Wilmington journal., 1874-01-23
COMMERCIAL, EDTTOafF-Rns

tfaI" has at last returned to ii SGTus
; ami certain basis and unless some
unforeseen object shall MriS4 10 in
tcETupt trad" yg@ SIC Iio reason qly
the markets shOaid not hei.ceforti
ru!e with regularity. Ti,1ancial affair
continue to improve but there is out
object which continue. to have TEN
porary dull effect upon the market and
until this IS settled we shall rro1aill,
have unsettled and fuctuating mar
kesa. We have already IL a previous
report Expressed oar opinion on Tia,
Ia Jnetarv situations, but tie Northern
papers do not seem willing 10 let the
subject rest until they force Congress
to action, which Will settle the qleS-
ton. AS this seems to he the theme
OF the hour in the commercial circle
we publish the opinion OF the New
York NcralG Oh this subject. It saws:
"1he attitude OF Congress with re-
ference to the great financial question
OF the hour Is provoking throughout
the country not :. little comment ile
public mind is Icing educated. Dis
cusslon is evohiug something like a
public sentiment. The fac, present
cd argutnentatl"cly. pro asd con, hv
t,c peoples representatives iii both
the Senate anl House OF Eeprescnta-
tiyca are attracting tbs attention of
the thoughtful men OF the couutry--
the men whose brains respond to their
pocket nerves, aud who's. pockets au-
swcr 10 their bTa:no. l.. short. pleas
on this great snb;ect are nucolniIg
crystalized, AID We laE reasonably
hope, from ti,e action OF lie national
Legislature aud lis expressed deturnli-
nation TO patiently await al exhaust
I've review ot ali the projects submit
ted, that when bill lsprcscnted which
provides the real cure for past and
present evils it will find endorsement
at he hands Of both government and
people. While there is much Of .,ln-
piricjam ut work there is likewise he
ing exhibited much conservative good
sense. While the dcmagogUc who
essays to make capital out Of popular
clamor from the West and South IS
pleading for initiation, patriots aud
tinanciers ore fighting for the true
basis of nHtiouul crcdit-the elements
OF IA early resumption. As was said
yesterday III one Of the Senate speech
es, ''thc country has been doing bust
ness on scatfold, a good way up from
solid ground, sustained by statute"
O5sa has been piled on Pclion 70 such
an extent as TO call fJr the best ability
of the country. NJ find IN response
the action OF chambers Of commerce
and boards OF trade. These, in the
main, haze uttered their declarations
III favor OF the earliest and best meth
DDS Of a return to specie payment IL
favor not of direct contraction, but of
any scheme, under whatever cover it
may be concealed, that does not favor
further expansion. The lessons OF the
hour are eloquent with the evils that
follow even a small outlay from the
81, ,000, GOO reserve-less than S2J,-
900, 600 Yet We are so far trading
only on an idea. The amount spoken
of has not permeated business circ'es.
It represents something intangible,
bnt III the world Of speculation it has
been seized upon to increase decep-
tiop. create art;icialitv, make prices
foc q few and delude thousands OF
poor fools who count figures for facts
and bu:iG houses on sand, it ia all
wrong. II Congress does its 1u:v il
will keco the currency whore it stood
before the panic. 1t answered its pu:-
poses then: it may lie made to answer
It's purposes now The condition can
ing we may recover. By spending we
shall only advance q step further in
the direction OF national bankruptcy
We 10 not lose sight OF the fact that
the Secret 1rv Is, Is il were, ",irawing
eye teeth" every time he r:s:s out Ell
Sl0N, 600 fl ON his recovery:
bnt i,eEore the sum total * exhausted
Congress, as the banker OF the nation,
must somehow or other provide means
whereby the national disgrace OF ma
tionAl Getauit silalI b. avoided. and We
may enter OH q fresh an,i brighter ca
recr We commit ourselves to the
financial scheme, recognizes and defend
siueratinn, yet, Watching all, will s,lj-
tain auy p.aa wllicI, fairly promises,
pro ection to ii reasonable volume Of
currency and ir~urcs is largest and
most vaIliubic Use 10Y ;he benefits II
the people That We need greater
FOR existing paper money is
bcvoDl peradvcHtt1rc; but III ;.ttailtiiIg
that elasticity Il is possible. &, approach
q specie paying basis without cxnan-
son and without dctracting ore iota
from tie faith which the nation has
pledged t. the },a;,."i.t 0I is c;trrcnt
obligations. :
II oar local market pf The week.
trade has shown stTcng Inti;catIUl.S OF
returning to Il sound basis. Here has
been much activity III the naval store
and cotton market and along TIE wharf
there has been 4 continued bnStlc
with advancing prices and ia,gr traus.
action, both i'll the spot and future
markets Tic naval store trade shows
4 largo increase III tie valuation of OK
ports. We find the exports for the
wteE i nave been ), S33I casks spirits
tur),cntjnc, GG5 bales cotton, 2".GSn
hbls rusin. J5J bhls cs,;>ie and ii these
the United Kingdom has received
,, 22n casks spirits turpcl1tlHc. :}68
bales cotton and Ii, $50 bh!s rosin.
Ros;S.-The rosin market which We
have reported foc several cons:cu-
tive reviews rs being characterized
with ,iu!lnass and lcthargy, has RhaE i
them uff during ti4e week an:t oi.siIt.s
out pn = bold basis, with prl,,ca bloom
ing at figures which are rci.u crative
tr the c;,st uf production. " might
write. volumes on this article. :su,t tIen
fail l., convey tie real position nt the
market. sufficient il - suy that the
ont:..J. is encouraging G-tjlit receipts
are iielt, thai stock are reducing and
that rric - are strong. SFtNTS IUE-
p:Sri<E.-Our remarks Of ruaiu VIII
convey entirely the position of this
market. CRUDE TrHrENT1NE. The
market for the raw material has not
been influenced by the advances Of
other branches Of naval stores as is
generally the case. The heavy receipts
seemed to check any upward move
ment, but as these have fallen off con-
siderabIy during the last day or SO,
.here is movement towards bettes
prices. TAR.-Quotations are off 10
cents from last week. CoTToS.-Was
lirn early in the week, but with a
dec iiEe in New York our market
became unsettled and also de-
clined-closing quiet and steady to-day.
DRY GooDs-There has been very little
business transacted since our last re-
port, and the condition of the market
is not essentially changed. Values
i.aya steadied up somewhat, and there
has been 6 generally higher range es-
,rf tho noa,. al,