New-York tribune., 1873-01-02
THE MONEY MARKET.


selves as best tbey may many Of them are looking
To an early future for an easier money market ana
more active business in stock speculation Much
has been said and written Of late upon the subject
of Elastic Currency" and the leading hDahciai
minds Of the country are now greatly eXerciseu 40
TO the adoption of q currency or token when VIII
stretch like ndia-rubber contract like guttapercna'
and be as trustworthy and safe as gold. III may
some day be accomplished but as yet we are enact
ing thescene of the boy who wanted his penny anu
the cake. John Randolph lonce announced IN Con
Qress that he had found the philosophers stone IN
the aphorism, " Pay as you go@ He who hnds 1or
us an elastic currency of the kind desired is greater
than John Randolph. We want token which shall
answer as money at any and all times, as required
by the exigences of seed time and harvest or as DC
manded by labor and capital In their transi
ton stages from effort to realization his is the
great desideratum and the pressing hndrance 10 the
growth and prosperity of the country. Ii may truly
be said that we are without any light on the SUBJECT
from the experience Of older nations, tor foh.lcai
Economy as applied in England or krance OF Eu
rope combined does not hold good on our enlarged
territorial area, with it's sparse population, diversity
of soil and interests. wages and education.
The resumption of specie payments by the Gov
ernment. and ITS retirement from the banking and
exchange business would go far to solve the ques-
ton of currency but so long the Secretary OF the
Treasury is human and fallible Boss Banker, and
can "lock up greenbacks," Congress is only making
itself laughing stock in passing laws to prevent
priyate individuals from following his example.
MANY years, if not decades, will elapse before the
business of this country will be transacted IN coin
the worlds medium Of exchange We can always
nav our debts in land or its crude manufactured
products but an exclusively coin medium OF e1-
change seems almost as far off as the millennium, and
not 40 desirable Time and experience may eventu-
ally solve this problem for the American people, as
others, for which to human view and Judgment
there was no solution, have been solved but Uom
careful scrutiny of the views OF financlers on the
momentous questions, we have reduced lts solution
TO the adoption of one or two alternatives. Here
they are The Government must go out of the
banking business or go deeper into it, by utilizing
the idle money III the Treasury, upon pledge OF
Government bonds; or it must resume specie pay
ments and then make banking free, reserying only
such restrictions shall seem necessary to secure
bill-hoders and make currency convertible into
gold which shall be equally good at all points in the
country and then the supply might reasonably be
expected to keep pace with the demand Better
manic or a financial thunderstorm each 10 or 20
years, than that every industry OF the country
should be shut up in the close atmosphere OF strug-
Cling and sitting security, waiting for the next
CROP or until the ore in the hill be turned into
the iron of the rail.
Onr present national bank note is the movable type
in the standing credit of the nation, or it is the pull
sation OF the popular heart and ambition to work
which finds utterance in waving fields OF grain or in
the product of the factory OF nine. Government
bond is to bank note what the rpened ear is 20 the
growing stalk. the crude ore is to the iron ra,
with the interest added.
Theright to tax and the ability to pay heavy taxes
to the Government devolves upon that Government
the duty of rendering every facility to the tax
payers in reaping readily the results OF their labor
aud capital by furnishing ample and secure cir
culating medium pending the growth of crops and
the manipulation and manufacture of crude mate
rials To exercise the royal prerogatves Of taxation
and to furnish an adequate currency in Republic
requires financial talents OF the highest order and so
long the Government crpples the people by taxa
ton and inadequate facilities for business just so
long will the mass of the people remain in the power
of those who WELD capital.
Among the changes of firms at the Stock Exchange
we notice that Mr. j. Edward Simmons retires from
the old firm of Grant IL Co. The business of the
late firm will be continued under the same lrin
name by +. Suydam Grant, and George St. John
Sheffield. MesSrs. G. G. Haven & Co. have admitted
Mr.. Herman r. Leroy as partner.
The firm of Garland, Martin & Co. has been dis
solved by mutual consent, and new firm under the
same style formed by Messrs. John r. Garland,
Henry II. Martin John +. Seeley, and f. W. Riker,
as general partners. Mr. Jay Gould is special part
ner in the concern, having contributed 100000 to
its capital.
The Eoslitable Savings Institution, No. 10 Sixth
ave. has declared an interest dividend at the rate of
per cent per annum ipayable to depositors on and
after the Goth inst.
The Dry Dock Savings Bank present, III another
column, their twenty-fourth annual statement.
showing that the of the institution amount
to S9967O48 03. The amount due depositors is
stated at S9ll56l9 O6 principal, and S239300 10 in
terest making the total liabilities to date Of S93.
9l9 25. The bank has surplus of S6l2,12S 7S. de-
tailed statement of the business of the bank will be
found in another column.
Messrs Howes a. Macy, No 80 Wall-st offer to in
vesters as desirable investment SSo0,0O0 per cent
gold bonds of the Poughkeepsie and Eastern Railroad
at 90. The road is now in operation from Poughkeep
sic to State line, connecting with the Connecticut
Western, and making direct through line to Hart
ford and the Eastern States.
The Housatonic Railroad Company has declared
semi-annual dividend of "a per share payable at the
office of the Treasurer of the Company. at Bridge
port, on the Goth inst.
The Oriental Savings Bank, No. 40 Grand-st., will
pay depostors semi-annual interest at the rate of
six per cent per annum, all sums over s. which
have been on deposit more than one month.
The Paterson and Ramapo Railroad Company
have declared dividend OF four per cent. and the
Paterson and Hudson Railroad Company dividend
for the same amount, both payable at the Office of
the Rogers Locomotive Works No. "A Exchange
place, New-York, on the Sd of January, and after
that date at the Office of the Company, at Paterson.
The Third Avenue Savings Bank will pay deposit
ors semi-annua interest at the rate of per cent per
annum, on and after the third Monday in January.
Messrs Winslow, Lanier & Co.. No. % Pine-st., ad-