, 1874-01-01
MONEY AND COMMERCE,
MONETARY.

WEDNESDAY EVENING. Dec. 81.
The year which closes to-day will long be re-
1embered as a notable one in financial e1-
perience. But, as we drif: away from the event
which made it notable. and get clearer view Of
all tue causes which induced tho September
panic, it becomes more and more apparent that
the importance Of that event WAS exaggerated
that it did not indicate anG general rottenness
IN our commercial system, nor the sudden
awakening frem any delusive dream OF unsub~
Ftant,A wealth. like the collapse OF the Sou.h
Sea bubble, nor even that our estimates OF tho
vaiues OF property and commodities before
the panic wele too high. The panic
was not an unexpected event The experience
Of the W, months since the panic began to sub
side shows that nothing hss declined III price
except railroad STOCK. aud railroad bonds- Ino
great majority OF these had declined many
months before the panic, and the entire business
community we're prepared for the event which
waa to put an eud to the speculative schemes OF
building railroads in advance of tue necessities
Of the country. The result Of the panic has been
10 put Ill end to just 10 much manufacturing H.
dustry AZ was Induced Ly the e1cessire building
Of railroads. But as ral1caas are still being
butt, and will continue to be built,
10 all tho well-settlo1 portions of
The United States. the exteut to Which t1siau-
featuring industry will be curia1led Will be too
small to affect III. general Prosperity OF tie conn-
try. LII tact, the cullApse u the unnecessary FAIL"
road projects was only an Incident OF tho steaIy
increase Ut wealth AID population in toe uuited
Eta1es. This progress hA7 uot beeu retarded "
the cu..psa of speculative B:heznes. On the
contrary, tue chances for I'LL neceaaary imprcse-
meuiA have been Leueited aud tho Low year
1s74 will opcu with every prospect OF more
sulstautial commercial prosperity Ean LAS bcea
experienced for several yeats.
Iuere Is now but Que source OF apprehcugon
in regard 10 dnarcial affairs, and that is in tue
possibility that Congress may, III obedleuce 70
the persls.eut denuui Ut one part OF the people,
attempt to initiate tue currency by authorizing
an lpc4 case il tie volume of greenoaeks. Efeu
if it lie admitted tuat there Is not currency
enough, it must be npparent to every one ac-
quail ed will the principles OF currency tuat the
Lest way to remedy the evil, and to make the
volume of currency flexible, Ii to authorize free
banking, aud 60 allow the business community
to have just much currency - they
However hays capital to to paS c,noe 1H5 aaais
on the currency quost'on. Persons who Aafo
returned here after stay Ct some weeks III
Washington say tina: there ale oozeas Of
financial plans Leing discussed, and that they are
Cd different as the color5 OF tue rainbow. II ID
difficult to specify any particular feature ca
which there is arepuudeiancc of ol1tuiuu, e1-
cept that al increase Ct currency, either by an
increase If grcenbacxs or Of bnn6-rotes,or bolll,
is 1nost Popular.
The ,uouey market continues rather tight, but
it Is geue1aly Regarded as only temporary
couditlon. 4 large minority Of tile annual settle
menus have a1Iealy Laep either made or pro-
y,ued Tor; ; though, perhaps, good many Lave
Leeu deferred until after the 4th OF January.
The first uubroken business week OF the year
begins Cd tho 5ih, and, rs it is known that good
many settlements have been deferred until
then, il is nor improbable that
for 8 week or two after that
= F<,,- Ike crt pa
The iutcie est mud dividend disbursements will not
lave much effect to increase the supply OF
money il tue market until after the middla OF
the month.
Kew York exchange was in demand asain to-
day at SIC per S1,U00 premium, and several OF
the banks were siip6ing currency 10 New York.
LOCAL STOCK AND BOND MARKET.
Messra. Preston, kean t. Co. quote 10 follows