The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1866-08-29

BY Telegraph INV YoRK, August Is.
The CommereiaFs money article says that the
stock market continues quiet, contrary to general
expectation. Govsrameuu continus very arm;
old Governments are in demand ut ll3Aall3t. The
advance in these bonds appears to have been due
~ much to q confidence in them - 70 any large
foreign demand. Yesterday and 70 day thsrs vas
. borrovin g demand for the bonds, which 10 sup
piled with diAcslty. Sous moderate orders for
bonds have been received from Paris, which can
not b executed at tbs present. price u kxebsnge
engaged in introducing them on ths Bourss, rsth-
or than investors. Erie 10 quiet Money 10 .
shade sasier than yesterday. Call loans 4a5 per
cent the majority Of transactions being At lower
rates. The payments on account Of Temporary
loans have not yet produced that sxtrsns ease
which vas anticipated. Discounts are quiet; the
amounts Of biils Of foreign bsine very limited.
Exchange continues very heavy. There Is large
excess Of bills over the demand. Sight bills drawn
against 5-2os. and southsrn bills on Psds are g.
pecially ahundant. Some Of the leading drawers
Of sssring exchange are asking le7 for sixty day.
bills but ws bear Of no transactions at over lo6.
-Weclip the following from letter written By
Secretary McCulloch. in reply to an Invitation to
attend banquet in Boston:
.H or currency 10 dspveeiatsd, We have 90 far
escaped the financial troubles that USUALLY occur
among nations At the close Of expensive wars, and
which there was reason to apprehend would hap
pen to US at the termination Of the great war in
which We hare been engaged. II the business Of
- = S,.ot s1 ~ and
uncertain basis, It has been subject TO no severe
revulsions. II our taxes are heavy, our resources
are almost unlimited while the Disposition Of the
people bear cheerfuiiy their burden is surprise
to those who have the greatest confidence in
the honor and good faith Of free people. In my
opinion, the people of the United States to
make republ,canism illustrious among the nations
by establishing the fact that the sssaxitis Of a
republican government the safest Of all sscuri-
ties and that the people who impose taxes upon
themselves the most jealous Of their national
credit.
Il do not, however, disguise the fact that great
financial difficulties still to be overcome; tha,
our present prosperity 10 rather apparent than
real; that VIC are, in fact, exposed - all the dan
gers which attend an inflated and irredeemabt
currency which dimin shes Labor, the true source
Of national weaith-and stimulates speculation
and extrayagARce, whieh lead iavsriably 10 Thrift
1esness and decentralization. Before the country
becomes again rcsiy Prospersoos, the specie
standard must be restored, prices reduced indus
try stimulated. the products of the country in
creased, the baiancs of trade between the United
States and other nations cease to be sgainst
all the great interests VI the conn,ry cared Cor and
protected By wise and impartial legislation, and
all sections Of the country be brought again into
harmonious and practical relations with the Gen.
eral Government.
"That the country will again be thus really
prosperous is as certain as an thing in the future
That it should be at early day, and that, too,
without financial crisis, Il is only necessary that
there should be proper legislation by Congress-,
economy in the public expenditures, and fidelity
ON the part of those who are intructsd with e
mana cement Of the public rerenue."