The New York herald., 1873-10-11
What Secretary Richardson Says About
It---An UnequivOcal Statement
IS THERE A HIDDEN PURPOSE
The Probabilities and Possibilities
of Specie Payment.
CAN WE RESUME :?
Money Stringent, Government Bonds Weak
and Railroad Bends Steady.
WALL STREET,

WALL STREET |
FRIDAY, Oct l0-6 P. NJ.
The stock market opened with a considerable
manifestation OF feverishness, and 1t was evident
that the Board had not recovered from the per
rurbaton of the day before. Later, however, it
took fresh courage Prices were too inviting to
those holding capital, and the prospects for a
moderate advance were too tempting to warrant a
withholding OF investment Hence good business
was established after one O'CLOCK and those who
were shrewd enough to follow the legitimate Wall
street rule, and buy on low market, realized
handsomely before the close OF the market. Many
rumors were noated concerning the intention OF
the government and its use OF the forty-.our mil
lion reserve which doubtless added not little to
THE STRENGTH OF THE SITUATION;
but, to the end that the operations OF the street
may not rest on false basis that speculation
may not be misdirected by falsehood, We set at
one rumor which it was believed exerted
powerful influence. A telegram from Wash
ington to the HERALD states es:-"Unequivocally
and positively Secretary Richardson says
that not one dollar Of the reserve will be
nsed, except for the payment of the current in
debtedness OF the government The currency re-
ceipts have fallen OF, and they will probably con-
tnue to do so and there is no chance to sell gold
1t may therefore be necessary to draw on the re-
serve for weeks to come. The Secretary will do
this as long as the government Indebtedness de-
mands it," The foregoing is explicit and direct.
Still, the words may
HIDE PURPOSE,
and seven or nine millions OF dollars thus dis
bursed for government necessities, may eventually
hnd their way to the metropolis and do vast good
among our banks and fduciary institutions. AS
we have said before however, the kernel of our
financial troubles is with the people themselves.
There has been and is a needless locking up OF
currency. There is want of faith, OF patriotism,
OF cooperation among all classes. To use plain
words there is an exhibition of cowardce on the
part OF moneyed men, the combined result of which
is the present condition and continuance OF it,
until they find by the reaction on themselves as a
community OF wealth, the necessity OF coming TO
the rescue of banks, the unloosing OF their funds
and thorough exhibition OF confidence,
THE GOLD MARKET.
The interest which attaches TO the gold market
evinces itself in watching the curious downward
course that has been pursued for several days past
and which promises to give us eventually the Key
note and solution OF great problem. 1t has been
warmly urged that the decline OF gold is material
step towards the resumption OF specie payments.
With but thirteen or fifteen millions OF available
coin in our banks, few other scattered millions
and barely enough in the National Treasury to
meet the payment OF the national interest between
this time and the 1st OF January it will be nice
calculation for those who are counting on the
great advantages to result from these low prices
where resumption can successfully begin, how 1t
Is to be maintained with
SEVEN HUNDRED MILLIONS OF GREENBACKs
pressing for equal recognition, and where the
country will end when the demand fairly sets in
and the boarding process is applied to coin which
at the present moment is observable with reference
TO legal tenders. In otner words, as simple ques-
ton in arithmetic, 1t may be properly asked,
What If, with all the currency that has been
published, are unable to meet the present con-
tingency and supply the commercial want,
can we reasonably expect will become of
real value which exists among emily to
the extent OF, say, tenth OF that currencyY
Will not you and be tempted to store it away and
disburse greenbacks instead' In short, must there
not be vast augmentation OF gold or vast con-
traction OF currency before the two extremes OF
present power and weakness can meet on mid
die ground, and by merging into each other, be-
come fairly representative OF a common user Some
men have said,
ABOLISH THE GOLD ExCHANGE.n
Do IT, and dozen individuals viii control
market tnat now borrows Its daily prices from the
speculation and the checks OF a multitude. 1t is
also intimated, evidence OF the
weakness OF gold, that If the clear
ances were to-day made adjustable in
greenbacks instead OF in certified checks the
premium on the former would compel reduction
In the price OF gold. Query-r by any possible
combination OF circumstances gold should be
quoted at par how many days would pass before
every dollar would be absorbed and locked up in
OLD STOCKINGS
by the money getting men and women among our
population OF forty millions When the merchant
desires TO pay his customs account where, after
while, would he get his specie for the purpose
How would government accumulate enough to pay
fts foreign interest with every inhabitant hoard.
ing, as the most tangible representative OF per.
sona or public credit, every dollar of coin that he
can lay mis- hands upon, untn oficial facts and
figures declare something like an equality between
the gold and greenbacks in circulationg
THE DECLINE IN GOLD
to-day was probably attributable to the announce.
ment OF large shipments from abroad and the
withdrawal from the Bank OF England on Ameri.
can account. The price declined from 100 TO 1857,
with closing transactions at 1857 10Sx. The
rates paid for carrying were 8, L 0, 1-32, and
per cent. The operations at the Cold Exchange
Bank we're as follows:-
Gold Cleared $36 7s3 600
Solu oaances... ..~...........,........... go,o3i
currency Daiances. s...................... lUos,O54
The following is the Clearing House statement
currency exchanges. $54 9l3,s2l
CO. my utlhnces. zsiuoo9
So,S eASNnalges... ZsllZo
S- s-'~ASS1...s oZi,Si9
me stesnshp Doran, from Bremen, which ar
'flVeo to-day, brought f136 900 in specie.
TIE MONEY MARKET.
netter ieenng prevails among bank officers
land more encouraging tone is TO be borrowed
from them than from the outdoor circles which