The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-07-09
N. Y. MONEY nARKEr YESTERDAY.
From the Ny. Herald.

From the Ny. Herald.
''Wall street still continues to discuss the Curren-
cy bill, and, curousy enough, is greatly divided as
to its effect upon the finances. There seems to be
great deal OF misunderstanding as TO the real enect
OF unlimited issues of national bank notes, and bank
expansion. The more the banks expand under the
national bank system the greater the contraction OF
sion that brought on the panic 1851 Congress has
done the country good by authorizing the increase
OF ,tonal bank facilities. Yet, when so much
was threatened the public are to be congratulated
it is no worse, General Grant ought, however, to
carefully consider the Currency RE S Ssf0re 6 gnag
and throw the whole question over to the next ses
sion of Congress- he would not be doing amiss, and
the people would endorse him. The bill so
far is a triumph for Secretary Boutwell, who is
mild cOntractonist In pursuing his idea of bring
ing the country to specie payments, has IL not oc-
Cured to him that in place OF pressing measure
which is to cancel forty-ive millions OF three per
cent certificates il would have been better TO have
kept in the old way of using his curreHcy balance
to redeem and cancel the six per cent nvetWentes?
He would by SO doing save the country twice as
much interest. President Grant ought to take this
idea into consideration in preparing veto on the
bill 1t seems that the bill works even greater con-
traction than we at first supposed A correspondent
who is a prominent authority in the street writes
us:-
you say 'The bill proposes violent for the
PER cents Gonn nj a reserve nS % vii 70
examination Of the law that the banks allowed to
simply count three hs OF the three per re-
New York city sSfs alone amount to about
ns eg are per pesned to esD eDd BE
| 837 600,000, in three per cent certihca'es
| ''The gold market was feversh and excited in
| consequence of reported further complications in
the hostile attitude of France and Prussia, and the
price ran up to 1l2h. Later in the forenoon there
| was a reaction TO l113s gold showing constant
| tendency to decline under the anticipated contrac'
ton to result from the operation OF the Currency
bill. Were it not for the foreign news gold would
! have gone down below 10 since the passage Of the
bill. At noon there was a return TO ll2A when Il
was discovered at the Sub-Treasury that the compet
tion for the Government gold elected bids for tota
| OF six and a quarter millions. In the Afternoon
| Five-twenties and Rentes came better from LondoI
| and Paris which was interpreted as the index or q
less warlike situation, and gold again went OFF t
! 1l1%, closing at 1llx@ll2. The Government gOlC
sold to-day was the coin interest belonging TO tht
| sinking and special funds The bids ranged from
Ill to 1915 and the awards were made at Ill 90
1l2 95. The currency proceeds OF the sale, VIZ.
S2634, 1856, will be reinVested in bonds on Monday.
''The brokers reported a better demand for none!
early in the day, and some small loans We're mad'
at five per cent Before the close OF banking hours
however, the demand had been fully satisfied, ant
the rates on call closed at four per cent on stool
collateras, and three per cent. on Governments. II
the discount market prime double names wer
quoted 81 to 81 per cent. and prime single nam
paper to per cent.
"The Government market was steady ana rathe
hrmer, despite the sharp fluctuations IN the gol
market and was quite Indifferent TO the lower quo
tatiOns in Europe. The street is becoming disaouse
OF the impression that the Currency bill Will curta
the amount OF bonds TO be withdrawn from tn
market hence 10 the full operation of the bill shOul
IL become a law. At the close the market was trn
in anticipation OF the reinvestment Of the proceed
OF tO-days gold sale