Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1865-10-30
FINANCIAL & COMNERCIAI.,
sAruRpAr EVENING. Oct. %. l,

PNNJ 5 SSmEaAhe VI 9AAA6OhNg
coupled with a more or less unsettled feel
ing, being reported throughout the week at
all the leading points East and West. In
the East this COMPLAINTS probably more the
result of the conservative and cautious
course pursued by bankers, in view of the
generally unsettled condition of trade and
the indefinite future of currency under the
declared contraction policy of Secretary
McCulloch, than of any actual want Of mo-
ney, though the steady outflow TO the South
and Southwest, is reported heavy, and counts
largely in addition to the regular wants of
trade. In the West, however, the stringency
real, and the circumspection of bankers
in loaning their money is more a matter of
necessity than of apprehension as to the fu-
ture. The currency Of the West is absorbed
in carrying produce, and is being employed
in withholding m~erchadize from. instead of
moving it to market; and though in some
quarters parties have been forced to ship
ments in order to meet their aecruing obli-
cations, the demand from other quarters has
more than balanced such movement, and
consequently ne relief was gained. Mean
while holders of property at some points are
driven to every extremity to obtain means
to carry their stocks, and from Il to Is per
cent. are common rates paid to brokers and
street money lenders in many Western ci-
ties. With such a state of things there are
of course no buyers beyond immediate ne
c~essities, and trade languishes in a dull and
unsettled condition.
Additional evidence to the condition of
things that now exist, and nave existed for
the past month, cannot be wanted by any
reasonable man to satisfy him that prices
have got to a point beyond which they can
not be carried with the present means of
the country, large as it is, and in view of the
policy of contraction affirmed and inaugu-
rated by Secretary McCulloch, we submit
that no greater mistake can be made by
a business man than to cling to property, al
ready inflated to the maximum, for still
higher values. We're there a foreign de-
mand for our products that would carry off
the surplus, there might be some ground for
adhesion to these speculative promptings,
but there is no such demand, present or pro-
spective, and will be none so long as our
commodities are held at present figures; and
it is morally certain that should Secretary
McCulloch persevere in his policy of con-
traction, prices must yield. 1t is not i'm
probable that leading spectators are look
ing forward to Congressional action to aid
them, and it is already asserted that power
full efforts will be made to bring about legis-
lation for an increase of National Bank cur
rency, under the plausible plea of giving a
fair proportion to the South. Such legisla-
ton would give just the relief speculation
needs. But we confidently hope no such eff
fort will succeed and if Congress should
deem it wise and e~xpedient TO add to the ma
tiOnal currency, that it provide for every
dollar thus issued the withdrawal of one dol
lar of legal tender. We are not croakers for
a return to specie payments by violent *
pedients, and would prefer a careful and
gradual course of contraction to any sudden
movements against the currency of the
country that would jeopardize trade or I'M
settle business for a day but we are at the
same time determinedfy opposed to snysys-
TEN of initiation that will give a moments
lease TO speculation in any form, or in the
least postpone the return of business to &
healthy and safe condition.
The local money market opened upon tn,
week a shade easier for currency, but toward
the close worked tight, and to-day CLOSED
stringent. Bankers are disposed to do a
little as they can in the way of discounts
and favorsare difficult to obtain. Exchang'
has ruled close throughout the week, bu
to-dao was reported a trife easier and hard
ly so firm. The prevailing rates to-day
were par buying and ! premium selling.
The Cincinnati Gazette says "The dis
count lines are kept tightly drawn, though
this does not result as much from a ~searcit,
of currency as from a feeling of uneertaint1
in regard to the future on the part of lend
ers-" Exchange is very scarce, and bank
ers are shipping currency.
In Chicago currency is very close, and dis
counting by the banks is only done for Gus
toner's Street lenders get I2@IS per cent
per annum. The supply of Eastern ex
change is unequal tothe demand.
Gold rules pretty steady, and without de
cfded change. The disbursements on &C
count of 500 interest during the week con
siderably exceeded the customs demand
which however We're lighter than for som,
weeks previous. The price closed to-day a
l45s, against I46s last Saturday. Govern
ment bonds close stronger, but without de
cided change.
The curse of trade in our produce marke.
during the week has been mainly a repeti
ton of that of previous weeks for some timC
past. The demand for almost every hing i.
confined to the wants of the trade, and
this'is not active. To-day business was very
quiet, and prices were without marked
change.
The receipts and shipments at this point
of Produce and Merchandise, during the
twenty-four hours ending at z o'clock thi:
morning, were as follows: