Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1873-11-08
THE CURRENCY PRESSURE.

Notwithstanding the suspension Of
work in large manufacturing establish
ments, and commercial failures OF
houses of extensive connections, the IL
nancial condition, as viewed by the
New York papers, presents more en-
couraging aspect than recent events IN
Dictated. The stagnation in the circula-
ting medium, growing out of a general
want of confidence, as all know, is now
the chief difficulty. and the New York
papers of yesterday particularly com
ment on this phase of the situation. The
Times says:
The money in circulation was too lit
tie to hold up stocks, pay for the enor-
nous crops of grain and cotton, and
move them to the seaboard. The panic
then began on account Of stringency i'll
money, which was not artificial, but
brought about in the ordinary course of
events. Confidence has been shaken
now by the numerous failures. and the
clatter concerning the instability of the
moneyed Institutions a restoration of
public confidence in the safety Of the
banks and an ample supply of money
will bring about speedy recovery. As
panic began.on account of monetary
strincency so it will end by relaxation
in the rates of interest and proofs fur
nished that this will be permanent We
have the money now. There is more
in circulation by fifty millions of dollars
than six weeks ago. The banks have
drawn largely on their legal reserve.
The government has paid out the sur
plus of S15,OOO,OO0 in purchases of
bonds, and has also drawn largely upon
the S44,OOO,000 reserve. Millions OF
gold have been sent over from the
! Bank of England, which are now in ac-
tive use here. The country needed
more money, and it has been obtained.
The truth is that before long currency
will he a glut. and four per cent be
considered a high rate of interest. Ev-
erv mandatory that closes, and every
, iron forge that shuts down, instead of
adding to the general stringency in
money tends to make il more easy.
! Money is dearest when there is the
greatest call for it to use in business re-
quirements. 1t is cheap when it seeks
investment instead of being sought for.
The New York Herald says:
The only trouble seems to be about
the currency, about the means where
with to transact business. Yet there
has been no actual contraction; that is,
the government has not withdrawn any
of the circulating medium. On the
contrary, it has rather enlarged it by an
extrs issue of greenbacks and through
increasing the fractional currency by
the new silver coinage and issue. The
increase of gold through importation
within a few weeks to the amount of
about ten millions has also augmented
our resources for trade. There is, then,
more currency than before the crisis,
and when everything was going on
swimmingly. The question is, there
fore, will this currency be afoat again
as the crisis passes away Let the
banks unlock their Golfers and the PEG
pie empty their stockings, and all will
be we'll
The Tribune says
All authorities agree that currency is
wanting. That alone is the panacea
needed for all our ills, according to the
unanimous vote of all the consulting
physicians TIE difficulty lay in putting
currency upon the market. The people
have plenty of it, and doubtless would
willingly pay it out for government
bonds, but people won't sell the bonds.
They are as good as greenbacksto them
and better for they draw interest