The New York herald., 1873-12-18
Any Other Policy Dangerous
to the Country.
THE MONEY MARKET
Gold LOwer---GOvcrnm ant
Railroad Bonds Firm.
THE EBB AND FLOW OF STOCKS.
WALL STREET,

proposes, as plan OF relel, 10 dlScnarge en-
poyes or tax their salaries to the end that ne may
retain his credit, the average financial world
generally write that man down as upon the edge
OF bankruptcy. Yet similar confession was made
the other day by Secretary Richardson to Repre-
sentative Dawes, the Chairman Of the Committee
OF Ways and Means, and the mode or relief sug-
gested by him continues the parallel between the
TWO cases. True, as a nation, we are not likely TO
become imme dately insOlvent; for, while indi-
vidual energy is rewarded at home and abroad by
the profits OF production, money, in one form or
another, must fulfil its mission; but, as q govern
ment we stand disgracefuly conspicuous lor our
poverty;
THE PUBLIC TREASURY EyHAUSTED;
o fund trenched upon the legality OF the issue OF
which Is debatable; an inadequate revenue;
monster pecuatons at the very seat OF govern
ment, all in the name OF law; financial dabollsm
rampant; justice subverted; officials with their
fingers plunged deep into the public coners, and
Congress casting about 1or means to pay the ex-
penses Of the government-surely If this be not
poverty and retrogressiOn then these are meaning
less terms. II the people are to be retaxed-we
are gong backward. II the country must groan
under the burden Of another loan-xe are going
backward. II the currency is innated-we are
going backward. But there is
A SIGN OF PROMISE
its name is retrenchment. 1t dmly glimmers In
some OF the propositions OF The Senate and in the
action OF the House OF Representatives to-day.
which body, "by vote OF rs yeas to 1913 nays, has
disagreed to an amendment continuing the salaries
OF members OF the Cabinet and the Vice President
at SIC, 600.
An amendment to continue the Presidents SAL
ary at $4,000 after the present term of ofce was
also voted down by large majority" We also see
other favorable outgrowths of this idea in the
Y,an M nf fba har Cf . tba
Cabinet, who, with the exception of the Secretary
OF the Navy, engaged in cutting down their es-
Inmates Tor appro oprations. All this is well. Per-
haps 1t may afford the desired relief Indeed it is
stated that
SECRETARY RICHARDSON IS OF THE OPINION
that by issuing Sc6. 600 of the reserves now on
hand striking out So, ,o0o,o 600 for public works and
$4,000 900 or S20 600, 000 from other estimates of
the War Department, he will have enough money
to meet all demands the Treasury until the first
day OF next April or May. BY that time the re-
sources OF the country may be such as to supply
through the internal revenue the usual amount OF
funds. Ii the varlons departments which will
make their reports to Congress after the holidays
on this subject present satisfactory exhibits the
country may escape the evils Of imitation; but IL
they are not satisfactory we have already had
enough examples to justify the expectation that
the members from the West and South will
urge the most runous financial policy that a coun-
try ever adopted. Fortunate it is tnat the people
will be permitted an opportunity for 'sober second
thought" and Congressman may return from their
homes less stimulated by personal influences and
more prompt to obey the dictates OF sound reason.
THE MONEY MARKET.
Money continued its exhibition Of hardness dur
ing the day, and rates ranged from per cent per
annum to 1-32 1-16 per diem until near the close
lpo uvuara ofta lou Z aud r. mar con ryt
exceptional transactions at per cent less. Prime
discounts were quoted at from to 10 per cent
Foreign exchange was flrmer, with business at
1857 for prime bankers GO days sterling and 1O9<
for sight, The outstanding loan certificates have
been increased 10 $4,725,Ooo.
THE GOLD MARKET
while still firm, to-day showed signs OF yielding to
external pressure, some of the indications from
Washington, perhaps, pointing to more conserva-
tism than was expected IRON the speeches made
earlier in the week. The prices, however, II not
upheld by clique manpulatons are yet very
strong and will doubtless continue to depend on
the action OF Congress IN Its treatment OF the cur
rency problem. The opening figures were at 111a4
at 10 80, 11I7s at IL 1925; at 1890, 112; at P.
NJ 112h; at 80, 11lT; at ?, 1112i; at $780, lily,
and at 3, 1117s. The carrying rates were 1872: T. @,
g. 4, and 7 per cent gold. The operations OF the
Gold Exchange Bank to-day were as follows:-
Gold balances s,s 10, M
Currency balances. lab 400
CROSS clcarllSS. .oo,3I@,uOu
CLEARING HOUSE STATEMENT
Currency exchanges. 597Sl2
CURRENCY balances. aS oSo
GOlu e&cnahRes. 4,4ZoooS
GOlu caianceS. ....................... d1o,ooo
THE UNITED STATES TREASURY.
The balances in the United States Treas
ury at Washington at the close OF busi-
ness to-day were as iolows:-Currency,
$e97 6S2; coin, ss6ooo,0oo; certificates, $sl,5oo,-
600; legal tenders outstanding 1874, ,577, ,000 an
increase OF $4,000 since yesterday The internal
revenue receipts to-day were s3l94sl. The GUS
toms receipts were $2To,ooO. The Assistant Treas
paid out to-day 900 on account OF interest
and $4,000 In redemption OF five-twenty bonds.
GOVERNMENT BONDS
continue to be In good demand. and appear to be
eagerly sought for permanent investment. The
market closed hrm. The following were the latest
quotations limited States sxes 1881, registered,
116 116tS; do. do. do, coupon, l20A 121 do do,
1862, registered do. fve.twentes, 1862 coupon,
1l6 l16; do. do, 1864, registered, 115h; do. do.
do, coupon, 1l6h; do. do. 1865, registered, 1l6ls
III; do 90. do, coupon, 1l6X III; do. do. do,
new registered, 115 1i5x; do do. do,
coupon, new, 11SX 10; do. do, do, regis.
tered, 116k; do. do. oo., coupon, 1l9h a l19I;
do. do. do, registered, 1l5S do. do do, coupon,
119H 119X do. ten-forties, registered, 112; do.
do, coupon, 112H; do. sixty-hves 1881, coupon,
ll3k; six per cent Pacific Railroad, 1l3A Il3 X,
THE FOREIGN MARKET
at the close was weak and lower. The changes.
however, are unimportant and not OF a character
to call for unusual comment at this time. The fol-
lowing were the late quotations :-Consols for
money 9ls1 o1T; consols Tor account, 91 15.1o
90; fve-twenty bonds OF 1885 told), WS; hve-
twenty bonds OF 1867, 95 a 95H; ten-forty bonds,
o2L n 02L. new fives o1% a 9lM; Erie Railway
shares, 36A a 3e3s; New York Central shares, 7sI
a 7Ss[. The bullion Withdrawn from the Bank OF
England amounted to $4,000. The rate for money
Is per cent. French rentes declined to 5sL &c.,
q decline ot 1Sc, apElns. tpe asseEB0eas The