Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1866-07-10
RuSSELL HOuSE-
FINANCIAL & COMMERCIAL.
MoNpEy EVENING. July Q. 1885.

MONDAY EVENING July y, 1900.
Between now and the close of the month,
the United States Treasury will probably
have to pay out, in redemption of Certi6-
Gates of Indebtedness, agreeable to the re-
cent circular of Secretary McCallock,
somewhere in the Aeighborhood of thirty
five millions of dollars. This large sum,
thrown upon an already abundantly sup
piled money market, will create a plethora
of money that must find means of invest
ment for at least temporary employment.
Besides this sum, the interest on the third
series of Seven-thirties, amounting to over
eight millions of dollars, becomes payable
IN the 18th inst. And in further addition
to this, it is stated that the Treasury intends
at an early day to pay off its temporary
loans, amounting to a liberal sum. In
view of the large addition thus likely to be
made to the supply of currency in the mar
kets of the country, amounting to over forty
millions without considering the temporary
loans, and which must find absortion in
some way, the question suggests itself
whether the opportunity would not be a
most favorable one for taking tie initiatory
step in the direction of a conversion of our
short date debt. We have heard nothing
recently in connection with the proposed
five per cent. loan, and it is probable the
opposition developed towards it has given
it its ~quietus, but the matter of convert
ing the short date obligations of the Gov
eminent should not on this account be al
lowed to lose all consideration, particularly
when a movement in this direction is SO
strongly invited by the prospective great
ease in money indicated above. Let Con-
gress and the Secretary of the Treasury be
wise in time and offer 10 the people q
long six per cent. gold bearing bond that
will be sure to succeed, and acting promptly
upon an easy money market, make a good
start. 1t certainly seems to us that the
time is propitious for such an effort, and we
hope Congress and the Secretary of the
Treasury will not fail to take advantage of
the chance. If this is not done, it is more
speculation in railway and other classes of
stocks, and not unlikely tn some extent in
the commodities of life also. This should
if possible be avoided, and it can be if the
government will do its duty in the matter.
It should be no longer a question as to the
character of a conversion or consolidation
loan. The feasibility of the five per cent.
scheme of Mr.. Sherman involved the neces-
sity of exemption from taxation, a measure
that would be extremely distasteful to the
great mass of the people, and which is en-
tirely unnecessary. A BOND bearing six per
cent. interest will allow of taxation, and will |
be acceptable to all classes, and the nation |
can afford, without strain, the inconsidera-
BILE difference. Let US have such a loan,l
and it should be offered without unnecessary
delay.
The gold market was rather weaker to-
day, the price closing at one o'clock at 1929
The recent heavy purchases of Five-twenty
bonds for Europe is doubtless having some
influence in weakening the views of the
gold operators. The latest foreign advices
report nc material change in the prices of
our securities in the English markets, 5-2Os
at 64@s4K.
Government securities were again better
the New York market to-day, and the
investment demand is we'll maintained.
In this market prices Of coin and govern
- xTa,aI ., FoIIo-. /