New-York tribune., 1877-07-23
OFFICIAL aEporT or 1NFPlo4y- ELylY7 BoARD
FIRST BoARD-It o'cLooE A. ".
SATURDAY, July 2l-P. u.


The noteworthy events OF the week ending
TO-DAY were ID thr mmeuse success OF TIC popular
sTg.a for the percent cor.os l2 the opeAucof tie
grat railway strike which having aS!n oE the BAIL
noreanJ ONO C0mplny's road threatens 10 extend
toal tle PRINCIPAL lines. BIa,iFe 20 the II go on tie
future o. money market %, tie large subscriptions %
consos, there exist much speculation auG diversity 7f
opDou which u.case! BY th- 'crataIys delay iu
EJcatus e disposition o. De made ~ thc proceeds oi le
baa THUS far he Las called OF OH sivcs only small
part OF t- sum subscribed for tne .ous>. the who OF
which is Vavahlc into the Treasury 0n or b..arc
October lG while three uUuths' notice Is regutcC
20 stop the Interest on the 5--J- AMI make ucu
nature Hence there apparently IN interval between
te tme of receipt and p1yu ut, during T,cA Large
MUS, remain locked ul DOB The Departments yauI;,.
Iaa is iruo even ii supuose that none If the new
loan is taken up m tine expiration " the option. but '
its certain that a considerable quantity ha. already
haol talsu MP and paid or, a1I u is probable tat
intaer sums AL continue bee gradually p.d fan.
tsees shat there MUST be au interval of Sy o. ninety
CAV. on no ncca-d ratlc proportion oi 'hc whole ex
change II il % nt resi- t0 know WLat apofttln ol the
pocccds s o. be .sed Tor funding old bonds, ard vhaf
lreor ou fo- r.s1u .toH plr.p.rs. lor tAe LATTER u
nak., rue diG .clce 90 he woucy market vLc,h -
ue ..ctary boards gold or uteubacks but tne
luarfEg Of auv larle of gold means %
hgher premium. Therefore r. seems probable that o.
te sum devoted to resumption, 80 lsa5- epc-aali
vi put ua ic-aLtendcis. l4e tiue way for tac Gov
sHnsnt as se i- for ttidl2l. 81 TO pay o. its
faiisc a ceacs- - &c cau. ana a"t wait 20 accnld-
h the enr, sum- 1. is always necessary emeinbel
ua' .; i.l-ieder note is NOTHING f uoi Geot of ihe
Gsgerameat and if dr1t, t i. the most sacred one
valeh ths Government owes. It Was forced upcn Use
lic a 1a emergency. by legislative enactment 10 ls
aa b. tlc oor sul Ly ,ac ch. 10 Wa rs cHeci'e
s.'n, tl, launn as t.gt d~1t wAic1 pays 70 per
cot interest The fact that ID remains unpaid l2
ge44s dar tae close ~ u war w.1le iAe Government
Ia reduced - ludea ieat nearly twice lhe total cf THIS
i"' S"cr'd bat uou-uter sf-lcarins &eo5, ls
c'siacr 90 the Administrations which have conducted
HIT since l,G5 Tie sine noW is propitious fo- ne
-fd i' ael' of ib, floating mdsbt euess, or .OT con-
u''noh" as some cal. tnis Ile cretary has
So sie power, .ld lib im rst- tlc res y9ns s.Dty
IetS o. AL articles - uecessity iOw, and probably
''Al 'e oay Affected sashty II tne entire amount Of
irndes were b.ottsd eu n a single night The iue'-
'e bursting os financial bubbles would be hasteD.a
paiions about % cxtead the.r tlit o liie hJ t-e
~-',a'on % additional loans would be checked. and
4.i re4d De saved 90 those Who a5out % ulHae
.S.Aeus 10 such loans. 5pecuatOts lD worthless
80 ",ud 1nd thcir ieyc and the locking up 1i ihc
r''''o OF the earth for speculative purpOse. would
% Bur ai ibis il necessary before tie lrst real fol-
ar step cn be taken whether or zen years hence
= At 'as, decade the Government finances nave been
~ " Hee. OF ,ut some imaginary e0nmercid euacf-
ihs Treasury Department hss attempted 70 act the
-<rna' pai, and ~ protect the money market from
''seh'y and panic. And Il fine b has made OF h.
IT, departure from business principles il aggravated
i inevitable panic u 1873 and by its attempt then 10
iae tide Wth ts lie l issue of S26 900 900 OF legal
.'sis that eonyulsOn was converted into chronic
eae undeT which the whole financial aud commercial
@ Is slowly Dut surely wasting away. Well VIII IL be
&c Ration al Large Il Secretary sherman shall prove
We Possessed Of the wisdom and resolution requisite to
Aine' he Affairs OF his Department trae business
pies' leaving " bankers and merchants tho care OF
~ oWn business The Government "a in debt. IL has
enas and credit. The pIaInest principle OF political
s""ny requires that the floating debt shall be paid
s~' II not paid. shall De funded
- sauk statement VI the week reflects the payments