The New York herald., 1873-12-23
THE MONETARY SITUATION.
Reflex Action in Wall Street Upon Congressional
InactioaA Possible SO ution Of the fi>
nancid Problem-Current Failares-
The shrinkage in values-Inter.
ruptsd Collections and Tight
Money the Cause

The adjournment OF Congress over the holidays
appears to have been she signal In Wall street, or
at least, in that fragment OF this great entity
which represents its speculative activity stock
market-for realizations. Thus, supplementiug
the operations OF Friday and Saturday OF last
week, yesterday vas aday Of sales and consequent
reaction In prices. The near approach OF Christ
mas no doubt, contributed TO this disposition, tho
interval OF relief from Congressional samulatlon
onering good opportunity foF safe turn before
the reassempling or Congress. Hence. If this in
terludc in its discussion Of the financial problem.
and empirical propOsiti0ns;of remedy, should de-
velOp q sudden weakness In Stocks it Is BY no
means to be argued therefrcm that the busiless Of
the country languishes because OF Congressionar
inaction, and that tnnation must be tried at once
as the only remedy.
THE BUSINESS OF THE COUNTRY rs STEADILY, Ip
SLOWLY, IMPROVING,
Complete recovery, after the shock It suseainede
in the recent panic. can only be the work Of time;
and, to be lasting. must follow the eradication Of
the evils that occasioned such shock. It hass
been already pointed out here Of what extreme
doubtful conslitutionaity would be any increase OF
the legal tender issue beyond the $doO,0O0.O0e
Supreme Cours rendered its decision sustaining
the legal tender quality OF such issue A further
lation on the credit OF the governments, out Il so
stamped with the title of the act authorizing tue
issues S doubtful s Il Il would be- s segardea
as legal tender until furtner decision OF the SUI
preme Court III such could be oDtainedl had given
ir chat quality The uncertainty, not to say uH-
likelihood, of such decision being rendered, In
volving might, the status OF the entire legal
tender ISSUE induces the anticipation among think
ing men that whatever else may be attempted in
that way, imitation VIII not at all events take this
THE PRESSURE FOR MORE CURRENCY -
comes from the South and West, although senator
Howe. representative man from the latser sec
had rno dU fn a
the issue OF any more paper money. Mr.. Norton
also from the West, is set down as a moderate"
infatonist. The Eastern and Mode States arc
almost unit against inration, with some lodging
among some OF their representatives Of the plain
issue, in favor of intro-convertible bonds. Tho
Pacific Coast Senators are all buhonfsrs COM
promise, in view of the necessity for something
being done ana tue Lmpossnl&.y ;a & OF agaeeMtsns get
is discussed IN monetary circles as within the pos
sibe chances that may result from the recess.
This compromise Is assumed TO include the addl-
ton OF the entire $4,000 600 so-caed reserve to
the previous limit or she legal tender circulation.
with temporary loan at low rate Of interest
having so much OF the intro.convertible plan about
1t that it may be held by the banks as part OF
their reserve. This would be tantamount to .
very large imitation, DuJ in much less objection
able shape than fresh issues OF irredeemablo
paper. Adyices from washington received Ied.. on
Richardson as denying the statement which ap--
peared in the HERALD in the morning, that ne mad
said he had sufficient funds to meet the next six
months, demands on the Treasury. 'sNere this
the case, he added, 'he would not have asked Con-
:-.It is not expected at the Treasury Depart
ment that there will be any material increase n
the revenue ior some time TO ~ Tue mean. ~ G
made to such an extent that Treasury 0inclas, ID
position to know, say
THE WHOLE FORTY-FOUR MILLION DOLLARS WILL Bn
EXHAUSTED BY THE FIRST OF APRIL NEXT"
1t will thus be seen that no legislation now Y
likely to prevent the full OF this reserve, and
IL is more than likely II any Legislation IS required
give the Secretary authority for its emplo
it will take the form above suggested. Inc weak.
no NJ
statement Is readily explainable upon the assump-
tion that such extingulshment OF the reserve nad
previously been over-dlscounted. The legal tender
circulation last night stood at 900, leaving
only S24,0O0,0OO in this much quoted reserve"
In regard to the loan, u Is thought u VIII % %
while the intro-convertible scheme will be
tagged on to it to give 1t an excuse as an ex-
pertinent having for its object the giving 70 our
currency the quality OF elasticity Wall street had
crop ss OF which IS looked Tor between now and the
middle Of January as
THE RESULT OF THE YEARLY SETTLEMENT
decker. wholesale dealer In furnishing goods, No.
sWalker street; Frank Roster, in the same trade,
carpet warps and cotton yarns No s55 Canal street.
These are all probably OF the nature OF suspensiona
cy Isl % ns nane q Is % a
decker it is stated he mas already effected satis-
factory settlement with his creditors, who have
accepted 35 per cent in two secured notes at three
and six months respectively. Messrs.. Frank
Roster are next door neighbors or Mr., Laudecker.
Attributes the failure Of the frm to the recent
shrinKage in values and slow collections. Frank
Roster offer IS per cent TO their creditors Mr.
ment to the same causes-shrinkage IN value bad
debts, and tight money market. He anticipates
to resume in q short time. The name OF another
concern, more extensive than any OF those men
toned Is reported as among the failures but & ss
iect, the name Is at present withheld.