The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-12-09
FINANCIAL AND COMMERCIAL.

TUESDAY, Dec. So r. NJ
The proceedng - or tie first two days IN the present
session ~ Congress embrace the presentation OF o
dozen or more different plans for the remedy OF the
6nancia, svsteun senator Sumner Is prominent with
his .On to Richmond" scheme OF forcing specie pay
ments In this he is seconded by Greeley who is
inst as short-sgnted and just dangerous as when
he urged our undiscipined and partially equipped
troops TO disaster before the walls OF the rebel capt.
tai The question OF adjusting the national currency
and the national credit requires as much foresight
preparation and genius did the work OF suppress
ing the rebellion NO hasty, immature and chnerica
legislation can settle 1t. The radicals who
slaughtered our soldiers by their impetuous desire to
CRAFTY q popular idea Will be the financial death u
our merchants Ii their present wild schemes are
needed. The experiment of return to specie pay
ments at nxed time was tried In England after the
Continental wars but suspension followed suspen-
sion and the country, noundering deeper with each
effort was compelled to patiently abide the opera
ton OF the natural laws governing such matters In
a the schemes introduced into Congress thus far
their orgnators seem to have no care for the laws
governing trade and business The ruling idea is to
gratify the glitterlng but fatal notion OF an imme
51iate return to specie payment. The politician and
pemagOgue still prevail where the country so sadly
Deeds the statesman and fnancier
' In the meantime Wall street waits In anxious
1ectatlon for some decided indications OF what is
likely to be accomplished in the way OF financial
change, and careful respectable dealers. sound and
substantial houses holder spectators and the reck
aess, daring Bash Bazouks OF the street alike limit
their operations TO the narrowest margin, pending
more intelligence OF this nature. Thus to-day was
Equally noticeable with yesterday for the quiet and
reserved character OF business the market being
teady at lower rates in respect to gold and govern
~ .lf-
tons.
b The day was partly observed as holiday out or
repect to the memory Of Mr. M. S. Bright, gentle
man we'll known in financial circles in this city, who
one Of the victims of the recent steamboat dis
Aster on the Ohio river. The Government Board OF
which deceased was member, adjourned after its
second session in consequence, and the Gold Room,
OF which Mr.. Bright was likewise member, closed
ut two z. M. In the open board, at the last call,
business suspended after about one-third OF the
list had been gone through, and after some remarks
eulogistic of deceased and the appointment OF a
committee of three to draft suitable resolutions
In memoriam, snch committee to report tomorrow,
after the last session. an adjournment was had as
mark Of respect Reference was also made there to
Che recent decease OF Mr.. A. w. Baker, also men,
per OF that board.
y The principal feature in the gold market to-day
was decline OF " to ". The opening price was
136k, which subsequently declined to 1855 before
eleven O'Clock Later, however, the price rallied to
~, but Afterwards fell to u, the lowest point
reached advancing subsequently to 1859, at which
Dgure It closed In the room. Transactions were con-
tnued later on the street. the price ranging between
Ss5X and 1857, settling towards the close at
the higher figure, and at the conclusion OF
business it was quoted at 1867 1861. The amount
OF business was considerable at 1855, with larger
demand but m of W al larl
free from excitement and the disturbing influences
arising from sensation rumors that have Of late
eften induced fevershness. The decline Is solely to
pc attributed to this fact and is simply the rebound
Vr0m the imitation brought about by speculative COM
Otnations. Loans were made at 8, 81, 4, ana 6per
cent for carrying and nat for borrowing. The bust
ness at the Gold Exchange Bank comprised the fol-
iowing-Gold cleared, $5e,75s,ooo; gold balances,
u, 6e4, 355; currency balances, 41,S73,6s1.
1t Is stated In well informed circles that consider
Able purchases OF gold have been made recently on
Southern account. the demands Of business men
there, especially In Louisiana and Texas not being
satisfied wholly with greenbacks. The plan OF re-
Knitting coin IN part thither, by deposting an
Amount with the Sub-Treasurer In this city and OBJ
Gaining transfer order on the Sub-Treasury at New
Orleans which prevailed to some extent, cannot be
continued, the entire amount OF government coin In
the latter city having 1t is said, been exhausted.
Money was active to-day, with good inquiry, but
not exceeding that which has prevailed during the
past four or i've days. Short call loans were made
NJ per cent, few are reported at to first class
houses, while In some exceptional cases. but they
were very rare, 1t Is stated that balances were suf
Tered TO remain at per cent. Something OF this
stiffness In money doubt arises from the fact that
the commercial demand usual at this time OF the
wear for funds 10 move the pork and cotton from the
West ard South Is reaucing to some extent the
bank balances. still further reduction OF their
loanablc margins Is occasloned by the withdrawal
OF deposits by disbursng officers OF the government
under recent order. AS yet, however there Is no
appearance Of strngency in the money market, nor
n any anticipation felt OF such state. Exchange
was firmer, with pressing demand for bankers and
she usual active inquiry preceding the sailing OF the
steamer. Prime bankers. sixty days, were quo ted
ut l09H; three days sight, 11O4. Commercial
ranged from 1851 1907. The following were the
other rates-Paris sixty days, $40 SICK; short
sight, 6.16 5.l3h. Antwerp, 500 SICK; Switzer-
land, $40 Q 51e1; Hamburg 35s q 3eH; Amster-
dam, 40x Al; Frankfort 405s Al; Bremen, 7s5s Q
20; Prussian thalers III ~.
The market for governments was quiet and dull
during the early portion Of the day. opening in the
morning at about the closing rates OF last evening
continuing without material change OF prices until
noon. when, under light offerings and a gen.
eral indisp0siton to do business, prices receded
somewhat AT the rst call '65's sold nc 1857, '6s,
1lOx HOY. AT the noon call 62s sold at Ill and
'67's 10Y regular and buyer three The market
outside was generally dull and unsettled o7s selling
at 11o,s. Transactions mostly In small amounts,
and indicate that the short interest the market is
nearly satisfied. Notwithstanding this dulness
IN the board and the considerable private
inquiry continues to be made by persons seeking
permanent investments, many oflcers OF country
banks being In the city seeking Information In view
OF their possession OF surplus funds after the LIST Of
January that Will aid them in its proper disposition
Prices towards the close OF the day improved some
what upon earlier rates. the following being the rates
at Ave oclock:-UnIted states 6's, 1881, registered,
40 l1oA; do, coupon lax lis; do 5-2o's, reg
fstered, 1oeX Io7; do, coupon, 1892, 1losi Ill
do do, 1901, 1918 1918; do, do, 1895, 1914
10 10 q do 40