Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1866-03-17

Compound-fnt. Notes, 1866. lOO%@ 1917 lOiaI03
The Loan bill WIS discussed at length in
the House of Representatives to-day, a deep
interest being manifested both by friends
and opponents of the measure. After a
very thorough debate. during which the
Stevens and Sloan amendments were lost.
avote was taken upon the bill, which re-
suited in defeating the measure by a major
ity of two.
A resolution is before the Finance Com
mittee of the Senate, introduced by Mr..
Sherman, providing that the outstanding
United States currency, excluding interest
bearing notes, shall not be reduced below
s42O,OOO,O00 that the balances in the Trea-
sury shall not be allowed to exceed $40, OOO,-
600 in coin and $40, OOO, 900 in currency, but
that the surplus shall be applied to accru-
ing Indebtedness and to paying up the in
terest debt; but that the interest-bearipe
legal tenders shall not be retired at a rate
exceeding s5,OOO,OOO a month. The resolu-
ton to continue in effect one year from the
date of its passage.
A late Washington dispatch says 6 sev-
eral gentlemen are now maturing a new
financial scheme, which will be presented
to Congress in a few days. 1t proposes to
authorize the issue of legal tender notes in
exchange for the compound interest notes
and certificates of indebtedness now aloat.
but to restrict the issue of any more legal
tender netes than may be necessary for
this purpose, or of any additional national
bank circulation. The sale of gold or of gold
certificates by Government at any sum un-
der one dollar and a half is to be prohibit
ed, and the power of the Secretary is to be
otherwise curtailed."
Of trade in New York the Times saws
The heavy decline in many lines of goods.
and the fall in general merchandise. are
having a very unsettling effect on the spring
trade, and business is much more backward
at this season than had been anticipated
Many Of our merchants are very much dis
couraged, both on account of the limited de-
mands, and the heavy losses upon the stock
in hand. They may take it for certain we
think, that this fall is not a mere fuctua-
zion, which may take another direction in
another day. 1t is quite sure to prove per
manent, and to be followed, by-and-b y. by
further movements in the same direction.
This IS the legitimate course now and hence
forward, and all parties might as well pre-
pare for it. 1t will take from many dealers
a portion of the heavy profits of previous
years; but 1t will also help to bring about a
time IN which the course of trade will be
more steady, and its results, GU the whole,
more satisfactory.
Local trade circles continue quiet, and
We can record no especial change. Flour is
firm for high grades, but in quite limited
demand. Choice qualities Wheat are in fair
request and firm. Corn is in moderate de-
mand and steady. Oats quiet and steady.
Provisions are steady and unchanged, with
a fair trade demand. There is a very light
supply of prime Butter on the market, and
choice qualities readily command the ex-
IRENE OF our quotations. Stocks of Cheese
are also very low, and prices firm. Eggs
are IN less demand, but irmer. Highwines
are quiet and steady. Petroleum dull and
unchanged.