Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1865-11-06
FINANCIAL & COMMERCIAL.
sArUADAr EVENING, Nov. 4, 1856

SAIUhDAI 1FENIN6j NOVs :, 1000
The financial situation, in its relation to
trade, does not as yet present any decided
Improvement in the way of confidence, but
eontiiites to exhibit the saiiis unsettled and
feverisH feeling that has characterized it for
a month past and indeed tie signs are not
favorable to any very early change from
this state of things. There are two causes
which determine this position-the cothplete
uncertainty which surrounds the future of
the commercial business of the country, and
the conflicting views as to the policy which
the administration will require of Congress
in reference to the national finances. Both
of these causes have a natural influence in
prompting bankers and capitalists to pursue
q, cautious and conservative course, in order
to be prepared for any emergency that may
arise. On the other hand, there is an i'm
mense mercantile interest, representing mil
lions of dollars worth of property which for
anticipated larger gains, or from the fear of
a too violent breaking down. ii prices if
forced to sale, is held out of market, who are
eager and constant applicants for the money
necessary to carry on their stocks and be-
tween these conditions the capital of the
country is suspended. There is however
manifestly the stronger disposition among
capitalists to adhere to the conservative
course, and this is unquestionably the wise
and safe course Sufficient is known of the
views of Secretary McCulloeh to make it
- -. III H. L..
Congress with his policy it will be at least
opposed to anything looking in the remotest
degree to a further increase of paper money,
and it is not safe to suppose that Congress
will refuse to give him the support necessa-
~ to carry his policy into effect. We do not
apprehend that Mr.. McCulloch will commit
himself to m extreme measures of con-
traction we do not regard him as one whose
only idea is q return to specie payments at
the sacrifice of every other consideration;
but he is clearly opposed to imitation, and
as a consequence is at war with that system
of speculation which is now the controlling
power in the business of the land. He more
over indisputably holds in his hands the
power to guide the business of The country,
and wisdom advises that all operations be
guaged to his movements.
The problem, however, is still with many
an indefinite one, and there is a large class
who hope much from the influence that will
be brought tob ear upon Congress TO secure
such legislation as will relieve them. The
South wants money for the work of resusci-
tation and further development, and it will
be strongly contended that as a measure of
policy and good faith such an addition
should be made 10 the national banking
capital of the country as to place the South
on a par with the North. To the success of
this proposition the strongest efforts of the
whole speculative element in the trade r
the country will be devoted, with what sue
cess will depend upon the honesty and sa-
gacity of Congress.
Local money matters during the past week
have been quiet-not from any lack of de-
mand, for borrowers have been plentiful,
but for the reason that bankers persistently
refused to discount. Currency has ruled
close, and the market closes without essen
tial change from the prevailing features of
the week, Exchange has ruled very close,
rendering necessary shipments of currency.
The market closed tight and firm at par
buying and I premium selling.
At other points in the West the ~stringency
in money continues, and borrowers get lit
tie favor shown them.
The course of Gold during the week has
been upward, though the movement in this
direction has not been very marked, or suf-
fcient to exercise any decided influence