Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1866-02-06
FINANgIAL & COMIERCIAL
MONDAY EVENING. Feb. :. 1886.

MONDAY EVENING, Feb. 8, 1866.
The money market is steadier, and the
general demand to-day was less active,
though all that bankers found it convenient:
or desirable to meet. Currency is close to
stringency, and only the best class of Gus
toners are able to obtain accommodations,
and even these to as limited an extent as
their actual necessities will permit.
Eastern Exchange is stringent, and there
being none of consequence making, East
ern balances are steadily working lower
Rates are steady at par buying and lilo pre-
MUM selling.
Financial adyices from New York report
an unsettled feeling among capitalists, and
a disposition to curtail money engagements,
growing out of approximations as to the eff
feet of what now seems will inevitably be
the fiscal policy of the government. From
the opposition in the Ways and Means Com
mittee to the Finance bill of Secretary Nc
CulIoch, Wall street had undoubtedly con-
cluded that such a modification of it would
be made as to restrict the power of the Sec
rotary to a certain defined and specific
course, in pursuing which he would be more
or less at the mercy of New York fnancier-
ing, and hence they were not prepared for
the loan bill brought forward by Mr.. Nor
riuJ Chairman of the Ways and Means Com
mittee, on Thursday last, which in effect
gives all the authority asked by the secre-
tary in his own bill. This authority is dis
tasteful to Wall street for the reason that it
transfers the management of the govern
ment finances to the United States Treas
ury, and this is probably the extent of the
pretended fear, which, by the way, ouly af-
fects unfavorably that class of investments
that are buOyed up, by an inflated money
market. The people, we believe, are salts
fled to leave to the well tried discretion of
Mr.. McCulloch the management of this i'm
Portant question, so long as they know he
cannot use his power to increase their debt.
They realize the necessity of a return to a
normal condition, and experience teaches
them that the only sure road to this is con-
traction. They also believe the true policy
in relation to the diversified debt of the ma
ton to be in funding it, thus getting it into
e definite shape and simplifying its man
agement. And these things are simply
what it is proposed to authorize the Secre-
tary to do, surround them with whatever
distractions and t~echnicaIities we may. So
far as the exercise Of this power is con-
cerned, the Secretary must still depend
largely for results upon the people, and the
work will thus become one of mutual con-
Germ, in which the Secretary cannot well
avoid consulting the interests of the people.
To secure the success of his policy he must
maintain in full force the industrial enter
prise of the country the credit of the ma
ton depends upon this. There is nothing
in his plan at war with such a considera-
ton. We do not believe that Nj. McGul-
loch has any desire or any purpose to sud
denly contract the currency, even were it
practicable to do SO. But inasmnch as con
traction is necessary, is there any sound rea-
son why it may not commence now as ad-
vantageOusly as at any future period We
confess we can see none, and until we do,
we shall be disposed to give to the policy of
Secretary McCulloch a cordial support.
Gold ruleda little weak to-day, but closed
without decided change at 1494@ 149s. Gov
eminent stocks are steady and firm. In
this market e. J. Farmer & Co, bankers, re-
port prices of coin and governments to-day
as follows;