The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-01-22
FINANCIAL AND COMMERCIAL.


MONDAY, Jan 2I-S p ~
rhis has been dull day In Wall street. the incemency
OF the weather having aggravated the prevailing nds
position 70 extend operations On the Stock Exchange
the transactions smaller than usual even In periods
Of the greatest stagnson and sort Of ethargy seemed
10 creep business Of all kinds There was alb
Of pressure either 70 sell to buy, except
moderate exten. and hence prices huctuated very
slightly.
Tho gold market was very drm, and, after opening
1885, advanced to 1877 subsequently it reacted to 1861
and then recovered 70 1867, the closing quotation
Loans were made without interest and at q per
cent for carrying. telegram from Washington this
afternoon announces the passage BY the House or
Representatives Of bill providing for the public sale
Of gold after mot less than six day notice The BILL
reported by the ways and Means Committed provided
is stated that only four days notice should be gwen
the amount and time OF the sales being lefs to the
discretion Of the secretary Of the Treasury will
strike any practical mind however that six days. mo-
tce Is too short and that the time OF selling and the
amount 70 sold should be strictly defined in the act
The notice should be published least fifteen days in
advance Of the SALE and the amount to be sold at any
ono time should be limited TO 1--WE millions Other
wise II b easy to see that spectators may profit
by secret information. and that the public
will DO constantly 10 doubt to how much gold the
Treasury going TO soil and the time Of It's sale Tho
money market too will be liable to perturbations IL the
Secretary ID mot limited TO amount and the mere on
cial announcement OF sale Of large amount within
six days would be sufficient to furry ON the
Stock Exchange. The Senate should therefore amend
the bill as 1t stands, and pay heed to the wishes Of
the Secretary Of the Treasury in this important matter
Our legislators will the same time do we'll to remem-
Der that there is danger in selling than in boarding
the Treasury gold and that neither the customs nor in
terna revenue receipts will be nearly large in the
future they have been in the past The
present act should be amended to leave the
plus above at least hundred millions only available
for SALE Gold is the cheapest commodity at present
purchasable with greeubacks in the United States aud
the government will consult its interest best by holding
much Of II possible BY the text of the BILL which
is follows. 1t will be that compound interest
notes be received with the accrued interest added
in payment for the coin Sold excellent provision for
preventing monetary sringency arising from the
DO enacted That after the passage of this act
any sale shall be made OF coin from the Treasury
the United States public notice Of not less than six DAYS
shall be given by advertisement In daily newspaper
in each OF the cities OF Washington and New York dc sig
mating the amount to be offered inviting proposals for
any part thereof naming the place and the hour up to
which snch sealed proposals will be received the terms
OF payment and when and where such proposals shall
DO opened Such proposals shall be addressed to tho
Assistant Treasurer at New York, and shall be
opened by him in the presence OF such persons as
may choose to attend at the time designated in the
notice, and proposal shall be considered unless
companied by certificate OF deposit the Treasury OF
the United States Of Eve per centum OF the amount Of
coin bid for In such proposal which shall be received
part pay for the coin bid for when the proposal
accepted, or refunded to the party making the Same
whom not accepted and payments may be received for
coin thus disposed Of In compound interest notes. with
the interest accrued thereon The Assistant Secretary
with the approval Of the Secretary Of the Treasury shall
have the right reject the whole any part or such
proposals. provided that but the highest bid shall
be accepted and in Of different bids at the
rate, said bids shall DO accepted pro rata.
The money market was easy at seven per cent, with
exceptions government securities at six, while the
discount line remained inactive at per cent for
the best grade OF commercial paper. The statement
Of the associated banks for the week ending the
10th shows that they about two millions stronger
In their against deposits and circulation than
they last week, the deposits having decreased
$131 4o3 while the specie has increased $751; $780,
There increase in circulation 70 the trng extent
OF 92o,s2S. and decrease In legal tender notes Of
S1O,S84 The loans show the most important change,
namely decrease Of o. COS, POS, which indicates the
sagnAtion which has lately prevailed both In and out
Of Wall street. The totals Of the present and previous
statoments are ~ UNDER