The New York herald., 1874-10-26
FINANCIAL and COMMERCIAL
The Currency Question Awaiting
the Next Congress.
EVENTS OF THE WEEK.
Review Of the Commercial
Situation.
MONEY. GOLD AND BONDS.
WALL STREET.

SUNDAY, Oct 70, 1S74
There can be no good reason given why, st its
pnext session, Congress should not promptly act
fupon the financial question. It's members will
nave fresh In their minds the lessons OF the past
year. and, probably, have already learned how de.
@raoe IL Is that trade shall no longer be CON-
peued 70 speculate upon their probable action.
FThe people want this question determined once
and forever. The only way to reach Hnal SETTLE
ment Is by returning the strict constguc tion OF
tthe constitution. II this question Is to remain
lone OF expediency there Is not merchant, manu-
nacturer or farmer VINO can form an idea what the
volume OF money may be three months hence The
fnrst act OF Congress should be the repeal of so
much OF the act ofiass June pretended TO legal
we the illegal issue $4,000 900 OF legal tenders
And provide for their immediate funding. We
SAID pretended to legalze, because 1t is stln con-
Fenoed that Congress has not the power, under
Itne constitution, to create legal tenders in time
oi peace. Next, 1t should, by resolution, renounce
the power claimed In the act or June, and assert,
AN positive terms, that neither that nor any sue
iceeding Congress had or has the constitutional
power to MAKE anything but
GOLD AND SILVER LEGAL TENDER.
This would be settlement and would relieve
he country from all fear Of an inundaton of irre-
ldeemapie paper and from the furtner agitation Of
hhs branch of the subject. The step is a necessity
Hor II this question 10 the power OF Congress is
20 be left an open one the people never can feel
assured that some ensuing legislation viii not
undo all that has been done toward contraction,
pust as the last Congress than nalf destroyed
fwhat had been accomplished by Mr.. McCuoch and
tne Congress OF 1868. 1t appears as II this propO-
sition Is one OF those selevdent facts that re-
quire no argument; but when 1t is seen that mem
loers of Congress continue to speak In the same
breath OF increasing the volume or legal tenders
a nd nF q ooft of
sance OF repeating and enforcing the truth is ap-
parent But for e
Af THE ACT OF Mr.. BOUTWELL,
IN issuing some $5,OO0,ooO in October, 1872, just
before the State elections OF that month this ques
tion would never have come up to curse the ad-
minstration and the people. Up to that time no
one believed that the power existed anywhere
to add one dollar to the remaining unpaid
$So6.000000 legal tenders, and Mr.. Sherman,
Chairman OF the Finance Committee, so reported
to the Senate after his committee had inves-
tigated this issue. But, as In the case OF Louis
llama, one wrong necessitated the second 80 when
the pantc-stricKen merchants and bankers
appealed to the President in September, 1873, for
relief, he was forced to give orders for the pur-
chase OF bonds which depleted the Treasury OF It's
balance OF some $15,O00,O0O therefore, having
nothing left with which to meet Its current la
bilities, recourse was then had to Mr.. Boutwen's
discovered reserve" and the $26OO0,O 900 were
issued
WHAT GOOD HAS IT DONE
Is there single merchant or banker who at
tended the meeting at the Fifth Avenue Hotel
who does not to-day wish the $26, 600 600
were where the public believe Mr.. McCulloch left
them-in ashes Has 1t stimulated manufactures
or trade Has 1t aided the debtor to discharge
his debtsi Has it given the farmer better price
1or his cropsP Has 1t, on the other hand, not
stimulated an unhealthy speculation In stocks
which to-day is causing all the legitimate inter-
csts OF the country TO tremble In fear of some
shock that may reach themf Will our legislators
therefore, take note OF the times and do what is
In their power for the relief OF the peope-turn
their faces once more towards an honest currency9
THE EVENTS OF THE WEEK
do not indicate any material change In the imam.
cia situation. the market was disturbed BY many
rHnors of failure and made feversh by several
suspensions in various departments OF trade,
showing that the process OF liquidation Is still
going on and that merchants are not yet out OF
the woods. Speculation In stocks was chiefly con
nnad to four or i've, the virtual leaders OF the
same being Lake Shore ana Western Union. Con-
siderable mystery has attached TO the manipula-
ton OF these and 1t Is by certain that it
will not continue for several days hence. The close
OF the market yesterday was strong and by many
parties is regarded as foreshadowing to some ex-
tent the purposes Of those who seem to be en-.
deavoring to maintain control. In domestic prod
uce the prices OF nearly all the chief staples have
shown declining tendency. The volume Of trade
has likewise been small The foreign markets
have also been dull The decline In both exports
and imports. compared with the same time last
year, is notable. In wheat, nour. corn and other
breadstufrs prices are reported irregular and
dropping, with business inactive. In dry goods
slight Improvement is noted. and both the whole
sale and retail dealings indicate An increased de-
mand.
THE RANGE OF STOCKS.
The following table shows the extreme nuctua-
<ions foy tha week in the leading snares:-