The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-12-01
Further from the Comptroller Of the
Curency.-Hls Remarks Upon the
Way Business Is done In New York
s.He Wants IL Done Differently

l
Curency.-Hls Remarks Upon the
Way Business 10 done In New York
..He Wants IL Done Differently
WASHINGTON, Nov. 29.-The Comp
troller ot Currency In his report says
The present financial crises may In q
great degree be attributed to the intimate
relations OF bonds IN the city Of New
York with the transactions Of the Stock
Board In Wall Street. More than one
fourth, and In many instances, nearly one
third, Of the "bills receivable" OF the
banks since the late civil war having con.
sisted Of demand loans to brokers and the
members Of the Stock Board, which trans.
actions having had a.; tendency to
impede and unsettle instead OF
lacilitatiDglthe legitimate business inter-
ests Of the whole country. Previous TO
the war the Stock Board is said TO have
consisted OF only one hundred and fifty
members, and its organic principle was q
strictly commission business, under astrin.
gent and conservative constitution and by
laws. The close OF the war, however,
found the membership Of the Stock Board
increased to eleren hundred and composed
Of men from oil parts OF the country, many
OF whom had congregated In Wall street
and adopted for their rule OF business that
apt motto Of Horace: .,Gl.ts
MAKE money = mdl1 il th0neslly If you
can J; at all 6relts n,ake money ,,s5
slThe law Of the State oil New Yorkwhich
had been retained on the statute book
since 1918, restricting the operations Of the
Stock Board was unfortunately repealed
ip 1858, so that It's members and manipu-
latora were enabled to increase operations
TO q gigantic scale. Quotations Of the
Stock Board are known TO be frequently
fctions Of speculation, and these tictions
control the business and commerce OF o
great country. Their influence Is not con.
fined to this country alone, but extends to
other countries and seriously impairs our |
credit with foreign nations. Railroads
and other corporations which they had |
bolstered up, and which have obtained |
quotations In London and in other mar
kets Of the world, have now been reduc-
ed to more proper valuation or
been stricken from the list. Unity |
Of action, 1t Is said, among leading banks
oil the great cities will do more TO reform |
abuses than any Congressional enact
ment, for unless such corporations will
unite and insist upon legitimate methods
Of conducting business, the laws Of Con.
gress In reference thereto Will be likely |
soon to become inoperatine. II, howev-
or, the banks are disinclined to unite for
such purpose, the legislation required oil
Congress will be such as will induce
banks outside Of the city OF New York to
retain In their vaults such funds as are not
needed at the commercial centre for pur-
poses oil legitimate business. The follow.
ing statement, therefore, has been pre-
pared, showing the whole amount Of Ma
tional bank currency, legal tender notes
and fractional currency Issued upto Octo.
ber 18th and November 1st, 1873, viz:
National bank currency October 18Th,
$35 049, ,05e; November 1st, $3.50. .332 8S4.
Legal tender notes October 18th.5 $780,.
588,8SS; November 1st, $500, ,952 208.,
Fractional currency October 18th,
$40 500, ,19l; November 1st, 47.S76, IA.
Total October 18th, $758.3l5,1S5; No.
vember 1st, $3.50, ,16l ,239. %. - - -. 4
Deduct the amounts held by tho Treas.
ury and by the banks October 18th, $116,.
498. .997; November 1st, $129, ,140. .727.
Which will leave unaccounted for Octo.
Der 18th. $689.SlS,1Ss; November 1st,
$s3l ,0205l2. \
After making due allowance for the
currency held by State and Savings
banks, Trust companies and private bank.
ers, there are larger amounts than can be
TO have been In the pockets Of
the people or the tills Of small dealers,
but 1t may belelt to the ingenious IN such
matters 10 divine what portion thereof
was boarded by the timid, the ignorant
and the covetous.