Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1865-12-13
FINANCIAL 6 COMMERCIAL.
TUESDAY EvENIye. Der. 10. 1ss5.

EL'D I & -
In whatever light we are led to regard the
present unsettled and sluggish condition of
business throughout the country. whether
as premonitOry Of a better or worse state of
things, there can be no longer any doubt
that there is to be q gradual and steady set
ting down of values of everything to a level
which the people are satisfied to accept as
safe and substantial. Whatever may have
been the doubts in the public mind a month
ago in reference to the policy of contraction
the verdict of Secretary MeCu.loeh has
made it a popular theory, and the few who
are still unable or unwilling to endorse it,
are not less careful than those who do in ar
ranging their operations to suit the order of
things that are looked for as the inevitable
result of its effective operation. This is OBJ
served not only in the caution and conserv-
atism Of bankers and business men, but also
in the universal economy of the masses, and
it is more especially to this latter feature
that we may look for the best results. Ev-
erything that is constituent to the daily life
# the people, from the day laborer up
through all grades of society, is being regu-
lated with especial reference to this accept
ed policy, and no argument, however inge-
NOUS, designed to show either the impracti-
cability or danger of the position, is of the
least weight or influence. The well-founded
position of President johnson, that the paw
ment of the nations debt must find mate
rial assistance in the rugality of the peo-
pie, could not have received a more thor
ough acquiescence from all classes than it
now has, and if there is any hope to be de-
rived from this fact, in the solution of our
great financial problem, there is every rea-
son for entertaining it to the fullest degree.
And this frugality will continue Just so long
as values are maintained above the popular
estimate, and however much gamblers in
gold and stocks may reason to the contrary,
this estimate is coming every day nearer to
the conviction that the greenbaek dollar
should be the representative of as much
value in the common necessaries of life, at
least so far as they are of domestic produe-
ton, as if it were at par with gold. That
this popular economy is a feature in the
present situation of affairs that is to be
largely instrumental in working out q
healthier condition of trade, we fully be-
lieve. 1t will force business back to the
plane of supply and demand; it will great
ly diminish, if it does not entirely prevent.
overtrading it will lsssen imports and aug
ment exports and incidental to these, it
will weed out from the business of the eoun-
try that poisonous and corrupting element
which for the past four years has been op-
Grating upon bank credits and margins, thus
adding largely to the productive industry of
the country, while the solid, honest trades
men will be left undisturbed to go on in the
development of a healthy commercial en-
terprise, growing steadily with the popular
growth of the nation in substantial power.
The contraction sought by Mr.. McCulloch
could not be more potent in the direction of
a reorganization of trade upon a sound ba-
sis, than will this prudence and economy of
the people. if p%ersevered in.
Our bankers report a continued good de-
mand for currency, chiefly by depositors.
though the discount demand is quite liber-
al considering the stagnation hat still pre-
walls in commercial circles. Though Gus
toners generally are able to obtain what
they require, the market is close, and no
material increase in the loan account could
be made without producing ~stringency.
Eastern Exchange is quiet and close, and
rates unchanged and steady at par buying
and LILO premium selling.
Financial matters in New York today
were without decided change, and generally
quiet. Gold closed at las and firm. Gov
eminent bonds advanced a fraction, and a
liberal investment demand is reported
Stock speculation is weak and unsettled.
Very little change was made in prices of
coin and goYernments To-day ratAs-r ruling
"a foIlowa.