great cheapness Of money
which had so long prevailed was pointed at
as an unanswerable argument against the
conclusions which might otherwise be
drawn from the remarkable increase in the
export of specie; and the uniformly favor
able reports regarding the Western crops
assume, according to them, q reversal OF the
balance of foreign trade before the end OF
the year. The only thing that is feared IS
the Extraordinary demand for money which
NAV be felt when the time comes for the
moving of these crvps to the seaboard. A
temporary stripgency may then occur
which. in a period of reckless speculation,
might be productive Of disaster. It Is not
believed, however, that under existing Gr-
cumstances il will be at all dangerous. The
views of a number of leading merchants
and bankers on this point will be read with
great interest.
Interest 20 be Higher.
Mr.. william II. Jenkins, president of
the Bank of America, said that there was
no doubt OF the Importance Of the drain OF
specie from this country Tor foreign use
and of consequentleseningof the volume
of the circulating medium as compared
with the same date last year, when the IN.
Aux of gold was more than ten times what
| IL Is now. This was largely due TO the m
crease Of importation OF merchandise, the
result Ia one way Of our greater prosperity
as regards material production, which In.
duced more liberal expenditure on the part
of the rich, while the great demand for ex-
mort caused the prices of the common COM
modities of life to be high and compelled
the poor man to pay more for his suosist-
ence than formerly he did.
do you anticipate any unusual strin-
gency in the money market before Septem-
berT'
"Money will probably go As high as six
per cent. which is only fair interest The
rate Of two TO three per cent from day 70
dav which Is now being paid il not fair. II
is too low to be healthful. affording ~ 1t
does too great an encouragement to speeu-
lation. There may be days in the future
when money will be tied up by few oper-
ators and may bring fifty or sixty per cent
a day. But such q price would not Last
longer than q single day and interest would
then relapse to the Dominal rate. There
win be no ruling rate of eight or nine per
cent this fall"
ssDo you lapprehend any serious RESULT
from the repeal of the Usury lawT
"Not at all Country people have u lse
notion on that question. They think that
they will have TO pay higher interest than
formerly, but they are mistaken. Six and
seven per cent interest per annum Is Z
thing of the past in this country. which Il
eetting doFn more and more TO the imam
cial L. fel o. England We are too rich z