New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-29
CONFIDENCE RETURNING.

The indications are that confidence is return
ing and that business will soon be going on as
usual. There has been a considerable I'M
provement in the Foreign Exchange market
Saturday afternoon there was sharp recovery
in the curb-stOne quotations for railway shares.
The reaction is said to have been founded on
rumors that Commodore Vanderbilt and other
heavy operators, who are reported to be under
contracts to receive stocks, had secured sufi-
Gent cash to enable them to carry out their
ENGAGEMENTS. This advance among the curb
stone dealers may or may not be stock
! iobbing trick, but still there can be no doubt
that so far as Wall Street is Concerned the
situation has improved.
| In most of the panics Of which the history
is accessible, the currency has been RAPIDLY
contracted by the practical destruction OF all
the paper issued by broken banks. In the
present collapse of our thanking system not a
dollar of currency has been destroyed. A man
can get his dinner at the usual price and the
clerk behind the desk will not look twice at
his money. The laborer loses nothing by the
transformation of the money in his pocket
into stock for the paper mill.
The currency, while unimpaired in quality,
alone in the last ten days about thirty million
dollars have been added to the circulation.
Much of this, we suppose, is stored away in
hotel safes and carried about in mems pocket
books. Thus boarded it makes no purchases
and earns no interest If the stock dealers by
hook or by crook can succeed in stopping the
tumble and starting an upward movement,
the vOraciOus outsiders who are now locking
cup" the currency will speedily let it loose
again and Wall Street will be as happy and as
densely populated as ever.
The associated banks have resolved on an
unlimited issue of their new currency of loan
certificates" and at the same time have con-
cluded to keep secret the amount set a1oat.
They have also omitted to make the usual
weekly statement of their averages. We see
nothing to commend in either of these deter
limitations, yet it is better to say nothing than
to issue a lying bulletin. Of the condition of
the United States Treasury we know nothing.
The statements of the cash balances therein
daily telegraphed from Washington have refer
ence to some indefinite past time, anterior TO
the commencement of the panic. During the
last ten days the Sub-Treasurer at New
York has paid out twenty-six millions
more currency than he has received.
OF these twenty-six millions, about one
half is accounted for by the redemption of
Five-Twenty bonds, and the rest by the with
drawal of greenbacks by the banks from their
special deposit with the Sub Treasurer. The
new loan certificates issued by the banks now
do the duty of the Clearinghouse certificates
issued by the United States against de-
posts of legal-tenders, so that the entire
sum Of twenty-sx millions may be regarded
as having gone from the Treasury into the
active circulation. The bank statement, when
ever published, will probably show loss
during the week of not less than fifteen mil
lion dollars in the reserve of legal
tender notes With paper to the amount
of nearly eight hundred million dollars
doing duty as currency and accepted
by everybody without hesitation, the sub
sidence of the panic cannot. it would seem,
long be delayed Indeed it is not impossible
that insolvent debtors may find it easier to
borrow four weeks hence than they have for
many months. In that case we shall probably
have next Winter powerful appeal to Con-
gress from that influential class of the com
munity for some elastic" currency, of which
the only limit shall be the disposition of pro-
iectors of spirited but unremunerative undertake
ipgs TO borrow Then will the Wall Street bear
like the black bear and the brown bear, dis