The New York herald., 1870-06-16
iFINAMIAL and COMMERCIAL.
WALL STREET.
WEDNESDAY, June 15--O T.. M.
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WALL STREET, I
WEDNESDAY, June 15--0 r. NJ.
wan street. was again dull to-day, the larger
per OF the prominent operators being In attendance
'ne jerome Park races. while the smaller dealers
were inclined to await the Leaf OF the heavier
Toward the close considerable animation was pro-
uuced by the announcement OF the
PASSAGE OF THE CURRENCY BILL
THIS important measure Is now 30 far ad-
Vahced as TO require only the sanction OF the
senate to the amendments OF the House. IL
Will be remembered that when the orgl-
nal ninety-hve million bill OF Mr.. Garfield
was oversaughed few days ago he suddenly re-
vved the matter by reporting the Senate bill,
amended to suit the views Of the House
Committee on Banking ana CArrency The
bill In its latest form camc up to-day
Various amendments were proposed and re.
tected. AT length one offered by Mr.. Judd to
strke out the provision requiring the withdrawal OF
pty millions OF greenbacks was adopted The bill
then passed. should the Senate refuse to agree TO
Sne amendments the whole matter win doubt
less be arranged by committee OF con-
ference the bill finally passed and be
sent to the President. As it now stands
u proposes an increase of ninetyfve millions ma
tonal bank currency; the cancellation OF the forty
nve millions OF three per cent certificates which,
from their interestbearing character, have settled
uon OF twenty-five millions OF the national bank
fency, and finally gives the banks permission re-
move from one Stale ID another, the pro.
portion Of currency to population being
maintained The bill which Is thus kept before
Congress by the national banks is merely
p dummy" to prevent the members from legisating
the repeal OF the national bink system. Were the
national banks inactive the Western members would
urge bill for free banking or for one subs ituting
greenbacks for the national bank notes. The
present banks constitute powerful monopoly, and
they intend to maintain their exclusive privileges.
BY raising windmill like the present bill they will
pet all the Quix0tes in Congress to fight
Ing 1t. The vote to-day was only bare
majority, and that majority was secured
by striking out the proposition to cancer
nifty millions Of greenbacks. The real object of the
Dill Is TO keep Congress employed on something and
70 waste time. Mr. Garfield may not know tnat he
Is the tool Of the national banks but he Is such
nevertheless. He certainly showed himself very
ignorant of financial matters when he declared that
his bill, as passed, was one OF expansion His re-
marks to that effect reaching Wall street this
afternoon produced an advance in Stocks because
(the street believed him. The bill, on the con-
trary, Is one Of violent contraction. In the
nrst place II cancels The forty-nve millions
OF three per CENTS the place OF which must be taken
by orty-ve millions Of greenbacks in the reserve of
the banks. The new issue Of ninety-nve millions OF
national bank currency adds money to the circu-
lation, for national bank notes are only so many
checks. They are not legal tender, and may be re.
fused In payment OF debts. But as they add so much
more to the liabilities OF the banks they force the
banks to draw in nearly twenty-five millions
or greenbacks as o corresponding reserve. The
erect OF the bill Is therefore a contraction
OF nearly seventy millions Of greenbacks, which are
the only paper money Of the country. To illustrate
this better let us suppose there was one thousand
TWO hundred millions Of national bank currency In
circulation. This sum would require the banks to
hold reserve OF three hundred millions of legal
tenders. The effect would be such contraction of
greenDacks that specie payments would ensue.
THE STOCK MARKET STRONG.
The street took Mr. Gareld's Interpretation OF the
pil as the correct one, aud in the belief that
ninety-lve millions national bank notes were to be
Issued against withdrawal Of only forty-Ave
millions OF three per cents, tile sbulls,, ran the
prices OF stocks up o half to one per cent. The
comparative table Of prices below will exhibit the
highest quotations thus attained.
= GOLD STRONG.
The expectation OF the passage or Senator Banks
Cuban resolutions started an upward movement IN
gold, which was encouraged by the nrmness In the
foreign exchange market and assisted by some COW
0flng OH the part Ol tle ''SLOItSs" -IHc cAuCuc
prices were 1131l and 1924 the better feeling was
also due the purchase in lot at 1890 OF the
government gold to-day by firm reputed to be ope-
rating heavily on the "bulln side Of the market.
GOVERNMENTS STRONG.
The government list sympathized with the ad-
vance In gold, and prices improved q quarter to
threeeghths per cent closing strong the street
follows:-Unlted States currency slxes l14H 1l4k;
do. skies, 1881, registered, 1l4ss 114,s; do.
do., coupon, 11sH o l1sA; do. fve-twenties,
registered, May and November, 111A 11lh;
DO. do 1852, coupon, do, 112h a 11214; do. do,
1894 do. do. lI,s Ill " do. do, 1865, do do 111
ali1x; do. do 1865 coupon, January and July 1132<
O ll3y.; do. do, 1861 do. do, 1137s ia; do. do
1865 do. do. 1l37S o ia; do. tenforties, regis
tered, 1857 10S5s; do. do, coupon 1ooss 10S5a
MONEY EASY
The money market was steady at three to five per
Gent Oh CALL
Discounts were fraction higher. with little paper
offering.
sterling was firm at 109% 1o97s for prime
bankers sixty day bills. Francs were lower.
COURSE OF THE GOLD MARKET.
The following Is the record Of to-day's fluctuations
in god-
loA M......... I12X 1850 P. M......... 113
tO:4O A. M.......... 1l3 1P. M..".......... 11%1
Ii A. M............ 1l2I 2P. Nj. ............ 113h
Si:il A. M......... 1l2s1 aP M............. 1lsA