The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-17
A Further Reflection OF wan
Street Thought on the FL
nancial Issue in Congress.
APPROACHING The SOLUTION.
Awakening Activity in the
Stock Market.
FOREIGN QUOTATIONS.
Foreign Exchange Gold, Governments,
Railway Mortgages, State Securi-
ties and Bank Stocks.
WALL STREET,

MONDAY, March 10 p. H.
The vacation OF thought which Congress has in
aulpea IN upon the financial question appears TO
have resulted i'll producing more OF that spirit Of
compromise IN which, as has been pointed out be-
fore in this column. the financial question now be-
fore That body lkey to find It's solution this ses
sion With the resumption OF the debate to-mor-
row we are promised L stronger argument IN
favor OF something approaching TO free banking.
Ii woula be foolish to e Xpect the adoption OF that
great financial reform as it is has been explained
here before, To t0t0 bat something looking 20 the
sharing OF the special privileges which the ma
tionai banks enjoy; something hay-
ing in view the creation OF bank currency
out or business needs, not the forced
adaptation of business a liked and inelastic cur
rency; something that VIII give the much needed
reief TO the various sections OF the country, with
some greater hope OF its being permanent than
ANYTHING that could be done under existing laws;
SOMETHING THAT, WITHOUT BEING INFLATIoN,
without adding permanently TO the already exist
ing evil OF irredeemable paper money, VIA yet give
business throughout the country The much needed
impetus TO stir 1t into activity, which, without
creating new values, will preserve the DID, This
Is a good, square, firm, common ground TO stand
npona sale resting place for the present, or until
some genius makes mis- appearance to SIZED fresh
light upon this much-vexed problem ana
theorists into a true national system of
finance calculated alike TO advance our
credit abroad as to preserve IL from such rude
shocks as we have heretofore suffered at home.
Time is a great solver of difficult problems and we
can safely trust to time bring the full solu-
tion OF this well some fitted TO teach
ns application.
IMMEDIATE RELIEF,
however, is also wanted to impart fresh vigor 10
The Industrial and commercial lie OF the nation
To keep up to their full measure OF activity pro-
nnction and exchange; to enable us to throw OF
tins paisied feeling that has checked our enter
prise Of late and give free scope and energy
varied resources. Congress can do this at once
if it rails short, then, OF full ana exhaustive
remedy for existing lls. 1t is almost trite sub
iect; but as Congress resumes the consideration OF
the financial question 1t Is wen TO draw it's atten-
tiOn again to the TACT that it ought 10 at once,
letting other questions wait upon debate, show
much progress in its handling OF this subject to
nx the limit oil the legal tender circulation 1t has
stood now for some time at $685., 1000 Why not
determine 1t at that hgure2 The 500, 1000 in
Grease upon the old limit of 1856, 600, whether
legally reissued not, is now part OF the per-
manent circulation, and only be got back by
process contraction as dangerous and disturbing
rs was that which resulted from its expansion. 1t
will be borne in mind what opposition this same
policy OF contraction out OF which grew this So
called reserve provoked in Mr.. McCulloch's time.
How
CONGRESS IN ITS HASTE TO STOP TIE EVIL
neglected TO make provision for or disposition Of
The amount already Withdrawn, whence arose Mr..
Richardson's opportunity. The status of this
S44 O00, COO withdrawn from circulation but IN
cancelled has been often called in question but
The same may be simply defined a special fund
Of the greenback issue Withdrawn from circulation
in earnest o; the purpose OF the government to
redeem the whole issue. Secretary Richardson
had about the same right to reissue it as railway
corpora tons have to issue fresh stock always an act
Di questionable Legality or morality but once out he
has less authority to retire IT, II the limit be placed
then, at s5S2.Ooo ooo and the balance OF $1,000
be ordered cancelled and destroyed We have
q measure at once OF contraction aad expansion
that will form another fair ground OF compromise.
This would give at once the required confidence
necessary 70 revival OF business, and, II acted
on promptly in time to realize yet some OF the
profits OF the spring trade. In the absence, how
ever, OF any such action, the outlook is gloomy,
and much valuable time is being lost to business
in forced inactivity that may yet cause much
more serious results than those already expert
enced. This country cannot afford to stand still,
as it is at present, suffering stagnation to grow
into dry rot in the whole field Of industrial en-
terprse. 1t is to be hoped Congress win bear this
IN mlnd when 1t resumes the discussion OF the
financial question tomorrow. and VIII address IT.
self at once TO the shortest ana quickest solution
OF the difficult problem before it.
THE STORY MARKET
opened quietly early in the day but deveioped con-
siderable strength and activity in the afternoon
leaving OF strong and higher. The special features
Of the days speculation were Western Union, Lake
Shore Union Pacific, Wabash, New York Central
and Pacific Mail The sharp movement in Western
Union was helped by the reported sale OF a 'putD
for 20 coo shares. The character Of the days basi
ness Will be learned rom the printed list Of sales
given below. The following were the highest ana
lowest prices Oh stocks to-day