Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1866-03-23
FINANCIAL & COMMERCIAL.
TurRsnAr EVENING. March %. 1856

THURSDAY Evening, March %, 1866.
The probable fate of the Loan bill in Con-
gress is just now the topic of most Particu-
lar interest among business men throughout
the country, and until a definite result is
reached there will be a suspension of active
operations in all branches of trade, and Of
necessity a more or less unsettled feeling
The vital question, so far as the business in
terests Of the country are concerned, is in
relation to the expediency of reducing the
currency, aud upon this Congress is about
evenly divided in opinions, each party
feeling sanguine of success. There are at
present three proposed measures involving
the currency before the Ways and Means
Committee-one the original bill providing
for contraction by authorizing the funding
of n~on-interest bearing legal tender; an
other. offered by Mr.. Hooper Of Massachu-
sets, authorizing the sale of bonds for Unit
ed States notes, (~greenbacks) the proceeds
to be used for retiring interest bearing OBJ
legations. This latter is regarded as a COM
promise measure, though in effect it does
nothing for contraction, the authority to
withdraw currency by the sale of new
bonds being coupled with the obligation to
pay it out again in purchase of Treasury
notes, certificates of Indebtedness, and other
obligations bearing interest. The Secretary
Of the Treasury and the friends of his pol
icy are very reluctant to accept the Hooper
bill, but it is believed it would pass by a
librral majority as the best middle ground
that can be reached between the two ex-
.tremes. The third measure was introduced
by Mr.. Kelley, of Pennsylvania, which
authorizes the issue of legal tender notes,
without interest, for the redemption of com
pound-interest notes at maturity, and pro-
vides that the currency hall not be in
creased beyond the amount thus required,
or diminished to less than 5000, coo, 00O.-
We do not anticipate that any favor viii be
shown this measure either by the Commit
tee or Congress, as it demands expansion,
and would only increase the difficulties OF
the question with which we are dealing
The task before the Ways and Means Com
mittee, of hormonizing the conflicting views
of Congress, is one of no slight difficulty,
and their decision is therefore awaited with
anxiety by those who recognize the impor-
lance of the subject. It is hoped that Con
gress will be able TO reach definite action
at an early day. The season of business
activity is close at hand, and the business
community should know what it may de-
pend upon the relations that are to exist
between trade and capital should be de
fined The interests of the government are
in common with these of the people; the
revenue Of the former viii decrease in ex-
act ratio with that of the latter. Suspense
and uncertainty cripple enterprise, and OF
course retard the development and growth
Of a nations resources and wealth.
There was a rather freer demand for cur
rency at the banks to-day, but in other re-
speets the market is unchanged, and con
tinues close. Exchange is quiet and steady
at the established rates.
In New York business is unsettled and
waits upon the actions Of Congress. Gold
was lower to-day, closing at l275@I2S.-
Government securities are quiet and firm.
In this market rates of coin and govern
ments to-day were steady, as follows: