Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1865-03-20
FTNINCIAL & COMMERCIAL.
FINANCIAL.
MORNING LEADER OFFICE,
s116EpAY EvEHIEG, March ls, 1865.

s1TtRpAf EvEHIEG, March Is 1860.
rbs vsrv m..qre and unsatisfactory adVices re-
oeIved from New York sinee THURSDAY, coming aA
.bs vav around bv Montreal, leave Us without sny
doenis tnoWIedee of the condition Of financial af-
fairs In that city Iiues Thursday mp TO which time
our readers were made thoroughly familiar through
these columns with all Important financial ana
commercial movements, togeth,r with the inhu-
enees that worked to produce them. Intsllitenee
received this afternoon from Buffalo via MontreaI'
stated the price Of gold ct 164s at which price it
closed last evening, having at one time yes erdsy
touehtd as low as 1921. There was undoubtedly.
we think, a strong combinati9n created on Thurs
day 10 arrest, il possible, the h;adloDg downward
course Of gold, which If It had heen Pc rmitted to
continue unchecked weuld have carried hundreds
to ruin. and to restore much ss could lie OF the
lost and rapidly waning confidence of those Who'
in their fright were ready to dispose OF
they possessed if they could but save themselves
from bankruptcy. 1t had become matter OF I'M
perativs necessity with every largo dealer in New
York, in whatever branch Ct bu'iueIs engaged to
throw whatever strength he had in the scale for
the purpoge OF checking, ct least temporarily, the
panic that had seized the whole business commu-
plty, and 1t mrst he confessed that such course
i WAS nOE Only ueCtHbaAy ~ % N-7
equsly desirable in the protection given to ths in
terests cf thOu'ands Of others identified with tnem
in all parts of the country, and not the least im-
portant, We think, IN respect TO ths Government
itself. Eowever much We may condemn that sys-
ten Of speculation BY which the prices Of every
thing have been advanced 50 largely above theil
legitimate value, and However desirous we may b.
that the class who are responsible for this system
should suffer- it must not be forgotten that 1t per
meatss, to greater or less degree, the buaines:
Of the whole country, and involves in its msshel
all class,s of business men, ths dealer who ha
sought to operats legitimatsly well as the spec
ulator. The effort to be made, therefore, in time
such as the present, is to iRture the protection
the legitimate business Of the ccuntTy, and thu
mt st be done even though in doing 50 the specu
Iaters are saved from the full punishment they de
serve A financial panic has been universally tn
most serious calpmity that can afiict nation
more difficult to recover from than the effects
years Of war; and every thinking ran must con
eede that q psnic in this country now with al tn
wide spread ruin it would bring and the utter DE-
struction CT confidence that would ensue, voul
be one Of the most fatal disasters that could
take us-far worse than dozen defeats or the al
initiation so to 81 eak, of the most efsotve fore
We have in the field 1t cannot be denied that Ii
most serious result that would follow panic
this tine would be the Withdrawal Of that esssnti
> support being given the Government in tire sal
!, | scriptions to its Loans, fact demonstrated a
u ready by o decrease Of nearly half within the pa
three days; while at the same time the TevenU
from taxation and importI would be ineAlculsb
reduced. 1t needs no argument to show that v
have nothing to dread more at this time in cur n
. tionaI affairs than financial panic.
In making thsse remarks, however, We Go n
desire to be understood as advocating or spoIogi
ing for q high gold premium. On the contrary,
have consistently CONDEMNED it as psInicious al
y certain to produce the very results have soug
!. to chow that the country has mort to fear. SUI
[. results we have invariably claimed would re Il
inevitable consequences of the wild speculation
the past few years, If persisted in. But what we
10 sire to impress is, that the true course row is
e settle down steadily. but gradually, to legitima
bais Of values instead Of rushing wildly aud bee
lessly downward, only to be crushed by the co
"a oussion at the bottom. Ofmost articles that snt
into tho necessary Of the people the country
s not over abundant and this gradual settling doy
iu the value Of such supplies can be of course Ike
pavallel with the COZ SUMPTION but let panic owe
LAke the natlops CuItdunB hne ruuusHy OF I
). country, reducing the wages OF the working ca
lie es, and impoverishpg thou snds, and it is easy
Of see that many of what are now the scaresst col
II modities would bee me a drug in the market, 70
sold at any price.
There is nothing essentially new in LEGAL mon
y matters, which continue very quiet. There il
good supply of currency in the hands Of Banke
but beyond the wants of their regular custome
which are extremely small, they are disposed to
very little in the discount line. What may
strictly denominatsd outsiders And no eountensr
whatever. Exchange is quiet and steady at g
or buying and par selling.
$, The sales OF 1906 at the Second Nstional Ba
In this city to-day wero $4,000. In anticipate
OF the early sb' 'orptiOn of the present issue, s.
retsry McCulIoch has announced his intentiC
with Tsgird TO the new series of 1905. The ifs
will be $500, 90, 900, bearing date June 18th,
n with the except N of the dates Of issue and ma
= rity will be in all respects similar to the curr
i. issue. Mr. jay Cooke will be continued as Gene
Agent for their sale. Full particulars viii be fsu
~ ~ In the telegraph on our first psge.