The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-28
THE FIRST EFFECTS OF INITIATION.
The Uncertainty Growing Out of an
Uncertain Quantity.
Free Banking as Regarded by Senator Logan
and by Its Friends.
CURRENT VALU f S.
WALL STREET,

FRIDAY, March 2T-+ y. "
Something OF the character OF this recent 1nan-
cal legislation may be gathered from ITS redey on
Wall street to-day. That 1t is simply promise to
the ear but broken 10 the hope was abundantly
proven in the result of the days business, the
mere euphemistic declaration that the legal tender
circulation OF the country had peen increased from
1886 100000 10 s40o, 100000 falling TO convince any
but the most obtuse that we had thereby enhanced
values elsewhere because OF the abundant demon
stratiOn OF late made that such increase simply
duced
THE CONVERTIBLE VALUE OF THE PURCHASING
TOKEN
instead OF adding to the value OF anything else.
Thus, II greenbacss were quoted, rs they should
be- AT a discount TO gold, instead OF gold being
quoted at a premium to greenoacks, the latter
would have gone down to-day precisely IN the
same proportion as gold went up. Then we would
be able TO appreciate clearly the utter absurdity
as d measure of reliet to the suffering Industries
OF the country OF this multiplication OF greenbacks
which, by law as 1mmutable that which
governs the revolution OF the earth around the
sun, only reduces their value as q purchasing
token instead OF enhancing other values As was
said before, to
THE MEN WHO HAVE FIXED INCOMES,
the bank clerk, who has $4,000 per year, OF the
mechanic, who has from 50 to So per day, 1t is
simply reduction OF income to the extent OF
nearly Is per cent L. is a forced loan upon the
Industries OF the nation TO benefit the Spectators
1t is defiance of the national conscience, a
breach of the national faith ana a degrading sur
render Of the national honor to bowling dem
agogues. fresh debate ensued IN the Senate
to-day, which shows the manner in which that
once august body approaches this question. How
the friends OF the dead exempar from Massachu-
sets must rejoice that he was spared
THIS HUMILATISG EXHIBITION
OF trucking TO individual inluences-this surren-
der Of dignity and honesty on the part Of that
body OF which he was so long member 1t would
have added bitterness tenfold to his last moments
II he but knew that his latest indignant protest
against this national crime had been disregarded,
his appeal 10 the honor and manhood OF America
condemned. Senator Logan. 1t would seem, pro-
poses to bring down further disgrace upon that
body OF which he is a member. 1t appears in the
Senate to-day he advocated free banking without
restrctions-that Is,
A RETURN TO THE OLD WILDCAT MONEY PERIOD
anterior 10 the war. II the honorable Senator
really means this ne has evidently mistaken his
vocation, and, IL ne wound hnG IT. ne might Try his
hand at selling Western wild lands He might pos
sibly make some arrangement with the distin-
guished Mr.. Scadder that would be satisfactory to
both. "Air them hands Clean or air they notf'
Considering the fact that this is the best bill that
could be introduced in the interest OF the national
banks, as the most enectual way oil killing free
banking, one is possessed With the same doubt as
possessed the minds OF Marx Tapley and Martin
ChuzzlewIt in viewing the palms of the llustrious
Scadder.
The possibility or a nelc issue " iaeonoe11ibIe
paper regard scnh aBsGzeD1ent ana Gnctety ana
in nty jtdgz,eret, such issue lc0Rd De q dstT
Ment ana a shdnte.-CHARLEs SUMNER.
FEEE BANKING, AS PRESENTED BY ITs ADVOCATES,
has not received fair discussion either in Con-
gress or out OF IT, II Is as tar removed from
Senator Logan's wildcat scheme as is the resump-
ton OF specie payments TO the present unre-
strlcted unconstitutional p Issue OF legal tender
currency. There is an old apothegm that there
is nothing new under the sun. And here we have
it realized in the &c ntha HthoIO u legislation or
the last couple of days. Because the government
has defaalted its promises to pay Tor ten years
1t is proposed to improve the credit Of the govern
ment by adding to them. II this be soCnd dnan-
Cierlng then We must be near the millennium, when
there will be no difference between
THE PROMISE AND IT'S PERFORMANCE
II is hoped it Is so Tor those VINO have large
promises outstanding. Free banking properly
considered and as presented here means the break
ing down OF the national bank monopoly ana the
substitution OF real credit, based on legitimate
credit which this national bank monopoly has as
sumed. Any intelligent observer can see tnat
the recent financial legislation has been largely in
the interest of the national banks, and when we
collect how thoroughly organized and powerful was
the national bank lobby which opposed the sub
stitution Of bond bearing lower rate OF Interest.
than six per cent Tor that previously pledged as
security for the redemption of its circulation, II is
easy to appreciate the influence they possess to-
day. 1t is said that influence extends into the
White House. Il this be 50 there is very little
hope Tor the country. Free banking, as supported
here, would have been really
STEP TOWARDS SPECIE PAYMENTS,
while Mr. Logan's measure Is something more
than quarter stretch away from It. 1t might be put
further in this sme but for the fact that it Is
tain not to make the running, even Il fairly
started. Three hundred and nity-six millions OF
legal lenders, the entire amount were in the
bank vaults, would only give, under the operation
OF the % per cent reserve clause tsupposing there
were no deposits 30 be securely sl,424,NSS,cNo
bank currency; but when it is recoected now
largely the bank deposits are in excess OF the CIR
Cuiation, and that the % per centum must be
maintained for them, it will be seen how lar from
imitation would be free banking If there were no
addition 70 the greenback circulation. and, II a
provision were made for the banks boarding coin
how speedily 1t would bring US IN the neighbor.
hood az specie resumption.
IN THE STOCK MARBET
the business was mostly in the speculative shares
ana seemed wholly relerable 10 the chances aud
effects OF imitation. The movement in the market
VIII be best seen from the printed list OF sales
given below.
The following were the highest and lowest prices
ol stocks to-day
Higaest. LOrest
y. Y. c. and Hudson consolidated. 1O2% 10l s:
IaEa