The New York herald., 1873-11-29

FINANCIAL and COMMERCIAL
THE RED ROSES AND WHITE.
Shall We Have Contraction
or Initiation ?
FREE BANKING POSSIBLE.
Can We Afford to Resume Specie Pay
ments ?-What the Chamber Of
Commerce Says About It.
THE REMEDIES WE NEED.
More Gold, More Utility for Our
Dax,o, NFo~o rorGIonoo
THE REMEDIES WE NEED.
More Gold, More Utility for Our
Paper, More Confidence.
THE STOCK MARKET TO-DAY.
Gold E-irmer and Sccnri-
ties Strong.
WALL STREET,

FRIDAY, Nov. 28-6P MI
It IS very evident from the discussion now in
progress that the ensuing Congress will be sharply
divided into parties on the subject Of finance.
There will be 'inhationsts," "contractionists,'
and those who prefer to 'Het well enough alone.o
II is safe to assume that the result Of theory and
fact there will be an entire revision OF banking
system; that something will be done which, with
out antagcnizing the policy Of the administration
thus far aided by fortuitous circumstances-win
secure elasticity convenience and larger utility
for the existing volume Of currency. From the
present point OF view it looks very much as IL we
were to have a system OF Tree banking, yet
defined problem. But, after all, the kernel OF the
situation may be described in two words-"More
gold !" What we want is faith-not imitation
That faith must be based on the ability OF the gov
eminent to meet its obligations. When the Treas
ury Department suspends the redemption OF bonds
and the depletion OF its vaults Of that which con-
stitutes
THE BASIS OF ALL PAPER MONEY
the world over; when the natural course of trade
is left to ITSELF and every dollar that comes into
the Custom House is boarded in the public Golfers;
when the people know that millions are accumu-
lating as the result OF policy that means eventual
resumption; when, as nation, we can realize that
much as we may export we are not exhausting
ourselves, but gradually gaming the strength that
need we count on any system, no mat
ter how it may be doctored, that will
bring rehef Compound interest notes. the
issue of a hundred or two millions OF additional
legal tenders, the introconvertlbility Of green
backs-all VIII amount to nothing unless the first
and essential step be taken by the government
itself. individuals and banks can do nothing. The
game is in the hands of the administration. True,
the country needs immediate aid; but it is doubt
ful whether any interference with the existing
volume OF currency can produce a condition that
will not quickly develOpe weakness, loss and even
greater financial misfortune than that which at
present exists. Contrasted with our circulation
before the war and our contraction since the war,
Is not
SEVEN HUNDRED AND NINETY MILLIONS
Of dollars reasonable capital for nation OF forty
millions to work upon2 Do the governments OF
England or France do any better for their people
per capitaS Is not this capital the foundation OF
thousands OF millions Of dollars, represented by
credits, checks, notes. bonds, mortgages, improve
ments in personal and real estate manufactures,
snd so on; and until this crisis, when the demon
distrust crept in, was it not deemed
sufficient for all the purposes OF the
country We believe that every thought
ful man can have but one answer-to wit.
VIC have money enough. We only want larger
nse for it. That has already come. The panic pro-
duced it. The purchasing power has been en-
hanced Prices are reduced Labor is the only
remaining obstacle to the ability OF the manuiac-
turer and producer to resume business on the
lower scale that has been forced Value, in other
words, has adapted itself to the economy of the
multitude, to the boarding procvtles OF the mass;
to principle unconsciously set at work by the
people themselves, which is now fulfilling MISSION
In
THE RIGHT DIRECTION.
To stay or obstruct this power is crime, and r
congressman in their desire to make capital for
the respective communities which they represent
seek to change the current which has set In they
VIII make one Of the mistakes OF a lifetime. Let
them rather aid the healthy movement now going
ON, not by expanding the present or making new
volume Of currency, but by augmenting the use
and value to the country Of that which already
exists. We READ every day paragraphs like the
folIowing:-
The venango (Pa.) Spectator says the suspension
OF the iron works at Brady's Bend has lett the
whole population OF that town-nearly 5000 per-
yons-On the verge OF absolute want.
In the face OF this condition of affairs, and it is
by no means exceptional, Wall street is all
bubble, and prices are for the moment bounding
upwards. BY and by the turning point will come
and prices will find o sound level. Meanwhile q
desperate game is to be playOi. The member OF
Congress Is already selected who will Introduce a
bill providing for the innaton Of currency to the
amount OF $10o, 900 ,o0o Stocks will advance and
market be made for sale. Stocks win then de-
cline, for In all probability any proposition made
for the enlargement OF currency Will be modified
BY restrictions. II 1t is necessary to make war
government Will probably not issue
FRESH CURRENCY,
but it may issue bonds, commanding, say, six per
cent interest II these are put on the market at
par they win he quickly absorbed by our
own people. This process, for the time
being, Will promote still further contraction,
because 1t viii compel the investment OF
rreenbacks Later however, we shall undoubt
edly feel the effect which attaches to all wars, and
We may exhibit somewhat OF former extravaganza
But this cannot possibly reproduce the evils from
which we have already suffered. Government and
people are alike stimulated by one purpose, and it
viii not easily be interrupted. Providence has put
In the right path, and only the worst OF legisla
lion can change our course 'More gold; more
atiiity for our paper money; moro conddence;"
these are the notices OF the hour.
THE STOCK MARKET
Today was buoyant during the morning, being
lnected BY combination of circumstances; such,
Or instance, as the reduction in the Bank OF Eng
and rate from TO per cent, the gain OF fl, ,o65o 600
turing the week, general advance in Sc
surttics at London, decline in money In
inc open market, ana the peaceful atti-
Jude OF the Spanish question. Prices ad-
vanced sharply. Later, however, the course OF
speculation was changed. the rumor prevailing
that Minister Sickles was in Paris sundry other
depressing influences were also at work, including
some statements OF failures The market
sloscd with a feverish tone and rather blue
aspect for tomorrow. The leading Spectators
are said to be "getting out" In many instances
The gain OF the day was lost. the transactions
we're generally large and Indicative OF the ambi.
uous character OF
THE LEADERS or THr SPECULATION,
but events were against them. Their ''washcs''
we're too apparent, as Will appear below. Western
Dnion opened at cox, moved up hesitatingly to