The New York herald., 1873-12-11
THE MONETARY SITUATION.


Responsive Echoes on the Stock EE-
change-Ths Canals and the Railroad
share BIarket-A ssShOrt'' Failure.
Now thas Congress has been in session. 10 days,
and An examination Of the financial situation has
supplied better understanding OF the causes
which led TO the recent panic. we nnd the sober
second thought OF those 'most potent, grave aud
reverend selgnOrs, our very (able) and approved
good masters" the members OF the Senate, ignor-
Ing the clamor or the mob to which the House has
listened so patiently OF late for more currencyIu-
naton OF the widest kind, have set themselves
calmly thoughtfuily and earnestly to applying
TBE LESSON OF THE HOUR
IN the consideration OF measures that shall pre-
pare the way Tor the resumption OF specie pay
ments- The street was exercised yesterday over
the telegraph announcement from Washington
that Mr.. Sherman, from the Finance Committee.
reported resolution declaring that it Is the duty
OF Congress during the present session to adopt
measures to strengthen the public credit, and di-
recting said committee to report at an early day
bill providing for the issue OF currency at all
times redeemable in gold or its equivalent; also
that Mr.. Bayard (democrat), OF Delaware, presented
the views OF the minority OF the committee, direct
ing the Finance Committee to report measures
at an early day for the return to specie payments;
both resolutions, after some debate, being made
the order for Monday next. 1t was further learned
that Mr.. Hamilton (demOcIatl, OF Maryland. had
submitted an amendment tOthe constitution OF the
United states declaring tnat the United states
should make
NOTHING BUT GOLD AND SILVER COIN LEGAL
for the payments OF public or private debts.
The erect OF this pronounced Opposition TO IN
nation on the part OF 80 important branch Of the
great national legislative body as the Senate ~
nance Committee was visible IN sharp reactioa
during the earlier portion OF the day. went on az
the close. Senator Ferry's bill authorizing ths
Secretary Ofthe Treasury to issue the 900 re-
serve fund and make it part OF the permanent car
culation was powerless to stem the tide of re.
action which seemed to have set in when
THB SHADOW SPECIE RESUMPTION
was fung across the floor OF the Exchange by the
previous Washington dispatches operators ap-
pearng to be ignorant OF the fact that Mr.. Rich
ardson's coin balance yesterday showed de-
fclency OF over s., 25Oo 600, as compared with his
to January /, 1874, with estimated receipts and
payments, the deficiency Will be nearly $4,000. 00O
nere ~ IN ts sn n Worth q While to
call attention TO the fact that in the exhibit OF the
Treasury resources and liabilities published undes
thlS head in the HERALD OF Wednesday,,
TRIPPING ERROR
occurred, in creditng the department twice with
ing to sS4i, 900. Correcting this error will make
the deficiency January ], 1874, calculated as above
explained sSso instead OF sl'lSSS4
The decline in the stock market Yesterday was.
no doubt, however, helped to some extent oy re-
was not wholly the effect OF the Washington tee-
grams respecting anti-innati0n. such disposition
the part Of Congress- as the result oil cOnSldernr
tiOn being already anticipated in welLiniormed
circles. The following teegrams however, carried
with them
OTHER SIGNIFICANCE,
viz, reduced railroad earnings. The first was sene
from the Produce Exchange in this city as loliows-
.'o"- ~ = NEW YORK, Dec. TO- 1879
Is that water being let into ns eastern ss s
through that that DIVISION Il
President New York Produce Exchange
To which the following reply was received
ALBANY, Dec. 10. 1879.
FRANKLIN EPSON. Preside nt:- .
Water will be let In the eastern division aud, R
weather is favorable boats an move eavsIXyN n.
Per contra to the above. an evening paper pub.
fishes the following gleanings from interested
SourceS:-
The attempt bring the locked in boats through tho
canal regarded by transportation men and merchants
city most senseless effort 1t seems TO DO be
ieved among these persons that Commissioner Barclay
compelled 70 this step BY the camorng OF the papers
o. oSrs sa ae beea eea al &
symptoms OF the thaw the attempt now a regarded
as worse All the boats in the eastera
tant l35 miles from Albany. This would take them
nearly week to reach the hudson River and then that
reach the city, and weather like that OF day
will only keep the stream free OF ice
SMALL FAILURE
was announced at the early session OF the Ex-
change-viZ., OIL r. I. Herrick Co., OF No. Al New
street. This concern was ''short' OF the market
on Lake shore, New York Central, western Union
and other Vanderbilt specialtes and was caught
by the recent upward turn. The amount OF their
liabilities is not stated, but the firm say their oss
is small and tEat they expect TO resume shortly