The New York herald., 1873-12-10
THE NEW GERMAN COINAGE.
A Buoyant Stock Market Prices Still
Tending Upward.
GOLD, MONEY AND BONDS.
WALL STREET,


storm compared with which the recent panic was
but summer breeze. Even to give legitimacy to
the issue OF the $44 900 reserve as part OF the
regular legal tender issue Is step fraught with
evil. however gratifying may be the temporary re.
suits. The pending preparations for war afford
some excuse for the inroad that has been already
made upon this amount but true financial wisdom
dictates the Importance OF contracting the volume
OF circulation to the sum OF $780, 600. The ben
edit to be derived from
THE ACTION OF CONGRESS
viii be most largely felt when that body secures,
drst, sound paper currency Of equal exchange
able value with gold; second, an amendment OF
the present banking system, whereby the business
Of banking may be thrown open to all, under such
restrictions as shall protect the government on
the one hand and the people on the other. Meas
ures for the promotion Of elasticity at such
seasons Of the year as it Is most required for the
purposes Of trade may properly follow in the train,
but beyond these points the National Legislature
cannot well 60 without danger to the country.
The mere probability Of imitation has already be.
gun to work its evil and the fact will only make
matters worse. 1t Is good motto as regards our
legal tender circulation to 'Iet well enough a0ne.n
LATE LONDON ADvICEs
by mail indicate considerable apprehension among
financial authorities with reference to the future
OF the English money market. While it is admitted
that the pressure on the Bank OF England for loans
has diminished, and the advances by that institu-
ton has decreased at the same time that its re-
sources have augmented, the fear is nevertheless
expressed that through the coming operations Of
the German government scarcity Of gold will be
forced which win cause almost ncessant difficulty
in transactng the financial business OF the world
Hence that credit will be strained in consequence.
For the present Germany is not buying gold in the
n fOr tho Sug-
pension Of purchases is that had the authorities at
Berlin drawn even 81, 600, as they had the
means to do, the act would have resulted in panic
followed by
REcoIL UPON GERMANY.
In measure this demand was checked by the high
rate OF interest then charged, but when IL is re-
membered that the coinage operations OF Germany
were only temporarily checked for precautionary
purposes IL is easy to ioresee that England will,
sooner or later, again be called upon to yield to the
importations OF gold by the German government.
AS high rate OF interest attracted an influx OF
gold, so will low rate Of interest prevent an
influx and tend to reproduce some OF the condi-
t0ns OF the past. Complaint Is made that, not
withstanding diminution in the actual circula-
ton. the banking reserve is not sufficient to satisfy
the public confidence, inasmuch as large demands
are liable to come suddenly upon the Bank and
again create strngency. Nor Is it likely that
proper reserve, say f12, 100000 or f13 100000 as
minimum, can be maintained in the face Of cheap
money, the possibility of foreign demand which
such cheap money would invite, and the lower
rates which prevail in the outer market
THE NEW GERMAN SILVER COINAGE
We observe that in the last official statement is.
sued with respect to the new coinage Of the Ger
man Empire mention is made of the new silver
coinage. The total gold coinage to the 1st Of No
vember was
Marks,
In 2omark pieces $40, s45. 340-s4O. 542 900
In 10-mark pieces l6i 600, $50 8,230 900
Total. 975, 446, 170-s4S, 772 600
the coinage in the week ending November /
,bavlng been under 100000, that the reduction
In the former rate OF coming gold has been main-
tained During the same week the coinage OF
silver amounted to se,37O marks in 20-pennig
pieces. The German government is thus occupying
its mint employees not only in coming 10-mark
pieces, by which it keeps down the rate Of gold
coinage but also in coining silver, which win still
more effectually serve the same object. 1t remains
to be seen how long this programme will be con-
tnued and at what date the active coinage of the
standard 2O-mark pieces, which Is after all, the
essential part Of the new money system, Will be
resumed.
THE UNITED STATES TREASURY.
The following were the balances in the Treas
Legal tenders for redemption OF certificates OF
deposit, 4A,545,Ooo; coin, $s4.43l,o25 including
coin certificates $50, 79s, 900; outstanding legal
tenders, $780, 436718. The Assistant Treasurer paid
out to-day $4,000 on account OF interest ana
$4,000 in redemption OF five-twenty bonds. The
receipts from customs to-day were ss29, 900; from
internal revenue, $209,0o0.
THE MONEY MARKET.
Money was comparatively easy, and loaned at
0 and per cent, with closing rates at and per
cent The banks are said to be extending greater
accommodations than heretofore on call loans.
Foreign exchange closed up dull and steady for
prime bankers 90 days. sterling at 1881
q los 5-l6, and weak for sight at los1s
l09k. The total exports OF produce for the
week ending to-day amounted TO $5,17o,o64, mixed
values There was an increase In legal tenders in
inc banks to-day, but the publication OF statements
having been suspended by the Clearing House we
are unable to give the figures. Money is said to
be flowing in from the West The amount OF loan
certificates at present outstanding is about
Bs0O0,OOO.
THE GOLD MARKET.
The price OF gold ranged from l0sH to 10oh and
closed at looh The rates paid for carrying to-day
were 7, ., Q, 4 and per cent gold, The operations
or the Gold Exchange Bank to-day were as fol-
lows:-
Gold balances s1,215,211
currency balances. s..................... l,J33,395
GTOSS CledFuHCcs, oh2
CLEARING HOUSE STATEMENT
currency exchanges 500, ,435. 1877
currency Dalances.. 6,655,01l
nod cXcnanges...... ....'.................. 3.9dO,445
bolu pAtuceS. ......................... 7l3,3Sg
GOVERNMENT BONDS
were IN good demand ana closed strong at the
following quotations United States skies, 1881,
registered, 1i4,A l141s; do. do, coupon, ll74
1lsk; do do, fve-twenties, 1867, coupon, 1lIi4
do do. 1864, coupon, lls4 ia; do. do, 1866
coupon, 11aA; do. do. 1895, coupon, new, III
1l7h; do. do, coupon 1867, 1l71s a lls; do. do,
COUPON 1858, III; do. ten-lortes, registered 1904
2iOh; do. do, coupon, 110ls III; dyes, 1881,