The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-13
The Compromise Currency Bill Common
Sense from q Senator.
IS SHERMAN A BACKSLIDER {!
The Stock Market Dull, Undressing
and Unsuggestive.
GOLD A SHADE FIRMER.
Dry Goods Imports, Railroad, Government
and State Bonds.
WALL STREET. I
FRIDAY, June 12-6 Il, NJ 4

FRIDAY, June l2-6 +. u.
II the passage Of the bill would stop discussion
on tho currency question and make people stop
talking about what kind OF money they were going
good; but do not think 1t would have that effect.
The foregoing language, uttered by Senator
Thurman during the debate OF Thursday, embodies
volume Of truth that needs no further considera-
ton. 1t strikes the keynote OF every possible,
real and permanent Improvements In our present
financial, commercial and industrial condition.
"GO 70 work and earn.p 1t ia the whole thought
In nutshell. In OTHER words, We must produce
more t1an we expend. 1t is the solution OF the
problem-the true and only way out OF our
troubles The President and Congress can do but
little good. They may, however, refrain from
THE INFLICTIoN OF MUCH HARM.
The position OF one is already established. He
has once prevented mischief. There is nothing
yet to indicate that he will not be equally
servative hereafter. When Congress met last
December it had but one financial duty to per.
f0rm-so wit, to reduce the expenses OF all
branches OF the government, that even with
the present or perhaps lower rate of taxation, a
surplus should be accumulated for the redemption
OF the legal tenders. This, and only this kind of
legislation, would have afror1ed relief to the
country. 1t is now doubtful, however, whether
the appropriations voted by the present Con-
gress Will not exceed those OF any Tor
mer session since the close OF the war; so that
instead Of granting the relief winch the country
had right to expect from reduced taxation, the
last days OF Congress may be spent in renewing
THE OPPRESSIVE TAxATIoNs OF THE WAR
Another thought Is worthy of consideration
in this connection. The present session Is
likely to prove memorable by reason OF the
power 1t may employ IN destroying the rep
utati0ns OF not q few of the members OF
both houses OF Congress- We were led, among
other things, to believe In the frmness OF Mr..
Sherman, the chairman Of the Senate Finance
Committee, who 1t the commencement of the
financial discussion assumed leadership in favor
OF an honest currency, and was backed by his
committee. Later, however, without waiting for
vote upon the resolution OF Instructions to tho
committee. which he mad asked for and urged, he
deserted his position and offered
COMPROMISE BILL
which legalized the issue OF legal tenders to the
amount OF $685., 600 900. Finally we find him fol.
lowing the trail of Senators Morgan and Logan In
the support of the present monstrosity. We have
only to say that the persons last named are I'M
fortunate in their recruit, for he has signaiy
Jailed throughout the present Congress in carry
Ing single measure or enforcing amendment
TO one. from the present point OF view, there
fore, the friendship OF Senator Sherman for the
Compromise bill promises to be fatal to it's sue
cess rs to be hoped that he will be willing
martyr.
THE STOCK MARKET
Stocks to-day were without fresh feature, and
there is nothing in the market that deserves COM
ment. 1t was dull the sales were small and the
fluctuations trIning. A few rumors obtained cur
rency that unworthy Of repetition, and nothing
occurred to interfere with the general belief that
we are on the eve OF Gull, stagnant uninrere St
ing condition OF affairs, that may last during the
summer, notwithstano the gilt edged reports
that are circulated for the purpose OF creating an
artificial fervor in behalf OF general trade. The
money market is practically the best criterion OF
the existing situation. When this changes, and
SYMPTOMS OF IMPROVEMENT
are manifested by the absorption and use Of cur
rent funds now lying idle in great blocks. we may
confidently look for change in the prices OF
stocks; but at present, in the absence Of buyers
and with the existence Of q great distrust, there
is no good reason that sound business men will
adhere to which can induce them to come
into Wall street and trust hard-earned dol
lars to the varying contingencies OF speculation.
Tho transactions OF the day were as folows:-
New York Central closed steady; c., G. & C. the
same; Erie fell or u per cent. In other stocks
there was q trlning Improvement as folows:-
Hannibal and st. Joseph, x per cent; Pacific MAIL
y per cent; St Paul, 4 per cent; Union Pacific, 4
Mississippi y per cent; Wabash lost 4 per cent;
Rock Island was steady at the closing prices OF
yesterday.
HIGHEST AND LOWEST PRICES.
The folio wing table shows the opening, highest