The New York herald., 1876-01-02
FINANCIAL And COMMERCIAL.
A Review Of the Situation During
the Past Year.
WHERE DO WE STAND +?
Whittier Are We Ddfting?-Facts for
the thoughtful
WALL STREET,

SATURDAY, Jan. l, 1876
Few persons engaged In commercial, mercantile or
Industrial pursuits regret the exit Of 1875 regard
final ending with feeling other than OF relief Il
has been year overnowing with business dsappolnt-
Inents Offering scarcely single event Of sufficient Inn
portance to mark epoch, yet applying to daily
pectatons and toll continuous and steady strain that
wearing upon mercantile vitality than would
nave been some great calamity With Its departure
IT'S hopes ana dlsappointments should also be permitted
te go unless from them may be learned lesson ofex-
perence that may guard in the future from the
rors and mistakes Of the past Many have hailed the
new year
HARBNGER OF BETTER DAYS,
regarding the atom Of time that divided 1875 from
1876 pivot upon which the country's prosperity
and consequently their own has turned Should these
expectations prove to be without sufficient foundation,
their very will only aggravate the evils yet
in store 1t therefore behooyes all classes in their
interest to weigh well the situation and not TO rest
their hopes entirely upon the fact that the lapse of time
since the panic of 1873 was necessarily "cure-alL"
Have done our part toward clearing away the ruins
and laying solid basis upon which
prosperity Let US AT the close of 1s74-a year
only less disastrous than 1s75-tnere existed very
general belief that the spring 1875 would bring
marked Improvement in the condition and prosperity
of the trade OF the country These expectations not
being realized similar hopes were INDUCED in for the
autumn months Yet these if possible proved even
more grievous their dsappontmens than those OF
: the spring
METROPOLITAN PRESS,
and especially the HERALD, has not failed to utter
words of encouragement in aud out OF season,
but without avail and by its Efforts in behalf Of
recupcraton has fairly proved that prosperity requires
a more solid foundation than the power of the
pen u With the commencement of the year
progress was made by the passage OF the Resumption
act approved and signed by the President January ID
which went into effect Immediately Under its pro-
visions there has been permanently 'retred and
ceed" $40 17O 900 OF legal tenders. In addition this
however there is temporary contraction Of the legal
tenders circulation Of about SIG 600 COO being the
deposited TO pay of and cancel certain national
bank circulation, as it may be caught in the
Redemption Bureau at Washington. So that at the
, ment there is real contraction of the whole
Illegally by Secretary Richardson alter the panic
Of 1873, besides the per cent deposits held the
Treasury a redemption fund
We're this whole of s26, 900 900 of legal tenders
permanently "retred and cancelled +" who could doubt
but that the country would be just $l6,OOO,O 900
nearer to
TIE BED ROCK
upon which TO rebuild The operations OF this law
have dsappo ned many Of its supporters who expected
~ TO result Ia imitation, by the creation OF 500 OF
national bank for each $50 of legal tenders de-
stroyod; Whereas supposing that all Of the bank circu
iation which has been voluntarily noticed for with
drawaI-represCnted by the deposits Of legal
tenders in lieu OF bonds-were now
paid of the account would stand thus;-Con.
tractioneof legal tenders since January /, 1875,
O0O and OF bank notes nearly 10000 O00 AS
the withdrawal Of bank circulation has been voluntary
the part OF the people, and from every section of the
country, II should prove conclusive argument with
the innationst that the currency is redundant and
that something besides cheap money is required to
again start the sleeping energies OF the country and to
create active and healthy trade. In this connection
it becomes OF interest TO compare
rHE CONDITION OF THE
Of this city year ago with that existing present
The following statements show decrease in every item
except that OF specie, but the most important
affecting the banks the decrease in legal tender re-
serve The statements follows
Jan. 2, 1875. Dec. 81 1875 Changes
Loans. $2s4 209 500 $264, ,062 500 Dec 500 l47 300
Specie Il, 944, 900 20 233. 800 Inc 22S2 500
Legal tenders ~ 643, 900 80 924 300 Dec. q7ls 700