The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-02
FINANCIAL and COMMERCIAL
sBulls" and "Bears" Awaiting the
Action of Congress.
THE PUBLIC DEBT DECREASED
Gold Advances to lib s.4---Grecnbacks at q
Discount Of u Per Cent.
HONEY EASY AND ABUNDANT.

The possibility OF nelo issue Of inconvertfole
paper regard Nth GsnGzement ana anxiety, and,
IN my judgment, such an issue DOsild be detrt-
usext and a shGme.-CHARLEs SUANER.
WALL STREET. !
WEDNESDAY. April IL p NJ.
Two sharply defned conditions enter into the
course OF events on Wall street and will doubtless
be found to prevallin every speculative centre OF
the country. First is a recognized decline in all
departments Of general trade, as Illustrated by
the reduced earnings OF nearly every one OF the
great lines OF railroads, and q knowledge that the
value or this class OF securities has been en-
HANGED abnormally by mere speculation and not by
actual growth and prosperity. Second is the I'M
certainty that attaches to the action OF Congress-
or rather the Gel tainty that we are about to be
plunged into turmoil, the elements OF which will
be reckless gambling deprecated currency, I'M
settled values, and. eventually, disaster. Between
these two forces II ID but natural that business and
business men-the merchant as well as the specu-
lator-have paused al are now waiting the adop-
a0n OF
FIXED FINANCIAL POLICY.
It Is "a thrice told taen that the country does
not need dollar more Of irredeemable currency;
yet the fact ought to be persistenty pressed upon
the attention OF every member OF Congress until
he recognizes the voice OF some other class than
hts own clamorous local constituency. Nor Is it
correct that the present Volume OF currency falls
short OF the actual requirements Of the business OF
the country. There are in the Treasury vaults to.
day upwards OF $50 OF currency deposit to
the credit OF the banks. There are in New York
other millions seeking temporary investment at
any price. There yet remains to be issued from the
1854 900 allotted the national bank circula.
ton from $1,000 900 to So 000 0o0 which nobody in
the West and South has called LOT, notwitt stand
n q he terri war daac fhndh nv
and some of the Southern members. Yet in the
face OF all these evidences OF plethora Congress
has perpetrated
ONE ACT OF MADNESS,
and now seems about to perpetrate another. The
shameful fact stands before the world that the
present doctoring by that body OF the financial
question has deprecated greenbacks until they are
practically worth only about eighJy-eight cents
on the dollar. How long is this condition to con-
tlnue before every merchant and workingman Will
make his future contracts on the basis OF gold and
refuse to recognize even the legal stender, except
At Its current deprecated prices Money will go
where it may be most profitable used, and not all
the legislation IN the world can force 1t into or
out OF this channel no matter to what point OF the
compass 1t may lead. 1t will probably be revealed
hereafter that the present mad attempt OF the
majority In Congress to increase an irredeemable
currency Is due TO one Of two causes-Flrst, there
has been
A TREMENDOUS SPECULATION
In Western lands, the back VI which was broken
BY the panic. Millions OF dollars worth OF pro.
perty declined on the hands OF the holders, and
forthwith the cry began for more innauon, more
banking facilities, more loans, more stimulus to
speculation which, augmenting the value or lands
for the moment, will enable those who were en-
trapped to effect their escape Second, 1t is fair
to assume that not few OF the members OF Con-
gress are themselves as much interested in
rHg STOCK GAMBLING OPERATIONS OF WALL STREET
as are the recognized spectators OF this locality
The same stock Indicator that tells the fluctuations
OF the market to so many brokers ana bankers in
New York, tells the same story within twenty-five
feet OF the doorway or the House OF Representa-
tives, and it would not be strange II the human
nature even OF Senators and members should at
times be sorely tempted and that, having yielded
they should by their votes take the only course
that can bull" the market and secure for them
selves the profits OF an advance. Whatever may
be the causes or results at work, the stern fact
stares In the face-an inhaled irredeemable
currency is not the peoples money. 1t is the
SPECTATORS money-a weapon with which he will
eventually Cypress and destroy the best interests
OF the country. 1t is not specie payment that the
people want now, for
RESUMPTION IS THE WORK OF TINE
u
restoration OF that confidence in the purposes Of
the government which has oeen so badly shaken
by recent events They want it proclaimed to the
world that promise to pay by the United States
means 100 cents on the dollar, and that the re-
sources OF the country shall not be frfttered away
BY parcel OF ignorant congressman, who seem
to imagine that IN dealing with great financial
question they have no other responsibility than
that which attaches TO an allegiance to the electors
OF neighborhood. A United states legal tender
to-day is at twelve per cent discount, winch means
In so many words tax OF twelve per cent on
every article consumed by the workingman. And
every dollar added to the volume OF currency will
increase the depreciation. This, however, is a
species OF arithmetic above the comprehension OF
the average Congressman. Months, perhaps, will
pass away before, being brought face to face with
his people at the husings, he Will be forced to ex-
plain the then condition Of affairs OF which, In
part, he has been the author, and for which an in
dignant popuace may then hold him responsible,
but Nemesis Will be always at his threshold
THE UNITED STATES TREASURY.
The balances in the United States Treasury at
the close OF the day were :-Currency, s452e, 451:
special deposits OF legal tenders for redemption OF
certificates OF deposit, $5l, ,000 coin balance,
$685. 37s including coin certificates, $37, o45, oO0
outstanding legal tenders, $685. 100000. The re-
ceipts from customs to-day were $2s4,00. The
Assistant Treasurer to-day paid out $47,o 900 &C.
count OF interest and 5000 in redemption OF nve-
twenty bonds. The payments from the treasury
by warrant Tor the month Of March were less than
SlA0oo,0oo. The public debt statement for the
month Of March shows reduction OF s., lS9, $685. 1t
Is understood to be the purpose OF the Secretary
OF the Treasury to cancel, before the end of the
fiscal year, the entire amount OF increase since
June 80, ls7a-,o wit, $4S72,olA Greenoacks TO-
day were 49, or at a discount or twelve per cent.
THE GOLD MARKET.
Gold opened at 1l3h, moved up to l13x and at