The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-11-26
FINANCIAL AND CONNER GAL.

FINANCIAL AND CONNER CiAL.
w ss MonpAr Nov 25-oPM
The goid market opened at lf0as and advanced %
1904 under advicss Washington the effect that
Ahs majority report Of Judiciary Committee on the
Impeachment or the President would favor Of tia,
measure subsequently. notwithstanding the presen-
tston Of tho report IN Congress- decline 1898 took
place and the closu PRIOR to the adjourn
nsnt Of the board 1t l40 aud the latest quotation
aftsrwskds 14o 140K Neither the bin nrrcd uced
Into she House BY General Butler providing for the
snt Of Tie principal Of the national in currency
khe tcnor!y bonds excepted the report that Repre-
sontatiyc Eggleston would Introduce resolution re-
psaling the amsndalory act passed April IL. 1866,
authorizing the Secretary OF the Treasury contract the
surrency had any material influence in stimulating
ppecuiaton either for . rise fall The foreign
bankers are moro disposed TO buy than SELL under
sac belief that Mr. Edmunds' resolution in tho senate
providing for the redemption OF All the securities OF The
government in will fail and the enect upon
khe minds OF bondholdcrs abroad win be worse than IL
buch resolution had not been Offered. Mr. Edmunds
proposition iSa very uIwisc one and It's effect win he
p cause spirited discussion Of disturbing topic and
nrsw out strong opposition bondhodiHg interest,"
As the champion Of the bondhoIder Mr. Edmunds
would have done better not 10 have introduced the
fsseistion. and Il Ii his best policy would be
- withdraw It The fve-twenty loan was mar
keisd without any PROMISE being made Of
- redemption In coin, either in the act
authorizing il or on the face or the bonds and
pupsrnuous and premature present time to define
~ ac OF Congress whether the payable coin
pr currency As coin not promised when the bonds
Wsrs issued 1t Is very gratuisous to enGsayor make
yhem payable in coin now the especially as the
bounry already becoming restve under the yoke Of
knAr axatio tha dan
contraction The supply OF cash gold largely in ex
Dos Of the borrowing Demand and loans were made Al
rates varying from three to ten per per annum for
Varying. The volume OF business was rather
large and speculation preponderated on the
ouil side. The gross clearings amounted to
bss 100 600, the gold balances to 81 ssJ, e3s and
the currency balances 70 $2,0s5,9 s4. The total
amount Of gold certificates Issued by the SubTrcasury up
70 tho close Of business Saturday 1881 osO
'f which s20 900 had been redeemed leaving OUT
ssandiag $50 1o3oso American silver is quoted at az
SIX per cent lower than gold and Mexican doarz are
current a, io29 los In gold
On the stock Exchange speculation hesatcs ana tho
bulls and the bears ore about equally divided The
probable course Of the market could ascertaned as
veil BY tossing penny - BY any course Of reasoning
that might be applied to the solution Of so difficult
problem. The operators both for fall and a rise are
waiting for something 70 turn up and all eyes are
surnsd to Washington.
Money was in abundant supply at per cent and TO-
wards the close balances loaned g. the demand
rom the Stock Exchange being insufficient to absorb
The amount offering call In the discount line there
was little relief experienced owing TO the prevail
ing dstrgist OF credits. The banks take limited
anouni Of first class paper from their customers at
per cen but they decline TO take any coming from
outside sarTces and the street the best grade
d negotiated with difhculty at 10 per cent, while
Tor inferior signatures shero NO buyers unless in
Few instsnes abveEy high rates 1t is probable how
pvsr tina the return OF ease far loans ON ca are
soncsrnsd will In tho absencs Of fresh failures soon
have soe eject In relaxing ibis srinCsncy by restoring
certain degree Of confidence Meanwhile the nercan-
ae community are looking forward anxiousy TO sus
psns,on OF currency contraction failing which the
depression n trade must become still greater.
the maximum Of currency imitation was reached
Augus;, 1865. and ON the LIST Of September in that
ysaR TIE volume Of legal tender notes in circulation
amounted to $os4 l3s 05o and that Of national bank
aotea to $ls',SS7 220 making total Of $751; 49,
On the Isl OF the pressn. month the OF legal
lender notes had been reduced $429 $751; excl-
avs Of 3I 900 Of three per counted
legal tendon by the banks and issued redemption
:. rr,,mpouna interest sote.i while the national Bank
sotss had been Increased 70 $23o, 25s ss6, maxins
otal Of $.2s ESQ., 113 $780, 400 less than the
At Of september, 1885, II add to the amount Of
ssa tender and national bank outstanding that
the three per cent certificates and $50, e3s of
fractional currency, No nnd that wc have total Of
.y706t2,3is OF govsrnment and bank paper money in
circulation, exclusive Of whatever liste Of the old
.itats bal. currency remains unredeeined but, as
;S4l SOC 40 Of this il rsdssmable in legal
snder follows that the latter only $s7537 555 in
xcsss o; other forms Of currency and, therefore,
o continue 70 contract the legal tenders
to jueite widespread panic. Moreover, OF these
niy Sss5i54s44 are United States notes, the re-
asnder being compound Interest notes, which do not
inter- into the active circulation Of the country but
ssld By she banks rs . portion Of their reserve OF
hsse there were unmaured the Isl inst 500 $40
nd maurd hut not presented for payment 80 3l6 100
he secretary Of the Treasury il authorized TO issue
,fy millions Of the three per before
erred TO- Congress should provide that the whole
this amount be issued in redemption Of the remaining
compound interest in circulation, and that these
,srtincskes be redeemed whenever presented in new
ssa tender notes. and that the compound interest
sxceu o. the Gf,y millions Certificates be redeemed
plain soSa tenders, that the volume Of the
:sncy may undergo no further reduction The public
suxssy VITA which action Of Congress i awaited
his important question very great, aud IL 10 be
sopsd thai 4 wiz not Be lcng delayed.
Tho bsns statement for tho week ending saturday
u generally regarded - urfayorabe to an upward
movement OF prices the stock Exchange, although the
reserve including specie still s14 4os i2s above the
legal n Tho changes from the return Of the previous
week are decrease or -, 2o1. 100 in legal tenders
SsonI7o IN deposits and ass in circulation, aud
an increase Of saos sss ioaus and lac in specie
rhs statements for The lass two weeks respectively
a. ssbioired:--
Noe 49, Noe 70.
loans. .S24s, 4Sasl4 t44s, 3i., GO
specie. ............... 13,74 ost 10. ITO