The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-20
Continued Dulness Waiting Upon
Congressional Inaction.
ANYTHING FOR A SOLUTION
Stocks Heavy and Lower, Governments
Strong, Gold Steady, Money Easy and
Investment Securities Quiet.
FOREIGN ADVICES.
WALL STREET,

THURSDAY, March 49, P. NJ.
The fatal dalliance OF Congress in dealing with
the financial question is working more and more
serious harm every day in trade circles. and
II Is not quickly replaced by prompt ac-
tion will preclpitate upon us another panic,
whose effects VIII be far more serious than the
last. Business In all the wholesale departments is
virtually at stand still. Men sit idle in their
ofrces. not daring to enter into engagements, the
nature OF which 1t Is impossible to determine. The
dreaded condition of things which Induced the
representatives OF the people In the early days OF
the Republic to place the egs OF the constitution
over the sanctity OF contracts has come upon US
by the act OF q single man. without even tue au-
shorty uf legislative enactment. III is as II we
had lost the science OF mathe IN its relations
TO trade;
THERE is NO FIXED QUANTITY
ana chaos exists in all business departments.
What wonder is It, then, if Wall street renects this
stagnation and Generalization throughout the
country in every department OF Industrial, CON-
mercla and financial action 1t is not a proud ex-
nibit Tor dominant party that It's long years OF
rule should have resulted in this condition OF
things nor 1t wen for the party that il should
permit the reflections growing out of such an ex-
nibition to form themselves into opposing convic-
tons THIS is pre-emnenty practical era in the
history OF our country. This is shown by the caus
tic debate upon the Centennial bill, which, under
other circumstances such as we have witnessed.
would have been carried through both houses OF
Congress tidal wave OF patriotic defamation.
WALL STREET REPRESENTS THE POPULAR FEELING
TODAY
rs 1t never did before, and the primary and con-
vention have lost for the nonce their influence,
and Wall street Is eminently practical and
national The one thing it does ask and
demand the name OF all the interests that
centre there is action, action OF some kind,
and, first, the determination by Congress to place
It beyond the power or Mr.. Richardson to vary the
legal tender standard OF value This latter is be-
coming a graver necessity every day. and unless
quickly determined, is likely to involve us in serious
consequences. This protracted dulness when we
ought to have the spring activity is certain to IN
nuence the domestic exchanges throughout the
year. That influence will not be beneficial The
country Is losing valuable time. 1t is as if
We had taken an extended holiday OF months
duration, during which did nothing, and ex-
pected to make as much for the balance OF the
year as though we had been steadily at work all
the time. This cannot be. 1t is a law "as old as
the hIs' that they who dance must pay the
piper. We have been forced into almost idieness
for the last three months, and we must bear the
penalty. But still comes up the familiar refrain,
familiar now to every ear In Wall street.
WILL NOT CONGRESS DO SOMETHING?
Anything, no matter what so IL be determinate,
would be better than the uncertainty respecting
the result which at present exists. The seeming
nnwillingness Of Congress, so plainly manifested,
10 meet the question boldly and squarely increases
the peril Of continued inaction, exhibiting the
low plane OF understanding OF the subject whence
the final decision is TO come, as the lack OF COM
prehension which such delay at the present time
Is scarcely to be trusted with its final DISPOSE
ton. The sooner, however, the end comes the
better.
THE STOCK MARKET
to-day was dull and heavy on restricted dealings,
leaving oil at near the lowest point of the day.
The sales list given below shows the stocks princ-
paiiy dealt In The following were the highest and
lowest prices OF the day -