The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-07
Dulness In Business Giving Oppor-
tunity for Discussion.
TEE THOUGHT OF THE STREET
a Direct Issue Between the Public and
the Government.
CURRENT RESULTS.
WALL STREET,

FRIDAY, March IS p. NJ.
we are living In record Of repetition, in SO far
as the Wall street situation from day TO day may
be said to illustrate business There seems
TO be a contest among the days as to which shall
be the dulest and each as it enters itself IN the
account OF Time very properly claims the cham
pionsnip. In such case there is opportunity for
the discussion OF general principles that are now
the theme Of special interest. And these general
principles are at present involved in great crisis.
The result OF the debate in Congress will probably
determine whether we shall be admitted nUo
THE INNER CIRCLE or FINANCIAL THOUGHT
in Europe must yet longer remain in ward
ship. In other words. whether we are able to
stand alone or need foreign support. In this con-
nection the attention or this column has been
called to printed circular, headed Important
Disclosures About tho Financial Position Of the
United States,n in which we are threatened with
some terrible evil from the Dutch bankers If we
don't do something, not clearly explained, to meet
their requirements. These good, worthy souls
eminenty respectable citizens, we have no
doubt-seem to have jumped at the
conclusion, probably from reading Mayor
Havemeyer's recent messages, that this is yet
a Dutch city, Perhaps they think Hendrix Hud-
son is still Governor and that the metropolis con-
tlnues to bear the name oil New Amsterdam. All
this has been changed. And here Is precisely
their error. 1t is not We next year or this year
who will be begging Europe for money. but rather
EUROPE THAT WILL BE SEEKING EMPLOYMENT FOR
ITS SURPLUS CAPITAL.
The money rate is low now in all the European
centres. The payment OF the French IN
demnity drew out Of hiding an enormous
amount of coin that had been Withdrawn
from circulation for years. That money
remained still out OF circulation during the
process OF reconage, but 1t is now rapidly coming
out again In payment for the extensive military
and naval works Germany Is engaged ill., and is
returning to the bank centres. The Bank OF
France already begins to show an enormous in
crease OF coin ana the Bank Of England q rising
accretion This
MONEY MUST SEEK REINFORCEMENT.
Turkey, Egypt, Honduras and other countries
do not offer the same security as does the United
States. Hence the money will gravltate here, and
II our Western friends Will only possess their souls
IN patience for few months longer the chances
are they will have all the imitation they want with
out increasing the currency.
Persistence has merit, but the writer does not
seek to attain only that in discussing the existing
relations between the Treasury OF the United
states and the people Of this country He is either
right or he is wrong, and his desire is to be right
The question is simply stated.
HAS THE BONDED DEBT OF THE UNITED STATES
BEEN INCREASED CONTRARY TO LAwS
The debt statement shows that 1t has. Is this
debt statement fair exposition OF the actual con-
dition of the national finances from month to
month. or are the slurs that have been cast
from time to time upon Treasury book
keeping' well founded? An explanation OF the
seeming discrepancy" is made, that there being
sufcient reason Of political and financial nature
to call Tor the sale OF gold this MONTH the last call
of bonds for $4,000, oO0 which expired January 1,
Jc cfl ON fhn tha
'debt bearing interest in CON-" instead OF being
transferred to the account Of "debt upon which
interest has ceased since maturity" where after
February 1t properly belonged. The object of this
would be to prevent the appearance Of such an ex-
Cessive lien upon the gold balance Of the
Treasury as would render the effort at
selling gold inexcusabie from o sound inan-
cial standpoint, and embarrass the efforts
OF the politicians. There is this much inference OF
truth in this explanation, that, as no one doubts
Mr.. Richardson's honesty in the administration Of
his department. and even accepting the limited
capacity for which Wall street gives him credit,
this increase could not have been made without
his knowledge; it Is safe to assume 1t was done
der pressure.
THE DOMINANT PARTY ARE RESPONSIBLE
Tor this, as they are for the dalliance with the
financial question, In looking over the debt STATE
ment again we find the called bonds carried on
the account are stated at over $S,000,000. We had
been arguing upon much less figure. This in
creases the discrepancy Is this IS, 600 900 borne
on the two accounts, and if so for what pur-
poser Have we $s,OOO,0Oo outstanding called
bonds upon which interest has ceased, and
$1,000 900 increase Of the debt earning interests
Does the statement tell us the actual condition Of
afrairss Certainly this $s,O0O 900 cannot be the
same in both accounts 1t either bears interest or
ox1,,;~x
ley's favorlte example. we would like to empty
first class in arithmetic Of a New York primary
school into the Treasury Department, ana see il
they would not give US more enlightenment
GOLD RANGED
to-day from 1115S to 11lT closing at Ill q without
developing anything OF special interest. The
carrying rate ranged from to go per cent. The
Sub-Treasury paid out to-day sl1l,OO0 IN payment
Of interest and $4,000 for called bonds. The
customs receipts were s372,oOo.
THE MONEY RATE
ranged from to 4 per cent being almost nominal
The operations OF the Gold Exchange Bank were
as follows:- cleared. s32, 992 900; gold bal
ances, 81, 2S6 O76 currency balances 1,453, 26s.
THE TREASURY BALANCES
at the close Of business to-day were as forlows:-
Coin "a, 900, 900
Less coin certificates ............,..... 49, 10000
THE sUB-TREAsURY BALANCES
were:-
Gold receipts. $1,C45,127
Gold payments. 1,201, 962
Gold balance. 54431, 09I
Currency receipts INSTRUMENTATION. ,007
Currency payments ...................... 642,993
Currency balance. ACKNOWLEDGEMENTS. 81, 500, 500
FOREIGN EXCHANGE
was very dull. Prime sterling, 81 S41a for sixty
days and 81 IS for sight; selling rates. 81 81 and
81 81 q - sTH. Continental quiet and steady.
Rechmark, 95x s5sl and 961a; cables, o67s prime
Paris, 5,lSL and 5l4%