New-York tribune., 1877-09-18


If tho season to the small sum Of S44,0oo,ooo
.raipst $50 223 100. held on September To- lo'o'
.spfscient cause Tor tie existence OF thls uneaSi
ucss But now. added 20 the prospective demand
tron, the Wesf. and later demand from the SOUTH
o. funds Nberevth 10 move the crops, rs the settle
,rt with the Treasury DEPARTMENT for the remain
a.; ,ortion Of the S75 O0O, 600 subscription to the
80 4 per cent bonds This settlement falls due on
o.tohe,. Ia. while the SJO,0O0000 of per cents
called iu against them falls IN from October lo 10
Noveiph,r g. But II the two operations OF issuing
tbe now bonds and paying for the old fell on the
same dale still there would remain with the Treas
urv. presumably for redemption purposes, the sum
of S95 OOO. 600 which is Withdrawn from the usual
ebanuels These settlements. both ways, are IN
cold. As many persons, however, are disposed
10 regard the low premium on gold as
ei,,,ie.a,t of that commodity soon becoming
cr,rerey--a theory with which we do not sgree-the
vi.hlrlwal Of the sum Of S25000,000 in gold, he
comes en- important factor IN thc situation It's
i5le 10 ascribe the weakening of the bank reserves
60 te contraction Of legal-tenders. Bank loans nat
rrsllv expand with the appreciation in the value OF
the articles on which they loan and deposits, as
matter of course. corresPondingy increase without
tse addition of single dollar to the reserve during
tie last two months, a stock speculation has been
running which Has appreciated values hnndreHs OF
millions Of dollars, thIs creating a basis Tor q
bank expansion of loans and deposits Ihs, coming
M % tino when real money Is being Withdrawn,
necessarily causes reduction Of the percentage oi
hank reserves There is no imaginable sum OF ieHai-
tenders or money which spectators would not use Il
in existence For every additional dollar of reserve
sn,ru-ors would require for their purposes nearer
Ten than four dollars. This in turn would
reguire. greater reserves, ana SO On @" !"
6uilsa. The plea that there Is no redun-
daucy Of lcgal-tendeTs-there can De houe
of real msney-smply means an indefinite
rostpopemcut Of specie resumption, and prolonga-
nom of tine disease which for twelve years has been
eating AZ the vitals Of the country, and which, II
,.ct ,llred by radical measures is certain hnay 10
,,oduce A collapse Few persons profess not TO IA
1or specie payment at some time, nat jheie are
many who are not ready now. II the bahk t.
serves are approaching dahseIous p".o.' 80 "a "a
Stead Of appealing 10 the GONeihutht ioi diu'
or al atteBptiug 10 substitute a new, OF aHiciV 'iio
lrcSeut plan for redemption. the reserves shouI oe
str.ngt lcned by reduction OF the deposit me. ms
Sr',,,l h., a.rniupshrd With wonderful Iapidity by
., sb9rp curiarneut OF loans on stocks III tnis ne
thod Il postponed until necessity compels IT, IL VIII
rot then prove cfectual, and Will intensity the is-
turbance.
others W hch have preceded il. The opening was at
higher figures than were warranted by the close OF
IL tne meantime had taken place. Ihls was sue
cceled by dulness and decline, more espSclaAy
marked IN the coal shares only To be 1olloWed oy
Grand rally lust before the close, which IT Is sale 70
saw was wholly and entirely due to the manlruia-
lions OF operators who are not desrOuS OF becoming
Possessed Of another share OF STOCK. hen IL Is
understood that The highest prlces Ol the Jay were
recorded within fifteen minutes Of the hnai QUOTA
mons no further comment on the market is required
than furnished i'll the subJOined table showing the
RANCE TIL STOCK MARKET.