The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-09-28
Millions To Be Thrown on
the Market.
SPECIE RESUMPTION URGED.
Is the Present Favorable Moment to Re-
turn to the Old Basis of Business?
The Stock Exchange to Open on
Tuesday.
Affairs at the Clearing House, the
Sub-Treasury and the Banks.
THE SHIPPING TRADE.

THE SHIPPING TRADE.
Money, which has been active during the week,
on best colaterals ranging from one-haf to two per
cent per day, closed last night at seven per
cent per annum This result prefacing the
termination Of the panic is largely due to
the associated banks Of this CITY, whose action
has been closely followed throughout the
leading cities Of the Union. In 1867 the banks
went under at the very first signal OF DANGER and,
contemning their own issues, precipltated WIDE
spread ruin. In this crisis the banks, warned by
the early notes of distress, ronted the situation
boldly. and by their united action stemmed the
tide OF distrust that was creeping to demoraliza
tion Why was this? The explanation is very
simple.
THE BANKS OF TODAY
have not their circulation endangered, hence they
are removed from the pressure OF an unntelllgent
mass of people who, holding their notes. might
have stormed them Tor their redemption. On the
contrary, free from an embarrassment OF this kind,
instead Of being the victims of the unwecome stu
ton, they were in position to become its masters.
as they are. The issue Of bank certificates as
tokens Of exchange may have in it the faint of
empiricism in the conceptions Of those great legal
doctors who are always ready to doubt recovery
brought about by means not regularly provided
for in the schools. But desperate ills re-
quire desperate remedies, and in this case
the emplricism of our banking institutions has
furnished remedy in great crisis unforeseen and
unprovided for by the faculty in council and
beyond the licensed treatment of the regular
practitioners. There is cause for congratuaton in
this result concerning which more may be said
anon but it is worth while to add that, IN coun-
trv no nura uho So
proclaimed as that "of the people, by the people,
for the people, it is ABSURD to arraign fduciary
institutions like the banks for having entered
Into an arrangement with their customers, whereby
COMMON STRAIT,
they accepted a common. medium of exchange the
entire value OF which, resting upon q common con-
ndence, made it simply their common property.
It is proud record for New York that in this crisis
It spoke thus, not alarmlngly but confidently, that
in mutual help and mutual reliance rested a COM
mon safety.
The banks in other cities availing themselves of
the precedent established here in the action OF the
associated banks OF this city, have thus stood firmly
throughout the excitement, combining within very
small limit one OF the most causeless pancs that
ever imposed danger or distress upon q commercial
now nearly at an end. and, from the indications
observable at the close last night Monday prom
ment OF trade. The reduction in the money rate
showing freer supply, seems to give assurance
that
THE DEADLOCK IN FOREIGN EXCHANGE
now existing will then be removed. This matter
OF foreign exchange is the keystone Of the arch
greatness rests, and this, loosed from its place or
liked awry, threatens universal destruction. Upon
our ability to market our surplus produce
Europe may extend its hand to us, begging and
beseeching us to give bread to her starving mil
alternative stone unless we had the means to pay
the carrying rates This matter Of moving our
one or the most delicate and intricate problems.
In an easy condition OF the money market when
no interruption occurs, tic
COMPLEX MACHINERY
whereby the baker OF London Paris Berlin
Of but let but one wheel in this intricate scheme
become stopped or deranged, and the baker may
fs an% e n ec he
fermso sells his grain to the country stOrekeeper.
-, country storeHeeper In turn, disposes Of the
receivers ship to merchants In New YORK, and
draw upon such consignee for large portion of
ment The merchant here sells to foreign
shipper, who in turn sells his bill OF exchange
sdns to foreign Exchange Sanke
many oil whom cover their own bills with COM
%e5s Ss bills always ,Ss sell
She banker in his transaction: 0 The shipper
tached sells the gold which he obtains for 1t and
gets currency, wherewith he pays the receiver in
and with which payment the latter honors the
sight draft made upon him. and the western agent
ts placed In funds 70 start another load ana 50 on
in explaining this machinery how easy Of disar-
rangemcnt 1t is, II the money market or the gold
market become disturbed either by high rates for
money undue speculation in gold, especially on
the bear side, when the value OF the commercial
bill lie unduy deprecated in Its transfer into cur
rency. At the present time, however the depre-
citation Of these bills is not TO be found in the gold
THE MsUFPIcIENcY OF AVAILABLE CURRENCY.
The ease which prevailed at the close last night
gives nope OF relief In this regard, which, being
eoyery from the existing stagnation. Below Will
be found q careful examination from various
OF many leading men in regard to the future the
Oner OF the government to prepay
THE NOVEMBER INTEREST
without rebate brought some relief 10 the snort l-
terest In gold. and likewise helps to aid the i'm
porters in marketing their goods.
THE STOCK EXCHANGE,
by resolution yesterday, decided to reopen on Tues
day: This is, perhaps, wise now, as most OF the
settlements have been made and many sales under
the rule need not be apprehended. The course of
the market on the first lew hours is likely to be
snbseonent decline. and ewna s bs e prGgS
period, calm but hesitatng feeling until the big
operators begin to show their hands.
Thus closes the week upon restored confidence
increased hopeiulness and general congratuation.
of the November Interest 60 Relieve the
Market-Its Effect.
At o late hour in the afternoon the following de-
svatch was received in the street from Washing
toni
WASHINGTON, Sept ~. 1873
The government has decided 70 anticipate the Novem.
win all probability, ne issued tomorrow night but it
Is not positively known yet
A HERALD reporter, on seeing this telegram in
private banking house on the street. Just after
Wall street men hsd left their ofces. called at the