The New York herald., 1874-04-05
Facts at Work---Commarce Versus
the Action of Congress.
TILE BANK STATEMENT.
Z large Increase Of LOans---Decrrast Of Specie
and Legal Tenders
0REENBAcKs ss CENTS AND MILL
The Foreign Market Steady, Gold Firm
and Money Abundant.
WALL STREET.
" ALL - hL 81
SATURDAY, April 40 z.


SATURDAY April 4--6 z. NJ
Wall street to-day orered few features for com
nent both the Gold and Stock exchanges being
under cloud OF distrust with reference to the fu-
iure OF the financial condition TN the one hand
Is the knowledge that the commerce OF The coun-
Try the railroads, the trades, manufacturers ana
nerchants-Indeed, all who earn money-aave
come TO dead nar and know not which way 10
Iurn Tor reAef. On the other hand IS Congress
adding to the prospective burdens OF the country,
depreciating the value OF the government cur
rency disturbing confidence, oyerturning prices
and leading the people back into the very tolls
from which they are just escaping Under these
conditions il is impossible that market shall be
axed The American people are too practical to
launch out inte uncertain seas, and too Jealous OF
past success to make experiments that may prove
. deus,on and
Men are beginning tSrcaiize that they are carry
sng ia their pockets acurrency which, while it
bears the nations ..promise to pay,n has a lie
upon Its face-tnat the legal tender is "a SHIN
plasJern and the public faith, so far as redemp-
tion concerned, IS fraud In fact. hundred or
two men in.Congress, not wise or practical, but,
on the contrary, ignorant as to the great financial
principles that govern trade, have undertaken
in the face OF the best judgment Of the country to
regulate the currency or 10000, coo OF people,
change the channels through which 1t nows, egis-
late into paper that bears the imprint Of
dishonesty follow the example OF the widest
revouuonists of France in the days OF the
guilotine, make sectional strength an ex-
Guse for innation, and pronounce anathema
against every man who seeks a restora-
ton OF the public credit oil America on
the only basis on which 1t can be attained. Is
1t wonder that the financial, commercial and
industrial enterprises OF the country suffer from
the assumed control OF such new-fanged political
economists
THE BANK STATEMENT
Is not especially encouraging, as 1t shows sharp
increase or loans, and corresponding loss In legal
tenders and specie. The movement OF April SETTLE
ments has doubtless had somewhat to do with this
notable cnange. The net loss OF the banks is
&4,445,375 in their legal reserve. They now hold
only $l49 700 above the 25 per cent required by
law. When the purpose of Congress is fully de-
clared 1t VIII probably be found that 50, 600
will be multiplied by four, and that $176 0Oo, 600
will hereafter represent the bank credits which
the country viii be invited to accept. This is
where expansion win be first felt and the point
srom which we may look for results. In q small
way the operation has begun. The averages for
the past two weeks compare as follows
March 2s. Apru 4. Differences
Loans s2so,177 500 SOL 100 Inc "a $50 200
Specie 25 y ss ,s S4s 600 Dec Dec sss 5oo
Deposits. 23s, ,73o,soo 237 49 400 Dec. 239 $50
Circulation. 2o.72e. 400 a6so4,6Oo Inc. 1920
The following shows the relation between the
total reserve and the total liabties:-
March 2s. April 4. Differences.
Rpece $25, 43g, 800 $2l G45 800 Dec 81 ,393 700
Legal tenders. 6O,5S5l0o 569S3, 100 Dec CO., 000
Total reserve. $50 400 $751; 02s 700 Dec 81
Circulation. $26. T26 400 f26, S04, 600 Inc 7S 200
DcpOslts 239 73o SOC 237, AL 400 Dec. 500
Tot iiabties&266 800 S2S4 900 Dec 81 l6l 300
Zb p. c. reserve 66,6lS325 66.014,0O0
EXCESS 0vel25