Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1866-01-22
FINAEgIAL & COMMERCIAL.

SATURDAY EvEzEs, Jan. 20, 1866.
There lisa class Of Eriters upon financial
matters who it would seem cannot abandon
the belief that the business of the country
is inevitably to experience a crashint the
course Of its certain return toa sound stan
dard, and affect to leok with serious fore
bodings upon the efforts being made by the
administration of the government to restore
the currency, and with it the trade of the
nation, to a healthy condition, and their la
mentations are heard at intervals whenever
an opportunity Offers Without stopping to
inquire into the theories by which this con-
clusion is reached, w think a sufficient ref
utation of it is found in the facts developed
by the course of business since the close of
the war, at which time initiation was at about
its highest point, and a glance at these facts
must carry the conviction that whatever
danger may have threatened in consequence
of a change from a condition OF war to that
of peace, has passed, and can only be re-
newed by a revival Of that system of wild
speculation which gave a false vitality to
business during the existence of the rebel
lion, or an unwholoseme and indiscriminate
expansion of credits. We do not mean to
be understood as asserting that values nave
reached their proper plane on the contra
ry the leveling process has much further to
go, particularly in the West, wher produ-
GERS have been slow in recognizing the clog
ic of events I" but the steps that AVE been
made in this direction, in the decline Of val
ues, the contraction of bank credits, and the
steady drifting of all branches of business
toward legitimacy, without disturbing in
the remotest degree the industry of the
country, manifest an unlocked for soundness
in the business relations of the people, and
are a guarantee of the ability of the nation
to meet the future e%xigencies of the change
that is working without injury or impede
ment to any of its interests, if its business
men but remain true to the teachings of ex-
perience.
So far as the action of the government is
concerned in its relations to trade, there is
no ground for apprehension, unless we are
prepared to question the sagac;ty of our leg
~islators. The government cannot afford to
cripple the industry of the country. 1t
must maintain its revenues, and to do this
it must place no obstacle in the way of COM
mercial and industrial development. The
credit of the government rests upon, is iden-
teal with, the credit of the people, and that
of the people depends upon the fullest en-
ployment of their enterprise and the steady
development of their resources. So far as
we can see there is nothing in the policy of
the government that is antagonistic to this
position, and hence we are unable to dis
cover the least reason for fearing the evil
results predicted by that class of danger
hunters to whom we allude above. We
want such salutary measures as will keep
down speculation, and these had, business
will continue to move gradually and almost
imperceptibly into a true and safe channel.
The Ways and Means Committee still
linger over the Finance bill, though it is IN
derstOod they agree upon all its features ex-
cept that authorizing the negotiation Of a
foreign loan, or the sale Of bonds abroad, in
terest and principal to be paid in the coin
of the countries where the bonds are sold.-
On this feature the Committee stands four
to four, while Mr.. MeCulIoch insists upon
its being retained. There are some strong
objections to this portion Of the bill, the
most substantial of which, to our mind, is
that of placing our national obligations in
the hands of foreign capitalists at all but
this mayb be overcome by other considera-
tons which in the opinion of the Secretary
justify his recommendation, the character
of which will probably be developed in the
course of the discussion on the bill by Con-
gress. We nave no doubt that such bonds
as are proposed would find large sale in the
European, and particularly the German,
markets. Washington dispatches state that
the bill will probably be reported to the
House on Monday.
The local money market was without i'm
portant change to-day. The demand for
currency is moderate, and balances are ac-
cumulating slowly, so that bankers begin to
report their condition easier.
Eastern Exchange is close and firm, and
generally bankers are drawing somewhat
in excess of receipts. Rates are steady at
par buying and lilo premium selling.
The foreign news noted yesterday had its
influence upon Gold and governments in
New Yerk to-day, the former closing higher
at 13s2@139, and the latter a shade lower
In this market coin and governments ruled
steady and unchanged. E. J. Farmer d
Co., bankers, quote as follows: