The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-12-13
FINANCIAL AND COMMERCIAL.

SUNDAY, Dec. II. 1869.
Usually the meeting Of Congress has been the occa-
sion OF considerable animation In Wall street, hut
the assembling of the National Legislature this year
has not been as yet productive OF any very decided
effects upon financial matters. The Presidents
Message and Secretary Boutwelps report rendered
the gold market nrmer, ana the price touched Ia as
against 122H, the lowest point Of the week. Their
erect has been rather to strengthen and steady the
market than TO impart buoyancy and activity. The
gold operators who essayed "bulln movement In
the beginning OF the month have therefore, received
no check from these public documents but still have
found 1t uphill work 10 maintain the movement
Enough OF the policy OF Congress has already de-
veloped itself to warrant tho belief that, whatever
steps are taken in financial matters, there will be no
contraction OF the currency. Some OF the
Western members seem determined on legislation
which will swell the volume OF greenbacks now
In circulation. would It not be wise to pursue the
policy Of mastery inactivity in all this business Of
the currency Are we not steadily advancing to
specie payments without the aid Of Congressional
enactmentss Gold has returned to figures which are
the lowest since the summer OF 1862 In all proba-
blity the decline VIII go on In the same ratio, and
bring us TO resumption without the dangers OF
commercial panic. Who demands such measures
OF Congress Secretary Boutwell, is in perfect ac-
cord with General Grant In the opinion that the
question is not one for immediate legislation. The
present session Of Congress should devote itself to
the work Of perfectlng q plan to fund the national
debt at lower rate OF interest," The people at large
are more DESTROYS Of reduction of their taxes than
OF return to specie payments. If any change Is
made let the banking system be made free, each in
sttution to deposit nonnterest bearing government
bonds security for its issues 1t q deliberate
imposition Of the present banking system to tax
the people about twenty millions year for the
privilege Of Its existence. 1t should give way to one
that would afford market for large fraction of the
national debt Last year the banks comDated and
defeated all measures contemplating redistribution
OF the currency. There Is no power In the land so
strong as that OF the national bank ring, which
yields the influence and wealth OF the 1850 different
institutions to which the privilege is now limited.
II 1t was easy to defeat redistribution which was
apparent aud clamorous Justice, how much more
easy will it be to stave Off free banking. The re-
Spouse from abroad to the suggestions OF the Con-
gressiona reports has been Of afatterng character
The immediate effect was rather unfavorable to the
quotations Of our nvetw entes, inasmuch as London
and Frankfort spectators had been led to
expect immediate specie payment recon-
mendations on the part OF the President, but
the foreign public, comprehending the honest
and honorable position Of the Executive
and his Secretary Of Finance invested so suddenly
That the spectators who feared loss were aston
shed to find the bonds 60 OIL their hands at large
profit The government market during the week
mas been quite active, II not excited and under the
impression tnat the funding process Will deprive the
flve-Iwenties Of their value long investment q
sharp demand sprung up for the 1Ssls, the ten
iortles and the currency sixes the first mentioned
going up two per cent in one day, The impression
is genera among the leading government dealers,
both domestic and foreign, that the Secretary OF the
Treasury will have no difficulty whatever In funding
the debt at four and half per The stock mar
ket during the week was very strong and the cques
pursued their plan Of a bull campaign.
With rev exceptions every leading stock on the
list was higher, by an average of five or
six per cent, on Saturday night than 1t was
on Monday morning. The cliques rather have
1t to themselves however for the volume of business
was small 1t Is difficult enlist the public in any
movement, and will be until the September panic
has been forgotten new SET OF buyers comes
into the street. The money market was easy and
little anxiety Is shown TO its future The cotton
and wheat crops are moved as much as needs
assistance from this centre. The prospect for the
remainder of the winter is q supply OF funds more
than equal to all the demands that can arise before
the return OF spring activity.
The weekly statement Of the associated banks
presents favorable exhibit, without differing very
much in its general result from that OF last week.
the slight outflow OF currency that occurred during
The week being more than counterbalanced by the
receipts during the same period. The following are
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