The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-10-13
FINANCIAL and COTTON
FiNANtiAL

c,,r,so TINES. Secretary Folgei's order To
.nsv called bonds al she rate % S5,00O,OO a
PN'ss Without ebste & interest. is not afiOrding
's"sNneh relief TO the New YORK money mar
w. anne people. PROBABLY including the sec
~, himself supposed IL would. The reason
ssosyions only part and not the larger
~ al The money paid out OF the treasury for
ss.is ro,s INFO The New York loan market
gste-ssssls are Tor 3 "a per cent bonds, and most
lltn.Acss that were held In New York and in
w, commercial cities from which money
ss"iSbt be attracted To New York, have been sur
-.snfered IN exchange for per cents. Il fol.
AVS mat the most OF those covered by the calls
vi n held hy people living ata distance from
Hs commercial CeuicrS, or by custodianS of Cs-
,s,ss and trus, funds, aud these people are
-sgersllv IN no hurry 10 get their money, aud
sbsn they do get il they do not rush 20 the re-
Gfef Wall street ON the contrary, they look
"a, some form of investm which they deem
ssenre snd they do not ilnd that investment in
ne New York stock market. There is unques-
Gonsby scarcity of lOanablo funds in the New
york market due 10 extensive absorption of
sneh funds by railway and other enterprises
sna IN The increased ability and inclination of
Snnersa and others TO hoard money and the de.
sTency can be supplied only by the oller of such
ratps OF interest as Will attract money either
rnn abroad or from the interior. The ability
ofNew York to attract money FROM Europe is
denied BY those who think We are in debt TO the
"a world on merchandise account But il may
well be doubted whether there is an unliquida-
ned balance due to Europe. 1t Is true that
MrBg the first eight months of the cur
rent calendar year our merchandise imports cN-
eeedsi our merchandise exports by nearly s5l-
I0QlQ ana that our net export Of specie was
only about til 10000, leaving, apparently. an
nuiqudated balance of about 81, COO. coo; but IL
saso true that during the last two fiscal wears
the excess of merchandise exports was sSS5 COO .
40 while the excess of specie imports was only
about SSl 20lOOO, which would leave apparently
an manipulated balance due us on the merohan-
disc account for the two years of about SsOl,
$4,000 The statistics OF our foreign trade
would seem to indicate therefore, that we may
b able to get money from abroad 1t
must not be forgotten, however that the
satisfies do not include securities, the
movement OF which is practically an UNI
known quantity, and therefore IL is impos.
balance II there is any hes The main reli.
snee Of New York must be upon the interior.
and any intermedding by the treasury depart.
ment to relieve Wall street by bearing the
ne of interest will serve only TO prevent the
street from getting relief from the proper source
the interior. For this reason, as wen as for
reasons OF public economy the Secretary of the
treasury ought To have rejected the advice OF
those who asked him to prepay bonds and he
ought also TO reject the advice OF those who
want him 10 buy 4 and AZ per cent bonds In
openmarket This latter course would for OBJ.
vious reasons, afford more temporary relief
than the prepayment of called bonds but i,
would beall the more effective to prevent New
York from getting money from the interior
FROM the sale OF tobacco France derives a
revenue amounting TO more than $50 OOD OOO