The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-03
ANOTHER TREASURY BOOMERANG.
Fresh Gold Sales and Further Addition to
tho Legal Tender Reserve.
HAVE WE REACHED THE LIMIT 2
Revived Animation in Stocks and tho
Causes Thereof Results.
THE PUBLIC DEBT STATEMENT.
WALL STREET..

WALL STREET,
MONDAY, March 20 r. M.
The suggestive points Of the speculation on the
street to-day we're, frst. the announcement Of the
Intended sale OF gold during the present month by
Secretary Richardson to the extent OF $4,000 600,
secondly, the intelligence that Q further
amour. ag .aGat -enders had been issued from the
so-called lega, hder reserve SUFFICIENT to make
the total outstanding greenback circulation
$ss2, COG, oOO The nrst mentioned circumstance
excited universal surprise, at all events among
those not posted coming, as It did, In the face OF
denial made to HERALD correspondent on Thurs
day last by the Secretary upon inquiry as to the
truth of rumors then prevailing on the street. The
HERALD OF
FRIDAY MORNING CONT AIMED THE FOLLOWING
in Its Washington column, the same being an an
swer, as before stated, to an inquiry made:-
Secretary Richardson authorizes the statement
that resumption Of sales OF gold has neither been
considered nor determined upon. The gold re-
ceipts continue small, all reports to the contrary
policy VIM be changed. He alho says that when
Tsn w BE- q as formery and VIII
mos be intimased in any other manner
This, it may be urged on the part Of the Secre-
tary, contains no specific denial OF the popular
xumor that sales OF gold were Intended in March;
but surely It cannotbe that the interests OF this
country require such gausy parrytng With the TRUTH
~ such defence supposes. Besides how explain
the fact Of the announced sales following closely
upon q rumox Of such an intention on the part OF
the Secretary. when such sales had been inter-
miteed for six months, and earned, as policy OF
Treasury management the opposition Of most Of
the intelligent financial minds Of the country
There Is certainly little to be hoped for from Sec
rotary capable OF such nimsy expedients TO dis
guise his weakness as the chief fiscal officer Of the
United States. And here comes
EHE EXPLANATION OF THIS REVIVED GOLD SELLING
EXPERIMENT..
The Secretary has to meet this month demand
upon him on account Of pensions to the extent OF
So, O,OO0 accrued Indebtedness. or course 1t
may not be called for all at once but 1t has to be
provided for. To do this he--on Saturday, at the
close OF business, 30 that it only reached here
Saturday evening after everybody had gone home,
and was then hidden away in Treasury state
ment OF that famous lucus non lucendO pattern
now so much in vogue and which so few read
added something ike 100000 to the outstanding
legal tenders from the now famous PRESERVE"
making to total present issue an even 1882 900.
II Is to be presumed he at the same time decided
npon his gold sales. This, he claims VIII enable
him to meet all demands on the Treasury without
calling further upon the reserve. The country
would take comfort even out Of this
II MR. RICHARDSON'S ASSURANCE COULD BESRELIED
UPON
that he would nx $685. 600, 900 as the maximum
legal tender issue. But If there nothing in his
previous course to render such an expectation il
lusory, vague and unsatisfactory, his conduct in
this very matter OF resuming the gold sales would
furnish grave cause Of uneasiness. Besides his
own utterances on the subject 1t Is further stated,
speaking OF the legal tenders "tnere is reason to
believe that they VIII be called in fast the
rency balance in the Treasury win permit.n Con-
traction Of this sort possesses the evil as
panson, inasmuch as 1t renders uncertain by sub
Iecting to the caprice OF one man the measure Of
value Now would be the time for Congress to
step In and relieve Mr.. Richardson of the RESPONSE
bility, evidently too much for him, of de-
termining that measure OF value In
responsible government like that Of Eng.
land, ne could not hold ONCE twenty-f0ur
hours in the tace Of the indignant protest that
come from the press and the country against his
conduct in the management OF the national
finances and his colleagues would be fortunate If
they escaped like severe rebuke for having
placed him in a position to do such mischief
THE PUBLIC DEBT STATEMENT,
which Will be found below. shows an apparent de-
crease for the month of February Of $685.
but an actual increase since June go 1879, OF
5000, $50. The statement Is placed In contrast
With that last issued to illustrate the various
changes. II will be seen that the reduction is
largely accounted for in the increased substitution
Of I'VE per cents for six per cents and consequent
saving on the interest account.
THE STOCK MARKET
to-day was subjected to various influences which
caused quite revival Of animation. will be seen
by the official list Of dealings printed below. In
the morning it declined upon the further dstrust
OF the future awakened by the published pro-
gramme for fresh sales Of gold, but rallied again
In the afternoon, when the further addition to the
outstanding legal tenders was learned. In the
meantime additional reports of pro rata freight
legislation in Wisconsin, which was said to have
found favor with the Senate, while the Assembly
had taxed the railroads OF the State we per cent
on their gross receipts with advices from Cleve.
land that another strike OF the locomotive engi-
neers was threatened-all comb ned to produce an
uncertain and nuctuating market best learned in
the sales.
STOCKS ON THE FIRST CALL.
The following closing prices of stocks on the first
call are given for the sake OF comparison with
prices at the close Of business -
Del 4 Hud Canal Co.. 1l75s Clev Col. Gin Ind so
Pennsylvania Coal. .U0 New Jersey Central .I031i
Spring Mountain Coal. SO Chicago Rock Island 1861.
Con Coal OF Maryland ASA Chicago, Mil st Paul AZ
Cen New Jer Land I'm. 40 Chi. Mil a 1T Paul pit. 6SX
Western Union TELL. AN Toledo Wab West. 49,
Quick silver Min Co... 50 Pitts. Fl Chi guar 93ss
Quicksilver Min Co pr. So Del, Lack Western. I09
Nariposa Id 1 Min Co. g Boston Hart 4 Erie... ~