New-York tribune., 1867-02-23
THE MONEY MARKET.

FRIDAY, Feb. 22-P. NJ.
The ODD was kept as holiday more generally than
ever and in Wall-st absolutely " "A close holl-
day in the departments of business.
The bill directing the Secretary OF the Treasury 10
redeem $lOO,OOO,OOO of compound notes with pam
legal tenders, which the House OF Representatives,
has passed. in the sole interest of SPECTATORS
gamblers, and Overtrader5 on borrowed capital mas
vet 70 pass the Senate and the President. 1t should
be killed promptly by the Senate and escaping death
there should meet the Executive veto promptly, as
measure calculated to continue the financial troubles
under which all interests are now struggling, There
is no reason why either plain legal tenders or In
terestbearing certificates should be issued to pay
the compound notes. They can all be met by the
sale of $40 bonds and be put where no currency
or money will be called for during the next twenty
wears ON their account The of legal tender notes
IN the enormous extent reached during the Rebellion
proceeded from the fact that Congress had not the
courage to lay taxes, but rushed at once to the ast
desperate remedy of banrupts-the issue OF due Dlls
called money and made legal tenders This extreme
remedy was sanctioned by tho people as war
measure but no one was SO financially crazy as to
suppose that two years after the Rebellion, win the
United States 6s selling 112for bonds fourteen years
70 run Congress would be so weak kneed as to con-
tnue the use of rredeemable paper IT. however, this
legislation in the interest of speculation and against
all the solvent interests is cOnsummated, It's power
of initiation and damage will happily not be so ex-
tended OF so profitable as its projectors anticipate
ThenatrdI tendency prices dOwRWdrda and those who
are now overloaded with goods at high prices cannot
by any legislation be saved from the effects OF their
mistakes. Banking upon reserve payingno interest
will not be as profitable at present when the banks
get six per cent upon $81 100000 of compounds held
by them as reserve, and the banks will contract
steadily and get more money less risks Underthe
new scheme short, very short initiation OF prices,
may be shown in goods stocks and gold, but the adj
vance in prices would soon absorb the new facilities
given by the legal tenders and at early day prices
would again break and go lower than would have
been the case if the new legal tenders had not been
issued. Financial relief cannot be had in the way
attempted by the majority Of the House of Repre-
sentatives but must come from exactly opposite
course. Drunkards are not made temperate men by
trying how much rum they can consume. Nor can
people financially debauched by using irTedeemabe
paper as money! be made solvent by increasing the
value of this dcusive currency. steady reduction
of the currency by the most rapid possible funding
of the short debt is the action called for
alike by public honor and private credit.
This action is certain under existing laws and 1t Is
to be hoped that the Senate WILL with its usual good
sense put this unwise bill of the House Of Repre-
sentatiycs sout of existence at once leaving specu
ators and nsovents TO get TO land they best can.
The following are the movements of Dry Goods at