Juniata sentinel. [volume] (Mifflintown, Pa.) 1846-1873, 1873-04-09
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MONEY!.

another exciting week in the annals OF
the Money market, and the prospect is
decidedly favorable for further weeks and
even months of sudden changes in the
supply and demand of funds, rates o!
interest and current market values. These
financial storms are due to the one fact
that Congress neglected its duty in pro
viding additional currency at the late seq
sion. This derelction renders our money
columns interesting, but it is neither
pleasant nor comfortable to onr enter
prising merchants and manufacturers,
and, through them. it seriously affects
the best interests of the country. An
astute sage, in the past, wrote, Happy
is the nation whose annals make dull
reading" and, with equal truth, it may
now lie said that prosperous is the people
whose money markets are uniformly
sluggish.
Local rates Of interest were seriously
affected early in the week by the severe
monetary pressure experienced in New
York. the almost unprecedentedly high
rates of interest paid by our neigbbors
made Wall street powerful magnet for
spare Philadelphia capital /; considerable
sums of available capital were sent where
borrowers were more than willing to pay
s of per cent. day. Then, too, the
parties here, carrying stocks in New
York, and their name is legion, were
compelled to draw heavily on their cash
and investment reserves to pay for their
Wall street whistle But the intense
pressure gradually yielded, and at the
close of the week money worked COM
fortably in our midst; loans on call we're
at Cal per cent, and at the
close of business on Saturday several of
the large firms of brokers found them
selves with unemployed balances on their
hands. Time bills were not much inhu-
enced by the fierce furry in money for
temporary use; choice two name 80 days
and months obligations sold freely at
from lOt to IL per cent. With prime
collaterals good bills were disposed of at
9!alO per cent
There is not little talk of instiiuting
legal proceedings against certain parties
for violating the Usury law last week in
taking higher rates of interest These
threats of suits are laughed at, for the
Usury law, those who lend say, is a relic
of barbaiism as it existed in feudal time.
It is violated every day, for money, like
wheat, beef, cloth. paper or iron, will sell
just for what it is worth in the open mar
ket, but its price can be regulated only
by the equitable and irrevocable law of
supply and demand. There is prevalent
now, among our most progressive and
reliable capitalists, the opinion that the
statues against usury are in no small de-
gree responsible for much of the incon
venience attendant on monetary stringen.
,ies. Inasmuch as they force lenders
not only to cell their money above the
so called legal rate, but to demand, for
heir own security easily convertible col
aterals in sums sufficient to make them
selves secare where the law affords them
no protection. More remarkable still
these threats of appeals to the courts
come, in many instances, from the very
parties who have been violent contrac
.ionists, insisting that the supply of mon
~ for the uses of the country must be
Kept down. aud now they quarrel with
he results of their own teachings. In
,ur opinion, the law should be repealed
,r else enforced, and the duty of the
District Attorney should be directed to-
wards this result. In New York fund
Of large amount is being raised for the
purpose Of Furnishing. criminally. the
money lenders.
The gold premium attracted quite as
much attention as the market for money
the manipulators on the "bull" side have
been pushing their plans with more than
usual caution. Always retiring just be-
fore sale of Treasury gold, they re,
turned to the charge with renewed vigor
after the government coin was out of the
way. Thus they sent up the price to
llS4 on Monday, permitted it to drop on
Tuesday, kept out of the way ON We'd
nesday and Thursday, but on Friday re
'umed their work, and sent up the pre-.
MUM to ll9 on Saturday afternoon from
ll74 on Thursday. These manipulations
,manate from the minds of men who can
lfford to wait as we'll as plan, and form a
which exceeds in capacity
is predecessor. Secretary Richardson
will, no doubt, do all that in his power
les to protect lesimate trade against