The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-11-22
FINANCIAL AND CONNER IAL.

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fHunply, Nov 2l-sP r
The gold market opened as 1914 tbs morning. and
remained steady st lsex 1924 until about O'Clock
vhsn Z despatch fron Washington WAS received an.
nouncng that Mr. Edmunds Ia tho Senate had offered
joint resolution pedgag the faith Of the United States
20 the payment Of the principal Of the public deb. In
coin which read, lad the table and ordered to
Be printed. whsrsupon decline to 1924 took place. the
latter being the closing quotation The supply or
gold in Of the borrowing demand and loans
made At Ga cent aud per per diem for
carrying The gross clearngs amounted to $4so73 600
the gold balances 20 81 73 and the balances
70 05 The steamer Deutschland took $780, COS
n speca The resolution referred 70 IL indication Of
what may be expected In Congress this season In rela
ten 70 the financial question The ball has been opened
BY the hard money In the bondholders' interest,"
and very Il will b followed By . shot from the
paper money sde the in1ations and the contraction
lists being equally nrm In their purpose but fortunate
for the country, the latter are fewer In number than
they last session. and n is improbable that they
viii find themselves 10 tine majority either house. On
the contrary, IL seems likely that the entire connction-
lists win largely ou,numbsr them and that the act
authorizing The secretary Of the Treasury to cancel
United states notes ai the rate Of four mil
lions month will Be repealed Indeed, the
Interests Of the country and Of the gov
eminent itself imperativeIy demand that all further
contraction Of the currency should b stopped. The
legal tender notes reduced in volume than
hundssd millions during the year ending with October,
and the results Of this excessive contraction visible
all over she country in The depression trade which
prevails and tho numerous commercial failures which
have taken place. Tho Secretary Of the Treasury has
mistaken idea that the one thing nesdfuI for the saliva
ton o. the country return specie payments and
In striving 70 acEievs this object hs would sacrifice
everything else, even to bankupting the whole
busnsss community and destroying the ability Of
The people to pay taxes enough 70 support the
credit OF the government Congress will, therefore,
neglect its duty II IL sais to take away that power
evil which Mr. hcCuioch present possesses over the
currency. Al the time IL will do well TO turn
deaf to those Wild of imitation which some
Of the Western members will doubtless urge in obedience
TO popular sentiment in that section. The people are
anxously ting Congressional action with respect to
the currency, and the tho public mind 10 re-
hsved from It's present suspense regarding the better
With regard 10 the resolution Of Mr. Edmunds, there
d little or no probability Of its being adopted
II would give to the bondhoiden more
than We agreed to give In the frst
instance. and II IL passed there would soon be
popular camor for reduction Of the Of interest on
The debt and this reduction would be persevsrei in
until the actual principal OF The bonds fell 10 much
smaller amount than Is At present imagined. Let the
bargain between the governments and the bondholders
stand q It was made
The stock marke, continues TO feel the effect Of tho
scarcity Of money but 1t nevertheless yields less than
might be supposed from the difficulty thar brokers have
In borrowing and The opposition to the movement TO
dsprs prices Is strong for he latter 70 be- entirely
suecsssfu Thus far Erie has suffered more than any
other stock, and the blow especially aimed ct
u with view 70 buying as the decline.
There was slight abatement At the monetary strin.
esney OF the last few days In some quarters bn the
demand for money was still very active at seven per
cent and this rate In god paid those among the
private bankers who chose exact IT, The expectation
which some entertained Of relief the Sub Treasury
through purchases OF thirty notes has been dis
appointed and the Treasury Department. evncss no do
sire TO ease the money market s this centre The com
onaton formed to produce the present an.
dsrssood TO include the principal members Of the Erie
Clique, who desrous Of buying stock at the de-
cline resulting thcrerom The difficulty Of obtaining
discounts been greatly increased by altered
Of adaifs and the banks taking commercial
paper even OF the oest grade from their customers than
shsy can possibly avoid the rate for whc 10 per
cent; but the street there 10 very little market for
even a 10 per cont while anterior signatures
<nacuit Of sae ~ any price. There no considerable
drain Of currency souhward, aud the receipts from tho
West about equal to the amount returned
% that section, 20 that We must attribute to
artificial causes and the payments into the
Sub Treasury tho stringcncy which felt q. this
centre and Is some~hat suspicious that the Treasury
should always be found boar Ing paper money when
the Stock Exchange combinations locking up out
ide. the balance In the Sub treasury Increased
hsu nine millions b. the q and the 10Th Instant
but owing 10 coin and currency beng included in the
one Total II 10 impossible 70 say what the increase WAS
- papsr MONEY. ws however append in this coansc.
zion the OF bsancc the close Of each day