The New York herald., 1873-12-16
THE MONETARY SITUATION.
A Days Picture Of the Financial World Photo
graphed from Wall Street Congressional
Expression and Commercial Response-
Shadows Cast by Coming Legisls-
tion-An Instructive Summary.

The world moves is trite but none the less ap
posite observation upon the current events of dag
in business circles and the which operate "a
produce animation or dulness activity or sluggish
ness in It's transactions Especially is this notice
able in Wall street, where operations the result
OF the largest stimulation In respect to news, and
where the Stock Exchange, the great focus 0
speculative life throbs responsively to the pulsa
tions OF similar foci in London, Paris, Frankfort
and Berlin, recorded here almost simultaneously
with their occurrence. 1t, In fact, may be almost
said now, taking modern skill and enterprise into
account for their accomplishment Of such result
througn the triumph OF the electric telegraph and
the understanding OF those who know how to use
1t, that the great body financial OF the world Ii
moved with single heart beat, and that
EUROPE ANp AMERICA FEEL SIMULTANEOUSLY
the same arteria how, fructfying, enriching and
giving life to their remotest parts.
days history OF Wall street is an era In ITSELF
1t Is, through the aid OF the telegraph the word,s
history for day, full OF strange events to one
born so years ago. novel accretion sensations to
many vet living quiet, retired lives in the country
IL is worth recital, especially such day as yes.
terday, which was so crowded with rapidly recur.
ring bulletins OF events-the largest interest being
directed towards the shifting situation in Con.
gress-as to almost preclude intelligent action
thereon. Hence temporary chaos in the under.
standing produced Its natural consequence IN the
stock market Of realizations, and In the gold mar
ket stnening premium. We pick up
THE NARRATIVE OF THE DAY.
with the quotation of gold, q little after ten
o'cock-lloH, 1lo1s bid. Following this came the
announcement from London that the steamer
Frisia, from New York. had arrived at Plymouth
yesterday morning. Gold here declined 70 ",
with and per cent alternately paid to have
foe Abn,
gold as collateral Next comes the news that the
Sandy Hook. and will be up at about one O'Clock
P. NJ. Gold during this time vibrates between
HOY and l1oH, touching at near eleven O'Clock.
Next we get quotations OF Pennsylvania stocks
from Philadelphia, while gold. rapidly vibrating
within margin OF x per cent touches 11oM, and
the carrying rate being still per cent and the
premium los<, 1oa bid. Here we. get late Lon
don despatch the earlier ones having come before
this record is made up), dated three p. NJ, an
nouncing that American securities are steady and
unchanged, with rsntes at Paris buoyant. Gold
with this the sales of American cotton In Liver
pool are given at $500 bales. Sterling exchange
here advances to 109Z. shortly alter one O'Clock
the street is informed that the loan certificates OF
the associated banks are unchanged since Satur-
Clearing House statement, which was sue
ceeded by halfpast three p. M. despatch from
Ion BANK Of r En- England 0' on % balance @ O yesterday day
had increased fsa,ooo After some. further
Philadelphia stock prices gold Is quoted at III x.
Boston stock market and later Liverpool cotton
market. Foreign exchange in this market is then
'.iong'' 100 days. and ssshort- with sales OF long
earlier at 1854 and 1887 and few bills ofTering.
Continentals very frm. Cold has at this time gone
of to l111S bid after which come more Phladel-
phia prices and Amsterdam quotations OF Ameri-
can railway securities, including Pacific Railway.
Erie and Northwestern and st. Paul. Then come
the closing London prices, with the commentary
that American securities are barely steady. iol-
Ipuv nv thu foffn frnu nf1p nuvu DIP d1ndk
Exchange. Now we enter on
THE EXCITEMENT OF THE DAY.
despatch comes from Washington stating that
Senator Sherman, from the Finance COMMITTEES,
has reported the House bill to redeem the loan OF
Indifferent @ to this ss and is stI quoted liz, liz
bid. Later we had the report that Secretary
and Mesns ommittee 70 Uivnc bs ~ .ne o ways re
ommending increased taxation says the receipts
from custome are barely sufficient to meet the
tons and that 1t would not be prudent to sell gold
to increase the supply Of currency He
will be increased many millions and there remains
only $26. 900 OF the $4,000, 900 reserve in the
decided to report resolution that any increase OF
taxation at this time Is inexpedient, and calling
priarlons. The committee further resolved that,
should 1t become necessary, the secretary win be
authorized to make temporary loan, bearing
A second despatch brought to the street the
Secretary's defence Of his Recommendations IN
shed elsewhere, and the M further r. statement sta sSat
he had ascertained by examination that the public
relieve the strain which the detection such unpeas-
ant confessions Of Ill administration occasioned.
came by way Of interude the announcements
that Elizabeth, Qneen Dowager or Prussia, is
dead She was 72 years old.n The market
failed to respond, and fresh prices OF Pennsyl-
letters .'Spcl Washn,n again challenged attention
with the announcement that Mr. Holman, OF In
DIANA had offered bill providing for the substitu-
was referred to the Banking and Currency Commit.
tee. Close on this came the further announcements
that Mr. Pierce, OF Massachusetts,, had intr0ducedR 3
bill for the resumption OF specie payments which
confirmation OF the press dispatches respecting
the virginius was given from official sources and
announced. More Philadelphia quotations fol-
lowed.
GOLD HAS BY THIS TIME GONE Up TO ll1h. u BID.
1t is then learned that Mr.. L0ughridge, OF Iowa,
has offered bill imposing tax on all incomes
over $1,000 per annum. Referred to the Ways and
Means Committee. Also that the Judiciary Com
mittee had reported bill to repeal the Bank
ruptcy law: whereupon Gt being three o'clockl
soa Ss g. o ana s
January i, 1875, day for the resumption
OF specie payments, continued the excitement on
still further helped by the argument OF Senator
Pratt as communicated, in favor OF an increase of
sS in % the present. @ tSnss
receipts and Closing New York cotton market ioi
lowed, when the thread OF the washington narra-
tive was again taken up, with the announcements
that Mr.. Kelley, Of Pennsylvania. had introduced
resolution in the Ways and Means Committee au-
thorizing the Secretary OF the Treasury to issue
bonds to the amount OF 800 000, ,000 bearing low
rate OF interest, the money to be used In meeting
Treasury demands which was voted down. Later
the Associated Press corrected this and said that
no vote was taken. 1t was also stated that q reso-
luton calling for revision OF the estimates for the
ensuing year, with view to their reduction, was
adopted, after which
THE DAY CLOSED
with the publication OF the Treasury balances and
the Sub-Treasurer's diurnal report.
Thus ends the chapter There Is subject matter
here for much thought on the part Of our leRis-
lators who have in hand the solution OF this great
financial problem. 1t will be seen from the ab0vo
running narrative OF q single day in Wall street
and the causes operating TO produce changes 10
our great central mart that we are not an Isolated