New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-01-02
THE MONEY MARKET.

MOANIEA
TUESDAY January 1-P M.
,ro,o is satisfaction TO be derived from au eN-
=, ~ar;ex of the business OF 1871. All hno"
- disastrous il proved to some, and now .ne sAn'
~,,ooxnectations of many were disappoih'ei, hio"
g. :; entering upon the new year. the ieS'o''
o'.,' , .ho e,neriepce of the old year has taugh'
- 30, he forgotten II beeded. they may prove
Os.otlo for the future. Except for the rampant
,..onlatjons in securities and in almost every con-
criyabe thing upon which money can Se country
60 ocrIrred during 1877, the co.hhI LILY
w;Ht he congratulated on the fact t,at III, Ill
nrs tower disastrous hquidafions PehunE ' n@d
there at the beginning OF n .ns towsrd real
ina 10 Oant nrosperity Bnt prolific as was 1871
IN sInosures of old swindles OF rotten cui had
mi ~ the manner in which these corpora.lons a -.
anu ~ w. aat en- long there is too much reason 10
bsi;eve that new seed of the same SOFT was soTT
while the old crop WAS beng respeu. 5;Iden3s
w. arc stiff corporations paying GiNluenoS
t tI.V csnital instead of earnings, ana ANNUAL
,so.,rts made which are not VIVA! tueY
ought to be- Certain u IS rs f mnS if conyep-
t ~ increase their debts, and that tne great east
~ money enabled those IN good credit TO do so upon
xe,v advantageous terms, realizing from IVA W
Tog for a promise 10 pay 100. 1t also is almost
certain that the premiums thus realized ngu1e ~ ne
annual reports as net earnings l1ey app1t7 ~ 70 ~
fp average extent few, very few. corporations whc1
b.ve not been declared insolvent have hquida'ed
any port ION Of their former debts -
tpeculation is the bane Of American commerce as
we, As of its finances 1t penetrates TO the pariorS
of banks and trust companies, holds hlgh caIllVai
IN insurance offices aud IN TOO many IL nnen
supreme as the head manager OF railroads. III openly
stalks in the halls OF Legislation, cohlnlaholng INC
votes of members and fearlessly approaches Execu-
tyes with threats of vengeance i'll return Tor veio
II l. now boarding the great wheat crop OF the
Northwest, and furnishing the farmers win Iase
hopes of better prices, instead OF pernnttlnV
the rapid movement of the crop 10 market.
II closes the old year with hchtous values
upon the Stock Exchange, thus using capltai-tothe
extent of the fictlon-which should be employees ID
developing the country. Speculation with cheap
nancy is the armed enemy of legitimate trade, 10
accomplish its purposes II attacks even the credit OF
the Government, and of every American merchant.
For to IT, and to II alone. is due the 10 re-
duce 10 per cent, the valne OF the uoilai UNI,
and place of the present gold unit 10 sups.IVue
silver one which viii Cause constant ana iaPIu
fluctuations in our foreign exchanges. Ihese IdctS
do not present pleasing prospect at the opening Oh
New Year. But nevertheless they are iacls WHICH
il Will not be- wise TO ignore III selI-aeGeptI0h u
less criminal than perjury, 1t IS more foohsh mere
fore il is best to remember that IN the moment OF
time between me years cb l9 h d hna and tempt
lions of the old year removed from the path OF
the new. The year 1873 fails heir to the half
thread of research and of unsettled problems
lust where 1877 dropped 1t. There are Yet
70 be exposed more corporations .contan!ne
strong and hearty etfort-an effort altogether for
specie resumption on January |, 1881 supreme
Court decision declaring paper uh'Vn
stitutioma would lie glorious work for the year
before Us. and woodland nothing else cai-nhish
the year 1873 with the last vestige OF the mock
prosperity OF paper times wipee OUT oI eAlscnct'
Then sanguine expectations of real pr0sperl-
" will be justified. Shall the work he
done or shall the chariot of commerce still con
tlnue TO be inpeded by speculation This
is a problem the results of which rest with the m
tellIgent and honest men of the country III us SOU
ten he favorable to the prosperity oil legitimate
trade there must be no more Welding to the wllns
OF soft-mOney men. or deprecated-money men-no
more compromises and postponements. lhe honest
and manly course must he pursued he gTethbaacAs
and bonds must be paid with the only dollar when
had practical existence at the time The promise
was made 90 pay dollars. The silver-doliar taik
must be abandoned, as 1t deserves TO Oe'
on the statute book of business Iact Oh over
fifteen years standing. 1t would be curious TO see
an honest show of hands, III reply 10 tho question
How many of yOu before the Act of 1873, knew
that silver, in any form or amount, Was leeai-
tender for more than five dollars Come, gentle
men of the Senate and of the House OF Representa-
tye> VINO now talk so loudly about paying com,
"accOrding 10 the bond" make an honest SHOW.
Well, If YOU aid not know H. ala me aceePioI oi ne
bonds or OF tie grcenbacks know I'll lucre Is
court OF equity well as of law and
this is, case of equity, What Is DIS
honorable III individual Is more ms
honorable IN great Nation. And are you, It's
legislators, willing that your country sLal commit
a. act which you would call mean ana cohtempiIDle
II conIIitte by your neighbour Gold was meant
by the Government IN its promises 10 pay dollars,
aLd hes, promises were so understood Dy liS crcd-
tors. HEY nave Deen unlVcisauN 50 UNDERSTOOD ny
ali merchants IN their dealings Oh CON bass
And payment now a silver collar even II IT were
worth only One-elshth OF mil less Than tiIe g0iG
dollar. Is Republication and <othIng else. self interest
should protect from any sU-n humiliation. lhe
proposed silver legislation means financial rum and
universal bankruptcy.
Tins beng IA legal holiday, there are no markets
to report OF comments 10 make. We append, Tor
convenience 81 reference, a table shown The cX
treme prices Of Government bonds, and OF the PIN
eIpdl speculative stocks, during lie past ca:
YLAbLY RAHGE or PIECE, FOR 1877.
IiUals