The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-11-30
AND COMMERCIAL,


- mt there was q decline
70 1881. and subsequent advsEo> srn-.. !. -
ccsIng transactions prior 10 the sdye> ,-.s
board at 139. Subsequently decline 70 1872
under despatch from Washington rcporsirs 49,.
Morrill,, Of Vermont, had introduced In the s.. !
bill 10 favor Of . resumption Of specie payments,
first section providing that the Secretary Of the Tcasu
shal redeem legal tender In coin demand the
compelling him sell all tho gold in the Trea
su after paying the interest the public dcbt the
third requiring the national banks pay the interest
esved by them on their honda deposited az basis OF
circulation into tho Treasury instead Of ap-
propriaing TO their own uses; the fourth pro-
viuing nat and after the 9TH Of July,
1907 all the RATIONAL banks must redeem their notes
Of tho denomination Of Is and under In demand,
and the fifth that Az banks failing 60 70 shall forfeit
their charters This bill Mr. Morrill, proposes to call up
Ct an early day for discussion when Its defeat may be
regarded - certain The country Is In temper to
sanction undue hases In returning specie payments
and demands that the further contraction Of the
roncy be suspended every public interest requiring that
this should be done while deprecating the imitation
schemes now before Congress earnest ad.
vocacy Of . policy Of non-contractiou, and IL is
important in the present depressed condition
Of commercial affairs that there should be a little delay
possible In legsatins upon this question natural
resumption Of specie payments will take place
enough for the good Of the nation and therefore, the
forcing process adopted In Great Britain between 1915
and 1921 to be condemned; for nothing could be
productive OF widespread ruip The contraction Of
past year, amounting to about hundred and MIL
lions has been excessive and may attribute the
large number Of commercial failures which have oc-
CURED all the country within that time, but
particularly during the last three month"; The proper
FOR TO punue ID to encourage the growth OF
trade and enterprise by abundant currency until the
country and the South especially has recovered from
tho exhausting effects Of the war and In the OF
limo Its legitimate requirements will be than fully
equal to the present volume Of the currency The feel
Ing Of the people In the West with regard this subject
was reflected In the petition which Senator Sherman
presented this morning from the City Council Of Gin
cnna against any further contraction OF the currency,
and in favor Of paying the national debt excepting
ten-forty loan, In legal tender notes. We are glad
TO perceive that there Is growing feeling in Congress
in favor Of the substitution Of legal tenders for
national bank notes, and the only merit In Mr..
Morrs biii before referred o. in tho section vir-
tuay providing for the OF interest to the
national banks the bonds deposited by them
ry for the redemption OF their circulation. Cash gold
was easy. the supply being in excess or the demand,
and loans made q rates ranging from four to Ght
per cent for carrying Tho gross elsaings amounted
$4s,37 ooo the gold balances 70 l272l 1872 and the
currency balances 70 81, S57,776
This has been . dull day on the Stock Exchange,
partly in consequences Of the state Of tho weather
and the fact Of yesterday having BEEN . hoii-
day The railway share market was however
nrm until late in the afternoon whom e declined frac-
tlon. The street Is sensitive the influence OF clique
and ready follow the lead either fora rise
or fall; but the ciques with the exception OF those in
New York Central and Northwestern, appear TO be
racked BY internal Visions and In the absence Of unity
ofn m of lian
little Of nothing. The street Is bush than bearish
in It's inclInasions but the speculative Is
tame although Of the wealth Of the Stock Elk
change Is on the bull side there 10 active bull
going forward, the present object OF tho large
holders Of stocks being apparently to merely hold the
market steady in anticipation OF the effect Of Congress
sional legislation relating 10 the finances.
There was an abundant supply OF money Mt per
cent CALL with mos few exceptional transactions to
tho principal dealers In securities other
frst class Ut six In the discount line there
noticeable change The banks pressed BY their
customers for accommodation but much Of tho paper
offered declined and 10 tho open market the best
grade has submit TO 10 per Trade prospects
gloomy, but the mercantile community entertain the
hope that Congress will take action upon the
rency question BY suspending contraction, in which
much better state Of feeling would prevail The
disposition under existing circumstances Is to connns
leads mariners in threatening weather TO reef their Sails
No man feels safe extending his transactions while
the financial future Is uncertain, and tho this
uncertainty Is removed the will the aspect Of
commercial and financial affairs begin to brighten
Already about dozen different bins and resolutions
relating to the finances have been introduced In Con-
gress-namsly the resolution Of Senator Edmunds Of
Vermont In favor Of paying the principal OF the whole
Of The funded debt in coin; the bill Of Mr. fneorso OF
rsucy another BY Mr. Perham, Of Maine to amend the
national currency act; third By Mr.. Poland, Of YER
mont to amend section for.y-one Of the national
rency act fourth by Mr. Eliot OF Massachusetts,,
pleirng the faith Of the United States redsmp
ton OF the fve-twonty loan In con; ffth by General
Butler providing for tho redemption In legal tender
notes Of all forms OF the public indebtedness the prn-
cipa Of which was contracted DO paid In gold
when tbs OF the securities authorized: sixth
by Mr. Brooma Of Pennsylvania to Ok the value OF legal
tender aud TO provide for their redemption and
return 10 specie payments Tho OF this BILL which
was read twice and referred TO tho Committee Bank
ing and Currency, 10 as toIlows:-
BE It enacted by Senate and House Of Representa-
tives the United States OF America Congress
ssmbed THAT the Secretary Of the Treasury shall cause
hereinafter specified all United States legal
tender notes presented for redemption In sums not less
than hundred dollars zach.
SIC o And De 1t further enacted, That such redsmp-
ton shall DO commenced tho FIRST day Of tho month
following the passage OF this and during that month
shall DO tho rate hundred dollars in gold for
Que hundred and forty dollars In notes, and that the
amount notes shall be decreased twenty i've cents
per month for every hundred dollars In gold until
/. shall b reduced TO ono hundred dollars.
sixth bill introduced by Mr.. Esglcston. OF Ohio.
10 prevent the further Of the currency ana
therefore The further OF legal tender notes
into bonds bearing coin interest; and seventh by Mr.
Bingham, OF Ohio. 10 repeal all acts authorizing the
Secretary Of he Treasury to Withdraw from circulation
ana cancel United States notes. 10 addition 10 these
and several other bills 70 similar effect Messrs Baker.
Bromwo and Fpss introduced resolutions against
traction while In favor OF exclusively legal