The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-06-28
FINANCIAL and COMMERCIAL.
WALL STREET,
MONDAY, June 27-6 p. II.

mONDAY, juno zt--o r. M
The week opened on very dull state OF affairs In
Wall street. AS the forenoon progressed dread OF
another hot day drove many OF the Long Room fire.
quenters out Of the street. while the brokers put In
very slim appearance. AS consequence very
little was doing, and prices declined.
THE WASHINGTON REPORTS
were again confused and contradictory except upon
the point that the Funding bill Will be the special
order tomorrow. From the fact that the measure
which is coming up for consideration IL that OF MI.
Schenok, proposing thirty year bond at four
per cent less attention was paid the an
nouncement than usual. While 1t Is gen.
orally conceded that Congress will reach no con-
cluslon on either OF the financial bills now pending
for its action we trust the public will be agreeably
disappointed. The Congress OF 1se9-70 can distn.
guish itself and make good record with the people
by legIsating Funding bill which shall provide for
the issue OF forty year consols ito called,
ing ass per cent interest With the present rate for
money In the street-ony three to four per cent on
prime collaterals-it Ia not difficult to see
that such securities would invite the invest
ment or funds held by trust companies and
by estates, where a reliable investment Is more
desirable than a high rate OF interest. 1t
Is proverblay true that the civilization OF q coun-
try progresses its interest rate decreases. When
New York shall have become. as 1t Will within the
next twenty-five years. the moneyed centre OF the
world, money on eau VIA be worth only two per
cent, as 1t Is now frequently in London when that
present mistress OF the financial world Is entrusted
with the unemployed capital of her citizens. The
men In Congress who remember this fact will prove
their craftsmanship by enactlnga measure which is
for the future as well as for the present. AS to the
Currency BILL two sets Of kilograms bewildered the
street. One asserted positively that the conference
committee had done nothing; the other that they
had agreed upon bill providing for the issue Of
$4500000O banking currency, the withdrawal OF the
three per cents the redistribution OF S25 00o 600 Of
the present banking capital, and system of free
banking on gold reserve AS TO the latter feature
itwould be impraccable until the country returned
to specie payments. In fact, the proposition
clothes very suspicious plan, by which the
banks operating under it could issue their notes
for gold. sell the gold, and keep up the process
until they forced the gold premium to nothing,
wnen they would be the clear gamers OF the original
gold premium. However. the idea Is too visionary
to challenge the serious attention OF Congress for
moment. The only reserve necessary Is the "great
American greenback," which is popular currency
and sufficient for all the uses Of business until re-
sumption naturally arrives.
GOLD UNSETTLED.
The gold market is still in the throes Of excite
ment succeeding the events OF last week. The
frmer feeling IN exchange ran the price up to III
from which there was reaction to 10Y under
fresh pressure OF sales in anticipation OF the July
interest, which begins to come on the market TO-
morrow. The sentiment In the Gold Room is greatly
divided at the present time, and as the facility for
speculation is readily afforded by the small premium
the "bears meet with great dificulty in forcing the
market down. The nearer gold goes to par the
greater this temptation to buy and hold
for an accidental advance. The dying
agonies OF the gold premium Will be prolonged, for
the simple reason that the opportunity afforded to
buy $4,000 In gold with $500 or $1,000 in currency
will set every gambler in Wall street to specializing
for rise. In gold an operator may, to use the par
lance of the street. 'Gmit his losses" Let him be
assured Of this in any speculation and he wi plunge
In without hesitation. The course Of the market