The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-06-29
FINANCIAL and COMMERCIAL,
WALL STREET, /
TUESDAY. June 2o-0 II. NJ.

WALL STREET I
TUESDAY June 2S-6 r. M.
4hU wall street markets underwent a sudden
change in speculative sentiment. and after opening
weak and unsettled closed strong and fairly active.
The early newspaper reports containing the full de-
tails OF the Currency bill as agreed upon by the con-
ference committee, following the sharp decline OF
the previous day, led to sensitive market at the
opening Of business ana prices fell below even the
lowest OF the previous day. Later In the forenoon
kilograms from ashington prophesed IN most posi-
tive terms at not only would the bill
be defeated In the House, where 1t was especially
Objectionable to the Western members, but tina.
no currency bill or financial measure OF any charac
ter could be agreed upon at SO late day in the ses
sion. Whatever bill the future may bring forth 1t Is
very certain that the crude propositions contained In
the pending bill will be It's defeat practically
In the first place 1t does not declare in what manner
the Secretary OF the Treasury shall redeem the three
per cents. and again IL makes the proposed new
issue OF national bank notes redeemable In gold
coin This latter feature has been generally over
looked or course so long as there is Q premium OF
as little as only one per cent on gold the
notes would not come into general circulation.
1t Ii very certain that with the popular estimation
OF the national banks no man would exchange his
gold for their notes when the option Is afforded him
TO take his gold t. the United States Treasures
and there obtain gold certificates yel0w backs"
This feature alone would render the law practically
imperative until specie payments were generally
and fxedly resumed In fact the bill Is such mere
''dummy" for q bill that we are only strengthened
in our belief that the existing national banks jealous
OF keeping their present privieges,1 have been
amusing Congress with It In the expectation OF d.
verting to 1t all the financial buncombe OF that
body, and thus preventing the enactment OF any
thing dangerous. In these days the members OF
Congress are under the necessity OF going upon the
record In some shape concerning the financial ques
ton In order to please their constituencies. The
national bank lobbyists have afforded them vent
for this desire by letting them agitate an innocuous
and innocent measure. The upshot OF it all will be
that Congress will adjourn next month and the ma
tonal banks Will go before serene in the en-
j0vment OF the remuncrative privileges conferred by
the banking law, which allows them SIX per cent
gold interest upon their capital In addition to all
that they may earn in the usual process OF banking
GOLD STRONG AND ADVANCED
The decline In gold by arresting the shipments of
produce and cotton and consequently diminishing
the supply Of commercial bills the market, has
had the effect Of enabling the bankers to advance
the rates for exchange, which they have been more
unreserved In doing for the reason that they look
for large shipments Of com against the returned
coupons the fvetwenties held abroad. AS TO this
latter influence there Is no certainty whatever
experience having shown that large proportion
Of the interest due to European bondhoders
has been sent over TO them, at their request
In more bonds. However, the advance In exchange
coupled with the expected defeat OF the CurrencI
and Funding bills this session, induced the shorts Il
cover and gold ran up TO la movement all thu
more remarkable that Assistant Treasurer Folge
commenced to-day the payment of the July gold in
| terest and by the close OF business hours had dis
bursed So 4O7 O26. For little while in the afternoon
| there was a stampede among the bears TO cove
their contracts, and the market at times was rathe
excited The course Of the price is shown In tn
| table