The New York herald., 1874-05-07
FINANCIAL and COMMERCIAL.
The Currency---QueStiOns Involved in
Successful Free Banking.
MON Ely ABB u NDA Ut
FluctuatiOn in the Stock Market
An Unexpected Rally.
G O L D 112 IA.
MON Ely ABUNDANT T
q OLD 112 IA
WALL STREET,

WALL STREET,
WEDNESDAY, May &c p. M.
Our paper currency will never appreciate to It's
proper standard and become measure OF value
until 1t is convertible into coin. The sole object OF
money s not to pay debts. The creditor mas q
right to be consulted about the commodity he Is to
receive Statutes make 1t legal tender, and the
citizen Is forced to accept the same, no matter
what may be its worth; but there is higher law
Of trade which regulates that worth. Paper money
enters upon its great priesthood only when 1t on
ciates as the prime minister OF commerce, the
agent OF exchange, the standard Of values; that
common denomination on which you can write the
value OF every fraction Of the worlds wealth: that
subtle indicator whereby the farmer. merchant
and manufacturer, when they have thrown their
productions into the great bazaar OF nations, can
know how much they are TO receive In return. Ir-
rodeemable paper money never had these char
acteristics and never can have. 1t Is simply
UsURPER
that has not only demonetzed coin ana made 1t
marketable commodity, but has in its own career,
unsettled the substantial basis upon which all
commerce should rest. Nevertheless the cry for
more In some way the South and West seem de-
termined to have 1t, although the testimony OF
good business men Is that we have enOugh-nOt
enough perhaps to foat wildcat securities to par,
but enough to effect the ordinary exchanges OF
commodities.
The additional issue will probably take place
through the medium OF free banking, but unless 1t
be attended by some measure that breaks down
the partition between paper and specie-such, for
instance as o Judicious retirement OF legal ten
ders-we shall continue to subject the results OF
every mans labor to the hazards Of ceaseless
battle between the bulls and bears. The country
has had enough OF panics, and now seeks rest and
monetary stability.
THE MONEY! MARKrT
Money closed easy at from to per cent for call
loans. Commercial paper remains at rates here
tofore quoted. The foreign exchanges were firm
ON q moderate business. Bankers sterling on
London sold at 4s7h a 4ss for 90 days and 4s0K
the bankers for commercial sterling, and sales
were made at 4.S5 4.86K, according to grade, the
latter for bankers acceptances. The leading
banker drawing on Paris to-day advanced his rates
TO 5.1e for long francs and 5.1O for short; other
bankers ask 6.l5x and 610x. with sales at 5.16x
and 511A. Reichsmarks are firm at 95X 90 for
bankers long, 96I for short and o5x for CONNER
cial.
THE GOLD MARKET.
Gold opened at 112H and declined to 112; but
later in the day strengthened, and was steady and
hrm at 112N until the close The rates paid for
carrying were q 211. 4 per cent and nat.
CLEARING HOUSE STATEMENT.
currency exchanges. SS8 052 258
Currency balances. 2, 1885, 440
GOl0 excnanges GOO6,996
Gold balances OBSERVATION-DISCLOSURES. 077,023
The following shows the transactions at tho
Gold Exchange Bank