The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-07-05
Financial And COMMERCIAL.
Fourth of Julyis1n in
Finance.
TREASURY PYROTECENICS.
WALL STREET,

street and in the several markets here.
II there is one thing more eXcusable than an
other in an American to-day it is that he should
gush, and 1T may be unreservedly said that he does
so, whether we take him in Liliputan form dis
charging his frecracker, filing the position or
No. l or the gun detachment towards a half
ouncer, or, in herculean proportions. endeavoring
TO fright ihe coming comet and turn il from ITS
course with discharges of blank cartridge And
in connection with this pyrotechnic display, ter
restrial as we'll as celestial, there are some
SUGGESTIONS PERTISENr
to this locality. The comet Coggia, concerning
which there is so much speculation of late is an
nounced as making ITS appearance in connection
with the tail OF the Great Bear This, OF course, 10
not most dlgnlhed entry, the popular belief in
regard to comets being that they disdained to
hang on to anybody; but the story OF the street
during the past lew months may perhaps explain
this friendly feeling toward Ursa Major. 1.-The boys"
considering this new astronomical feature, may find
fellow feeling in it, and realize the disposition In
silent eve know how it Is ourselves" Again,
there may be others who regard the coruscating
exhibit OF this stellar visitor as ne%lght upon
the current situation, entering wedge That may
break up the great plane Of centralized ideas
which separates Ursa and Taurus, and 80 bring
about reconciliation. But, to get back from the
skies to terra TRINA, there is
LESSON THIS DAY
that cannot be better applied, and at this time,
than here. Money and patriotism are not usually
supposed to be purely akin, although often mixed;
yet in the case OF our own country this Republic
has money value that never be overlooked.
Mr.. Bristow, that distinguished expression OF the
iecundty OF the Blue Grass region, in developing
fiscal genius, evidently thinks so. And this brings
US down to
SOME QUIET REFLECTIONS CONCERNING
how far this efTervescent belief in our own great
ness. so natural to this Fourth Of July season,
should be permitted to govern action calculated
TO extend over an entire year. That popular
comedian, John Brougham, has fanliliarized US in
his famous burlesque OF "PocahOntas' with the
term Fourth Of July-gers." Is it not possible
that we might drift into a Fourth OF July-sm,
equally grotesque. but far less amusing? Mr.. Bris.
tow, that eminent statesman whom Mr. Grant re-
Gently called to his aid to the country from
financial ruin, has seen fit to issue q circular
asking proposals for the remaining $3.50, 00O. COZ
or less or the five per cent funding loan
yet untaken. Mr.. Brstow's inducement TO do this
was, as we learn from the Washington dispatches,
as well as from the gossip OF the street, numerous
offers for portions Of that loan, principally from
German bankers, and ranging from s1,Ooo,oOo to
sec, 1000 1t mus. be borne IN mind, however.
that OF these offers bid tor the OpLiOn well
as the amount asked for; IN other words, aimed at
securing.
CORNER IN UNITED STATES NEW FIvEs,
which have within the past six months, eXhib-
tied steadily increasing demand. Indeed, these
offers were stimulated by the act that The process
Of funding gong on in quiet way-that is, the eX-
change OF overdue skies into new nves, was paying
handsome profit to those intermediate
agencies, both here and in Europe, through
whom the exchange was being made. MIR. Bris.
tow evidently interpreting the proposals submitted
to him and aggregating the toral Offers instead Of
perceiving that each separate one meant the ex-
clusion OF all Others, has come out with mis- new
declaration OF independence at most inoppOrtupe
period, to the serious interruption OF a safe move
ment in the operation OF funding that was lar more
erectual than ell syndicate operations, more profit
able, inasmuch as it advanced our credit and more
becoming, as 1t took of the foreign markets as
pedlers OF our own paper. Besides Mr.. Brstow
exposes himself to this suspicion, stated clearly in
Wall street and to be answered by him, that he
ls disposed to accept some one OF the
offers made him, which is not the best that could
be DONE and makes this public offer in order to find
justification for action already determined upon,
well knowing there Will be response to his call.
WHATEVER THE RESULT MAY Be
whether Mr. Bristow efraces this suspicion by his
subsequent conduct or not, great blow has been
struck at American credit. Mr.. BristOw may be
very Bayard in respect to honesty sans peur ct
sans reproche, but he has permitted the claim to
be made in the face OF the world Of
his entire unhtness lin respect to
previous experience) for the nigh office
he holds. His recent circular, giving him full
credit for honest purpose, shows SO complete an
ignorance OF the common laws which rule in busi-
ness circles as to amount to incapacity. 1t is o
very familiar expression 'Rome was not built In a
day." but there Is world of meaning IN it,
THE OPERATION OF FUNDING
is necessarily Of growth, and has ever been
best carried out through the ordinary channels OF
intercourse that exist between borrowers and
lenders-viz, bankers and brokers. These latter,
OF course, have a profit in the exchange; that is
their business. No business man labors without a
profit he engages In any operation
that fails to pay he quickly abandOns
1t. Governments can no more afford to
ignore this natural human instinct than individ-
uals and it may be safely assumed that whatever
business proposition loses sight OF legitimate
profit has IN 1t the expectation OF illegitimate
gain. There Is strong flavor OF Fourth OF July
ism in Mr. Bristow's latest effort at funding, which
Is calculated to damage us in the esteem OF fnan-
cial men the other side 1t is to be hoped there
is nothing worse. In the meantime the govern
ment market is suspended for thirty days. and all
contemplated dealings are OF for Slat period.
So much Tor bluegrass hnanciering.
THE BANK STATEMENT
bears out what was anticipated In this column,
that the changes rendered necessary in respect TO
the reserves by the new Currency bill would not
create any disturbance OF moment. The surplus
reserve shows gain OF over $s0o,Ooo, the entire
reserve being nearly $25, 25O 900. With such i'm
mense unemployed fund as this in the banks we
are lar removed from any danger of strlngency.
THE CROP EXPECTATION
is the most important feature of the general situa-
ton, and, while 1t Is universally conceded that
own yield is abundant, some doubt felt In regard
to Russia, Hungary and other parts OF Europe. 1t
has been claimed In avor Of these latter sections
that the yield was proportionately equal to ours,
and this has somewhat dashed the hopes of many
OF our people who have been looking forward to