The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-12-02
FINANCIAL AND COMMERCIAL.

SUNDAY, Dec. ], 1857
The tendency Of the money market was downward
during the past week. the extreme range having been
from lA0T 10 1874. with the closing transactions before
the adjournment Of the board yesterday a 1885 although
before FIVE O'Clock the quotation declined 70 is5%
1874 Tho supply Of cash gold was largely 10 excess OF
the borrowing demand interest was paid for carry
Ing The demand for customs duties was iight the
receipts for tho week aggrsgatng sl2as6a making
1891 o34 for the month OF November The exports OF
specie and bullion were light, the total amounting TO
$751; 1876. Tho recent course Of the premium IS mat
ter OF SURPRISE tho general expectation previous
the meeting OF Congress that the influence OF ine
latter would be favorable advance rather than
decline. The majority report OF the Judiciary CON-
mittee in favor OF the impeachment Of the President
was however without effect in creating disrust or ois
turbance and while the bills and resolutions introduced
In Congress In favor Of imitation failed strengthen the
market, tho resolution Of Mr. Edmunds to make tho
principal OF the whole OF the public debt payable
in COIN and ths bill Of Mr.. Morrill, provid-
ing for return to specie payments. in July, 1862,
tended TO sensiby weaken H. although both measures
are certain defeat The country has already suffered
under excessive contraction and the people at largo are
10 mood TO entertain projects for aggravang tho de
preston thereby produced They look for measures Of
relief posponement of legislation relating to re-
turn to specie payments and the least that Congress
expected 10 DO s 10 withdraw from the secretary Vi S0
Treasury the powor no possesses to contract the cur
rency There good deal OF clamor In the West FOR
more legal tender notes. and tnero 10 movement in the
national bank interest the Issue Of hundred
or hundred and lfty millions Of national bank
notes. but these schemes OF imitation 10 DO depre
Gated us much az the contraction OF the
currency Tho volume Of the latter has now reached
point a. which Il hardly DO considered In excess Of
the legitimate requirements Of the country, the moro
especially as the South need Of abundant circula
ton to assist in its recuperation from tho exhaushg
effects OF the Moreover, tho area of country IN
which our currency circuIates is gradually widening
with the growth Of population, and in
the course OF time the circulation VIII, undoubtedly
be larger on specie basis than 1t is Congress, IN
view OF the suspense with which its action on the ques
ton OF the currency awaited should lose no time In
removing IT, and all the interests Of the nation demand
that there shall BIO further contraction OF the circua
tion and that grcenbacks DO issued in redemption OF
compound interest notes. tho three per cent certn
Gates given in exchange for them fast as they are
presented redemption. The only other legislation
with regard to the currency which public interests call
for substitution of legal tender notes for the national
bank notes In circulation tho former to be issued fast
as the latter are withdrawn circulation Next IN
Importance to the currency will be the subject Of taxa
ton and it Is TO DO hoped that the policy OF tightening
tho burdens of taxpayers win prevail that Of keep
ing up an sysom FOR the cake Of redeemng the
public debt al q rapid rate.
The daily range Of the market during tho week Is thus