The New York herald., 1873-12-04
THE CAUSE or GOLD SPECULATION,
Interest on Bank Deposits---Money
Gains as It Goes.
THE SEVERAL MARKETS TO-DAY
General Firmness in Government and
Railroad Bonds.
VAIL STREET,
w AL - hhAAt
WEDNESDAY, Dec. So Z. NJ.

and the Secretary OF the Treasury have entered
largely into the discussions OF the day; but 0nior
Iunately there appears be so little postiveness IN
the opinions thereon expressed with reference TO
the reforms suggested that II Is dinicult TO under
stand what Is the exact plan which they would
have the people adopt. The propositions made by
these great authorities involve iurtncr dabbling
with the currency, while it is plain that both
writers desire 10 see steps taken for the resump
tion of specie payments. Common sense speaks
the one hand, and the politician on the other.
Both are at fault because they disagree. Neither
is bold nor honest.
THE PRESIDENT
reminds one OF the man walking with big dumb
bell in one hand and little one in the other,
while the Secretary Of the Treasury is equally in
consistent in inferentally attempting to shift the
responsibility for his share OF the causes OF the
panic TO other shoulders when 1t is matter oI
history that he himself largely contributed to those
causes by selling gold and accumulating currency
at a time when the latter was not essential TO the
welfare OF the country. Hence the present appca-
tion OF Mr.. Richardson to Congress for relief
Hence, aso the TACT that he is absolutely the author
OF whatever speculation in gold may take place in
Wall street at the present moment. HIS past ac-
ton was not more decisive in its influence than
his present course. The Spanish question for the
moment mas lost its interest, but in lieu OF II we
Ald scores OF men Wiling TO take
THE RISKS OF SPECULATION,
Simply because, in authoritative wav he has
confessed the inability OF the Treasury Department
to successfully protect the credit of the United
States in the payment OF the 10 year loan OF 1859
1874. The Gold Room has heretofore been the
object OF an unusual share of public abuse, but
moments reflection after reading the report OF the
Secretary OF the Treasury after examining his
Golfers and anticipating the effect OF paying an
honest government debt for which he might have
provided three months ago by the simple act or
outstanding his resources, must satisfy any OBJ
server that upon him, and him alone, rests the
responsibility for whatever changes now occur in
the daily or hourly value of the golden merchan.
dse.n The recommendations OF both the President
and Secretary with reference to the question or
interest on
BANK DEPOSITS
open discussion that is likely to be exhaustive
From the laborer to the banker money is a species
OF capital which accumulates as it moves. The
government itself pays for its use There Is not
dealer in currency or coin the world over who
allows dollar to pass through his hands without
retaining something that represents the same,
or who would not be compelled to close mis- doors
II the privilege were forbidden. There Is not
product of earth or man which does not thus ac-
cumuate value, from the moment it enters into
commercial value as raw material to the
hour OF it's perfection. Its name is 'prontn
and, no matter what may be its representative in
bank or out OF bank, it is
LAW AS OLD AS TRADE
itself that IL snail augment as 1t moves. II man
cannot get pay for his deposit he VIII not deposit,
lie win keep his earnings himself na community
follows his example banks must necessarily be
stricted in their business, for banks are the rep
resentatives Of the wealth, energies and enter
prises Of communities They can do what the in
dividual cannot do tread where he may fear to
advance and achieve where he would fan. That
there are evils connected with the OF large de-
posts in great commercial centres like New York
and possibly some of the elements OF stringency
and panic may be stirred into existence thererom-
Is not TO be denied but common sense and long
experience must recognize the general fact that
wherever money resss, there 1t obeys one OF the
laws OF trade in accumuating.
THE MONEY MARKET
exhibited its usual condition to-day ami the rates
were firm at from per cent, currency and gold, 10
1-64 1-s2, closing, however, at the former rate
The outflow OF national bank notes 10 the South
and West still continues. Foreign exchange early
in the day sold at 1919 for prime bankers 90 days
sterling and 1Os7S for demand, owing to the ap-
pearance or some Southern bills on the market:
but in the afternoon all the floating bills were
bought up and the market closed arm a los and
l09 for prime long and demand sterling. The ask
ing rates are 4 per cent above these quotations
The associated banks now hold S37, 100, 900 legal
tenders, a decrease OF $35, 900 Since yesterday.
THE UNITED STATES TREASURY.
The following were the balances IN the Treasury
to-day:-Currency s557 4e2 special deposit OF legal
tenders for redemption OF certificates OF deposit,
s2l49Cooo; coin, ssS, l69 1876; including coin cert-
Gates, s30,247, 200; outstanding legal tenders,
f3G7,4s0,219. The customs receipts to-day were
$22s,OOo. The receipts from internal revenue were
slsl,7l2. The Assistant Treasurer paid out to-day
$4,000 on account OF interest and s525,Ooo in
redemption Of nve.twenty bonds.
EXPORTS.
The total exports OF produce from this port for
the week ending yesterday amounted to s5.4o3, 900
mixed values, decrease from last week OF
SI,17s,299. The exports for the corresponding
period OF last year were .5,79e,772 ana In 1871.
5000, ,547. The total exports Of produce since Lam
nary !, this year. are t277.I7o045 against
S2Io, ,65q 065 last year and $2le 74l es7 In 1871.
THE GOLD NLEKEr
was generally steady. After selling at 1857. the
price advanced to 109li and closed ut 100. Tpe
strength OF the market was well maintained by
Washington reports and somewhat was due 70 the
necessity for meeting the loan OF 1874, the appca.
ton TO Congress ior relief beng regarded a con-
fession OF weakness. The rates paid for carrying
kO.udy were i-3z, o-o7, duu pcf ttub HOtus
CLEARING HOUSE STATEMENT.
Currency exchanges SCI, 304
Currency balances es-................... 3,202,8e2
Gold exchanges. ......... 3,s63. 90s
Gold balan S01,1s0
The operations OF the Gold Exchange Bank to-
day were:-
1paas raanSes lSllsS
'ioo0 - zucOOO
GOVERNMENT BONDS.
Government bonds closed strong at the highest
prices OF The day. United states SKIES 1851, reg
lstered ia ll4h; 90. do. coupon, l1sil lls1s:
a.. 1862, registered, llos IljS; DO. DO, nye-