Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1865-12-09
FINANCIAL & COMMERCIAL.
FRInAr ErENlra. Dec. 5. Is65.

FRIDAY EVENING, Dec. s, 1865.
The report of Hon. Hugh McCulloch,
Secretary of the Treasury, the most impor-
tant points of which we lay before our read
ers this morning, is at once the most elab-
crate, perspicuous and satisfactory docu-
ments upon the finances of the natiou and
the course to be pursued with reference TO
them, that has emanated from that depart
ment during the past four years of its most
trying existence. 1t is conservative and ex-
haustive, presenting all the details of the
working of this most important department
of the government, and in the most com
plete and comprehensive manner elucidat-
ing the evils of the present condition Of the
finances, and pointing out the remedy there
for. No extreme measures are suggested /;
no recommendations made that if adopted
could in any degree disturb the regular
course of industry, or interfere with the
healthy development of the nations re-
sources and material power. No business
man, we think, after a careful reading of
the views and recommendations of the Sec
rotary, will find any cause for aPpreheu-
sion, but on the contrary every reason to
expect that the legitimate trade of the
country will be fostored and encouraged to
a much greater extent than heretofore.
The great purpose of Mr.. McCulloch, as
indicated throughout his entire report, is to
get rid of on irredeemable currency, or in
other words to place the paper money of the
country in a position where it will command
an equal value with gold, and the only log
ical course to this end is contraction. Gan
irredeemable paper currency" says the Sec
rotary, "may be a necessity, but it can
scarcely fail, if long continued, 10 be a ca
lamity to any people" But he advises no
violent measures for a reduction of the cur
rency, but ON the contrary indicates that
extreme measures would unfavorably affect
the business interests of the nation. As a
logical. iudicions presentment- of facts and
arguments, the Secretary's report will re
ward the most careful P~erusal, and we re-
gr ct that the pressure upon our columns at
this time does not enable us to refer to it
more in detail. We shall AXE occasion to
do so. However, hereafter.
The Io,'sl money market remains steady,
and we ha We no especial change to report
since "Wednesday. Checking was quite lib
eral at the banks to-day, and in this way
currency balances were considerably re-
duced. but the discount demand was only
moderate. and was generally met without
Inconvenience. Some of the banks report
currency quite close with them, bot others
are com ortably supplied. In the aggregate
the supply is su ficient to meet the present
wants of regular dealers, but any consider
able increase in the demand would soon
produce a stringency.
Exchange continues quite close, with an
improved demand. There is comparatively
little making. We con tinue to quote at par
buying and Ito premiu IN selling.
1t is reported that the government is a
large seller of gold, and the market in New
York was excited to-day at & further fall in
price, the rate closing at l45F- Governments
are active and frmer.
The following prices for coin and govern
ments, based upon noon adviees, were made