The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-02-14
The Speech Of Mr.. Dawes from a RI
nancial Point of View.
INFRINGEMENT AND SPECIE.
Reasons Why We Can Re-
sumo and Redeem.
A DULL STOCK MARKET.
Money Easy, Gold Stronger and Business
Waiting Upon National Legislation.

FRIDAY, FEB. l3-6 L. nj.
me speech OF Mr.. Dawes, in the House OF Repre-
sentattves yesterday, is full OF meat and suggestive
TO all who enjoy strong pabulum. 1t was largely
made use OF to-day in the stock market as an
argument incidentally and inlerentially pointing
TO further imitation, and did unquestionaoly for
time give to prices frmer tone. 1t will be re-
membered that Mr.. Dawes suggested three plans
whereby the government could extrtcate itself
nom the financial predicament and escape BANK
Euptcy-nrst by taxation, second by iurther loan
and third by retrenchment. But because he was
silent on the subject OF further issue OF legal ten
Aers, and because he demonstrated, as far as MS
0Qures would permit hum 10 do, that
THE TREASURY
at the end OF the fiscal year-July l, 1sT4-would
be weaker by $50 600 900 than at the same time In
1s7s. 1t was assumed that the drift OF the speech
was in favor of imitation There is no good reason
for snch belief Mr.. Dawes simply, in
q brave dispassionate way, arraigned repub-
hcan Congress for its extravaganza, exhibited
the imbecility OF its legislation, and suggested,
what has so often been urged in these and the
editorial columns OF the HERALD the only honest
method OF rehef-to wit retrenchment. The
country has had enough OF taxation, and until the
forced OF s400 900 Of greenbacks and frac
uonal currency has been paid back to the people
we want no more OF this sort Of irredeemabie
mentn is the panacea OF our ills, and no argu-
ment was ever more conclusive than the simple
fact cited by the Representative that 1870 we
pended 5000 0O0 900 and paid on 500 900 OF the
debt In 1871 we expended 1922 DOC, 900 and paid
on So, 100000 of the debt In 1872 we expended
SIR, 900 and paid 500 OO0,0 900 OF the debt In
1878 the expenditures to $780, OO0 and only
t42,OOO, 900 Of the public debt paid while for
the present year s4l0,0oo, 900 were appropriated,
and we have paid none OF the debt. II there be
added to the above figures the amount or
THE DEBT RETIRED
between March, 1869, and July, 1869, we have
grand total of $377 zoo, 900 in gold, less about
tss,O 100000 Of 8 per cent certifcates-more than
enough to have put the country on a specie pay.
ing basis and added untold wealth all Of its en-.
terprises. When men talk about the impossibility
Of gradually resumng specie payment let them re.
call these figures and remember that what the gov
ernmenL has so recently done in accommodating gold
may be done again, even on the present basis OF
taxation, by reducing public expenditures some.
where near the point at which they were prior to
the war. The decline Of revenue and customs re-
ceipts at present felt is the natural sequence of
the panic. FIT continues, the blame will fall upon
Congress alone; for upon the prompt action OF
that body depends the settlement upon a firm
foundation OF those principles which alone give
life to enterprise and confidence to the CONNER
ctal public.
THE MONEY MARKET.
No changes are to be recorded in this depart
ment. The rates on call loans continue at and
8 per cent, with an abundance Of offerings. Paper
- discounted at the prices heretofore quoted
Foreign exchange LEFT on quiet and firm at s. SIS
for prime bankers sixty day sterling and s. So
q 49,. for demand
THE FOREIGN MARKET.
The amount OF bullion gone into the Bank Of
England on balance to-day Is 5000. The stock
market is reported quiet but steady. The
soNowing are late acknowledgements for
money, 9lT a go; consols for account, 90 q
o2K; fve-twenty BONDS OF 1865 told), 100 q
HOAX; hve-twenty bonds OF 1867, l09. q lO9k !;
ten-forty bonds, lo5x 1864 new hves, 1881 !;
Erie Railway shares, AK; New York Central
shares, 95z q 96. In Amsterdam prices were as
follows Central Pacific first mortgage bonds,
e3k; Union Pacific first mortgage bonds 732 /;
Union Pacific shares, 800; Northwest preferred,
%; St Paul preferred, s4k; Erie shares, 42X.
Paris dispatches quote rentes at 5sf s21.c.
RAILROAD BONDS
There was less activity than usual in this de-
partment, but as a rule prices remained firm. The
following are the bids as amended at the call the
no in