Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1866-01-11

obllgatlqnsotthe goYeTnmept ~theeafn
practicable onen1 with sysW p ne re-
tirement of the larger portion Of them in
this way, as we'll as for the sake Of getting
the pablo debtlin,a'A fixed form as soon %
possible, we think there can be no question.
With regard to the retirement of the cur
rency, the presents s as ppPitious a time asl
can be hoped for at any periodi in the future
Prices are declining, capital is increasing,
interest rates arseomparatiyelY low, safe in
~vestrnents are wanted, and government long
bonds would just meet the requirements of
a large class Of investors, particularly of the
smaller order. Secretary Mceulloeh, in his
report, expresses the opinion that it will
not be necessary to retire more than one
hundred, or at most two hundred millions
of United States notes, in addition to the
compound notes before the desired Result
will be attained" namely, a return to the
specie standard, How long a time might be
necessary 70 retire this amount, Cannot be
now determined butfshether it we're one,
two or three years, there can be little doubt
that the effort once earnestly made, theEe-
suit would in a short time be anticipated by
the steady settling down of the trade and
business of. the country to a natural basis,
and the accommodation of values to natural
regulations. Such q movement could not
injuriously disturb trade, for while it would
certainly be a continual check upon specu-
lative operations, and in so doing would per-
form one of its most important offices, alb
sorption could not proceed faster than the
legitimate demands of business would per-
NIT. So far as the established business men
of the country are concerned, we do not be-
lieve that in a year or two years hence, un-
der the present state of things, they will be
in any better, if so good condition as now,
to arrange their business to a new order Of
things.
The Finance bill introduced on Tuesday
by Mr.. Morrill,, from the Ways and Means
Committee, provides the measures needed
by Mr.. McCulloch to carry into effect his
policy. Should Cengrers pass it, there il
every reason to believe that wholesome re
suits would follow in the decline Of gold, tn,
exercise of greater caution by bankers ant
other lenders of money in the nse of thei
capital, the abandonment of long credits
and the healthy check that would be main
tanned upon all-species of overtrading. TIL,
bonds authorized would undoubtedly NEE
liberal acceptance in Europe, faYorably in
auencing all classes of government securi
ties in the home market foreign exchange
would be materially improved and on
financial and commercial relations with 9th
er countries relieved of many of the embar
easements that now exist. We therefor
hope Congress will speedily give secretar,
McCulloch the measures asked, and that b
in turn will lose no time in putting then
into effective operation.
Local monetary affairs continue quiet
and we can report no change in the marke
to-day. Currency is comfortably easy an,
in improving supply. Eastern Exchang
remains close, and rates are steady at pa
buying and Lie premium selling.
Financial matters in New York to-da
had a more confident tone than yesterday
Gold advanced, doubtless based upon a larg
short interest made during the past fel
days, the price closing at 1893. Govern
ments were also firmeE, and recovered tn
larger portion of yesterdays decline.
In this market to-day prices of coin an
governments ruled as follows:
Prices of coin and governments in tn.