Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1866-01-29
FINANCIAL & COMMERCIAL.
SA7uRnAT

SATURDAY EVENING, Jan. ~, 1866
Another week closes without any definite
action by Congress with regard to the fnan-
ces, and it is safe to assume, from present
indications, that another, and may be sew
eral weeks, will pass before we shall get the
required movement in this important mat
ter. So far as the Finance bill of Secretary
McCulloch is concerned, it is pretty we'll un-
derstood that the Ways and Means Commit
tee will not bring it before the House, but
will bring forward a substitute, said to be
now in course of preparation by Mr.. Nor
rill, Chairman of the Committee. How far
the new bill viii differ from that of the Sec
rotary, has not transpired, but the provision
for q foreignl loan, which is the chief stun
bling-block with the Committee in the plan
of Mr.. McCulloeh, will undoubtedly be
omitted, and the authority asked by the
Secretary wiIIbe- restricted, to satisfy Con-
gressienaI jealousy, or eaterto the demands
of Wall street capitalists, who cannot brook
the idea that the Secretary Of the Treasury
should be possessed OF powers that would
free him from Wall street inAusnce. These
~ LEL
gentlemen have been quite communicative
with the Ways and Means Committee for
the past three weeks, and it is. to be feared
they havehad too great weight in the de-
liberations of that body. For obvious rea-
sons this class do not want a foreign loan
it would 10 q large degree deprive them of
the power of controlling the market value
of the national securities, and consequently
of enriching themselves at the expense of
the people and the nations credit. They
are more strongly opposed to giving to the
Secretary the adequate authority he asks
establishing, as Mr.. George opdyke, n Of
their number, terms it, ga monetary despo-
tism2-because with such authority specu-
lators would find it necessary to determine
their course by the operations of the Trea-
sUry, instead of tho Treasury being subject
to their caprice, as has unquestionabIy been
the case heretofore. But nevertheless, it is
undoubtedly a fact that these Wall straet
fnanciers have had a full and favorable
hearing by the Ways and Means Commit.
tee, and it is probable we are to have a new
bill as the result We oan only hope it will
be liable to no greater objections than tina
of Secretary MeCulloch, though we certain,
ly do not expectit.
The local money market was without i'm,
pOrtant change to-day. The checking Our
of balances is quite liberaI-one of the lead
ing railroads having drawn largely upon it
deposits during the past few days, on ac-
count of dividends-but the discount de.
mand continues on very moderate scale
and good customers find no difficulty in OBJ.
tanning the accommodations they require
which are at present for purely legitimate
objects. The supply of currency keeps quite
steady, though the deposit line is very low
as compared with seasons of ordinary &C.
tivfty. g
Eastern Exchange continues close, ant
there is nothing doing through trade chan,
nels torelieve the market. Bankers gener,
ally are, drawing in excess of their receipts
Rates are steady at par buying and lit
premium selling. ina 3
Financial matters in New York to-day
were rather more buoyant, though withou
important change The tone of the foreign
advices, received by the Java yesterday
are re~-assuring, particularly with reference
to F~ive-twenties, which advanced to &C a
London on the 18th. No further advane,
had occurred IN the discount rate of tn,
Bank of England; and the condition 0
financial affairs was regarded as less threat
ening, though not without strong panicky
symptoms The news, however, seems t
have been received favorably in New York
and governments were steady and frmer.-
Gold ruled a little weak, but closed withou
decided change, at 13ss. 1ss Z
In this market prices of coin and govern
ments experienced no important change
{. J. Farmer & Co., bankers, quote as fol