The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-11-23
FINANCIAL AND COMMERCIAL.

FRIDAY. Nov. 22-e N
The gold market. after being sold down 70 lssx last
might up town, opened this morning At 1885. from
which point sdvapcsd 10 1884, aad remained steady q
13s lS0x after two O'clock when rose to lS9h
and the closing quotation, 70 the adjournment q
che board. l30s< l3ox. Subsequently,, however,
there was more disposition shown sell than 70 buzz
ana decline 70 lss lso took place after I've o'clock
The "short" interest outstanding Is not very heavy and
ahs supply OF cash gold exceeds the demand Loans
made At per per annum, and lS2 per cent
per diem for carrying Speculation in the room Is held
in cheek BY the conflicting views Of opsr-
ator tho uncertainty Of Congressional Legislation
IN the nnances and other questions including
that or reconstruction. indirectly bearing upon shsm-
Meanwhile the pubic mind Is In suspense with regard
20 the currency and the action Of Congress upon this
Important subject awaited With anxiety The bust.
community forsse In contraction
will involve the country ruin the premonitory symp
toms o. which already visible In the numerous
commercial failures which have taken place Of late
aud the general depression OF trade from MAINE TO
Texas; but the Secretary OF the Treasury accepts
all this a. good sign, and he ID encouraged
thereby TO continue 70 avail himself Of the full
extent OF his authority TO contract and after
cspcelling more than hundred millions Of legal
sender notes during the past year he still goes
with tho damaging work. He reluctant 10 issue
the fty millions Of three per legal tender cer.
Gates which were authorized 10 taks the place Of an
equivalent amount OF compound interest notes, and
only about twelve millions OF have yet been paid
In redemption OF matured compounds. Congress
should therefore, Immediately deprive him Of his power
for evil currency and provide for the substitu
zion plain legal tenders for Of the
pound outstanding fast they mature
The volume Of the currency has been reduced TO
pbin hardly In Of the permanent requirements
OF tho country and further reduction should be per-
united But while Hrm in insisting that the
SubiIc interests demand entire stoppage OF
contraction, we deprecate the wild schemes
OF imitation which advocated BY many in
the West and which, II carried OUT would lead to
repetition OF the history OF the old continental
money in own day and maze greerbacks As abun-
dant and ultimately worthless the French
aagnsts The only radical change in our currency
system that we desire TO is substitution OF United
States for all the national bank in circula
tou and although IL perhaps too much to hope that
Congress will iegslate IN this direction immediately,
shall nevertheless continue 70 urge IT, Many OF the
small country banks that depend upon their circulation
for existence would probably find Improbable 10 do
buness under tho order OF things but all the strong
instructions under the national banking System would
go efore except that they would bank exclusively
upon legal tenders We should tnen have uniform
currency based directly upon tho credit Of the govern.
msnt, and the bonds deposited BY the banks A.
basis Of circulation. By beng cancelled would involve
saving 70 ths Treasury and the laxpayen Of nearly
swssay millions per annum in coin.
The range Of gold the present date In each year
since the suspension Of specie payments is thus
shown