The Daily telegraph. (Monroe, La.) 1870-1886, 1870-12-20
Talk on 'Change.

etin:
There is nothing special to note in
reviewing the business of the week, ex-
cept that cotton continues to come in
freely, and exports have been cores
pondingly large, and in consequence
thereof, there is a decided relaxation in
the money market, which is now easy
for all parties engaged in legitimate
business, who do not venture in specu-
lative transactions. The announce
ment that the Radical caucus at Wash
ington have g agreed to disagree" on
the subject Of the currency, and let the
question lie over until the next session
at least, has abated apprehensions aris-
ing from anticipated meddling with
monetary matters by Congress. Both
lenders and borrowers have clearer
perception, therefore, of what their re-
lations will be for another year, that is,
so far as their relations, can be affected
by legislation. There is, however, a
feeling of distrust as to future, neither
very near nor very distant, that pre-
vents contracts on long time. This
distrust arises from financial condition
Of the country-a superabundance of
paper issues and a steady outflow of
specie and it will continue to affect
business until the cause shall have
ceased to exist. In specializing upon
the probable duration of the war, we
see no reason to change the belief We
expressed weeks ago, that it will be a
protracted struggle. Some of our CO.
temporaries, here and elsewhere, at
taching, as we think, too much conse-
,quence to the fall of Paris. which has
already held out longer than was ex-
pected, and may yet be defended longer
than hopes that have seemed over-san-
guine anticipated, have decided that
peace must be the immediate result of
it's surrender. The energy Of the
French government, unity Of the peo-
pie and the intrepidity with which the
raw levies composing their armies con-
front the victorious veterans of the in
vader are scarcely paralelled in history,
in so brief a time after overwhelming
disasters, and neither the spirit nor
temper exhibited by the nation war
rants the conclusion that the loss Of a
city which cantains only abont thir-
tieth part of the population of the Re-
public and is not indispensable for war
supplies must end their efforts. A
blockade Of their ports would be an in
comparably greater aggravation of the
situation. 1t seems to be settled that
England will not be drawn into con-
fiict with Russia; Russia, If all signs
do not fail, will soon be marching into
Turkey; Austria, having no money but
irredeemable paper, is impotent for
war, and Italy and Spain are paralyzed
by domestic discord. This condition
of affairs lasting, Germany and France
will have it out single handed, and the
man who hazards a prediction as to
when life and death struggle between
two such peoples will end, or what the
issue will be, has a faith in his prophet
ic powers that would justify him in be-
coming a professional fortune teller.
We think our cotemporary Is mista-
ken in maintaining that the superabun-
dance of paper issues is influencing bus
mess injuriously. The Treasury state
ments show that there is a constant and
heavy decrease going on in the volume
Of currency in circulation. The plain
demands of business are suffering on
account of the inadequacy Of our circu-
lating medium, and it is to this cause,
not to a superabundance, we would
ascribe the effect mentioned by the
Bulletin.
Other causes, of course, combine to
produce low cotton market, the prin-
cipal cause being the war now going on
in France, the duration of which is only
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