The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-01-09
WALL STREET NOTES.

''sTRKEr PHILOSOPHY" GOVERNMENTS
COIN RESOURCES AND THEIR RELATION TO
THE LOUISIANA TROUBLB-PACIPIC MAIL AND
''PRIvILEGED COMMUNICATIONS"
Yhere Is a philosophc spirit paramount in the
street just now that preserves It from sensations
or excitements. Thus even the Louisiana outrage.
while provoking Indignation, Is not reflected in
current operations, from the quiet conviction that
the people possess an enectual means OF checking
any incipient purpose therein manifested. TO put
It otherwise, the street Is calmly conscious that
acts OF usurpation the part OF the President or
his Lieutenant General are 80 certain to be re-
buked and rendered innOcuous. so far as the COM
merclsl situation is concerned, that they exclude
them from their calculations. so
THE GOLD PREMIUM
only mildly yesterday between 112K and
1l2H, with some sales as l12h, and this IN face Of
Information from Washington accumustive to tho
exhibit OF the Treasury coin resources SO recently
published in this column to the following enect:-
''While the customs revenue Is falling OF and the
Secretary Of the Treasury is puzzled TO know
where the gold Is coming from to meet the cur
rent Indebtedness, the internal revenue receipts
are increasing even beyond the estimate OF the
Commissioner. 1t was said to-day by member
OF the Ways and Means Committee, II the duty
was not restored on tea and cofree Congress would
be compelled to provide for the dencit In some
other way, as the revenue must be had to sustain
the credit OF the government"
The reference In the Post last evening to tho
parallel presented in the Book OF Exodus Tor the
instruction OF President Grant was happily re-
ceived as forecasting probable early exodus Of
that distinguished official from his present high
station should he continue to harden his heart"
against the uprising demand OF the nation for
Justice to Louisiana. Another heavy shipment Of
gold occasioned fresh inquiry as to where II all
comes from and was spoken OF IN connection
with the possible chances OF another serious ctvl
outbreak, the impression being that whatever
political ends It might be DESTROYS to subserve BY
stimulating q conflict OF that KIND, the national
credit was not just now In q condition TO stand
the strain that would be imposed upon 1t to meet
the necessary expenses OF struggle so provoked.
In this connection 1t Is worth while to call atten-
ton the fact which appears elsewhere, that the
Assistant Treasurer At New York yesterday PAID
200 account OF the January interest. and
And this from Treasury that upon its own ex-
hibit was virtually bankrupt January l. being en-
ties as shown in the statement Of December 81.
there being since then an expired call OF So 600
view Of these facts the street is quietly sceptcal
OF the purpose OF the defeated administration to
eHs calmly
they going to get the money from" Thus It Win
be seen that
THE INDIFFERENCE OF THE MARKETS
to the late revolutionary phase OF the current po
liticAl situation Is largely due to contempt for
those IN authority and perhaps too great conf
dence In the instinct OF the nation TO promptly
correct such Ills. 1t is well. however, that such
satisfied feeling should so exhibit itself In our
markets as means OF checking any disturbance
OF our foreign commercial relations that recent
exciting events might among more tmpassioned
finance bill was regarded with indifference. 1t IA
generally looked upon on the street a. piece OF
SUPERFLUOCs LEGIsLATION
on the part OF this Congress- tnasmuch as, per.
haps NOT one Of its provisions WIN enter into the
business calculations OF the present year, and
gress, especially charged by the people TO deal
VITA this matter, Will have begun Its dehbera-
ANOTHER SHARP DECLINE IN WABASH
was the subject OF conversation among the habit
tues OF the stock Excnsnge. but was apparently
wholly referable to causes operating within the
rHB PACIFIC NAIL INVESTIGATION
was the subject OF some comment and. In the In
cisive spirit OF criticism which prevails among
'.the boys" the delicate sense Of honor developed
by Mr.. Schumacher Ia Albert In respect OF his
privileged communications" with his client, oc-
Said one gentleman, 'srhts strong instinct Of
propr,ety as between client and counsel suggests
to me the story that IL told Of an eminent bar
rister OF fine physique and imposing presence.
take q bath every day, even the coolest day In
winter, when, II necessary, he broke the tc0 to
lave himself. somewhat insignificant little fell
low, with o weak voice, who was listening, re-
Marked IN sort Of soto voce, at this stage OF the
story, renectivey, What q - dirty fellow
were TO draw an inference concerning the character
OF these privileged communications" from tho
anxiety manifested to withhold them the conclu-
sion would Gel tatny not be nattering to the par
ties possessing the secret. In the meantime
Pacific Mail declined yesterday and was weak ae
that inasmuch as Congress was not court, and
no judicial proceedings were necessary to obtain
the Pacific Mail subsidy the relation OF client and
counsel could not exist In any proceedings looking
to the obtaining OF such subsidy, but only that OF