The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-27

It's Present and PrOspec-
tive Effect.
CURRENT VALU E S.
WALL STREET,

THURSDAY, March 26-5 p NJ.
The Senate this afternoon recorded its subnis-
sion 10 the pressure in favor OF inharon by vote
OF 81 yeas 10 70 nays to make the limit OF the legal
tender circulation s4oO,00o,O0o. 1t was already
pointed out here that this would probably be the
result of pending financial legislation in view OF
the fact tnat 1t was necessary for the dominant
party Justify the action of it's representative IN
altering the limit by 1856 100000. 1t was likewise
suggested that after that might come further legis
laton looking TO contraction in fixing the present
outstanding amount as the limit or returning to
the 1856 0O0, 900 limit The character OF the recent
votes both in the House and Senate leaves
LITTLE ROOM FOR THE INDULGENCE OF HOPE
IN this expectation and 1t may pe truly said that
we are now fairly launched upon sea OF irrespon-
sipie legislation in respect 20 financial values and
an ocean Of irredeemable paper money that Will
eventually swamp US as a solvent people, If
neglect 10 heed the warning that has been already
50 clearly uttered
me possibility or neao issue or traconoerti6le
paper regard ,otth GBsazenent and anxiety, and,
in nly judgment. such issue lcotl0 be detri-
ypeyat and q shdDle-CHARLES SUMNER.
This is the language OF statesman. bold, fear
less leader, who had the courage to stand up be-
fore the people against a national crime the very
lacking OF which quality in the present representa-
tives of the people, alike IN the Senate
rs in the House, has permitted a new
crime to be perpetrated. Every man with
q fixed income to-day finds it reduced
by this concurrent action OF the Senate With the
House nearly 25 per cent. Thus man, whose
salary last week was 500 per week, realizes that
now 1t is only trine above SIS, and the laborlng
man who was earning 81 per day receives, under
this new dispensation, only little So Nor
Is this new order OF things going to work the
benefits anticipated in the speculative depart
ments. In the first place. 1t has been
FULLY If NOT OVER, DISCOUNTED.
Secondly, 1t is so manifestly fictitious, that in
hight OF the advertisement it has received, through
this discussion respecting its quality it will not
receive, as 1t might have some years ago.
Thirdly, its effect in Europe will be to
30 depreciate American securities as to pro-
nuce a serious reaction here. Fourthly, the shrewd
operators OF the past few months, who loaded
themselves up with stocks in anticipation OF Just
this result Will gladly avail themselves Of the
enthusiasm it may excite to unload, when the new
purchasers will find themselves in dilemma. And
afthly, and lastly there is the grave question OF
the constitutionality OF such legislation which
may be sprung upon the street at any moment.
In
A FRESH APPEAL TO THE SUPREME COURT
the opinion OF the dead Senator from Massa-
rhusetts is likely to have weight or, at all events,
command attention.
Hhe possibility Of neoo issue of inconrertioR
pepper IreyaTd NTH dnadzensent and anxiety, and
Ia my jtcIgT,eyat such issue ,cosld be detri-
Uaent ana a slsdnee.-CHARLEs SUMNER.
There is no absolute certainty in legislation Of
this kind upon which vaues can rest, hence 1t s
wholly experimental, and where knowledge Of
its peculiarly baleful influence s felt, an expert
ment of exceedingly dangerous character.
A.
another panic next TALL. Should such come, is
wholly within the chances, when such reckless
legislation directs the national finances, the Con-
gress OF to-day VIII be directly responsible. The
vote IN the Senate to-day was 81 yeas to 26 nays
on Senator Wright's amendment to make the legal
tender limit $500, 600 900. SOdOm would have been
saved from destruction If only one just man could
have been found within 1t. The Senate fell short six
lust men to preserve the national credit, and save
the national faith pleged more than once in joint
resolution OF both houses from reputation. The
evil that men do IN their lives lives after them.
THE EVIL DONE TODAY
In the Senate of the United States will live long as
blemsh upon the public honor, and future Secre-
tarles OF the Treasury, when they again seek to
mnd the public debt, will find their obstacle in the
fatal error OF their predecessor who opened the
way for new deuge of irredeemable paper. 1t
may well be $780, 900 next year as $500 ooo 900
now. Meanwhile there is nothing left for us but
to possess our souls IN patience and hope that the
next generation will produce a class or Legislators
VINO have larger intelligence than the contem.
poraneous Senator.
The POSSIBILITY Of nes1 issue OF tnconvertfb1e
paper regard ,Cith dnndzeDpe1t and oaIletg, and
ia rny judgDent such issue aroslld be q detr j.
neat and q shanse.-CHARLEs SUMNER.
The news that the Senate would proceed to vote
On this measure at four O'Clock produced great ex-
element on the street, and until the final result
was given this excitement was maintained among
excited groups in Broad and Wall streets, ana
especially IN the neighborhood of the telegraphic
centres. When the result was known there was
general adjournment to the Filth Avenue Hotel.
TIE STOCK MARKET
showed an uncertain vibration to- day, the largest
dealings being in stocks that have no apparent
intrinsic value, such as Pacific Mail and
Western Union, which led the market. This is
only first instance OF the Generalization that
Is come upon us through the action OF Congress
In giving this s40O, 600 600 quasi endorsement.
1t is called here a quasi endorsement, inasmuch
as this action OF Congress is by no means
final, but If endorsed by the President simply
throws the question: upon the instance OF any bold
stock operator back again into the Supreme Court.
There is enough IN it to justify the raising OF a
fresh constitutional question as 10 its Legality,
while the presence OF Chief Justice Waite on
the supreme Bench gives encouragement 10
anticipate bolder, decision, be the consequences
what they may, than that last promul-
gated stocks we're thus animated without
being strong, the speculation after the stocks
mentioned running largely upon railway shares OF
doubtful dividend paying value, showing now hol-
low is this Wall street rejection of the imitation
policy OF Congress, as hollow as that which stimu
lates il, the uncertain in legal point of view
addition to the greenbacK circulation OF the
country. The table Of sales given below will Illus
trate more definitely what is here said. The fol
lowing were the highest and lowest prices o.
stocks to-day
HiQhest. LO,rest
n. Y. c. and Hudson consolidated. 1OIx I01
Lake shore -.................... S011 1884
Rock Island .................IoT 1861
New Jersey Central 1861