The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-30


granted by creditor to debtor, the multiplied
ton OF such notes, vhen the inability to pay them
had oeen admitted would be regarded as crime,
a fraud upon the previous creditors
Fourth--No credit can exist where there is no
remedy Tor q default.
FUrh-Chicanery the part OF any business
man, IN however slight degree. destroys his
whole credit
ana Ldsuv-If a business man Is not able TO pay
his debts he cannot certainly expect to reach the
ability TO pay them any more quickly by increas-
ing The amount OF his outstanding notes.
The venerable Abraham Lincoln. the martyred
President, whose homely but strong utterances
have in them a navor OF the wildwood that
shames the periods OF those who have succeeded
him from the unbuilt sections, said in one OF his
Presidential messages speaking OF the public debt
which was much less than IL is now
'IT Is EASIER TO PAY SMALL SEN THAN IT Is TO
PAY A LARGE oNE-n
Quaint. commonplace philosophy; yet that Is
just what We want now. II the dead Lincoln were
seated in the Presidential chair to-day he would
not hesitate to reflect in his act OF veto the sent
ment OF the dead sumner as expressed IN his last
speech. But have we no living hero who VIII take
upon himself the responsibility that neither Lin
coin or Sumner would have shrunk from VIII
the conqueror Of the repcllion-the man who
uttertu the MeUOTdDc WOIus, II TeQulTe du
unconditional surrenderr-quail before this cor
poral's guard OF demagogues, whom, If they had
assailed him in his army career or molested
him at headquarters, he would have sent to the
guardhouse with the same Impartiailty as though
they were unfortunate suffers obstructng the
business OF the department Or will he have the
courage to stand before this uneasy tide OF Con
gressional legislation that is criminal through In.
comprehension, and say to the Senate and House
OF REPRESENTATIVES,, Gentlemen, have no policy
to urge against the will OF the people; will post
pone action upon this matter until the will Of the
people can be learned. and thus veto its''
FOREIGN EXCHANGE
has gained frmness from the anticipated results Of
Congressional action upon the gold premium. The
first effect OF imitation in the House was depres-
sion, as buyers held on hoping thu Senate would
annu such action, but when the Senate was found
to be committed to the same policy there was
general advance.
throughout the week ruled easy, Notwithstanding
the demand from the country to meet the April
settlements, the highest ngure being per cent.
Commercial paper was less active.
THE BANK STATEMENT
does not show the decrease in reserve expected.
The banks now hold $40, 410,075 lawful money in
excess of % per cent OF their total liabilities which
changes in the various items need no special COM
ment The averages for the past two weeks with
resulting differences, were as follows:-
March q. March %. Differences.
Loans. $3.50 500 200 $3.50, Ill., 500 Inc. s3l1, 800
specie .... 26,696.00O 25,439, 800 Dec. 1256, 700
Legal tenders 60,1s4 400 60,5S5,l00 Inc. 400, 700
Deposits 24O 9g1 100 239, 10000 Dec. 1,260, 200
Circulation... 26.717,3oO 26726,490 Inc. 5000
The following shows the relation between the
total reserve and the total liabllities:-
March u. March %. Differences.
Specie S26 500, 900 s25, 439, 800 Dec. g. $50 700
Legal tenders. 60, lS4,400 6o,5e5 100 Inc 400, 700
Total reserve $50 400 6O24 400 Dec. $3.50 900
Circulation. s26 ~ 800 S26, 726, 400 Inc. 800
Deposits. 240 99 100 239, 73J 900 Dec. 1260, 200
Tot liabilities 70s 400 $685. 457 300 Dec PSI 100
25 p. C. reserve 66,927, 100 66,6la,325 -
Excess Over25
p. C. reserve 1885, 800 19410,075 Dec 549 1926
THE EFFECT OF INITIATION
in the stock market is shown by the subjoined
table, which represents the sales made at the sec.
ond session OF the Board during the past week -