Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1866-02-26
& COMMERCIAL.
SATURDAY EvEs1re, Feb. "a, 1888.

SATURDAY EVENING, FEB. "a, 1900.
The only development of particular i'm
portance in financial matters during the
past week was the feeling indicated by lead
ing members of Congress in reference to the
loan bill, in the brief discussion of that
measure on Wednesday, which renders its
passage altogether improbable without de-
cided notifications. There is evident a
strong opposition to clothing Mr.. McCul-
loch with the authority asked by this bill,
and whatever measures may be passed will,
we have little doubt, limit the powers of the
Secretary to a prescribed course, in which
he will have a very restricted discretion
We do not believe this is best; indeed, we
think it may prove an absolute disadvan-
tage. We do not believe That Congress, with
all its wisdom, can legislate so as to meet
the various changes and contingencies of
the money market that will result from the
operations of trade and the movements of
the Treasury, and unless the power exists
with the Secretary ofthe Treasury to adapt
his movements to these changes it seems to
US that a very necessary condition of the
work of remodeling our financial system
will be wanting. The trade and industry
of the country is largely at the mercy of the
National Treasury, under any system that
can be devised, and since business is SO SEN
sitive to every movement of the Treasury,
the power to regulate such movements, ac-
cording TO the condition of the market, is a
necessity. The present bill does not, to our
mind, give the Secretary any power by
which he could abuse his trust, did we for
a moment suppose him capable of doing so.
1t expressly prohibits any increase of the
national debt in carrying out its objects,
which are simply to consolidate the present
debt into a permanent form, reduce the vol
ume of the currency as may seem necessa-
ry, and if deemed expedient dispose of a
portion of the bonds authorized abroad, at a
reduced rate of interest, with a view to Civ
ing TO the Treasury a coin fund that would
place the currency at par with specie. In
reference to this latter clause there is a very
decided opposition, and there is very little
probability that it will be adopted. Some
opposition was shown to the proposition to
reduce the currency, Mr.. Hooper of Massa-
chusetts and Mr.. Kelley Of Pennsylvania
arguing that there was no more currency
than the business of the country required.
Mr.. Kelley remarked: "While there should
be no increase of the currency and no in
crease of the public debt, we should foster
cur home industry and keep our mineral
wealth labor should be relieved of many
of the burdens which now Cypress it, and
with our largely increasing fields of agri-
culture and mechanical arts, five or ten
years would quietly and safely bring us to
specie payment" The further considera-
ton of this important question will come
up on Wednesday next.
There was only a moderate Saturdays
business at the banks to-day, and the mar
ket was without important change, currency
continuing close. Eastern Exchange does
not improve in supply, though in light de-
maAd, and the market remains close and
firm at par buying and Lilo prem selling.
Thu money pinch in New York was some
what relieved to-day by the sub-Treasury
disseminating sales of gold. 1t is stated that
the government sales of gold during the
last week amount to at leasteleven millions
Of dollars, requiring the withdrawal into the
assistant treasury about SI4,O 900, 900 in cur
rency, and a similar amount to carry the
gold, thus making the total demand on the
banks about S2s,OOO 600 currency. Gold
was steady to-day, and closed at 1853. Gov
eminent securities were without particular
change. Prices of coin and governments
in this market to-day are reported as fol-
lows by E. J. Farmer & Co., Bankers: