The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-09-26
The Foreign Markct-Priccs Steady---The
Bank OF England.
@ OLD 9 U L IL i.
Shipments Of Coin to America-Prices
of Stocks.
WALL STREET

WALL STREET, l
THURSDAY, Sept. 25-6 p. M.
The financial situation remains unchanged, and
less OF excitement was apparent to-day than has
been observable since the beginning of the panic.
There Is always to be found In exigences like these
class OF men who, either losing their heads or
having personal objects to serve, do not hesitate
to give currency to the widest and TO pub
fish statements ut home and abroad calculated to
aggravate the condition. The street has materi-
ally suffered from these inventors, and from that
other class who, wearing the goggles OF melan-
choly, see everything from a respondent stand
point; the heavens hung In black, no silver lining
20 the clouds, and avaanches, earthquakes and
cyclones ready to break loose generally; all this
because the Secretary OF the Treasury, planting
himself on the law OF the nation, has dared to do
his duty in refusing to initiate an already large vol
ume OF national currency by the issue OF additional
greenbacks. Mr.. Richardson seems thus far to
have done well. He has availed himself of all the
legitimate power at his command to check
THE MAD TIDE
that was sweeping onward, and in four days has
lodged with the banks of New York S13, 800, 600 OF
legal tenders. II relief has not Immediately fol-
lowed, 1t is from causes far beyond his control
The misfortune with which he and others have had
to contend is too deep-seated to yield to ordinary
constitutional treatment. The grand fault OF our
finance is that our currency is like iron-unelastic
and unadaptive to the wants of the country and
not all the tinkerlng of Congress has been able to
change its character for the better. he has also
been obliged to contend with
ONE MAN POWER
In Wall street that has been able by the concen-
tration Of immense wealth and resource to marx
up or mark down at will values which. in their
sharp speculative fluctuations, have brought
ruin to thousands, blocked the channels Of
trade, and only effected results that have
benefited the individual and not the
mass. What we want is q self-operating
balance wheel; recuperative element In finance
that shall adjust itself the various and varying
conditions or our commerce.; and until this is pro-
vided it is but natural sequence OF the order OF
things that there should be an annual recurrence
OF stringency, alternating with an unhealthy re-
dundancy OF money. according to the demand or
the reverse resulting from the movement of our
crops.
THE MACHINERY
that may afford such relief is simple enough in it's
construction to meet every contingency. 1t cannot
be adopted now, it is true; but when Congress re-
assemblies one OF the first duties that its members
will owe to their constituents Is the consideration
Of plans and the prompt Incorporation in the law
Of such measures as will give to the custodian OF
the public funds the power to afford relief when
relief is sought.
OUR GOVERNMENT BONDS
are the rock upon which rests the credit OF the
Union. Weaken this strong base by undue infia-
hon Of currency and there Is not an American
security at home or abroad that Will not depre-
ciate. But there is no necessity for imitation The
evil seems comfortable by other means. These very
bonds may be temporarily modified and absorbed
into the circulating medium whenever the emer-
gencies OF trade require. In other words when
money Is wanted, as Is the at the present mo-
ment, they might be exchanged at the Treasury
for currency, which, passing into general use at
the South and West, would perform its functions
there during the busy season ana afterwards re-
turn to the financial centre. Meanwhile the inter-
est ON these specific bonds may be suspended. Thus
government would save money. Before the summer
months with their plethora OF funds come again
the banks redepositng their redundant currency
in the Treasury, could recall their bonds to DC held
until the ensuing season, and al intinituTn from
year to year. The accommodation thus afforded to
BUSINESS CIRCLES
would be incalculable in its benent. Panic would
be averted the government would gain the banks
would gain, the people would gain, and, finally, an
elasticity would be secured to the currency itself
that would enable it to fill its largest measure OF
usefulness withou; the addition OF q dollar TO the
existing circulation and without even remotely in
ringing upon the law which regulates supply and
demand. 1t is unnecessary to press these
considerations further at this time. They
are simply the outgrowth and suggestion
Vi an hour when the best financial
h'ehec'soi the country are revolving plans to cure
ahd prevent the grave evils with which the whole
country mas Just been threatened, and which can.
not now be cured in consequence OF the legal
letters that are locked around the United States
Treasury. AS above stated the day has nassed
without the development OF any fresh cause of
alarm. Brokers are quietly settling their diuer
ences with each other, although
LITTLE ACTUAL CASH
IL changing hands except such as nav be reprc
scented by due bills, and If the Stock EXCHANGE
should remain closed until the end OF the week
there is reason to hope that the great bulk n,
transactions will by that time have been dis.
posed Of or at least SO far arranged
be followed by decentralization incident 10 the
process OF buying In under the rule.n 4 corr
mittee was appointed to-day by the Governing
Committee OF the Stock Exchange to device some
plan Tor the clearing Of stocks, and brokers were
requested to send In their statements. IL Is
scarcely probable however, that the latter course
viii be generally adopted, nasmuch as few nrms
Will care TO exhibit the contents OF their
TIN BOXES
70 anybody or confess the extent OF their specula
lions, liabilities profits to outside parties, no
matter how oficia or how worthy the gentlemen
may be. In commercial circles, especially on the
Produce Exchange, much interest Is manifested as
TO the policy likely TO be adopted by the Secretary
OF the Treasury Tor the protection OF
THE INTERESTS OF EXPORTERS
This branch OF trade has been crippled by the
inability OF merchants 10 obtain money with which
TO buy exchange, and the effect is felt through all
the intermediate connections from VIC exporter