The New York herald., 1873-12-12
A DOLLAR rs A DOLLAR.
Real Money the Test of
the Situation.
THE STOCK MARKET TO-DAY
Gold, Government and Railroad
Bonds.
WALL STREET.

the speech OF Hon. Charles Sumner, the danger Of
Imitation Is neither present nor prospective. There
ARE undoubtedly score or two OF active plotters
lfrom the West and Southwest who pledged to their
constituents, win make urgent endeavors to
cure larger volume oil currency, although it be at
the cost of financial havoc, but we have good rea-
son for the statement that the government and its
advisers and supporters committed against
5urther expansion. And what are the reasonsS
First. II we cannot now pay our $400, 100000 OF
promissory notes, we certainly cannot be helped
ITO pay them more speedily by adding to their mum
Der. Recognizing the fact that
CURRENCY is ONLY A MEASURE
OF values, and that the accuracy of that measure
depends entirely upon the convertibility of the
currency into that which is the measure OF values
recognized by all the world, we do not see how we
are to be benefited by legislation which renders
the currency variable in value from day to day. A
-yardstick is useful implement, because every
body knows exactly what it means and what it
measures. dollar an eagle Is useful in the
same way, because it is a measure the of which
everybody knows. But If that which We call "a
dollar" means to-day one thing and tomorrow
another-as will always be the case with a cur
rency non convertible into values recognized as
standard by all men-then
AN ELEMENT OF UNCERTAINTY
"a introduced into the business relations OF the
country, making arrangement and discord every
where. Only that man. therefore, who disregards
all experience and ignores the teachings of all his
tory will advocate any action which hinders the
earliest possible resumption OF specie payments.
Fluctuations exist even in the value Of the precious
metals; but experience has shown that these nue.
tuations are less than those OF any other COM
modify having the proper requisites for a measure
OF values. To the gold standard, therefore, we
must bring the value OF all issues OF paper il we
would avoid
FINANCIAL STORM AND PANIC.
Secondly, it is perfectly natural 1or the debtor
GLASS to desire to have the figure standing against
them represent smaller actual values as they
certainly would If our paper issues were in
creased. During the late very little was
thought by the Southerners of carrying burden
OF $4,000 or $4,000 as representative OF their
debts In Confederate currency whenever such kind
OF payment was accepted. SO, at the present
time, shrewd and not over nice men who are in
debt would be glad to depreciate our own currency,
TO the end that the process of paying these debts
may be made as easy as 1t used to be in the South
In 1854 But that any man who is IN q sound fnan-
ctal condition should think 1t an advantage have
the siguren which represents his property
doubled, when its ''valuen for exchange into other
commodities remains the same, is past compre-
heusion.
Congress will have Its "sober second thought
upon this all important subject. Already the
rampant demands OF
MEN FRESH FROM THE BACKwooDs
Rave yielded to somewhat OF common sense and
the party is said to be diminishing who, fcrgetful
OF the laws that govern trade, have sought by
sundry wild schemes generally, but ignorantly put
forth, to change the current on which the shin OF
State has succe essiully sailed since the close OF
the war. or course here and there will oe found q
man VINO believes that the government can coin
s'money" out OF ''lampbla OK and ragsn and that
the product is 'real" money The fools are not all
dead yet, but, thank the Lord, they are in the
minority.
THE STOCK MARKET.
The stock market, while active, was not so profit
able as to call forth much comment. There was
much Of realization. There was more of .wash-
ing" 1t may may not be true, but the state
ment was given to the writer that out of so, 200
shares sreportedv as sold, less than $4,000 repre-
sented actual transactions. II these facts
and we are collecting the eyidence-either Peter
IVnk or Buchu has reached the recesses OF the
Stock Board, and the institution is going to the
bad. 1t is time for reforR. More than one innu-
ential operator has already expressed his opinion
The bulk OF sales to-day embraced by Pacific
Mail, Lake Shore, Western Union, New York Central,
st. Paul, c. c. and /. c. and Ohio and Mississippi.
OF the speculation in which are understood to be
cautiously realizing OF course it is dinicut to OBJ
tain the facts, and they can only be reached sup
positti0usly by watching the moves on the chess
BOARD OF the Stock Exchange The machinery has
many strong pinions, and they revolve obedent
only to cooperative instructions. IL is reported
that the Lake Shore and Michigan Southern Rail-
road Company propose the issue OF second mort
gage series Of bonds for s25 600, with the object
OF paying OF the noating debt and 'other pur-
poses" We have areaoy described the manner
In which some oil the great railroads
are meeting their obligations, and this action OF
Lake Shore only affords an additional Illustration.
Paper debts seem TO be the order OF the day. The
mortgage is now being registered In 90 different
counties through which the road passes. The float
ing debt referred to embraces $4500.0 900 and
SoVO,O0O debenture bonds. The remainder when
optaineu Is TO he used for finishing the double
track ana "other purposes When this mortgage
Is issued the capital and debt the road viii stand
as ows:-Capital stock $4,000 0oo consolidated
bonds 325, 000 and second mortgage s25 oo0
making total OF 100000 600. No additional fail
ures were reported to-day, and that of Messrs r.
r. HerrcS Co., reported yesterday, has scarcely
made ripple, inasmuch as the firm are
understood to be surrounded by friends whose ,pnu
cncc aid and practical sympsthy will speedily ena.
bic the. house to resume business, The failure of
wall street man whose whole career has been
marked by honor often develops his grandest
strength and when as IN the present instance
shat OF Grinnel & Co., and others whose names are
familiar, events and not imprndence compel tenn
porary misfortune, both creditors and public judg-
ment are generous in their scrutiny OF causes and
results
THE UNITED STATES TREASURY.
The balances in tho United States Treasury at
the close OF business to-day were currency,
$scoooo coin, $s5,25oOoo; certificates, $3l ooo
outstanding legal tenders, $372, ,o56,o0O; increase
since yesterday, $556.o0O. The customs receipts