The New York herald., 1873-12-08

silently going on Already dollar will buy more
than it would have done three months ago. The
secret is with the people themselves They alone
hold the philosophers stone; It's name is Economy.
France mas learned its use, and we see with what
wonderful power she has been enabled TO apply
the lesson in the payment OF her monster indem-
nifty TO Germany. The balance or trace Is IN her
favor. She has exported this year 42oooO,ooo OF
francs more than she imported. America can do
the same. We have made beginning. anc II the
men and women OF the country Will combine to in
dulge in less extravaganza, purchase domestic
instead OF foreign goods and practise the virtues or
debtor nation, every month would see the foreign
balance rolling up in our favor and coin accumulat
ing Tor transmission to our Golfers. 1t is not i'm
probable that events will compel the United States
to make war upon Spain. II so, 1t
is likely that an additional issue Of
legal tenders Will be made for war
purposes, but under other circumstances
ought the good already done in the reduction of
prices to be eraced by piling another crazy story
on fabric OF irredeemable paper Let the cur
rency be strengthened, not inflated.
THE EVENTS or THE WEEK
have not been unattended with unusual interest.
The Message OF the President and the reports OF
the financial officers Of the government have been
leading themes OF discussion in monetery circles,
but in the absence OF any well dlgested plan the
financial subjects on which these papers treat are
lett very much as they were before. The possi-
blty OF imitation served its purpose in stimulating
the operators OF the stock market and the entire
share list participated in general advance, the
lower priced and non-divldend paying stocks
figuring conspicuously.
MONEY,
on call loans, commanded stir rates early in the
week, the range being from per cent to 1-32
116; but at the close was easier, exceptional busi
ness being done as low as and per cent Not
withstanding the comparatively large gains by the
banks, currency by no means 'goes a-begging," and
only the best names and best securities success
fully run the gauntlet Of scrutiny. The discount
market was easier ana business paper has been
taken with more freedom. Prime names have
ranged from to Is per cent
THE BANK STATEMENT.
The excess in the legal reserve is reported at
$7O72, 750, showing gain over the preceding week
OF Sl77s425. The following table shows the changes
in the New York city banks this week as compared
with last -
Nou. 90. Dec. 8. Differences.
Loans. s248 2Sl, 700 $685. 500 Inc. o9 500
Circulation Circulation. 27,as8Soo 271Se,loo Dec ST. 400
Deposis.... ia, ,339, 400 1S2,0l5,300 Inc 7675900
Legal tends 35,sSl,3OO 3s.2l4oOO Inc. 2a32, 700
The amount of loan certificates now outstanding
is estimated at between s1oOOO 900 and sl0 900.
1t is gratifying to observe that the original amount
outstanding-some SIS, OOO Oo0-nas been SO largely
reduced.
GOVERNMENT BONDS
were in good demand during the week and CON-
manded improved prices. The same may be said
OF many OF the railroad bonds, Notwithstanding
that the reports Of earnings show the very decided
effects Of the panic. The following table conveys
the best idea OF the situation in this respect:-
Tnesf