The New York herald., 1869-02-22
FINANCIAL AND COMMERClA
SUNDAY, Feb. 2l, 1859.


There are few subjects which have engaged as
deep thought and employed as profound minds as
that OF national finance. The art, or the science, Is
one to which there Is no royal road, as we may In
fer from the dlcutlcs which have always bcset the
path Of the wsest theorists 1t Is not yet what
ever It may be In the future science as plainly
worked out the problems OF mathematics or logic.
At the time OF Engaad's great monetary distress Ia
ihe beginning Of the present century 1t was not her
historical 1nancier, Mr. Pitt, who introduced the
measures OF relief, but private gentleman suddenly
called to the position OF Chancellor OF the Ex-
chequer Mr.. Pilt had filled this oace for twenty
seven years, and despite his acknowledged abilities
British finances continued plunged In seemingly
hopeless CONFUSION. II not until the year 1913,
when specie payments had remained suspended
about sixteen years, that change In the admins
Grat0n Of this branch Of the governments
was made. The new incumbent, Mr.. Vansittart,
at once adopted policy which startled
the frienis OF Mr. Pitt with Its very holiness and
originality lie thrust aside the old theories and
went TO work upon entirely new ideas, with tle
result ofre-establishlng OF specie payments in com-
parativey brief period. The fact and the precedent
are interesting to US in these days when the 1nan
cial question cones home 70 every man with more
than ordinary force. The country is prosperous and
going 10 be SO. The signs OF 1t all around
u.s. The four years OF war, which would have pros
trated the energies or another country for half
century, gradually vanishing In the dim past 80
Iar as their effects upon our industry are concerned.
IL Is true there are heavy taxes and heavy imposts
for the general support OF the government but
wages and salaries never so high, while labor
in no part Of the worl Is SO amply rcmunerated as
here. The capitalists Of Europe are gradually in
vesting their wealth with u.s. There are numerous
enterprises which are almost entirely their pro-
Nf thni~
means, but the recent sudden appreciation Of our
national securities III The foreign market indicates
that there others again who content to lend
the money with which to carry these enterprises
for ourselves content with making six per cent
upon their investment while we ten and twelve
from the employment Of their capital. The ship
ments OF United States bonds Gnd railway stocks
during the present month were hardly less than
33o,oooOoo. The steady appreciation Of this kind Of
property during the expired portion OF the 1859,
perhaps since the election OF General Grant, s all
the more remarkable from the fact that during the
past few days, despite o large decline in the pre-
MUM on gold, there was no retrograde movement
In the stock MARKET but tendency toward higher
prices. The explanation Of such inconsistency lies
outside financial theories 1t IS as curious as the
fact cited In the beginning Of this artcls. Can it
that gradually gliding to specie payments with
out the tcrr BILE ordeli which England underwent,
commercially % well as financially? And how pat at
this moment comes in the decision of the Supreme
Court on the legal tender question-permitting as 1t
does, two kinds Of money which shall be used har
m0niously side by side. approaching each other
slowly and gently until in the future their difference
shall cease How fortunate for sle great debtor
class that this provldeaa ruling should be hit upOn
for 1t Is more like matt OF chance and good for
tune, all things considered than the result OF delib
figures spread out before the eyes. Redundant
1T Is SAID to be- how Is it that money market
is often subjected stringeacy and spasms, from
the shipment OF few mi lions In this direction or n
thats The South and West arc clamorin2 at the
doors OF Congress for grcenbacks. Ii so needy
of them now. what will be the demand few years
hence, wien the thousand and one new enterprises
cotton nils, hour mills ana manufactures are in
full oper. rons General Grant In, forming his Cabi-
net, wou DO well to bear in mind the fact about Mr.
Pitt ant elect for the national Treasurer man who
Is not theorist Tue great nanifest dcstiny'
OF the republic needs practical common-sense man
ike Grant himself and not professional fnancier
The week In Wall street closed upon very easy
money market-oo easy, in FACT to permit the be-
lief that It's condition is wholly normal and devoid Of
artificial influences. Tie change from per cent
gold. the rate OF interest Wednesday, four per
cent on Saturday Is too sudden to be the result OF
legitimate abundance. although the number OF Offer
ings at low rates Doubtless TO lie attributed to the
desire secure three days. interest for the holidays
to Tuesday next The real secret Of the difference
lies In the wish Of certain operators in bonds and
stocks, who came near accomplishing panic the
other day, to unload what they then bought at low
figures. In the government market there has been q
great deal OF this speculation, and 1t is openly
charged that prominent Cabine. officials and men,
bers OF Congress are leagued with Wall street gam
blers to work prices up and down the scale as suits
their interests. Money ought to be plentiful at this
OF the year in the metropolis and the rate on
cal loans should have gravated to four or three per
cent week ago. But the seasons OF Wall street, II
they may be so styled, arc all backward this year,
owing the disturbances in the market at the close
OF 1868 and the postponements consequent thereon.
The weekly bank statement compares unfavofably
with It's predecessor. The totals Of the two weeks
are az follows:-
FEB. Is. Feb. 90
Loans SCI. a07 S26l,42S,05S
Specie. .................. 25,s54,35l 2S,35l,3 ,39l
Circulation .............. l,26i,451 3i,2i7,32l
Net deposits. ...-........ 192,977,sJ0 1sT,Gi2,5iG
Legal tenders. ........... 52,33s,oj2 b0,99,,le7
The changes In the different Items are as foows:-
Decrease IN specie. sOsv40
In 4l.t.R