The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-25
FINANCIAL And COMMERCIAL
Increasing Anxiety Of the Street for
the Final Disposition Of the
Financial Question.
The House Four Hundred Million
Bill DOubtfully Regarded.
CURRENT VALUES.
WALL STREET.


that the limit OF the legal tender circulation should
be $4OO, 100000 was received on the street to-day
at first as indicating "a new era OF prosperity"
But subsequently came the sober second thought,
and the same men who had been enthusiastic IN
the morning, after exhausting their matutinal
cocktails came TO the concluslon-"WelL you can't
strengthen whlskey by putting water into it," and
after lunch they began to realize the &c nito mini
nj sylogism, which would leave them nothing in
the result 1t Is going back long way FOR figure;
but then, age has respect, and II we but remember
THE SMILE IN THE SCRIPTURES
or the starving man who asked for bread and was
given stone, and If we look at the suffering
industries of this nation to-day, who only ask
for o settled basis of exchange and are
given q forced loan, we find comparison;
for this Four Hundred Million bill is nothing
more or less. Disguise 1t as we may, this addition
OF $44,0O00 900 Is simply an additional tax upon the
country, aud will be paid for in an enhanced gold
premium, not now, perhaps. but whenever the i'm
porting interests call for the of coin. And such
is unfortunately the character OF nearly all OF our
financial legislation, and, largely ofnewspaper dis
cussion Ofit-nOt always through deliberate pur
pose subsidized to q certain end, although there is
too much OF that. but mostly through an imperfect
understanding OF the subject. 1t Is patent to the
world and o scandal to this country made public
by the very act itself from this late vote In the
House of Representatives, that there Is not
sound nnancier there, or, if there is, he has no.
body to understand him. The Senate happily gives
SOME PROMISE OF DOING BETTER.
Mr.. Sherman called up his new bill to-day, which
he introduced as substitute the bill to equaze
the distribution Of the currency, previously INTRO
duced by him. 1t is O bold compromise measure,
giving innatlonists, cortractionlsts, bullionists
and anti-bullionists, tree bankers ami national
bank monopolsts all equally their sop. 1t is really
daring in its EFFORT to harmonic the conflicting in
terests that have assailed Congress this session,
eachi its own way seeking the preference, and is
certain to stand in the Senate as huge breaker
against the $400. 000,0 600 deiuge which the House
would precipitate upon the country. And SO it
was regarded In the closing figures on the street
to-day. Tie bill ITSELF
A REMARKABLE EXHIBITION OF CONCENTRATION AND
ASSIMILATION.
Section fixes the limit of legal tenders at
$685. OO0, 900, the present outstanding figure. Sec
ton makes such legal tenders redeemablc
alter January /, 1876, In coin or bonds, on presen
tat,on said bonds TO bear five per cent INTEREST,"
but authorizes the reissue OF such notes
so redeemed If the necessities Of the
government require IT, This, although OF
doubtful recommendation, il better than the late
$44.OO0000 scandal Section proposes Iree
banking, with a currency prOportiOnate through
OF New York; banks to be governed by the
provisions Of existing laws. Section provides
that after the Issue OF 100000 new bank notes
seventy per cent of greenbacKs be retired upon all
further issues until the greenba circulation is
duced to $780, 600, and authorizes. If necessary,
the retirement OF greenbacks until that amount Is
reached by the substitution OF bonds, mentioned
In the second section. Section s provides for
AN APPROACH TO SPECIE RESUMPTION
In requiring banks to Keep on hand one-fourth
OF the coin received by them as interest on their
bonds deposited as security for their circulation.
Also requiring that only one-fourth OF their re.
serve shall be balances due to redemption
agencies, and stopping the interest on the same.
Section ana last is interesting to remember in
view of the Treasury exhibit in It's last statement,
and reads, "That nothing in this act shall be
strued to authorize any increase in the public DEBT
OF the United States" This Is the most cOElpre-
hensive bill that has yet been introduced, and
Is likely to make sharp fight with the House
Four Hundred Million bill. Mr.. Sherman
cuped the floor OF the Senate all day in support
OF it, and although, to use his own admissions 1t
has It's faults, 1t has large merit as compromise
measure and appears to be the best meeting
ground that could be agreed upon. The great
meeting tonight, as appears by the proposed
resolutions, would seem to have drifted somewhat
out OF it's original intent, ana is likely to lose In
nuence thereby. The resolutions simply announce
theoretical opinions on the subject OF currency eX
pansion ana specie payments. This is not the
original object. That was merely action" To
call upon Congress to do something entirely upon
Its own best judgment, but to do something any
how,
1T MAY STRENGTHEN SENATOR sHERMAN's HANDS,
perhaps his EFFORT fight the $500 OOc, 600 inda
ton. which might as well be 5oo,o0o,oo0 next
year; but beyond that it is not likely to amount to
anything. But even If it accompanies that 1t Will
have done something.
THE STOCK MARKET,
after going up early in the day upon the imitation
theory, receded later, on the expectation that the
Senate would interpose an objection. Outside Of
this there was no explanation OF movements. The
following were the highest and lowest prices Of
stocks to-day
HigheSt. L0lpest
N. Y. c. and Hudson consolidated. 1O1k 100N
Like SHOTc... |cts IoB