The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-07-16


Legal tenders....... 20, BAL 91I Dec. o,Vto, -d9
Tho general trade Of the city moderately active for
the season. which is a dull and the markets have
latteriy shown considerable frmness, with upward
tendency az 10 prices Ia the dry goods trade, however
ths failures have produced unsettled feeing
and some firms still solvent have found themselves
under necessity Of sending goods to auction in order
ie supply themselves with cash the ordinary demand
being for small parcels only from city and country
buyers 10 keep up assortments Rumors Of fresh din.
cutes The trade have served keep up the excite
ment and dstrus occasoned by the suspension CT Geo
A. wcks & Co, Farchild & FaBshavc, and Loeschigk,
willard & Rhodes, and jobbcrs meanwhile keeping
but Of the market buyerA Tie effect has boon seen
In depression and stagnation OF business from which
There now some symptoms Of recovery. The heavy
losses OF the past year have doubtless impaired the cap
al Of many houses but there is occasion for tina.
general dls,rus Of all engaged in the trade which
manifested few days ago the number OF firms ssri.
susly crippled is small in comparison with those still IN
, strong position The importers suffered the most
ysveey and especially those with no retail outlet Tor
their goods The 1rmuess Of the market for cotton
now fAvors stability Of prices and ultimate improvement.
The cotton receipts all the ports continue to be on
very light scale. those for the week ending Friday
last having been only 1882 bales making total since
the lst OF September Of o23 bales against 1917
bales for the corresponding period in 1868 The
foreign exports for the "a 257 bales against
oSs the preceding week, making total since
September Of 1450,367 bales, against 1,46dol5 bales
Tor the period In 1865 Tho estimated stock ut
Ill the ports $50 bales against 347 2o7 bales at the
same time in 1885, or the present stock New Orleans
has So lot bales; Mobile, 127S5; Charleston, $685.
Savannah ss3s; Texas 10 so7 Florida, 4so; Now York;
10000 and ohor ports S. 00o The foreign market for
the staple is dull and rather dropping The stock at
Liverpool the 10Th Of Juno 74s.67o bales and at
nat 1 nd ctivelv
ut the corresponding last year. Havro had s. 76l
bales against ss6 in June 1866 and there aoa
1000 bsos of American cotton, and ESQ., OF Indian,
besides 90 900 aoat to Havra, giving total aoat and
warehonse Of 1901 2l2 bales, against at this
time last year
Congress present shows disposition to take up
she national bank question: bat is that should
be allowed to rest The interests OF the people demand
that the twenty millions year In gold which paid
the banks In the form OF interest tho bonds de-
posited with the Treasury basis OF circulation should
DO saved This be done either by abolishing the in
tersst the bonds thus deposited aud allowing the
tiona bank notes TO remain In circulation by provid
ing for the substitution OF legal tenders for natl onal
currency and cancellng equivalent smouns OF The
securities pledged for the redemption Of tho latter This
last would DO tho better plan, Q uniform currency
throughout tho country would be thereby secured All
the banks would thea bank upon legal tenders
present scale Of taxation being sufficient 10 prevent the
State banks from issuing their notes. The money
which Is annually paid to tic banks in The
described would suace II placed compound interest,
70 pay OF the entire national dobt within no
very long period, and tho people have just
for protesting against tho raymen. Of this large
for tho exclusive benefit OF TIC Stokholders OF
toual banks Moreover tho called national currency
10 element OF weakness in iDcongruous fnarc al
system which would II allowed to exist constitute the
most formidable stumbling block in the way Of q re-
sumption OF specie payments There is danger too OF
The national banks becoming political power in oppos-
cn TO the interests OF the people at large, and this
withdrawal Of the subsidy Of twenty millions in gold
per annum would not b without OBJECT In reducing Their
sumbers, although would be requisite for Con.
ses TO lcgsiae In that direction Most OF tho country
banks arc mainly dependent upon their circulation;
but the city banks upon their d,posita Tho weakest
among the former would DO the chief sufferers BY the
Dschanss Of national bank for legal tenders aud
- they already too numerous and in not few in
stances mere machines in the hands Of speculators
Awndlng OF the number OF tho country institutions
would be rather beneficial than Otherwise But be that
% Il may IL clearly the duty OF the government
10 keep them in existence by the payment OF
subsidy IL view Of the onerous taxation to which We
are subjected the question is OF pressing import
ance and Congress sooner later will be compelled
take action upon H.
The different kinds OF United states securities deTos.
tied basis Of circulation by tho national banks
thus shown
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