The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-08-04
FINANCIAL and COMMERCIAL.
REVIEW OF THE WEEK.
The General Condition of the
Country.
INITIATION AID EXTRAVAGANCE.
Symptoms Of q Healthy Reaction and that
We Shall Have q Healthier FIXTURE.
THE GOLD QUESTION.
Curious Figures from the Treasury
Department.
AN IMP ORTANT DEFICIT.
How Gold Is Made Elastic
Through Certificates.
THE STOCK MARKET.
THE GOLD QUESTION.
Curious Figures from the Treasury
Department.
AN IMP oRTANT DEFICIT.
How Gold Is Made Elastic
Through Certificates.
THE STOCK MARKET.
WALL STREET,


SUNDAY. August 3, 1873.
"After deducting interest due and unpaid &C.
crued interest to August and coin certificates
there remains $e5OO 900 gold coin In the Treasury"
Such was the Washington despatch given to the
public last Friday. About the same time London
advices were received. stating that the amount of
coin and bullion in the Bank OF England was
222, AL, 200 or about s11O,OOOoOO In American
value. The Bank of France gained during the past
week alone $14 600, 00o Leaving Germany out OF the
question, as a monster absorbent Of the coin Of
England and France, the present contrast between
THE FINANCIAL SITUATION
OF the United states and that OF the two countries
just named Is not only powerfully significant but
calculated to impress thoughtful men, Twenty
two millions OF government debt, for fully half
OF which America is mortgaged to Europe;
ST. 500 600 900 OF railroad bonds held abroad,
likewise secured by the pledge Of American prop
erty; $780, 600, 900 of currency in circulation, and
the magnificent sum Of $5,500,00O in our govern
ment vaults Apologists for this condition are as
plentiful as blackberries. While credit lasts they
care not picayune for
THE TANGIBLE REPRESENTATIVE OF VALUE,
on which, in every other country in the world,
credit rests less secure, and they would go
ON pillng Ossa on Pelion OF debt until the end.
With species OF Fourth OF July enthusiasm they
talk about our great resources, point to incoming
emigran tships to Outnowtng exports, and dwell
with commendable pride on the growth and ex-
pansion of the country all Of which would have
proper place in argument but for sterner facts that
to-day staring business men in the lace. Inna-
ton has led to extravaganza. Extravaganza has
INDUCED itself In expensive attire and luxurious
homes. The women of America in order to be
conventionally fashionable, have compelled men
to live up to or beyond their means. Men, on the
nthar hand In, Nrdar tOk With tha world
have
sPECULATED RIGHT AND LEFT,
and, in the reach for sudden wealth, have loaded
themselves down with debt, until, at the present
moment real estate is everywhere burdened |;
notes and personal obligations "thick as leaves
OF vallambrosa," while great corporations, munich
pal and private, are flooding the country with an
army Of bonds on which they are only too glad to
raise money at something less than par. This con-
ditOn Of things, If 1t has not already done 80,
sooner or later superinduce reaction. Perhaps it
has already commenced. There Is symptom Of
1t in
DECLINING TRADE;
in the fact that few OF the mercantile or manufac-
turing interests OF the country have realized much
profit during the past year; ia the forced sale of
goods by importers at prices less than cost in gold
and in q manifest reduction Of the amount OF i'm
portations ordered. All these are healthy signs;
but they would gather still greater forcc ff the
government, in its management of the finances of
the country, could approach nearer to the standard
Of England, and, instead OF depending on foreign
aid either for the shipment OF its produce or the
payment Of its debt, the power latent in ITSELF
THE GOLD QUESTION
is still an unsolved problem and will doubtless
main so as long as diversity Of opinion as to the
legitimate value OF specie exists and the present
scarcity continues. Nor is the doubt all idle one.
The whole business world have been mystified and
the mystery increases with every statement of the
Secretary Of the Treasury. On the 3oth Of June,
for instance the monthly statements set forth the
fact that the coin in the Treasury amounted to
$s7 5O7 4O2. At tue close Of business on that date
the actual coin held in all the SubTreasuries OF the
United States and SO recorded in high places and
furnished US from washington was as folows:-
STATEMENT OF ACTUAL COIN IN THE TREASURY OF
THE UNITED STATES AT THE CLOSE OF BUSINESS