Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1866-04-02
FINANCIAL & COMMERCIAL.
SATURDAY Evxxrra. March 81. 1884.


SATURDAY EvExrHe, March 81, 1855.
The course of Gold is just now watched
with more interest han has been accorded
it for some time previously, and the proba-
bilities as to its immediate future are matter
of quite earnest speculation with the bust
ness community, particularly that portion
who as importers of foreign merchandise or
holders of large stocks purchased under a
much higher rate of the gold premium, are
most directly affected by the price of gold.
That the sharp decline of the past two
months has told with severe effect upon the
importing interest, is unquestionable, and
in view of this there is disposition on some
hands to deprecate the employment of any
means calculated to increase the influences
favoring a further fall in the market value
Of gold 1t was from this feeling, chiefly,
that the contraction policy of Secretary
MeCulloch was defeated, and it is this that
has induced certain acknowledged organs
of the Treasury policy 10 ignore their pre-
yiously consistently maintained views in
reference to this particular feature of our
finances, and endeavor to show that the
steps already taken toward specie resump-
ton have been mischievous. To the great
mass ofthe people we believe these opinions
will carry but little weight, because thew
are manifestly put forth in the interest of a
class who have grown into fortune at the
expense of the people, and who suffer now
simply because their greed for gain led
them blindly on, and they overleapt the
mark of safety. So far as American inter
ests are concerned this class have been their
greatest enemy, for they have flooded our
markets with foreign goods, for which they
have largely paid in the representatives of
the peoples credit and the demands upon
their industry for a generation to come, and
to the undoubted injury and loss of home
enterprise. 1t is this class who will be pros
trated by a return to specie, and it is this
class who alone will be benefited by main
tanning a deprecated currency and a high
premium on gold.
We have never been the advocates &c
extreme or toreible measures for r~emedying
our financial evils, nor are we now. We
have unbounded faith in the regulating
power of trade, and only a minimum conf
denee in legislation, which is at best falible,
near-sighted, and of temporary expedienev.
But we are convinced of the duty and ne
cessity of as early return to the specie stan
dard as possible, and to this end we would
withdraw no influence tina looks to this OBJ
Ject which may be c~onservatively EMPLOYED.
The country demands a stable currency, one
which represents the same value tomorrow
and next month as to-day, and not, to use
the language of Representative Garfield, a
"legalized lie" The sanctity of contracts
requires such a currency it is demanded
as a security to industry and enterprise it
is an indispensable prerequisite to a sound,
healthy and permanently prosperous trade,
and at no time in our history as a nation
has such a condition been more urgently de-
manded than now. Every business man
knows the dangers and embarrassment of
a disordered, ~fuctuating currency, and no
man can be blind to the advantages of a
circulating medium that is a real and sub
stantial representative of his property and
his earnings.
We have made good progress of late in
the desired direction, all sophistry to the
contrary notwithstanding and the present
favorable condition of our European ac-
counts is ~abundantly shown in the increas-
ing weakness of rates for foreign exchange.
Importers have been and are large buvers
of gold, which they are holding to maintain
the premium, and hence we hear that gold
IS scarce for delivery :" but they are fight
ing against the inevitable logic of events.
The demand from Europe for our cotton and
our bonds is steadily growing and as stead
lily working a reversal in our commercial
1t is no faneiful view that looks
forward to a drain of specie from Europe.-l
we are accommodating our own
product, at the present rate of seventy to |
eighty millions per aunum, and prosaisine.
with increased facilities for extracting the
metal, a much larger yield. With these en-
eo~uragements we need not despair of our
even though it should continue
its present volume.
The discount demand at the banks con-
quite moderate, and the general ten
ieney of the market is easier. Some of the
banks disbursed quite largely to-day on ac-
count of oil and other taxes, but beyond this
he draft upon balances was light. Eastern
Exchange remains very close, but rates are
Unchanged and steady at par buying and
I-lO premium selling.
Gold was without decided change to-day,
nut firm under the speculative movement
which is mainly in the hands of Importers,
The contradiction of the statement Tat the
Nay interest on the Five-twentv ~ooupons
would be anticipated early in April, pre-
-ented a decline in the gold premium. The
rice closed at l2s@l283. government Sc
are very fra and gold bonds were
enerally higher in New York to-day.
In this usFket s good business is doing in
securities at the advancing
stesJ coin is rather quiet. E. j. Farmer
Co., Bankers, quote prices as follows: