The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-01

The possibility or a issue or iraconcertaoe
paper regard Nth anazenent and anTtetn ana,
IN nav judgment, such issue scouId De detrt-
Osent ana a shdDae.-CHARLEs SUMNER
WALL STREET, |
TUESDAY, March 3l-6 +. NJ.
The particular interest OF the street is now d.
rected to the discussion pending In Congress re-
speeding free banking. This principle, 1t may be
said as advocated by It's supporters, is not at
present existent in any OF the measures before
Congress. Neither Senator Sherman nor Senator
Logan seems 10 have reached the necessary middle
ground where legislation is possible although the
ideas of each may be said to be the Alpha and
omega respectively Of the proposition involved.
The Alpha, however, is nearer to the possibilities
OF legislation and their understanding and appli-
cation by the country than the Omega in precisely
the same relation that children learn the In
the alphabet before they learn the z. Now, as
financial people, m consequence of the demoraliz-
lng and disturbing influences OF the war,
WE ARE ONLY IN OUR A b G,
and to attempt to jump by single stride to is
simply to Illustrate that familiar figure to every
infant schoolboy, which serves to Illustrate the
dangerous character OF imperfect understanding,
In skip and 60 on" This is what Senator Logan
wants us to do, but, unfortunately, 1t is too big
jump and, being made IN ignorance and blind
folded, involves consequences which the athlete in
question has apparently no understanding OF.
Now, If Senator Logan wants to Kill Tree banking
In the interest Of the present national bank mo-
nop0ly, he could not do better than press, as an
amendment to Senator Sherman's proposition in
favor Of tree banking, his scheme for Tree banking
without restrictions II Senator Logan does not
know that this people is not educated up to that
point when banks may receive deposits
and issue currency upon the mere belief
OF their customers and the people that
such deposits are well secured or that
the currency Of such banks is properly guaranteed
for redemption without the Endorsement of the
government, the sooner he begins to understand
1t the better. We may come to that high toned
trust in time, but at present We want, II we hope
to make any free banking scheme obtain the intel
llgent Endorsement OF the business men OF the
country,
PROPER PROVISION FOR REDEMPTION.
We cannot yet give up the reserve OF our banks,
even In respect to deposits, Notwithstanding that
the principle may be sound one that depositOrs
should be required to examine for themselves the
safety OF the bank in which they make their de-
posits, and not trust to government to help them
in this their regular business. The circulation,
however. is a different matter, as 1t goes among
class OF people who have not the time, II they have
the intelligence, to examine into the security be-
hind the vote of bank If government
OF reserve. The Senate has thus lar
rejected Senator Sherman's bill, section by
section until only very small portion OF 1t is left,
without any hope OF the passage OF even that
much. In the meantime the character OF the de-
bate on Senator Sherman's bill shows the hopeless
ness of expecting that the Senate will
STAND IN THE WAY OF THE NFLATIoN PURPOSE
contained in the House bill providing for the issue
OF $4Oo, 0oo, 900 legal tenders. The only hope of
moralization rests with the President Should he
5alter in this matter then We must only prepare
ourselves to bear the worst. In the meantime 1t
is to be regretted that there is not some one in
Congress 10 enlighten that body upon the real
merits OF free banking as recommended by Its
frends-not by those who want to kill it-who
would be able to demonstrate how it is neither q
measure OF contraction nor infation but simply OF
an elastic currency, and could be made the means
OF retiring greenbacks without disturbance to the
business OF the country or any CONFUSION Of
values. But
WE LACK STATESMEN,
and 1t would largely seem the intelligence to un.
derstand them II we had them Efforts were made
In the Senate to procure the adoption OF amend
ment requiring that the National Banks should be
required to redeem their notes in legal tenders at
certain centres, but to no avail This was too
much OF an entering wedge to free banking prop
erly guarded, to be admitted, and the friends or
tnnation and the National Bank monopoly carried
the day.
GOLD RANGED
to-day on extreme quotations from 113k to 113x,
closing at 1879, the highest figure having been at
the opening-that is,
GREENBACKS RANGED
at from SO cents 80 mills to IS cents, closing at SO
cents 20 mills, rejecting the movement OF the gold
premium. In the gold market the carrying rate
was l TO per cent The Sub-Treasurer paid
out to-day $4,000, account Of called bonds, and
$4,000 account OF interest. The customs re-
Ceipts were $350oo0.
MONEY WAS STILL EASY
at4 to per cent on call, and in commercial quar-
tiers best acceptances are quoted 81 to ca per
cent. We have about reached the end of the drain
from this centre on account OF the April SETTLE.
ments, and may soon expect return of the cur
interrupted In its innatlon purpose by the action
OF the President in the exercise of his veto power
will rapidly create plethora OF funds here pro-
vocative OF some unhealthy speculation.
FOREIGN EXCHANGE WAS STEADY
Prime sterling rates, 4S5 for sixty days and ISIS
for short sight, selling rates lower; Continental
frm Reichmark, 95X q a5,s and e6A a 96sf Cables
96x 9eX; Prime Paris, 5.lSz and 5.13A. The fol.
lowing is q table OF quotations.
Sta2y Days. Three Days.
Prime bankers ster-
ling bills on London. 4S4A ass 4.S73 Ass
Good bankers do. 4.84A 4.S4M 4S7 4 a. S71
Prime CON- ster'g do. 4S1 a4S2
Paris (bankersD 80. 6iS,4 5.i9% 61asi SIX
Antwerp. DIVA u 5-U 0.l45s u OLD
SSWlSs. o.lsls u o'ls2s d o. 40
Amsterdam ...... 4OL 40M ABA AK