, 1877-03-07
Fair offerings Of Mercantile Paper...
The Clearings, So, 400, 600.
THE Silver Debate-..The Insurance Crisis
..sThe True Debt Of New York.
The Produce Markets More Active, and
Generally Firnsr-Provisions
Strong,
Grain IN Detter Dtmand for Future Dtl'ytry.'
Little Doing for Shipment.


Inc FINANCIAL eltuatton was NnCudnEe0- J QH
offerings Of paper Of all kinds were not large, but
tho supply Of loanAble funds 10 not greatly in *.
crss OF requirements Tha supply Of mercantile
paper begins to Increase. Tho Jobbcss and whole
eacrs report their basinoss to b eatistacory Tho
demand frnm tho hoard Of Trndo has fubeIdcd for
the present There aEa not mauy choice ontat.le
applicants for hank favore.
1ates OF discount arc 8GDl0 per cent at tho banks
to regular customers. On tho street rates wera
per cent and upwards.
New York exchange was weak between banks 1t
par.
Fhe currency movement s light In all directions.
Tho clcarln8s were 50, zoo. 0o0.
THH sIIvBR DEBATE.
Tho New York Evening 1'oat has recently pnb-
lshcd In three paris translation Of tho leading
passages relating 10 tho euesticn Of the gold or
eliyer standard In 1fcrzkA'a Whhrung urd handel.
Hcrtzka Ia an eminent economist of Vienna, and
his worK Is written mainly on tho questions Of
trade and finance thoy Affect Austrian interests
but his treatment Of the QucAton Of the standards
n on general principles and of interest wherever
The debate continues Merktka advocates the njng,o
gold standard uncomrtoult'nsly, and taees eape-
cial pains to antngonfko Cornusch1.
Ml. ]. 8. Moore, wcl.known as, trasscc." the
writer of somc widcly.eiEcu1Atca antl.pFotcctfon
letters, hns IN article tho silver question In tho
March number Of Tho Norih american RerIt.r.
Tho history Of tho relative uso Of gold and silver
Is noney,is condensed Into fow ragss. A new
and bold explanation Ia given, Of tho adoption Of
Tho single golh standard by Germany. This step
was ayerse to Gcrmany's interest In tho valnc OF
her large atoek Of silver; Il could not have been
actuatcd by grcnt commercial considerations, fot
the trade Of TINT country IL cas than that OF ol'
land. Mr.. Mooro's idca 10 that tho gold esandsld
was adopted as q military measure, rec.
commended by the. great difficulty tho In.
yading Gcrnau army In Franco experienced
in obtaining supplies In excnange for their silver
money. There Is something indefinite in Mr..
Moore's v!ows about the course to be pursued with
regard to silver In this country. Tic ID In favor Of
uslng silver as money ~ can be given constant
relative value 10 gold but he 10 not ablo to clearly
see how that stability ls 10 ID assurod.
7nK NEW RAILROAD COMPENSATION,
The combination between tho Southwestern,
Rock 1slnnd and Union Pacific Rat'roada Is parttct-
patel In, rays tho New York Daily Dai'e'in, by
the foreign proprietary of tho Northwestern. AS
well as the home interest. Tho Dusch holders Of
Northwestern securities formed syndlcato two
years ngo for the purchase Of tho itsura Of tic
Union racnc, of which they havo now become
considerable holders.
TIE INSURANCE Crisis.
The mhgnxEues and reviews hare taken MP tho In.
snrancc question. Following The lucid and useful
article on lifc.insnrancc BY Julius Wilcox In the
current number Of 5cribasr'4 comcs paper In tho
last North dnItriean Rerieu on ''The Insurance
GrIns,r by shephnfl 11omans, tho woll-lhown
ac,uary. Tho writer holds that the foundation or
theoretical asIs OF life Insurance Is imprcsnable
mud worthy OF tho hgheat confidence. hut there
orc some aerious mlAtakca IN management, to say
nothing of tho bnrcfacc1 ftnuds now undergoing
investigation In Suw York. Tho greatest detect
in ciE.urancc is thc liability to forfeiture. unti
to tue cunlscntson Of all tho accumulated deposits
In ot tho failure to pay stated premium when
Cue. "a fair surrender ralue." says Mr.. Uomnns,
.citl,cr In ea.. Of In continued insurance, should
be rycu In every ease by The Company, and should