New-York tribune., 1874-10-19

to consider next Winter; and II is to be
hoped that men like Senator Sherman and others,
who are able to comprehend the situation, will
at the next session dare to be right at the
pense OF being in the minority. 1t is almost certain
that but for the cowardly surrender by the CHAIR
man OF the Senate Finance Committee of every
principle he had ever advocated applicable to this
question, Congress would not have legalized the
illegal issue of S26,OOOOO0 of greenbacks made by
MI Richardson; and, therefore, that there would
now have been just so much less bad legisla-
ton to undo We do not undertake to say
that the train Of evils saddled upon the country by
decade OF wild speculation of absurd enterprises
in the way of railway construction by which hun
dreds and hundreds of millions have been sunk out
OF sight, ofextravagance in living, asuperabundance
OF irredeemabe paper money, Of corrupt rings in our
National, State, and Municipal Governments of
speculation and peculation on the part Of men
charged with the management of great corporate in
stitutions could have been overcome 10 six months
or year by ever wise legislation at Washington.
But we do insist that their remedial measures
nave not only been utterly inadequate
TO the necessities OF the case, but
have been in the wrong direction. and therefore
worse than no legislation at all. 1t requires very
extraordinary degree of wisdom to understand that
an important condition precedent to o revival of
healthy business is a restoration of confidence; and
to expect that confidence which has been rudely
shaken and in a measure destroyed by too much
irredeemable currency may be restored lby simply
adding to the volume of paper promises is
about as reasonable as to expect a drunken
man to become sober by imbibing copious
draughts of old bourbon. When the
powers that be show a disposition to redeem
their overdue obligations in the form of legal ten
30 hat
end though the day of redemption may be far off,
then, and we fear not till then, may reasonably
expect to see gradual return Of that confidence
essential to the country's well being.
The general trade of the city has been compara-
lively light and at declining prices for most kinds of
merchandise, the mercantile failures during the
week having had depressing effect upon business.
There has been steady demand for United States
bonds. and prices close at to per cent higher than
last week. State bonds have been inactive while
in railway mortgages there has been fair business
without material change in quotations. Loanable
funds continue in abundant supply and without
change in rates if we except temporary advance TO
4 per cent for call loans which liberal offerings
soon sent back to the old rates OF "a to per
cent First-class commercial paper is in demand at
to per cent The business in foreign exchange
has been moderate, with tendency to higher rates
for short bills. The gold market ms been quiet
throughout the week. the range having been 1905 and
110s with the larger business at no. at which figure
the market closed to-day, showing decline of per
cent from last Saturdays final quotation. Business
at the Stock Exchange has been less active than dur
ing the previous week. aud prices somewhat lower
The greatest depression was Wednesday, after
which prices rallied little especially Friday,
but dropped off again to-day. The widest fuctuaton
has been in Erie, which sold down to- q and up to
81 closing at 29s loss of since last Saturday.
The transactions in this stock have been quite
heavy, both here and in London, which governs the
price here to very large extent. Lake Shore has
decline of / per cent from last weeks
prices There has also been considerable activ-
ity in Western Union, Pacific Mail, Union Pacific
Wabash and Northwest. The decline since last
Saturday has been in Wabash aud Hannibal and ST.
Joseph, each per cent; Rock Island, !; North
Western, Union Pacific and Pacific MAIL each !;
c. c. and /. c.. {; Pittsburgh. /; NewYork Central
and St. Paul. each / Panama Railroad advanced
per cent; Fort Wayne. Delaware. Lackawanna
and Western, and New-Jersey Central, each I; St.
Paul Preferred, Western Union Telegraph, !; and
Ohio and Mississippi, per cent. The subjoined
table shows the extreme fluctuations in United
States bonds the leading railway and miscellaneous
shares and gold, made during the past week as
well as the closing quotations of each at the dates
aforementioned: