Delaware tribune. [volume] (Wilmington, Del.) 1867-1877, 1867-12-05
FINANCIAL AND COMMERCIAL.

No change worthy of note has transpired in
our local money market. The banks arc moving
very cautiously stocks and bonds arc dull.
The attention Of capitalists has been somewhat
attracted to the necessities OF an addition TO The
banking capital OF this city. In order to effect
more equitable distribution of National currency
among the States, two plans are proposed at this
session ot Congress; one is the I" Hooper BILL"
which was rejected last session of Congress, the
secoud is to require securities to the extent Of 20
per cent, margin from Banks instead of 10 per
cent This would take about $780, 900 from
such banks, to be apportioned In cities and towns
where more currency Is required.
Great efforts have been made TO convince the
public that an immediate resumption of specie
payments i practicable and desirable, and the
Secretary of the Treasury, according to his speech
at Fort Wayne, Indiana, in October, 1865, has
acted upon these views. The greatest fears Of ar
inflated currency are from its unsoundness. Is
our currency issued by hundreds of rotten and
irresponsible Banks with liberty to issue any
amount of noesf Not ut all. II Is based upon
the credit of the National Government. In order
TO learn how far the Secretary has succeeded in
bringing the currency to n specie basis, by the
use of his contracting power, we will follow the
course OF the premium on gold since April, 1866
when Congress granted him the power to with
draw $780, 10000 currency before July LIST. and
"a, O0o, 600 per month thereafter The month fol-
lowing gold was S1.25, under the heavy contrac-
tion of 800 600 of currency; July LIST gold
had advanced to 147, and has not been lower
than l3l a since, the average premium being 49,
From present appearance, our local money
market will be rather easy for month to come,
but pretty close time may be anticipated about
| the first of January, and business men should
| shape matters accordingly.
Our local stocks are inactive some inquiries
are made for National Bank of Delaware stock,
and City Loan; small business is done in Gov
crninent securities.
The time appointed by the Secretary of the
| Treasury, for the conversion of 7-30 Treasury
notes Into 800 Bonds, expires to-day; hereafter
| the terms will be much less favorable to parties
| holding 1905.
| The New York Herald Of the 10Th says, some
Of the fossils of the commercial world who have
already made their fortunes and have more to
gain than lose by return to specie payments APP
pear to think il patriotic to advocate speedy re-
turn to hard money That the debates on the
finances in Congress will be very exciting, the
bills and resolutions already introduced sufficient
~ for,hadow, and the probability u.s. that not only
will contraction be suspended for an indefinite
| period, but that the one man power which ut
present controls the finances, will be greatly cur
| tailed"
Concerning the Morocco market, in this city,
Bush, Clark Il Co.'S monthly circular (Dcc p
says -
Since our last there has been slight decline,
| both in Goat Skins aud Gold, which has had ten
dtncy to soften the price of finished Morocco.
Manufacturers are working in very small way,
and doing n very Improbable business. Stocks
| arc light, and not likely to accumulate.
/ No change has overtakcn our local money
| market. The Banks cannot discount near all the
paper offered If it was not for our usury laws,
| preventing lenders from coming on to the street,
at higher rate than 6 per cent, we would have
| a lively time.
r.. j. Walker in his letter on Finances, says -
"To decrease the principle of our public debt, by
present. annual payments of fifty to one hundred
millions Of dollars, is to increase, to that extent
lie present burden OF taxation" He recon-
mrnds Foreign Loan to the amount Of s250,O00,-
600, ut o per cent. No one will deny, but that it
a IA.
their is q chance of continuance, but we should not
borrow at n high rate of interest, to pay obliga-
tions, drawing no interest, and the value of which
depends on the decrease of Interest bearing
Bonds. Over a dozen Bills and resolutions have
been introduced, thus far at this session of Con-
gress relating to debt, currency and taxation.
Mr.. Brooinall, of Pa, introduced bill, the plan
of which is new to this Country. II is to fix the
value Of legal tender notes and 10 provide for
their rcdcmption,and return to specie payment.
Senator Corbctt has introduced bill authorize
Ing the issue OF gold notes to the extent of 90 per
cent. Of the gold in the Treasury at the rate of
seven millions month.
The Financial Chronicle, of November 3Oth, in
giving statement of our exports and imports OF
gold Tor the last seven years, says:-
" These facts show that so far from the supply
of gold having been lessened during the war, it
has been largely increased. II cannot, therefore,
be urged against the resumption Of specie pay
mcnis that we have not an adequate metallic ba-
sis. Precisely where, or in what condition, this
large amount of the precious metals Is held It Is
not pertinent TO our present purpose to inquire
The proof is incontestablc that it is In the coun
try; and it is reasonable TO suppose that upor
gold being again brought into regular use, con.
siderable portion of this increased stock wou'd
find Its way into circulation, so as to supply the
monetary wants OF the country"
PHILADELPHIA CATTLE MARKET.
Cattle market active ard firm. 1900 head extr
Pennsylvania aud Western steers sold at S1s0i Sc
gross. Fair to good do. 4 % 51% gross. Shee
Q unchanged 5000 head sold at a DC per poun
per cent. nett.