The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-02-19
The Real Financial Position
Facts VS.. Problems.
MORE CURRENCY--MORE MISCHIEF.
Business Men Protesting Against Initiation
and Demanding Redemption.
EASE In THE MONEY MARKET
Gold Steady-A Good Investment Inquiry
for Railroad and Government Bonds.
WALL STREET..

WALL STREET.
WEDNESDAY, Feb. lS-6 p. NJ.
Nothing illustrates the loose notions that prevail
among certain class of people more than the
wild schemes from time to time suggested for the
relief of the socalled financial distress. Most OF
them represent but one idea-an increase OF the
public debt IN the form Of legal tenders. Yet every
new greenback that is issued advances the price
not merely OF stocks in Wall street. but OF wheat,
corn and the necessaries OF lie. Nothing Is added
TO capital; it Is simply diluted. The DEBTORS OF the
country are benefited Tor the moment, but the
creditors-the worklngmen, the producers and
users of its real wealth-suner. The monetary
crisis through which we have recently passed may
be properly called "the poor mans panic" Tor ne
has been the only one forced to "tread the earth
with bleeding feet.n All others have recovered.
The currency that was contracted,
WITHDRAWN FROM BANKS,
locked ND In vaults and old stockings, has come
form again, and more than compensated its owner
by the advance OF every security that is an object
OF speculation. For business purposes no more is
practically needed than the $4,000, 600 which
once was the limit OF national issue, and that
other amount which constitutes the issue OF the
banks Every dollar in excess OF the former sum
Is as clearly illegal as so much counterfeit paper.
1t Is more IL is a debasement OF the public
credit-a wandering away from the promise
pledged by the nation to redeem IN specie this
portion of the public obligation. An increase in
currency simply enables gamblers to raise or de-
press the price of stocks. II neither moves crops
nor helps the manufacturer, for there is not
CITY IN THE UNION
wherein money is not to-day loaning at unusually
how rates on first class paper 1t gravitates TO the
battle ground of Wall street; flows to the banks;
h loaned out to "poosn that speculate in watered
Stocks and make corners, which enable the
lions to swinde the lambs In short, imitation
means disaster: and until Congress reaches the
conclusion that whenever 1t attempts 10 interfere
with the legitimate currents OF trade 1t Is an Off
ctous intermedder we shall have no permanent set
Element OF the financial problem. Wendell Phillips,
With his Communistc theory that government
should '1end to all who wish to borrow. and borrow
Of all who wish to lend" is fair sample Of the
brains now engaged In concocting plans for 1nan-
cal relief But if our legislators viii give heed to
THE REAL BUSINESS MEN
Of the country, to our boards Of trade and cham
bers OF commerce, who almost, without excep.
vion have protested against further imitation, and
presented the strongest OF pleas for the payment
Of our legal tender debt at the earliest moment
possible; If, instead of charging, they win con-
tract and economize; If they will bestow their
attention upon the extravaganza OF the country
and reduce its expenditures, they will nnd Ia the
result the readiest solution-the only avenue 10
the attainment OF the object which every true
American holds nearest to his heart-the perfec-
ton OF the national credit
TIE MONEY MARKBT.
Money was easy to-day at and per cent on
call Prime bankers notes are taken at So
per cent. In exceptional cases the rates are
lower. Foreign exchange was duh for sterling,
with business at 81 s41a for prime bankers sixty
Aawa nd md al
bills continue scarce, and are offered only in small
amounts at 81 50 a 81 s3H for documentary bills
and bankers acceptances. Continental exchange
r. quiet. Reichmarks are quoted at 957s 80 for
long, 96A 96 for short and 81 "a for cables Prime
Paris francs, bankers, are 81 l75sc. and ST. 1916.
for long and short.
SOUTHERN SECURITIES.
These command firm prices to-day, and we OBJ
serve an advance in Mssouris to 9oL and in Ten.
nessees to SeH. The latest bids were Missouri
SKIES BAY; do, Hannibal and St. Joseph ISSUE
0lL; Tennessee SKIES, DID, s6E; do, do, ex
coupon, 67H; do, new, 500; DO, do, ex
coupon, 664; do. new series, 667s; Virginia skies.
consolidated, 5o6; do, deferred, 11'S Georgia
SKIES, rs; do. sevens, new, $50; North Caro-
lima SKIES North Carolina Railroad, January and
July, IS; do, d. April and october, So; do, do.
on. January and july Is; do, d.. of. April and
october, %; do, new, January and July, Is; do.
skies, April and October, IS; North Carolina
special tax class l, 1913; do, class q 10Y: do,
class 8, 10Y South Carolina SKIES, 25 d. January
and July, Q; do, Funding act 1866, IA; Arkansas
SKIES funded, 80 do. sevens, Little Rock and Fort
Smith issue, 20; do. sevens Memphis and Little
Rock Railroad, 2o do. seyens, Little Rock. Pine
Bluff and New Orleans, 10.
EXPORTS.
The total exports OF produce from this port for
the week ending to-day amounted to 81, 345 $50
mixed values, which Is a decrease from last week
OF sl,S73, 763 The exports for the corresponding
period of last year were s5,e4l, 1885, and for 1872,
$4,o3s,357 The total exports since January this
year are s37,O19,349 against 257 last year,
and SIS, 4l2, 947 in 1872
THE FOREIGN MARKET.
Cable dispatches report rentes in Paris at
6ef So &c. The market for American securities in
London is unchanged, but firm, and consos are
steady. The following are late prices :-Consols Tor
money, go e21s; consols for account, 921s 921i
6ve-twenty BOMBS OF 1865 (old). 1Os15; 1ve-twenty
bonds Of 1861 1925 1093i; ten-forty bonds lO3 4
. I03x new fyes, 1919 q I0414; Erie Railway
shares, AZ 443s New YORK Central shares, IS.
In Amsterdam the following prices are quoted -
Central Pacific first mortgage bonds, s3sS; Union
Pacific first mortgage bonds, 1871 Union Pacific
STOCK 30K; Northwestern preferred, co.. ST. Paul
preferred, 63h.
THE UNITED STATES TREASURY.
The Treasury balances at the close OF business
to-day Currency, 81, 500 oo0 coin, s55 25o Ooo
less coin certificates s445o0. 0o0 The outstanding
legal tenders to-day are 1881, s26 327 decrease OF
800 since yesterday. II the Bank OF England were
10 publish solemn statement that it had retired
f2o 1t would be the laughing stock OF the world II
Ii very evident hat we OF America arc getting
down among the vulgar fractions. The customs
receipts to-day were s4e3, OOO Revenue receipts
amounted to s234,000 The Assistant Treasurer
paid Out to-day $4,000 on account Of interest and
$4,000 IN redemption Of fve-tweL. = bonds.
GOLD.
The range OF gold to-day was 112K Il2X. The