The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-03-07
FINANCIAL AND COMMERCIAL.

SUNDAY, March o, 1884
The Hoo. Henry @. stebbns, President OF the Board
OF Brokers this city, and ostensbly the democratic
representative the House from the staten Island dts
trict or this State but who than any other man 10
Congress is looked upon the real champion OF tbs
financial and commercial interests OF tho city Of New
York, delivered some practical ideas and well timed
remarks on the State OF the currency the House OF
Representatives Thursday last His bill in relation
TO the sposai OF the surplus gold which has acoumu
lated vaults OF the government Sub Treasures,
adopted, win have salutary effect add bccome the
means Of driving the gold gamblers into very smau
corner. government has upwards Of hiteen mil
lions OF surplus coin hand, which is accumuatng NJ
the rate OF three hundred and aty thousand dollars
per day Mr. Stebbns proposes that the surplus after
FIVE days notice. shall be traaserred tohe highest bid
def which carried out will keep the market well sup
pe. We have before stated that the spectators car
NOT carry more than Ave millions Of dollars, and any sum
above that amount which may be thrown upon thu
market would create panic among the small fry gam
bers and cause the present rate OF premIm 70 mate.
rally diminish Mr.. stebbins Is well aware Of this ANIL
hcnoe his patriotic desire 70 remove the cause which
produces the speculative premium on coin. IN his On.
deavors the financial policy Of Secretary Chass
however he has made some very loose assertions For
instance IN his speech thursday he said there we're
but four hundred millions Of essl tenders in circulation
"
Treasury Department can Inform him, nost oare
rious blundsr Besides the demand notes. which not
vet all In there In circulation tho following
amount OF Treasury notes.
Legal tenders OF 1892 t3es ~, 100
Legal tenders Of 1865. lot wy
five per cent legal tenders already 900
Total. t,Vo
Mr. etsbbns In his remarks, also asserted that tbs
present financial system Of the government the OF
sprng OF the necessity which has grown up by the opera
lons or three years war Tue representative Of tia
First district Ia we'll that the policy was inaugu
rated by the necessity which the breaking out Of there
bsllion engendered and that has now not only ouI
grown sN but seriously threatens me financial intesr
" aud credit q The country and % Gao no longer %
rendered beneficial should BE- abandoned and tse taxa
ton system adopted In iu stead 10 order ha' tne IN
| toual faith may be preserved and perpetusted
Tue second section Of the new Loan bill au'nofsee ,n'
Secretary Of The Treasury 70 issue oonas A. par ~
elcvcn millions OF dollars 10 the Subscribers ZOE s NV
tvcn,y popular loan who gave their orders after me 1--WE
hundred m,,,on authorised BY the act on mo 2otn on
February, lss2,L ell been tAksn rnsse oonas nov
command a prem, Of pes cent, and II is anea
,lon IN ,hs minds Of many mouoyed men who aro noi
! soooulatus on the governmsnt whethcr tho prsmiam
amounting 10 nearly milton q dollars should not b.
some mosns 70 into me Treasury instead OF placing
! In tho haaos Of spseulasors sad ssookjobbsrs,