The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-22
Reasons Why We Should Resume
Specie Payment.
The Stock Market Quiet and Prices
a Shade Better.
EXCITEMENT sUBsIDING.
Gold, ia a Ia s-4; Money, Per Cent; Green
backs, 81 Cents and Mills.
WALL STREET,
TUESDAY, April 2I-6 p. M.

TUESDAY. April 2I-6 p. M.
1t may require courage and selfdenlal for the
people Of the United States to face the question OF
specie payments but, sooner or later, II this
country is TO continue its great career and pre-
serve untarnished credit, gold basis must be
established. IL does not necessarily follow that
the work of resumption involves the displacement
OF paper. on the contrary the inconvenience of
handling coin viii forbid it's general use. But 1t
does necessarily follow that before we can resume
we must restore confidence. To restore con-
ndence must accumulate gold. And there Is no
nobler work Tor patriotism 10 perform; there is no
Congressional legislation for which the people OF
this country wiz be more grateful now and In the
future, than that which Will establish their pro-
ducts their earnings indeed all values, upon that
UNcHANGEABLE BASE
which is recognized ana respected throughout the
world. AS a gold-producing nation we can
speedily place ourselves IN such position. since
the war closed over $780, ooo, 900 have been drawn
from our mines all OF which miserably failed 10
utilize. Had 1t been done currency would now
be convertible into coin and we should have at
tanned by natural means the elasticity which il
sought after the governor OF well regulated
ommerce.
THE STOCK MARKET.
The stock market showed no well defined and
trustworthy symptoms OF recovery. While the
mains, and money, during the greater part OF the
day, quoted at per cent-tnis, TOO in the face
OF the fact that the banks have al unusual abun-
dance OF money to lend. Prices were somewhat
better than those at which the close made last
night; but fluctuations we're SO rapid and the
changes upward and downward so inexplicable
that operators on either side are still unable to
agree on given line of policy. This alienation
OF comparative strength ana weakness is, in a
measure, due to the
VARIANCE OF OPINION
concerning the Senate bill and its effect on the
market if 1t should become q law. 1t is also the
result Of the grave uncertainty that attaches TO
the course Of the market irrespective Of other than
natural causes of decline. The lessons OF the past
have not been forgotten. The steady fall OF the
last thirty days. Notwithstanding the endeavors
made to hold prices, the absence Of outside buy
ers, the unencouraglng spectacle OF mere
brokers' market from day to day. daily increase
OF stocks from outside holders Tor the street re
ceive and carry, the stil more unencouraging re.
ports from raways-all these things seem TO have
prepared the speculative mind for just what is TAX
ing place, and somewhat explain the
suspicion with which the events OF the hour
scrutInized and the celebrity with which
spectators SO often 'cnange their base.n
THE OPENING
OF the market was weak, after which it became for
time steady Then ensued the several phases
above alluded to. western Union sold at .o1a 20
all tx 7014 6e1a a 71ss 7024 7l2s; Erie at
25z 1864 3534; New York Central at 81 sS5S a
80 a 97A 9s%; Rock Island at 50 a 90 991s.
Pacific Mali dropped suddenly from 3eh to 371S,
against 40L at the close last evening, but closed
tonight at Az. Lake Shore sold at 7314 a 74ss
TAX. Wabash advanced rom IA to 42SS, closing
1T 424. Northwest common, after receding to
47k, advanced TO 4914 ana closed at asa. The
preferred moved from 63sl to 661s, closing at
$50. ST. Paul advanced from IS to 391s
q 39I. Ohio and Mississippi sold from 81 u up
to 2s15 and down 10 "A. closing at 264. New Jer-
sey Central moved up to 1864. Delaware, Lack
awanna and Western sold at l05 a 100; Panama at
I0l I02 a 104 a 1903; Union Pacific at 32a4 331i
33H 335s. c., c. and l. c. ranged from 214 to %,
closing at 22%. Hannibal and st. Joseph common
closed at rs, after selling at IS u. During the day
the sales amounted to 2S3 7l9 shares The bulk Of
the transactions distributed as folows:-
Western Union. $4,000; Union Pacific "a 200; Pa
cinc Mall "a, 675; Wabash, 5000; New York Gen.
traL II, 7oo Lake shore, 4oo7o Rock Island 6,Ooo;
Erie 700; c., c. and o., y, 700, and Northwest,
1900.
HIGHEST AND LOWEST.
The following table shows the opening, highest
+l.n