The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-07-26
Three Bottom Facts in the
Current Situation.
THE EXPORT DEMAND FOR GRAIN.
The Decline In the Gold Premium and the
Monetary Ease Abroad.
THE WALL STREET MARKETS.
WALL STREET,


There are three facts which stand out promi-
nently in the present financial situation that have
In them, so far as human conjecture may go,
which. OF course, takes account or possible,
but unexpected disasters, tue germ OF what,
rs q people, we have long yearned ior-revlyed
commercial prosperity. These are, first, an
abundant harvest, with an active export demand
for our surplus grain; second, an awakening
disposition on the part OF tue gold gamblers 70
ABANDON speculation on the "long' side OF that
market; third, extreme etary ease In London
and at all the Continental money centres. These
comprise
THE THREE AGENCIES
which, II we had the privilege OF selection, we
would have chosen as the means OF rehabilitation
In efforts to build up anew the fabric OF com
mercal activity SO terribly SHAKEN to It's very
foundation by the recent panic The first Is a d.
vine gift, filing the land with plenty from that
source OF all productions OF mother earth,
allied to a condition abroad which, while we may
not express thanksgiving for 1t, imposes upon US
asense OF gratitude that we as a people have
been spared such caamitles. the natural forces
In their TO us) eccentric plane oil action have en-
veloped other peoples. The second Is the result
blate intelligent administration In the Treasury
Department, after years OF utter lncompetency
and mistaken zeal IN the interest OF party had
lost the government the confidence OF every finan-
cicr OF worth In Europe or America. The third
which, while not encouraging In referring TO the
causes which produced it-vlZ. oistrust, lack or
confidence now SO dangerously widespread. and
which has recently been increased because or the
heavy failures in England during the past couple
of months, has encouragement for us in the
promise OF q ready absorption OF the extra i've
per cents which Mr.. Brlstow in his effort
toward resumption may deem it wise
policy to market under such favorable cir
cumstances And here II may be as well to explain.
NOT TO THE WALL STREET READER,
who stands In no need OF instruction. but TO that
great ''outside public" upon wnom Wall street
relies for its profits, and who are unfamiliar with
the means whereby 1t is possible to deal In large
sums of gold without handling the precious metal,
that Mr. Bristow's operations will not necessarily
and, consequently, Will not at ALL disturb the
foreign exchanges. Although marketing his new
ives In London or on the Continent Tor gold
iirect, he need not move that commodity; but,
operating as he Is ana will, 1t is 10 be presumed
through the Rothscnild syndicate perhaps the
most powerful combination of bankers ever en-
listed in his service by any fiscal oficer he may
pay out such receipts of gold Tor Que coupons OF
other bonds held abroad, and need only, on the
receipt OF such cashed coupons here, transfer
their amount from his current coin balance to his
reserve fund Tor purposes OF redemption to
his negotiations. The tendency OF the American
mind is, of course, to run into extremes and to
anticipate logical sequences long before they
eventuate. Thus the thought has been conveyed
to the writer and seems to deserve reflection
WHETHER
MMr. Bristow keeps steadily forward in the path
10 specie resumption he has now so resolutely en-
tered upon with the great DanKing power behind
him, greenbacks may not appreciate SO near 10
par by the time OF the Presidential nominations
next year that the matter OF imitation VIII have
been abandoned as q dead issue even by its most
pronounced advocates this year. 1t is not pro-
posed to discuss Presidential aspirations or
chances here, but the above has been repeated az
\ part OF the logic or the streer, which recognizes
the present financial situation as full OF great
possibilities. There were, of course, other visible
facts operating to produce
THE DECLINE IN The GOLD PREMIUM
which. with what has been already said, may be
recapitulated thus The heavy purchases of grain
ON foreign account, and consequent lower rates
D. foreign exchange; the Tree drawing OF bills by
the syndicate against sales OF new 1ves abroad;
the Improvement in American bonds abroad; ex-
IRENE monetary ease in London and on the Con.
hnent, and the high reserve or specie owned by
The Bank OF England, exceeding f2s, 900 O0O--a
greater amount Of reserve, 1t Is said, than ever
before held by that institution.