Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1865-11-20
FINANCIAL & COMMERCIAL.
sArrpn.v EvvrIra. Nov. as. lss5.


SATURDAY EvEEISG, Nov. rs, 1865.
Two weeks from Monday Goth Congress
will assemble, and in very short period
thereafter, or SO soon as an organization can
be effected, the policy of the administration
with reference to the finances of the eoun-
try will be laid before hat body for its ae-
ton. The subject is one which unquestion-
ably involves more and greater interests
than any other connected with the present
political economy of the nation, inasmuch
as no citizen, of whatever position or wher-
ever living, is free from its influence to a
greater or less degree. 1t is also a question
of a very delicate character, requiring the
most careful and judicious treatment, and
the broadest wisdom and sagacity, freed
from all prejudice, in its solution. The
financial and commercial situation may be
briefly stated thus An immense debt, an
inflated currency, heavy taxes, prices of all
commodities enormously high, and help up
by speculation which is more or less direct
| " traceable to the redundancy of paper mo-
ney. The great want of the people is to get
values-at least of the necessaries of life
back to a specie standard. How to accom-
plish this with ~saiety-without so unsettling
and disrupting business as to clog the wheels
of industry, disturb mercantile confidence,
and retard the work of national develop
ment, upon which the payment-of the pub
lie debt largely depends-is the question
--ts.l a.. oIuss-4-N,a, 81 E,,,rrogz
must determine, and it is certainly one Of
no small difficulty.
We have upon frequent occasions given
our adhesion to the policy of currency con-
traction enunciated by Secretary McCullOch
as to our mind an important and necessary
step toward the return to a specie standard
of values; but we have at the same time
expressed the opinion that worse difficulties
than those sought to be corrected might re-
suit unless the course of contraction is skill
fully graduated to the necessities of trade.
There are some who seem to regard this
matter only as a measure directed against
speculation, and in their eagerness to drive
spectators to the wall, are apt to lose sight
of contingent circumstances. But it should
not be forgotten that speculation is the larg-
!, er element-unfortunat as it may be-inth
business of the country, and it cannot be
!, broken without more or less eneravating
and unsettling, during the transition, the
whole range of trade. To work out the END
with as little of this inevitable effect as pos
sible, is what should be aimed ct.
The question as to how far this contraction
, should be carried is pertinent. The inter
nal revenue of the Government is now abou
; $4,000 600 per annum, and for some tim,
to come it will not be found expedient to re
. duce taxation-not at east until the Sout
I can pay her proportion. a large part of thi
{ revenue must be provided ontside of thereg
: ular wants of trade. The South will requir
( $780, 900, 900 in the work of development
{ The North and Southwest can use $500, 900,
> 900. We have thus a total of say $500, 900,
I 900 necessary to keep in healthy activity il
business of the nation. The present circU
lating currency of the country is abou
n 5000, O0O, 200. 1t is possible, therefore, fc
the Government TO reduce the currency
the country $1,000 0 900 without deprivin
n trade of the necessary working capital, an
v we think 1t may be safely assumed that tn
reduction cannot be carried beyond this fiji
ure without dwarfing business and retardin
the development of our resources to such a
t. extent as to prove in the end damaging.
What we certainly want, for the commo
good, is te substitute legitimate business f
speculation, but it should be accomplishe
in such a way as to offer no impeachment
industrial enterprises. We have great col
fdence in the conservative wisdom of NJ
McCulloch, and believe he will recommeI
nothing that is not fully approved by h
best judgment, with reference only to IL
general good. Business circles a%nxious'
await the submission of his views to Coz
gress, and meantime there is no dispositiC
to enter into new engagements, and trade
generally restricted to the line of necessit
q The local money market presented no ne
feature to-day. There was quite a lber
demand for currency, which however W
only partially met by the banks. Balanc
do not improve, and the market %continu
close. Exchange ruled quiet to-day, but Il
market continues close and firm at par bu
3. ing and / premium selling.
In Chicago and Cincinnati currency wor
close and stringent, and bankers loan spa
% ingIy and only to customers.
rk In New York money works easier, the fC
of currency being in hat direction, partic
=, larly from the West. \ further improveme
is noted to-day in government securities.
Gold rules steady. The price closed tod
- at 1465.
Trade generally continues dull and heav
and though holders of property show gre
reluctance to yield, the tendency of almc
all commodities is downward. Buyers Q
crate very sparingly, and the general repC
from all poitts is that no engagements a
being made in produce for which operate
have not a prompt market. In this marx
there is SO little doing that quotations a
TN made with difficulty. We heard of no trar
IN actions in Flour or Wheat to-day, and C
quote no change iii prices. Corn is scar
and better. Oats are quiet and nominal
unchanged. Provisions are steady, with
fair demand. Produce unchanged. Hig
k wines scarce and firm. Petroleum qr ct a
n steady.
The receipts and shipments at this poi
Of Produce and Merchandise, during t
twenty-four hours ending at Z o'clock Il
" morning, were as follows:
Received. ghipp