The New York herald., 1869-03-01
FINANCIAL AND COMMERCIAL.

SUNDAY. Fob. -, 1861
Tue decided feature of the week and the absorbing
centre Of speculative interest was the government
oond MARKET Tho numerous crude measures pro
posed In Congress as the outset OF the present
aon have Oeen supplemented BY what In European
financial circles regarded q the direcr step the
Improvements OF our national credit, VIZ, the pas
sage Of . bill to authorize the payment In gold Of
me 0onded debt OF the United States. This bill re
seived the sanction Of the Senate last night and
Wal 60 back 70 the House for concurrence In few
amendments. These conceded, It will need only
the Presidents signature to become q law. What
ever regret may be felt ct the costly berality and
generosity OF our government In thus redeeming at
pr IN old debt which In It's contraction realized
n average Of about seventy per cent In greenbacks
mo law goes upon tho national statute book ana be-
comes obligatory upon the country. Par pdr0ntn6se,
who shan say aer this that republics ungratefuli
ne now situation finds with promise TO pay
several hundred millions more than would have been
Que had It been determined to pay this Indebtedness
h kind One beneficial result OF our overweening
honesty VIII be to induce large amounts OF foreign
capital TO dow to this sdo OF the Atlantic. Tho
prospect Of the immediate future is therefore, not
20 very discouraging, despite this addition to our
burdens. indeed the signs OF the hour indicate that
she country is about entering upon career Of the
greatest prosperity. We are q new people,
comparatively. We have millions on millions
- undeveoped wealth. whlch this accession Of for
csgn capital win bring TO light ana use. with the
advent OF an administration such General Grants
promises to be- with peace and industry all around
AZ, and with the impetus which remunerated labor
viii give 70 the material interests OF the whole coun
Try, we are about to take fresh start In the Of
progress. We shall become not only an agricultural
and producing but manufacturing people. II IL
not difncult to see embryo Manchesters and Bir-
mnghams already In existence, South and North.
The esteem in which we are beginning to be held
abroad is rejected In no surer sign than the rapid
improvement OF our nati0nai securities. According
to the kilograms received on Saturday our fve-
twenty bonds have suddenly gone up to S2x In Lon
don and SO in Frankfort. The excitement at the
Royal Exchange is represented as having been very
great The demand constantly increased despite
the amounts received, and at the close OF the week
fresh orders were received for more. After all this
the eject of the final passage OF the Schenck bill
viii be curious to observe
On Friday gold touched 1slN, which was the low
est point since the year 1885, On Saturday there was
further yielding to 1901, but it not maintained
1t the close Of the day. This sudden decne-sudden
we compare the price with that of q few weeks
ago, but gradual tive regard the figures day by day
the immediate result OF the better feeling abroad
IN our favor. There are some countries In Europe
which have not known specie payments in twenty
ave years where gold Is at premium Of less than
nfteen per cent. II in such efrete countries, over
laden with debt and devoid Of the power OF recuper
alton, paper money B at 80 small Q discount how
paradoxica that In our own country national notes
should be deemed twenty-five per cent less valuable
than gold. Boastful and presumptuous as We have
been called by our English cousins we are really too
modest about our own merits However, Europe is
beginning to find us out at last and the recogni
ton comes in very acceptable manner no less than
honoring our paper. we should not pe disposed to
complain. The gold market was quite excited in
consequence Of this Decline and the transactions
some days were on an enormous SCALE the bears be-
ing irresistible in their attack upon the price. The
range In quotations during the week was a. fol-