The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-12-03
FINANCIAL AND COMMERCIAL.


MONDAY Dec 2-6PM.
The gold market expsr encod further decline to-day
the range having from 1917 at the OPEN
ing 10 1861 with the closing transactions prior TO the
sdournmsns OF the board ~ 1904, but subsequently
the quotation declined 70 1861. Cash gold in
superabundant supply. and loans were made at rates
varying from four pcr cont The gross cearngs
amounted to ST. o0o the gold balances ST. 202
ana the currency balances TO $2,747 $50. The rapid
decline in the premium during tue last few days Is
mainly attributable speculation anticipation OF
effect Of the Presidents Message and the report OF tho
Secretary Of the Treasury. The latter in particular
expected 70 present strong argument In favor Of the
bears, and thsy arc making the most Of 1t 10
advance, preparatory 10 bull movement. which will
carry the premium above 10 again. The fact that the
government has TO pay millions in coin TO Russia
within . month for the territory Of Alaska, and that
large amount OF coin interest will fall due the LIST
of January. In addition to tho principal coin OF about
seven millions OF bonds maturing that daIe has thus
Ear assisted the downward Of the premium; but
ultimately these payments viii be the OF an ad-
because tho In the Treasury will DO
weakened TO that extent and the power OF the treasury
over the market viii DO corrsspondingiy diminished.
The larger the Treasury Of the stronger
the credit Of the government Is likely to be. The
decline In gold in the midst OF much
commercial depression prevails all the
try tends 10 sggavate the dangers Of the situation by
increasing that depression, and the lower It the
imminent will be the peril to which the mercantile
community stands exposed large percentage OF the
merchants and traders Of entire country already
practically insolvent Many have openly failed and
still greater number will pass into liquidation Tho
to be found In tho contraction OF hundred and
mine millions Of legal tender notes during the past
year. and the consequences OF contraction, sup
posing II to be persevered In will before long be
seen in great commercial and financial criss which
will leave the country PROSTATE and tho Treasury bank
pk Yet in tho face Of those dangers the Secretary Of
che Treasury adheres to his suicidal policy OF withdraw
ing legal tender from circulation at the rate OF
four millions per MONTH and Congress does nothing to
arrest tho evil hand that sowing storm TO reap the
whirlwind Even those who most Interested Ia
avertng disaster manifest . strange Indifference
90 the surrounding peril; and there arc some
who approve Of the policy Of the Treasury
apparently unconscious Of the effects Il Ia producing
n the merchants bankers OF this city properly ap
preciatsd tho importance Of the currency question at
ahis time they would Immediately call q mass meeting
on tho subject and send petition Congress protest.
ing against further contraction The fossils composing
tho Committee Of the Chamber Of Commerce. who re.
Gently made report In favor OF ption OF specie
payments In 1902 Mother understand the subject nor
represent public sentiment They are simply blind dts
cples Of Mr. McCuoch, and their report 10 calculated
TO msead Congress as to the views or mercan.
tls and financial men at this centre There In
no time for delay In egslatng against contraction IL
the country is to be spared tho disasters that threaten
IT. and Congress should be guided accordingly. Tho
total amount Of goi certificates issued by the Sub.
treasury up TO the 3oLh ut S232 800 500 OF winch
$2ol, 900 had been redeemed leaving andnz
$50, 763, 800.
The suspense with which the action Of Congress in re-
lation to the nnances and the currency In
awaited Is felt much the Stock Exchange as else
wbers and there general indsposition TO undertake
important movements pending legislation. To-day
tns STOCK market has been heavy including
securities and tho cquss In railway shares appear 70
aim a nothing more than sustaining prices for the time
being. Predictions OF rise are, however freely In
duged In by those "long OF stocks and many are en-
gagged IN the cheerful pasme OF whisng to Keep their
courage up.
The money market was easy to borrowers on stock
eollaeras at per during morning. but in
she afternoon there moderately brisk demand at
She legal rate The discount line continues stringent
owing 70 the dlsrust OF credits the grade OF
paper Is rated Mt 10 psr cent the
street. and good, but not primo At 10 L. The
banks combining themselves selections from Tho
paper offered BY their customers, which they take
- matter Of course, at per cent. but only
small portion Of tho amount pressing upon them passes
The Western exchanges slightly in favor |
Of this centre. and the amount being southwark 10
very light
The statement Of the associated city banks for the
week ending Saturday last, officially rendered is
Identical in every respect with the figures already pub
lshsd In this connection the legal tender having
increased $97e 22 the deposits 1884, $50 and the specie
S1.073 7So. while the loans have been reduced |
81, 52S 40 and the circulation has bccn curtailed
$40, l19 The last statements Is undersated
and tho reserve coin and legal tender notes Is
S16 2s5 above tho required limit OF twenty i've per
cent on the liabilities In deposits and circulation