The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-12-16
FINANCIAL AND COMMERCIAL,

SUNDAY. Dec. Is. 1897.
The most prom mont fosasa OF business In Wall street
during the past week tho steady decline 10 the price
Of gold from l37h on Monday i33 OF Thursday from
which point there reaction 90 1874 tnis being bid
~ The close saturday. The immediate cause o. the
weakness Of tho market speculative nearly all the
brokers and other professional spectators the room
nAvrg sold sshor. largely. In anticipation OF the effect
las failure the Impeachment scheme in Congress-
and undoubtedly the natural tendency the premium
downward, under revival Of public confidence or
IL would not have yielded 20 readily under the
assaults Of the bears. I. 10 tho aim OF speculation,
however to push everything extremes. tho eonss-
qusncs OF which - tina, have undue depression and
undue imitation alternately, and that In the OF gold
values are unsettled By the force Of speculative
Influences brought to bear upon the premium. The
bears made OF Senator Morris bill provide for
The resumption Of specie pay ments Ia July 1862 the
debate ON which was adjourned iii to morrow a. an
srgumsnt Ia support Of lower range OF tho premium,
put without good reason for . permanent return TO
Hses payments cannot take place until the requisite
sssrh. conditions favorable thereto exist and BY no
means fo,.ows that because Congress lssisatss
Tor specie pasusnss they will DO made any
che sooner. SScn bills - that referred 10
are premature and BY Exciting false hopes creduIoas
minds they productive Of good deal OF mischief
without bringing the country day 70 that Of
redemption There should be haste In returning 70
spsos basis and the process to b beneficial must BE-
natural The efforts Of the British TO
hasten the desreA result after the battle Of Waterloo
vas productive Of widespread public disasters extending
series Of years. and should bs careful not to
repeat the blundsrs Of that time Mr.. Morrins bill is
unworthy Of the consideration OF Congress- ID
both impfAsseabls and uncallsd for. The bill intro.
ducsd BY ssnator Sherman Anthorixing six per cent
demand lean. In like manner merits defeat.
What ~ has the government for the money
20 b thna borrowed. rsturnsbls call,
and why should u pay six per cent interest on
oil The idle funds that tho banks and the public might
chooss 70 deposit with 10 Even tenn
porAsy loans doubtful expedisns. because they
esnstant exposed the Treasury TO the dangefof being
called upoa b. is dspostors for return Of their de-
posts and osrtaiaiy there IL for rowling
such loans now This bill nut forward with the ossn
sbls design sf giving elasticity 70 the currency; bus
viii b. found better leave the regulate itself
than 70 resort 70 such costly method that proposed
~ Mr. Sherman. The receipts for customs dulles
81 The port during ths week only 81, 1l0,217
whle the Sub Treasury dsbursed sass 900 in payment
Of interest on the gold bearing debt The export Of
Apecls larger scale than usual for many months
past the total being 81 7o5,l20 This together with
(hs advancing tendency Of the rates Of foreign sx
change and the prospect OF shis country purchasing
CubA and Porto 90 for hundred and MY millions
Or dolar hal effect 10 strengthening the under
tone Of tho Market and the negotiations Of The gov
eminent At Washington with Spain in relation to those
tssnds should result In their purchase the gold premium
win advance. for the Treasury not in . position 10
comply with the terms Of the proposed con.
tract without embarrassment 70 ITSELF u will
have 70 disburss about thirty millions In coin
the Ist Of January In payment OF the principal and
interest Of certain Of its securities and ts viii
b. weakened 70 that extent Moreover 10 win have
- pay ssven millions moro for AlaskA Tho policy Of
Ne government should be to rs OF gold
70 The fsil extent Of It's ability for in proportion this
viii b the strength Of the public credit and the ability
y The Treasury 70 prepare the for resumption OF
klscss payneata Tho daily range Of the market was