The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-06-21
FINANCIAL and COMMERCIAL.
WALL STREET, |
MONDAY, June 70, 1870. ]

4
MONDAY, June TO- $780,
DULL DAY.
Tnis mas been Enthusiastically dull day In the sew
GRAZ markets In Wall street-so dull day that even
Tie duiest comprehension, however bulishly In
clned or whatever its connection with certain
morning and evening journals (so-called) could not
Ia TO realize that important fact Indeed, there
were not wanting those who added an Alternative
adverb to the descriptive adjective we have used
an adjective sadly suggestive Of the cir
cumstance that this "revival weather." had
failed 10 impress them with the lesson 1t broadly
teaches OF the consequences to follow the ut.
terance Of such "ide words" But wall street Is
sceptical and perhaps, 1t failed to see the appica
ton, 1t failed to see that more directly at.
tempted In certain Bohemian journal yesterday
morning and echoed In an adveniitous news.
paper last evening. In summary way it may be
said there were no features here to. day.
THE CURRENCY BILL
still continues to excite the attention OF the street
the leading feature Of the financial situation, es-
pecially as but little more authentic information has
been received as TO the precise meaning OF certain
and the most important, sections, contained IN it.
The EFFORT however OF the commission" money
writer's well known for their venality in such re-
spects-t0 interpret 1t as an in1ation measure has
had the effect of attracting more than
usual attention to peculiar contraction features
IL contains. While the utterances of these
commentators are wholly unworthy OF ex-
tended notice, 1t seems, however, duty to
repudiate on behalf OF the independent press OF this
country the action OF these parasitcal journalists
who md their highest ambition in the service Of the
highest bidder. All persons possessing feeling and
approaching the trials and temptations to when
they may have been exposed and have succumbed
co. feel the largest sympathy for those unfortunate
female 0utcasts OF society who crowd streets at
night, saddenng the thoughtful passenger by their
selicitation-but for the men entrusted with grave
responsibility, who prostitute the opportunity OF
high-minded. honorable criticism, to purposes
OF base private gain, and sell themselves, their
honor, their manhood, and, it may be, their
employer, for call on ten. fifteen twenty shares
or stock there Is nothing but contempt. Worse than
the class Of which they are prototypes, they have
not the excuse Of necessity as it is to be supposed
they are well paid for their legitimate labor; but
permitting the lust OF money to obscure their
OF honor they bring an honorable profession into
disgrace in degree that is not possible In any other
department. But to leave this regretful theme
OF comment, which brings blush to the
brow OF every newspaper man OF principle,
and to return to the Currency bill. 1t win be recol
lected that the main points OF this bill are FIRST the
issue Of $685. 0O0 600 additional national bank
rency and, secondly, the withdrawal of the three
nve and fifty millions. 1t is stated how the latter
are to be redeemed Notwithstanding the existence
Of fund Of 100000 600, specially created for
such redemption by previous enactment, thus leav-
ing presumption that such fund is not to be so
used, which is still further strengthened by
private advlces from Washington. These
state that the three per cents are to
be purchased by the Secretary of the Treasury
in preference to all other interest bearing debt obga
tons, the inference being that current funds only
are to be used in their redemption. But even
admitting the substitution of new issue Of green
backs from the reserve fund before mentioned for
the three per cents-a doubtful contingency, as the
latter are admitted in the bank for their full
value in this city-ths would not amount TO expan-
sion here. But, taking into consideration
that the banks are obliged to hold twenty-five
per cent. Of lawful money in reserve, the
addition OF $95,000,O0O OF new liabilities Will
withdraw from circulation twenty-three
millions Of greenbacks to meet this requirement,
which supplemented by $45,OO0,O00 possibly with
drawn, although not certainly, SO far as we know at
present. the resources Of the banks very ma
terally. II this Is not contraction and OF the worst
Kind It is hard to tell what is. And besides, in ths
reduced volume OF lawful money, how much easier
does it become for clique OF reckless SPECTATORS
to produce an artificial stringency by lock
ing up greenbacks2 Congress has been too
careless in its consideration OF this matter. 1t is
unfortunate that but few men there understand the
principles which govern banking and currency and
hence have thus Numbered unconscously in SO i'm.
portanL matter. Mr.. Randall. in proposing to sub
stitute greenbacks for national bank notes, ap-
preached the proper solution Of the present diff
Guilty, and is to be hoped the Senate will consider
this question In the broad thus illustrated AMI
prove itself as independent Of the influence Of the
national banks in Its action this measure it did
in the passage Of its honest, but mistaken, Funding
bill.
GOLD LOWER.
The publication Of gratifying crop prospects, care
fully collected from independent sources, in the
HERALD this morning, operated to induce weaker
feeling in gold at the start when the premium went
or to 1928. Later, however, the market rallied IN
view OF the distant effect Of such returns and adj
vanced TO 112T, but was barely steady through the
day between that figure and 1928. The movement
in the room is shown in the following tablet
1oA. M........... 112Z p. M.............. 112A
1904 A. MINI. 1925 2P. ............. ll2X
IL A. M............ 112X 3P. M............ 1929
l1:oe A. M.......... 112M AZ. M........:...:. 112A
IL M............... 1l2% 5P NJ. 1l2sTa 1929
The operations Of the Gold Exchange Bank to-
day were 93 f0llows:-
,oon