The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-11-09
The Situation in Wall Street and Mr..
McCuIioch. a. 7


The Situation in Wall street and MIR.
mcCuiioch.
There was great excitement in Wall street
on Saturday in consequence Of the press
despatch from Washington to the effect that
Mr.. McCulloch had decided that he had power
to reissue any legal tender notes that may
have been redeemed but not cancelled, pro-
yiding the total amount Of United States notes
in circulation does not exceed four hundred
millions Of dollars. The Treasury ring here
upon circulated report that forty-four mil
lions of new greenbacks would be immedi-
ately issued, and having succeeded in fright
ening the bears into covering their contracts
they sold out the gold, government securities
and railway stocks they had bought on Friday
at handsome profit. Several Wall street
houses were made aware at one o'clock on
that day Of what was coming, and they acted
accordingly, much to their own profit. or
course the Secretary of the Treasury has no
authority to reissue any part Of the United
States notes withdrawn from circulation, and
never had, while the at Of Congress prohibiting
contraction also prohibited imitation. More
over, if he had, such measure Of expediency
as that here threatened, apparently for astock-
jobbing purpose, would be contrary to sound
policy and would copyert the national Urea
sury into machine for alternately s'bulling'
and bearing" the markets for the benefit of .
few officials and their favored friends.
Mr.. McCulloch placed himself in direct con-
fict with everything he had previously said ip
relation to the currency when he countenanced
the despatch referred to, and wrote letter
similar in effect to the Assistant Treasurer in
this city, but committing himself to nothing,
and he already seems to have repented Of his
inconsistent course, for despatch from the
same source, published yesterday morning,
informed the public that although the Score
tary of the Treasury believes he has the power
to reissue notes redeemed but not cancelled,
1t Is not determined what he will do, and 1t
may not become necessary to resort to that
measure in order to afford relief It is to be
supposed, from this as well as other signs,
that the Treasury ring have already realized
their profits, and that Mr.. McCulloch is
anxious to back out gracefully after aid
ing In perpetrating this extraordinary
stockjobbing trick to the great surprise of all
not in the secret Why, it may be asked, did
he not speak sooner on this subject, and why
did he write letters dated as late as Wednes-
day last stating that he had no means what
ever of relieving the prevailing striugency,
and while defendingl the Treasury from all
blame in producing Il censuring the banks for
SO far extending their loans on speculative
stocks as to be unable to afford any relief to
the money market? Dispatches to the same
effect were inspired by him as late as Friday
last, and yet on Saturday morning mark the
change and the effect. Was there ever more
cleverly designed bull movement following one
in the opposite direction? For in the midst Of
the October stringency the Treasury secretly
sold more than seven millions of five-twenties
in addition to its gold sales, thus drawing cur
rency out Of the banks into the Sub Treasury
and forcing them to convert about fifteen mil
lions Of three per cent legal tender certificates,
Involving so much contraction of the cur
rency, these certificates having been held
by the banks as portion OF their lawful
The s.ringency In the money market affords
no justification of the threatened action of Mr..
the imitation Of prices ON the Stock
and the boarding of breadstuffs in
The West being the two great causes Of this
stringency aud if such course Of imitation
was actually pursued, in the face of law and
the public welfare, the Treasury would be
confessedly used to promote bull and bear
operations in Wall street. But, without
doubt, no attempt of the kind will really be
made, although the stockjobbing manGuvre is
none the less discredtable. There was q
sharp rise of nearly three per cent in gold on
the strength of this despatch on Saturday, and
ing IL; and as breadstuifs and all the other
Of life rise or fall with gold 1t fol-
lows that the cost Of living has been Temporal
rily enhanced all over the country. Prices on
the Stock Exchange also experienced sharp
advance, but they will doubtless Immediately
fall back again, as there is nothing to main
tain them at their present high point, and we
are entering upon period of financial depres-
sion like that which England passed through
after the Napoleonic wars.
Women's Rights Women In England.
A Miss Becker, who quite recently figured
prominently at the Social Science gathering in
dafence of women's rights, has taken steps to