The Sun.
London, England, 1868-11-30 00:00:00

MONEY AND BUSINESS,

(From the Springfield Republican, Nov. 14.)
The New York money market has relaxed it.; terrible
stringency, and money is now plentiful, and loans easy at 7
per sent. in currency and without commission. This was
the state of affairs yesterday, and for the two or three
preceding days, but statoments of the money market and
reports of Wall-street are, and will be for some time to
come, " good for this day only." The recent experience
has demonstrated the power which an organized, unscru-
pulous and desperate clique can bring at any time to bear
on the market, and so long as this fact exists, any set-
tled, reliable, and satisfactory condition of things is not
possible. There is nothing to prevent another lock up
of the currency at any time the speculators determine to
effect it, and the stringency and embarrassment in the
market must immediately and inevitably ensue. The
lesson of last week's events has already almost com-
pletely stopped legitimate borrowing and lending, and the
market has not yet begun to recover from the terror which
then ruled it. The demand for money in business is
limited, almost the only use for it now being to bring for-
ward the cotton crop of the South. The grain trade of the
West was sharply checked by the tightness at New York,
and the pork crop will net come into market for several
weeks. The demand for currency will thus be for some
time comparatively light, and there is nothing in the near
future to produce a brisk movement in the market at New
York, whence the whole country draws its supplies. In
the absence thus of all competitors the speculators will
still hold the market at their command, and another cor-
ner may be sprung at any moment they may elect. The
ring so well understand each other's schemes and designs
that they work admirably well together, and have reduced
their mode of operations to a few quite simple manoeuvres
It is said that one of their methods to lock up a certain
amount of money—say ten millions—is this:—Five mil-
lions are deposited in one bank, a certified check for that
amount is taken, and then, on the same check, an equal
amount is borrowed from another bank. With this and
similar means the speculators have little trouble in con-
trolling the market and exerting their crushing pressure at
any time and in any direction they may wish.
Secretary M'Culloch has won no laurels iu the recent
panic, and had the pinch held on a day or two longer it is
certain that his reputation would have suffered still more
severely. The truth or a large number of floating and
contradictory reports front Washita eten and New York is,
that the S cre'.ary did yield to th p,-e.eiltre for hill diet),
and, &Lelia.; ).) of thre p Coat. Girt; 4.''Lt,.33
ASSkta'lt TI%_USIIIOI. Vau Dyck. at New York, did authorize
hint to :6,110 them w:Ari he though'. the exigency demanded.
About thet time, however, the stringency relaxed a lhtle,
and Mr. Van Dyck has not put out any of the discretionary
funds at his cemrnend. lie thinks, and it is reported that
Mr. M`ri'ellocli agreed with him, that cessation of the
Treasury's sales of go7d sad bonds wilt be alt the relief to
the mousy market that is needed and all that the Govern-
ment can p:operly afford. This conclusion, reached at a
late day, and made public at a later, is where the Govern-
ment officials should have started, and then.their subse-
quent progress should have been in exactly the other
direction from that in which they seem to have been
driven. Mr. M'Culloch seems to have almost succumbed
to the pressure upon him, and his course has been'
that of inaction and indecision. His
,previous record
has been against inflation, and his financial policy
has apparently bean governed by principles which would
lead to moderate and steady contraction, but his action of
the paSt few days has greatly shaken public confidence in
his integrity and respect for his ability. It is unfortunate
that the Secretary should have been so sorely tried, just
after the country had elected Grant and pronounced de-
cisively and overwhelmingly for financial honesty and a
return to specie payments. The Secretary has exposed
his weak point and painfully shown his want of a settled
policy, which the New York Tribune declares "is the
worst feature in the whole business, and has become so
great an outrage that the whole commercial public are in-
censed at the frequent repetition of it." It even goes so
far as to charge criminal complicity of Government offi-
cials with the Stock Exchange, and aids:—" For The past
few days a number of despatches in the interest of the
Treasury Ring have been received here that have caused
frequent rises in Government Bonds, and equally sharp
declines, and has produced a conviction in the public
mind that almost approaches a certainty that the whole
thing is a thimble-rigging game, whereby a few people
are in control of the department, and have the power of
advancing or depressing values as they choose. It is not
believed that any more greenbacks will be issued, and it
is more than doubtful if there is any law under which a
legal issue can be made ; but the public have been led to
suppose that it could be done, and have been buyers of
stock on that hope, which now is likely to fail them."
Government bonds have handsomely recovered from the
depression which seized them during the money panic,
and have been, and aro now, slowly and steadily advanc-
ing. The amount of transactions is very largo, and the
tone of the market firm and confident. Dealers who, a
week ago, w:re throwing large amounts on the market to
force the price down, have found that they had undertaken
a difficult task, and that the recovery was correspondingly
rapid and easy. The election of Grant assures an honest
payment of the debt, and the public confidence in the Go-
vernment securities seems to have received a new stimu-
lus. Prices advance of themselves under the quickening
demand, and if the money and stock markets should afford
any hope of stability or settled values for a few days toge-
ther, we should see a rapid approximation of gold and
bonds. The feeling in the foreign markets is also
improving, and London and Frankfort lately show
more confidence and steadier estimate of our seen-
rities than do the markets of our own financial centres.
Gold is weaker and declining, with little business either
for customs or for shipments. Wednesday's steamers took
out no specie, and only a small amount went on Thurs-
day. The price has ranged at 133 to 134 during the week,
and there is a good prospect that it will sub Side below 30
in the course of the next few weeks, and probably not re-
appear above that horizon so long as peace is prolonged
and prosperity encourages commerce and business. The
foreign demand is already essentially relieved by our
large exports of cotton, which is rapidly and abun-
dantly coaling forward to market, and we shall also
soon be sending abroad large amounts of breadstuffs
and sugar from our bountiful harvests of the past
season. The exports of specie from New York for the
week ending on Thursday were but $2,913,195, and for
the year since January 1, $141,534,277, being nearly
823,000,000 less than for the corresponding time last year.
The stock market. appears feverish and uncertain, and all
signs indicate that something or other is "in the air," and
pretty near. A special drive has boon male for the last
two or three days on the " Vanderbilt" roads, the New
York Central the Hudson River, and the Harlem. The
Central stock has gone down sharply, and Hudson River
has almost as readily subsided, and with thee; stocks the
bears seem to be having it all their own way. The sudden
closing of the transfer books on Monday, with only ono
day's notice, excited general suspicion, and a panic
was easily started. It was rumoured that Mr.
Vanderbilt had sold out his immense interest in
the Central Road during the reign of high prices, and
that he will henceforth consolidate his attention on the
Hudson River and Harlem Roads, which must inevitably
command a great share of the New York traffic. The
New York Times, however, which is as reliable as any
currout authority, distinctly declares these rumours tin-
t ounded, and advises all timorous and weakened holders

CLOSING QUOTATIONS F 4
N. Y. Central 6s, 1883 96
N. Y. Central 6s, 1887 93
N. Y. Central 6s, It Est 90
N. Y. Central Cs, Sub'n 82
N. Y. Central 7s, 1876 103
N. Y. Con. 7s, con. 76 ll9
N. Y. Con. 7s, '65-'76 ll9
Erie Ist Mort, Ex 101
Erie 7s, 2d Mort, 1879 100
Erie 7s, 3d Mort, 1883 90
Eri 7s, 4th Mort, 1880 87
Erie 7s, sth Mort, 1888 77.1
Long Dock Bonds • 93
Buff.N.Y.&E.lstM,'77 91
Hod. B. 7s, let M, '69 1004
Hud. 11. 7s, 3d M, '75 101
Harlem Ist M, '6B '72 99
Mich. C. Ist M, 'B2 1131
Mich. new Ist M Bs, 'B2 113
Mich. So., 7 p. c 2d M 88
N. Ind. Goshen Line '6B 98
Mich.S.&N.l.S.F'd7p.c. 96
111. Cen. 7 p. c, '7O 114
Alton &'l'. 11. Ist M
Alton &T. 11. 2d pfd 79
Alton & T. 11.2 d M. Inc 83
Hata.& St.J. Land Warts 105
Han. & St. J. Con 100
Chi. B. & Q., Ist M 114
Chi. & N. West, S. F 93
Chi. & N. W. Con Cony 921
Chi. & N. W. Ex'n B 88

THE rut:am DEBT OF TILE UNITED STATES.
(Secretary M'Culloch's Monthly Statements.)
The following is the official statement of the public
debt of the United States on the lit day of November,
1868: