The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-04
THE BROKERS ON INITIATION.
The Holiday OF the Brokers Yesterday
Dull Day and No Business-The In.
6atiOn 0uestf0u.

A Dull Day and No Business--The In
hation Question.
Yesterday being holiday, II not holy day, for
Wall street, the 'bullsn and ''bears" had a very
quiet time OF it. 1t was generally expected that
the majority Of the members Of the Stock Ex-
change and the curbstone brokers would, during
the day. In order to while away the tedious
hours, make the Fifth Avenue Hotel vestibule
sort OF lmprovised exchange where "puts" and
'cas'' and buying and selling in the usual way
would be freely INDUCED in But such was not the
case Either sudden fit OF plety had seized upon
them early in the forenoon, or something quite as
attractive to the average stock dealer kept
them away during the greater part OF
the day. Towards evening, however. quite
number OF the smaller fry dropped into the
hotel and at late hour few Of the heavy dealers
put IN an appearance. No attempt at selling
buying was made, and, strange to say, stocks
had very little to do with the general talk, gold
seeming to be the chief topic OF discussion.
There was apparently q determination among
some to create "bearishn feeling, which
would be OF advantage to them to-day,
and bets were freely made that gold would ''go
down one peg" before 1t went up quarter. One
enthusiastic ''bear" on being pushed to the wall
by "bull" who was anxious to take wager OF
this kind, declared that he would sell the anxious
"buli" all the gold he wanted 'for two weeks"
same price.
The s4oo.OOo,oOo bill very naturally formed a
part Of the general talk during the evening. and
the rumor that the President was to visit the city
to-day, 70 confer with the Leading nnanciers OF
theme. me majority Of the brokers were,
Judging rom the way they TALKED, strong
porter came across several Who were very
energetic In defence Of the bill and the proposed
increase OF the national bank note circulation 1t
uyNS NIT
duge IN speculation more freely than in the
warmest advocates Of inaatlon. They claimed
that the question was simply ques::
ma as who Wss not sh and that
/ who ''wantedn money now aud didn't know where
that ST. iact II Tor no other reason prominent
Broad street broker with whom the re-
had short nt,e on the
his denunciation OF the innanonists, remarked
to this rich and non-rich side Of the question:
| al have heard good deal said on the street about
the rich man and the poor man OF late in connec-
ton with expansion. Now, to my mind, It Is all
would be led to believe that by issuing more green
backs the poor man was to be greatly benefited;
that ali poor man would have 70 40 woulq BE- to
go out into the street at any time Of the day,
stretch forth his hands and strasnsway he would
Idea is becoming somewhat fixed in the minds OF
the poor men that are Of that class Of men who
What = the sAu future may Be SO long as
they can get plenty now But It is an very ridicu.
issue OF greenbacks in reality reduces the value Of
every greenback in circulation: How SOP says
s e. p'S now EN- 'i ISx 81
f. HsSs e: Ssss S.:s ne
but ne will find very shortly that dollar bill won't
buy as much groceries as l. used ,ootnat things
next week s4 day in place or the So day he got
two weeks ago; but when he cannot get as much
ns s he WIN C Come to tse conclusion that
the imitation pocy srot not ms. such soso very
have gone to great pains to find out at Washing
ton whether there Is any nope eit Tor veto BY the
sorry to say that am convinced that he will sign
the BILL although he may send Congress special
message on the financial st . deprecatins
dednite and 1t may not be. At all events, we win
have lively time IN business OF all kinds by reason
perity, for, just fate, 1t will be followed
by crash that win swamp business men for many
years, and probably bring discredit and despair
upon the nation ITSELF"
| Another prominent member OF the Stock Ex-
change whose name It was stlpaaed s saoI mo Ds
all OF the brokers admit imitation to be an accom-
pnshed fact. 1t IS exceedingly hard you
from q broker. II he has no interest IN the
market himself he is Influenced more or less by the
opinion on the street is that we are 70 have
S4Oo 0O0, 900 OF each Kind Something may happen
to change the prospects, but IL Is hardly probable.
There is no question OF the fact that any increase
OF the volume OF currency Is great remove from
Know Know was accustomed BY our high pressure mode
OF doing business After 1t had passed away the
- ana Il Is Ply ss 'Saa
the disastrous results which follow an undue APP
probation OF values y is invariably followed
by a crash. 1t is simply an illustration OF
Che old adage-"What goes up. must come
down" And, And yet, right IN the face q tn, the
and while the misery caused by 1t Is still every
wnere apparent Congress deliberately takes rapid
no need of more money. Tnere is money enough
aud to spare, n the South and West have
ssss o SELL they can nn mat oep srkss
not a single man Interested in this question
OF expansion, who II his honest CONVICTIONS wefe'
aasravate the evil. Paper money was issued only
the suppression Of the rebellion and Il IS lime now
S ;Ss A R IF. y sssSs as,sSs%
that II they carry their point now whenever they
want more money they viii be able to get it.
has the COURAGE TO pass any measures looking
toward imitation. II is just Ike business man
you 5000 and 'i am mol able to pay Lend
me 500, 900 more, and some time or other ! will
settle In full. But the settling time never comes.
After ALL there Is but little use OF discussing tho
and mas been Tor over two months. ring
there have pronounced for more money,
and they will have II, and the best interests
Of the country are only secondary
| consideration. II trade was prosperous
II the industrial agricultural or manufacturing In
terests were really in want OF more money 1t would
| be perhaps excusable, but as 1t is, the policy Is
nothing more nor less than suicidal. One OF the
ton Of country like this Is found In the receipts
OF railroads. When they increase you may be sure
that trade Is active; but Tor some time back the
railroad receipts have been falling on all over tne
| country. Ii Is not that we want more money AS
| said q little while ago we have money enough
but what we do want Is to have business
settled, and then to conduct 1t on q sound
specie, and the farther you depart from that
standard, the nearer you approach to financial
difficulties and ruin. II they keep on issuing cur
| time we VIII get In just such condition az they
| were IN Hayti, where It took cord OF money "a