, 1866-03-08
FINANCIAL AND COMMERCIAL.


t.
There arc great complaints in commercial and dnau
c1a critics with regard 10 the policy, rather the
want Of policy, Of the Treasury Department. SIX
monihs ago, Mr.. AcCulloch announced himself to
be In favor Of contraction" hut he did not define
what he meant, and ever since then capitalists have
steadily refused to do anything but lend ION call"
Whatever tended towards The Development Of our
reeourcet. or the growth Of trade and commerce,
have been looked upon with suspicion, and neither
the ieEt.lmate merchant no. the manufacturer has
heen enabled to obtain that reasonable amount OF
consideration At the discount houses, which the In
po,tance OF their interests demands.
Tho ct1ef objection urged to Mr.. AcCul!och's
policy ie, that there Is nothing definite or certain
concerning I'll and as consequence, capital ls un
usually ttnid and inert- The Loan bill In Congress
s'd.aga Its weary length aloug'' IN committee. and
the result Is that we arc having all the unsorabe
effects which "contractlon Of the currency" would
produce, without any Of it, supposed benefits.
The eou1se Of the money market, and Of the state
of business, for months past have been demonstsa
tive Of this and miles: Congress steps IN and passes
bill clearly defining the positson which Govern
ment must take there is not much prospect OF re-
vtyhl Of buRineas this year.
There does not eeem to be any particular oppozl-
ton 10 Mr. McCuioch, with regard 10 his eontrac-
ton policy bat there does seem TO be considerable
objection urged to The spirit OF distzust which has
been created By the speeches, reports and messages
which hare been spoken and written on The subject
BY those in Authority, unaccompanted as they still
are by definite acts. II Iii. Mcouloch had notified
the country six months ago that be had withdrawn
nom circulation one hundred millions OF dollars In
Gecnbaeks, the monefarJ condition Of the country
would be better than 1t now ta with the six or
en- hundred millions Of paper money aiaoat. AT
present, everything tho shape Of nnance Is unset
tIcd.- The banker has no confidence either in the
merchant OF manufacturer, and the hitter hare an
Irregular and unsettled market to operate In. All
this IL the result oi the uncertainty to the shape
which afr, McCulJoch's ..coutzacuou policy" viii
tnke, and while the best Interests ct the country
su5, The speculators thriveon low rates Of inter.
ekt and unlimited credit.
In our opinion, M.. Meculloch had better With
draw bis loan bill and eoadue hia attent1eu'cl
to ditchnrgiug maturing obligations; pay Of his
certificates OF Indebtedness; provide for the pay
uent of the ipereetheadng legal tenders, as they
mature, and let the currency question alone. The
South IL gradually opening up, and within year II
will produce three million bales Of cotton. TIL.
will enpply ns with all the gold re wnnt and Ut the
eame time employ large portion Of our surplus
currency Meanwhile the State Bank circulation Il
being gradually extinguished, and by the LIST o
next july there will be noihin< received AZ mono.
Il, any part Of lLc country but "ereeuhacles - snt
| En,tonal Bank Issues. Thus will be contraction
| enouph to ea1sfy any reasonable advocate OF hi
policy, md 1t Will avert the disasters which will as
! spzcdlg ial on rs ii capital is kept Idle mucl
longer. .~.....-..., .--. -
Topaz the money market was stringent AMI
close, bnt there vas no particular pressure, aut
rates remain eteady at 10 per cent at the banks ans
1Ga per eentpeF month On The street. The demant
bT the mercantile trnde Is more active than for SOM
time past, but there is less inquiry among produc
and proylaiou dealers.
Eastern Exchange continues scarce, and the M.
kct Is firm at par buying and Ito prem selling
Round lots were eold among the banks at pre
MUM Of 50&7uc per thousand
The grain markets to-day were more active an'
: srnef: but Provisions remain etagnant and heavy
Flour was frn. Wheat adyanced 1@1,sc pc
bushel. Corn M qnles and steady. oa.s wer
am but inac.iys. Eye sdsanecd t1sc PEI bnehe
Barley was dull and pom!ua;. Mess fors decline
sc per b1l. Cut meats ruled duh aed aoles* iA
was firm. -. =
Gold opened IN New York today at 1sah an
closed at 1881. The following arc The quotation
telee1aphel to J3mes BoTu Brothefs, poll
|