The New York herald., 1873-12-26
FINANCIAL And COMMERCIAL
WALL STREET SILENT.
Thoughts Concerning Gold Certificates
and Gold Depositaries.
A D / e s N @ N.
WALL STREET,

The lapse OF any day more or less breaks the con-
tinuity OF thought which attaches to Wall street
and its operations; but when such event as
Christmas ntervenes, with all OF its associations
and entlcements, little need be anticipated from
the market that can AFFORD cew to the future or
be regarded as an index to the present. Outside
OF speculative influences the chief financial thought
OF the hour is that which concerns the probable
action OF Congress and the position which that
body may assume in setting the important ques-
tions OF specie payment and an elastic currency
As regards the former one OF the first steps which
Congress should take towards specie payments is
the prompt passage OF an act repeating all laws
now In force which authorize the Treasury and
Sub-Treasury to receive
DEPOSITS OF GOLD COIN
and to issue therefor certificate OF deposit or
gold note. For the purpose OF driving those al
ready issued out OF circulation the act should fix
an early day-say within sixty days from its pas
sage-when all not presented on or before that
day should be paid only In lawful money. and pro-
vide that at the expiration OF the time so fixed all
the gold still represented by said notes shall be
sold, either at public auction or at the Gold Ex-
changes, for the account OF each separate
certificate, by Its number, the proceeds OF such
sale to be held a special deposit, less
the commission and expenses incurred Tor the pay
ment OF such certificate, whenever presented. The
Secretary Of the Treasury should give notice OF
the provisions OF the act in the usual mode. The
reasons that may be assigned lor the above policy
are that, while the government cannot II it would
and should not II it could prevent
FREE TRADE IN GOLD COIN,
1t should make speculation IN it difficult rather
than aid 1t by providing facilities. Now, when the
government issues paper representing 5000 or
$4,000 actual gold coin deposited does it not di-
rectly do all in its power to render the handling
and holding OF large amounts OF gold an easy
matter9 Does it not reduce the risk from
loss to the speculator, who, as was the case but
recently, held upwards OF $50, 900 0O0s And does it
not follow that the safe IL is to handle goid
the greater will be the inducement to speculate.
1t is probably fair estimate that the volume OF
gold speculation is six times larger than 1t would
be If the actual coin had to be handled and the
money borrowed on it, instead Of It's representa-
tive--government gold notes.
To this argument 1t may be answered that IL the
government did not furnish the certificates, the
spectators would themselves
SELECT SOME BANK
or institution make it a depository, and use It's
certificates Granted, but that would be tax
upon the speculation no institution would en-
gage to act as an intermediary without handsome
compensation. The government would neither
accept nor pay out these certificates. Therefore
might be wanted, for paymen Mt into the Trea sury.
Second-The government should no more furnish
Safe Deposit Company for gold or greenbacks
than it should furnish warehouses for the
storage Of gram. cotton or any other ar
ticle of MERCHANDISE. The dealers in these
articles might with equal propriety secure an act
giving them free warehouses. 1t is an unnecessary
expense to the government, both in the cost OF
certificates and in the extra work imposed upon
the department, from which neither the govern
ment nor the people receive any possible benefit
It also adds-no matter how llttle-to the taxes
The government is assuming an unnecessary risk
in the safe keeping and responsibility OF many
millions OF god ior the benefit Of the few, at the
f,sp and expense Of the whole people, The latter
reasons apply with equal force to the Law authoriz.
ing the Treasury to receive special deposits OF
greenbacks from national banks, for the sole bene-
1T OF the banks. Neither the government nor the
people receive the slightest beneft for the cost and
risk Both laws adverse to our institutions,
and should be Immediately repealed
THE HIGHEST, LOWEST AND CLOSING PRICES.
For the convenience OF those who may not have
the means OF reference at hand, we reproduce the
following table OF prices at the close of business
yesterday