The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-18
The Pressing Need of Con-
gressionai Action.
THE WALL STREET MARKETS.
Gold Lower, Stocks Of, Governments
Strong, Money Easy and For
eign Exchange Steady.
FOREIGN ADVICE s.
WALL STREET.


question, concerning which so much expectation
was felt as to the likely results of the recent recess,
disappointed the street. something OF this fresh
posJponement OF any decisive consequence OF the !
debate is perhaps due to the peculiar attitude OF
Mr.. Dawes who has taken a leading part In the |
discussion in reference to the vacancy IN the Sen
ate created by the death of Mr.. sumner. A fellow
feeling is said to make US wondrous kind, and
ONE LOOKS IN VAIN
for ANYTHING much higher Than that feeling IN the
average Congressman of to-day. There is enough,
As was shown in the Credit Mobilier scandal or
that questionable quality OF honor which is Landed
as the peculiar property oil very doubtful class OF
our fellow citizens, who have somewhat confused
ideas on the subject OF ali other descriptions of
property. 1t is not surprising then. to find polit
clans developing similar virtue, and this may,
perhaps furnish an explanation OF this new exhi-
bition OF Congressional indifference to the pressing
business needs OF the nation IL may not perhaps,
be prudent that decision should be reached on
this financial question, so that Mr.. Dawes should
stand before the people Of Massachusetts under
the weight OF responsibility that has not their
sympathles, perhaps, or
EXHIBITING A LACK OF INFLUENCE
in contributing to the result vastly in contrast
with the weight which the dead senator used to
carry with him on behalf OF Massachusetts into
every discussion. 1t is a critical moment in Mr..
Dawes career, and his colleagues and associates
are doubtless willing TO help TO lessen the dangers
orreection by avoiding the creation OF new is
sues upon which TO found controversy But must
the public veal walt upon private ambitionS This
Is trining with one OF the gravest subjects that
ever came before any Congress OF the United
States, and they who trife with it only show their
utter ncapaclty to deal with it broadly and CON-
prehensively in that, If they had that under
standing necessary, they would know the danger
OF such trihing too well to continue 1t.
TIE SPRING is RAPIDLY SLIPPING AWAY,
and as yet we have had nothing that could fairly
represent what we have heretofore known as the
spring trade. Business has moved haltingly III
every department. and dealings instead OF being
stimulated by profit, have been regarded as eX-
ceptonally good where they have surtlced to pay
current expenses. This must react with serious
results sooner later il the remedy be not ap-
Piled so promptly as to carry US at once into
sharp, active revival Of trade iu all directions.
Trade in this country is too intimately connected
with its capital not to seriously impair the latter
il any derapgement OF trade continues long. We
have not, as older countries have, great surplus
of unemployed capital upon which to draw
for the sustenance OF our tagging Industries in
periods OF great daness or monetary disturbance.
LIKE LABoR, AMERICAN CAPITAL MUST SEEK EN-
PLoYMENT
10 maintain ITSELF and is, therefore, idle
cept under conditions like those which We have
seen from time to time affect labor; the acton Of
abnormal influences interrupting the harmonious
working of the natural laws of supply and demand
or arbitrary interference with the exchanges. At
the present time it is the latter circumstance which
has frightened capital out OF the regular channels
of employment, because such employment was rem
dered uncertain and incapable OF intelligent fore
cast by the power which one man assumed to exer-
cse of varying the standard of value in his alter
of the volume OF legal tender circulation And
Congress- seemingly utterly misunderstanding
THE GRAVITY OF THE SUBJECT,
INDUCES in a display Of rhetoric upon matters that
will afford TO wait full discussion ii but this re-
lief were at once given to the country.
AS consequence of the Congressional inaction
the markets to-day were dull, and throughout all
the departments trade ianguished. Wall street re-
nected this condition readily in the feeling above
expressed Of increasing uneasness as to what the
future consequences OF thus fatal delay may be.
1t is now costing the country millions OF dollars
daily in the enforced stagnation OF all enterprise
looking to a monetary return. Action OF some
KIND is what is needed, and every day 1t is post
poued increases the peril menacing our CONNER
clal greatness In
THE STOCK MAgKET
the dealings were less than the daily average Of
last week, being principally confined to Western
Union Pacific Mail, Lake Shore, New York Central
and Hudson River, Union Pacific, Erie, Pacific
Mail, Northwest and wabash, the dealings in
which are fully reflected in the sales report printed
below. The market left on weaker. The following
were the highest and lowest prices OF stocks during
the oay:-