The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-10-09
FINANCIAL AND CONNER GAL.


FINANCIAL AND CONNER GAL.
e# f.gat MONDAY oca s-oP n
The stock market has been irregular and greatly 81
CITED to-day and the fluctuations 10 Erie have sceoped
large amount Of money out Of the pockets Of both
buis bears the course Of the stock indicating
what is technically called "a game 70 mystiiy the
Street Soon after the commencement Of business II
sold at s2 cash. and Afterwards 1t fell TO say rcgu
Lar, and ssx cash, following which it re-
manned dan q aud steady. The general lis,
Of railway shares was weak during the forenoon, bun
afterwards became strong with q brisk demand more
especially for Fort Wayne Michigan Southern and
Northwestern preferred Prices advanced steadily the
break in Eric having been fully discounted and there
every prospect Of further recovery from the recent
feversh depression, while Erie liable % experience
sudden and surprising movement at any time. s,f X.
Tho excitement OF the last eight days has been
hardly traraIeled in the history OF the Stock
Exchange, 4 and the volume or business trans
acted has probably been greater than during a
similar length Of time in the height of the speculative
fever which marked the spring Of 1854 Brokers and
:. private operators seem equally eager to join in tho
bull ~ race for fortune and Just now large fresh
'shor . interest has been created which IL more than
likely to assist the upward which has succeeded
the unsettled movement Of the market since Thursday
last To this the condition OF the money market is
favorable alike with the earnings OF the principal
railways, call loans being still made freely four per
cent with exceptions at i've while the best grade OF
commercial paper passes at5 q pcr cont The amount
Of paper money in circulation, represented by
legal tenders and national bank notes. exceeds by
than hfty millions that outstanding the LIST OF June
hs. year. and public confidence in our monetary affairs
never greater. sCiEeA q ssil f1.Hf e4@
The popular mind alike with not few OF our contem.
porariee gradually adopting views with respect
TO the currency, and there ID every reason to be-
feve that conservative policy with regard to
the finances will prevail Washington There are three
ways in which specie payments might be brought about
namely First by rapid contraction leading to forced
resumption, and thereby bankrupting two-thIrds or
the banks and equal proportion Of the merchants and
the traders OF the country, besides paralyzng industry
checking progress and endangerng revolution, as in
Great Britain between 1875 and 1925 Second BY ebas
ing the coinage the Of the depreciation or the
paper money at given me and thus bringing about
sumption BY practical reputation Of the difference
All nations have debased their coinage, the custom
has the honor OF having been more esteemed by the
sncients than The moderns,s and as foreign
nations would refuse TO take our debased
coinage At than s real value there lie very little To
be gained by robbing Peter TO pay Paul. among our
selves Thirdly leaving the currency 70 the operation
VI naturM AWE ~ mucn ~ possible IN course OF Tune
the country will have grown richer and the supply OF
gold at the command OF the government larger and the
transition from paper 70 specie basis may take place
without involving that disastrous shock 70 the
ral nterests Of the country which would other
wise be inevitable Contraction, meanwhile. should
p, very gradually pursued, 20 that within
about years IL would have reached point which
specie payments might b safely resumed without that
ssk Of the attempt at restosaon proving unsuccessful
which would attend . forced resumption. This 10 lhe
policy we recommend. tosevifsg~ fne sr ffot
The statement Of the associated banks OF this city
for the week ending October shows important
changes but none calculated 70 impair confidence in
prolonged monetary this centre The have
increased a, l02,77s and the deposits "a, 1885 q
The legal tender notss have decreased t2,4Se,Sl2
owing partly to drain westward and southward,
but mainly 70 the irregular manner in which
NE matured portion Of the Clearing House certificates s
counted by some Of The bankA viii be that the
increase deposits has boom moro than SUFFICIENT 10
s0het increase in oanA Tho specie has decreased
o. 2o2 during the Withdrawals for the payment Of
suttoms duties leaving less than millions and q
quarter in eli the banka Tho details Of the present