The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-17
The Views Of Congress and the
Demands Of the People.
NO MORE INITIATION.
The Money and Gold MarketS---Ease in
One; Strength in the Other
STOCKS A TRIrLE LOWER,
Government and Railroad
Securities Steady.
WALL STREET.

WALL STREET.
FRIDAY, Jan. l6-6 L. ii.
The attitude OF Congress with reference to the
great financial question OF the hour is provoking
throughout the country not q little comment. The
public mind is being educated. Discussion is ev0k-
ing something like q public sentiment The facts
presented argumentatively, pro and con-. by the
peoples representatives in both the Senate and
House OF representatives are attracting the at
tention OF the thoughtful men OF the countryside
men whose brains respond to their pocket nerves,
and whose pockets answer to their brains. In
short, ideas on this great subject becoming
crystalized, and we may reasonably hope. from
the action of the national Legislature and its ex-
pressed determination to patiently await an ex-
hausrive review OF all
THE PROJECTS SUBMITTED,
that when o bill Is presented which provides the
real for past and present evils it will find
dorsement at the hands of both government and
people. While there Ia much Of empiricsm at
work there is likewise being exhibited much con-
servative good sense. While the demagogue who
essays to make capital out of popular clamor from
the West and South is pleading for imitation,
patriots and fnanciers are lighting for the true
basis of national credit--the elements OF an early
resumption AS was said yesterday in one of the
Senate speeches, "The country has been
doing business on scafOld, q good way
up from solid ground, sustained by statute" Ossa
has been piled on Pei0n to such an extent as to
call for the best ability of the country. We find in
response the action OF chambers Of commerce and
boards of trade. These, in the main, have uttered
their declarations in favor OF the earliest and best
methods Of
RETURN TO SPECIE PAYMENT;
in favor not OF direct contraction. but OF any
ham wh ho
cealed that does not favor further expansion. The
lessons Of the hour eloquent with the evils that
follow even small outlay from the $44 00O 900 re-
serve-less than $25, 100000 Yet we are so far
trading only on an idea. The amount spoken of
has not permeated business circles. 1t represents
SOMETHING INTANGIBLE,
but in the world Of speculation it has been seized
upon to increase deception, create artiiciaity,
make prices for lew and delude thousands of
poor fools who count figures for facts and build
houses on sand. 1t is all wrong. II Congress does
its duty 1t will keep the currency where 1t stood
before the panic. 1t answered its purposes then;
1t may be maze TO answer It's purposes now. The
condition can be relieved by retrenchment BY
saving we may recover. BY spending we shall
only advance step further in the direction OF a.
tioual bankruptcy. We do lot lose sight of the
fact that the Secretary is, as it were, drawing
eye teeth" every time he puts out an additional
800 600 from his reserve; but before the total
Is exhausted
CONGRESS, AS THE BANKER OF THE NATION
must somehow or other provide means whereby
the national disgrace of national default shall be
avoided, and we may enter on fresh and brighter
career. We commit ourselves to no financial
scheme. recognize and defend none Of the projects
now under consideration, yet, watching all will
sustain any plan which fairly promises protection
Il
largest and most valuable use for the benefit ofthe
people. That we need greater elasticity for exist
ing paper money is beyond peradventure; but in
attaining that elasticity it is possible to approach
a specie paying basis without expansion and with
out detracting one iota from the faith which the
nation has pledged to the payment OF its current
obligations.
THE MONEY MARKET.
Money to-day has been easy at 8, A and per
cent with free offerings. This s condition OF
AFFAIRS which responds to that OF England and
France where we find. according to cable reports,
q free Outpouring Of funds and rates so low as to
attract investments on this side Of the WAFER
Foreign exchange was adva need to 81 "a for prime
bankers 90 days. steriing and 81 s7X for demand;
actual business was at 81 SO a 81 ss6 and 81 sex
"a 81. Commercial bills are very scarce aud sold
as high as 81 s2h,
DRY GOODS IMPORTS.
The imports Of dry goods this week y, 2o2 4ss
and the amount marketed s2,315, 1888.
THE GOLD MARKET.
Gold opened at 1111s and retained this average
strength during the day, moving exceptionally to
llls, but closing at l1l1I. Opinion was mucn
divided as to the causes of the change but it Is
strongly limited that party are endeavoring to
sell the market Short and that their endeavors are
based on the Senate discussions, which have re.
Gently favored return to specie payments. The
undertone, however, has not been lost, and the
bulls Of the market confidently predict higher
prices. Everything depends on the action Of Con-
gress, and that seems long way on. The rates
paid for carrying to-day were 6la, 7, &, and AZ
per cent and for borrowing nat.
CLEARING HOUSE STATEMENT.
Currency exchanges $50, 2O9, 224
Currency balances. o,60o, $50
Gold exchanges. ......... ............. 7,377,397
Cod balances. -. ,66S
OPERATIONS OF THE GOLD EXCHANGE BANK TODAY.
Gold balances 81, 796, S77
f,.,rro or holauces oU23 1l3