Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1865-12-04
FINANCIAL & COMMERCIAL.
SArURDAr EvEyIve. Dec. .. Is65.

SATURDAY EVENING, Dec. 2, 1865.
Pending the appearance of the report of
Secretary McCulloch, it is idle to conjecture
what its recommendations and the policy it
sets forth are, and equally useless to indi-
cate what they should be, as neither would
afford any relief to the public anxiety or af-
feet in the remotest degree the result. It is
worthy of note, however, that while a feel
ing of uncertainty everywhere exists, sufi-
cient to hold in check all operations that
might depend for their success upon a state
of things the opposite of what it is believed
the Secretary will seek to bring about, there
is at the same time a very general conf
denee felt that nothing will be sought that
will check the industry or retard the pros
perity of the country. The people, accept
ing a hasty construction of the Fort Wayne
speech of Mr.. McCullOeh, in which he gen
eralized leading principles, to be reached
only by gradual processes, were led to the
belief that it was the purpose of the Secre-
tary to enter upon a system of contraction
and reduction in the circulating medium of
the country that should level everything at
once to the standard of gold, and the ma
tural effect of this false view was to excite
the gravest apprehension as to the result of
such a policy. A careful inquiry into the
national needs, and a better understanding
of the relation between them and the ma
tional prosperity, has satisfied intelligent
men of the impraetieability of the policy
feared, and convinced them that Mr.. Ne
Culloch's sagacity as a business man will
not permit him to be led into extreme mea-
sures, which would tend to make more ar
duous and embarrassing his responsible and
difficult position at the head of the National
Treasury. That he will oppose anything
looking in the direction of expansion. under
whatever pretext, there is no question in
the mind of any one; but that the currency
is to be suddenly swept away by violent
contraction no one who has the least favor
able opinion of the Secretary's financial
ability, or ~eomprehends the situation, can
entertain the slightest apprehension. It is
probable that the eagerly awaited report of
Mr.. MeCulloch will be laid before the pub
lie within the next three or four days, and
certainly there has never been a public doc
ument read more largely or with more ear
n~estness than this will be. 1t is worthy of
remark hat the Secretary has succeeded in
keeping its contents a complete secret, v
the sharpers of Wall street having failed to
acquire any information concerning their
character. e
The local money market to-day ruled
quiet and without notable change. The de
mand for discounts at the banks was not
pressing, and customers were freely accom-
mOdated. Bankers do not complain of a
want of currency, though they are not seek
ing employment for their capital beyond
the wants Of regular dealers.
There is very little Exchange making, and
Eastern balances are kept quite low. The
demand, however, is only moderate. Rates
are unchanged and firm at par buying and
ITO premium selling.
Gold in New York advanced a fraction u
day upon rumors that the message of Presi-
dent Johnson would assume a beIligerent
attitude in reference to French domination
in Mexico. The trihing advance, I pei
cent, indicates that very little faith was
felt in the report. The price closed at 44ss.
Governments are reported frmer, but quo
tations are nat given.
The following are the buying and selling
rates of coin and governments in this mar