New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-11-26
SrlGNl7ToN WHLE CONGRESS WEDDLE'

STIGNfTTON UVILE CONGRESS NEDDLEN.
The banks made another advance III strength
last week. The figures are given in detail in
our money article. The banks have deter
mined. il is stated, to reduce materially their
balances lying idle at Boston, Philadelphia
and Baltimore, which are reported to exceed
$40 900, 900. and the movement VIII certainly
strengthen their position at home, and enable
them to accommodate their customers more
freely whether it occasions any Inconvenience
in the other cities or not The issues of new
circulation have been mach less than were eX-
D cted, and dispatches from Washington show
that the circulation of all The National banks
is no longer increasing. Ii Is now only S3l9,-
13S,74l. The deposit of bonds for circulation
last week, nevertheless, exceeded the with
drawal.
The passage Of the Army Bill unlocked about
81 600, 900 Of currency, which has been de
tanned in the Treasury 10y the delay of apprO-
priations. But the balances have not yet been
as much reduced as was expected, perhaps be-
cause payments on account of the army have not
been largely made, and perhaps because the
receipts OF currency have been large. The re-
ported balance on Saturday was $22,494,543,
including $9,144,jG9 in the especial fund for
redemption of fractional currency" reduc-
ton of only 81, 100000 during the month.
Yet Congress has been i'll session, and
the payments on that account are usu-
ally large. The coin balance Is mounting
RAPIDLY; exclusive of the amount covered by coin
certificates, it is now over Sl0O,OOO,OOO. On
the 1st of the month it was T93,4Oo,OOC.
The unsteadiness in the premium on gold dur
inc the past week, however, has not been attIlb-
uted to the rapid withdrawal of coin from the
market. and. in fact, the banks hold more.
coin. by nearly S4,O000 coo, than ut the be-
Ginning of the month the rise III gold was due
only to regulators.
If has become painfully evident that the
trade and industry of the country await the
nossibihty Of disturbance by Congressional
action with a degree OF anxiety and apprc-
bcnsion which causes great stagnatiOn. IA
changes are extraordinarily small. Even ii the
intense excitement and alarm winch followed
the Presidential election last year, the exchanges
were greater, or about as great, at all OF tine
chief commercial cities except Milwaukee ana
Louisville, as they were for the week ending
November 18th. Some increase appeared last
week in transactions here, outside of the stock
market, but it is not at all surprising that the
prevailing temper is one of uncertainty and
alarm. Two bills have now passed the
Lower House, either of which, if it should be-
come a law, would cause widespread and ter
rbe reverses; unsettling all values, destroy
ing many financial institutions, and driving
many millions of capital from this country
II would be astonishing If business were not
stagnant. The marvel is that mere confidence
in the President has prevented much greater
alarm.
Another cause of uncertainty and apprehen-
sion begins to appear in recent dispatches from
Europe. Whether for speculative purposes in
London or not, reports have been busily cir
culated that measures looking to peace have
been taken. The rumor that Turkey Is not UNI
willing. and that England has notified that power
of an intention to intervene, may not be we'll
founded, but it is calculated to seriously dis
turb the grain and money markets in London
and here The effect, obviously, will not he
Immediately realized altogether, but if these
reports should strengthen, while Congress con-
tnues to make mischief, the results may be
somewhat more than incOnvenient.
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