The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-08-05
FINANCIAL and COMMERCIAL.
Wall Street Results for the
Last Week.
UPWARD MOVEMENT IN GOLD.
Excitement Among Importers and Heavy Gus
toms Receipts Under the New Tariff.
NEARLY $5,OOO,O0O PAID INTO TIE TREASURY.
The French Loan and Its Lessons
to American Financiers.
NO EPUDIAT ION.
Secretary Boutwell's Errors and Their
Effect Upon tho Credit Of the
United States.
ERIE AFFAIRS AND FAILURES.
Disappointment Of the Stockholders at the
New Management and Curious Com
plications with the A. and G. W.
PLAIN LANGUAGE FOR TRUTHFUL JAMES.
Our Domestic Exchanges and How They
Are Likely To Be Affected by the OPP
GRAFTON OF the New Tariff.
M ON EY RDEN ING.
Foreign Exchange Easy, Governments Steady
and Southern Securities Quiet.
-<-
Our Domestic Exchanges and How They
Are Likely To Bo Affected by the OPP
GRAFTON OF the New Tariff.
NEY ING,
Foreign Exchange Easy, Governments Steady
and Southern Securities Quiet.
A DOUBTFUL BANK STATEMENT.
NEW YORK, August 4, 1872.
TIE FEATURES

THE FEATURES
on the street during the week were gold and Erie.
In the case Of the former the premium advanced to
115H, with sales reported at 1867, although not
recorded. The upward tendency of the gold pre-
MUM is being generally recognized on the street,
and Che haltlng manner In which this movement
progresses is due to tho closing out Of the short
interest, which leaves the market without that
speculative support that might occasion excite
ment. The heavy customs receipts during the
week, owing to the application OF the new tariff,
with Its ten per cent reduction, which went into
effect on August l, helps to harden gold. These
receipts placed at 81, This Is the largest
income in one week which the United States has
ever received through the Custom House, and. al
though exceptional, shows that a reduced tariff
would not seriously impair, II it did not improve,
THE GOLD REVENUE OF THE TREASURY.
The upward tendency Of the gold market con.
tnues to be exhibited strongly, and contains In
itself an instructive problem. Why gold should go
up is question the people are anxfously asking
but to any one who has watched the course Of our
foreign exchanges and the domestic policy which
has governed the administration OF our national
finances the solution Is easy We are borrowers
not only Individually, but beggars in our aggregate
autonomy. The Secretary's experiment OF paying
or prematurcy large portion Of the national debt
has not resulted successfully. The capitalists Of
Europe recognize fully that this was but strained
EFFORT, and amounted simply to
DIsCoUNrING THE FUTURE CREDIT OF THE UNITED
STATES.
It Is tho business OF these men to make them
selves acquainted with the of any country
that may come to them to borrow money. They, OF
course, saw In this rapid payment Of the American
debt that the industrial and In fact the whole bust
interests Of this country being seriously
impaired, To use a familiar figure, the Secretary
was merely 'robbing Peter to pay Paul." that is,
he was absorbing the capital OF the country in an
extravagant effort to pay of our national debt,
which capital, II allowed to remain in circulation,
would have much more largely reduced the burden
Of that debt upon the nation at large The error Of
his policy is shown in
THE WONDERFUL SUCCESS OF THE FRENCH LOAN,
which forms another interesting item In the Gnan.
cial history of the past week. Why this loan
should have been SO successful has already In part
been pointed out here. But there are deeper les
sons for future Secretaries Of the Treasury, as
wen as for our people, to be learned therefrom.
France in all its varied history its numerous revo-
lutlons and bitter hostties, has never repudlated
or sought to repudate, or suggested the repudia
ton OF single franc OF indebtedness contracted by
any administration. The government Of day
might make loan but the government succeeding
endorsed the financial obligation no matter what
reputation has not only occurred, but is again
actively agitated. without entering into the jus.
tice Of thetmatter, but looking at 1t as purely
A QUESTION OF POLICY,
10 is worth while ut this time to draw attention to
the fact that an annument OF the contracts en-
tered into by the carpetbag governments down
South Is likely to form an important issue In this
Presidential campaign. Georgia has led the van In
boldly recommending this reputation. North Caro-.
lima ar 1t be true as reported, that 1t has gone
democrauc), loaded down with an enormous weight
Of Indebtedness, from which the State has bene-
flied nothing, is likely to follow, If IL were only
from that spirit OF resistance which makes even
towards when they are trampled upon, rise and
stab their assaiants. South Carolina equally occu-
pied by
and saddled with enormous obligations, will not be
long In falling into line. Louisiana comes next.
Trampled upon for years and burdened with debts
the people Of the State never contracted, will not
be slow to relieve herself by adopting the prece.
dents Of her sister states similarly situated Thus
sour credit a1ected and 30 must it continue to be
until reunited nation and recognition Of the rights
OF all citizens shall restore that republican form Of
government promised in the constitution, which,
as an experiment In France, to-day has made that
republic the most successful borrower Of the
| nations.
TIE CREDIT OF THE UNITED STATES.
During the present lauded successful administra-
| ton of the finances Of the country we have been
frequently told that We have reached q financial
millennium to which no other country could expect
to attain. The following suggestive figures show
how we stand OF the present date, or ct least at
the time Of the last Official report-August L.
Mr.. BourwBLL's GOLD BALANCES.
Coin In the Treasury, August sos, $40 $50
| Less coin in certificates. $3.50. S31 690,8S0
| Interest dine and unpaid. ...... 7,2lS,0s4
Unclaimed interest. 1884
| Accrued interest.............. 1s,57s,160
| Interest unpaid on debt upon
which interest has ceased
since maturity. .............. 40O,96d
| - 57,soe, 4o4
The secretary,s actual coin balances 81. DOS