Year: 1869

MONDAY, April 12-8P NJ.


There is a widespread feeling in Wall street in
iayor OF the use OF the idle gold balance now in the


yauts OF the Treasury, amounting In the aggregate
70 more than hundred millions OF dollars. On one
side IL Is proposed that portion OF this sum should
be sold for the benefit OF the god-buying commu-
nifty, the importing merchants. but objections
are raised, on the other hand, that the money
market is In too stringent condition at the
present time to be subjected to the ad-
dftIonal aggrayation OF such withdrawal OF
currency from circulation Our business men
are already loud in their complaints OF the lack OF
accommodation from which they are now suffering:
so that this Plan would be the most satisfactory
enc. The situation is not very hopeful one unless
fome consolation may be derived from the arrival
to-day OF about million and quarter OF dollars In
gold. II this is the duant courier OF similar ship
ments-and some seven millions was said TO be on
the water this afternoon-the relief win come just
before the payment OF the May coupons The con-
sagnment which came 10 hand to-day was the result
of the great ''breakn in foreign exchange noticed
about two weeks since. II is q coincidence that we
have had another Generalization OF foreign exchange
to-day, and with it the rumor OF the large shipment
referred to. Meantime 1t would be source OF grat-
ncation to the importing merchants II the present
speculative advance in gold was abated. The gov
ernment is earning interest upon the gold which





therefore set it free without the rebate. The situa
tton demands more gold in the gold market without
any dlminuuon OF the supply OF currency in the
money market The recent sharp rise was the result
of speculation for fall. The 'bears' In gold have
the popular side OF the question; but then there
ought to be speculation at ALL Hence writer in
an evening journal is just about right when he |
says
The Treasury Is blamed for not cashing the May |
NJ
paIhiZe with this. The rebate OF interest the |
maturing coupon is proper business proceeding. |
while the prepayment in Iull plays directly into the
hands OF gold SPECTATORS and the government has |
nothng to do with them or with the dealers in rail
road stocks. The question OF suitable use for the
surplus OF coin owned 10y the Treasury is entirely
apart from THIS whether II be best TO hoard it. sell II
for currency, or buy In and cancel bonds rendered
NJ gold valuation. This constant calling upon tue
Treasury 10 aid men in their purely speculative |
operations is outrageous and IL Is time IL was under
stood that its business IS not TO be made the secret
stay OF rabid speculation. We have suffered too |
much by this in the past TO be Wiling 70 see Ii con-
0nued with any degree Dissatisfaction
Money was comparatively easy at the opening OF |
business to-day, and some loans were made at coin
interest; but the activity increased until sixteenth |
And interest was freely paid after two O'CLOCK and
eighth "nat' for some small lots in the vicinity
Of three O'Clock. The banks received currency |
today, but in amounts exceeding their ship
ments by q trine only. The mtlmatlon was |
made again that the banks are the hackers OF the
'SnylOCks" VINO CONTINUE 10 eAaCt sucn hlEn |
rates for money. II stated this evening |
that the District Attorney was Institutlng
Inquiries on Wall street with a view to
obtaining evidence for the prosecution OF parties |
lending money usurious OF interest and that
es the evidence OF the borrower Is admissible as
against the lender, there would be dIlnculty IN
procuring the necessary evidence.


The earliest sales OF gold this morning before the
board were at the extreme quotation OF Saturday
fast doubtless through confirmation OF the lever
Sh feeling resulting from the misunderstanding
about the gold checks OF the Bank OF New YORK but
the opening price IN the Gold Room 1884,. from
which there was rally TO 1885, when the
market gradually fell OF to 1927, the loaning
rate for cash gold taking the same and drop
ping gradually from 4 for borrowing to 'natn and
thence going to the other side 10 lie for carry
ing. Later there was q reaction both ways, the
carrying rate falling To five per and the price
going up TO 1894 and yielding finally to l333S.
These fluctuations show the speculative influences
nj work upon the market The range Of prce to-
day fOlOWs:-