Year: 1867

MONDAY. Jan. T-oP.M


TAs\ra.lway share market has been without animation
fo-dss. although the material conditions affecting are
kAvobS 10 speculative activity. II is not impossible
however, that the reports from Washington relative to
the impeachment Of the President may have exerted
transient influence in checking purchases a. well a
indsposing the banks to loan freely to stock houses on
marrow margins Jhe indications before the close or
bank hours were thxt increased ease would shortly be
fe and some Of the private bankers Lad considerable
balances left The tendency OF Mr. Hoorers bill
In Congress amendatory o. the National Currency act
induces the banks to purs conservative course and
shs contraction policy Of Mr. NcCulloch operates in like
manner This Is not without q depressing effect
upon trade. and The mercantile community look
forward with alarm 70 the further contraction
OF tho currency at the present excessive rsts Of four
millions month Congress should devote IL attention
Immediately TO this question and decide that no further
esducton Of United States notes shall bs made for
asdnts length Of time to coma Whatever contraction
q the legal tender issues IL 10 take place should be In
sheform Of compound interest notes very moderate
soais they mature The legislation this subject
should bs explicit that little nothing would Be left
% the discretion OF tho Treasury Department and that
che whole country might know what TO expect This Il
especially important At the present time whom trade
and manufactures aboring under depression, and
Immigrants from the Old World returning In conse
Quence In large numbers for want Of employment
Moreover. the South still lies PROSTATE under
che effocts OF the late war and is in need
Of ample monetary facilities TO assist its recuperaton.
TO contract the volume Of the legal notes the
present rate while three hundred millions OF national
bank notes are in circulation, grave the dan
ker Of which apparent when is considered that the
latter are redeemable in the former demand There
IL reason to believe however that Congress appreciates
;Vnr AZ
OF natural laws, and avoiding forced resumption Of
specie payments, and that its legislation during the
present session will be decided upon this subject The
sentiment Of the country in favor Of noncontracon
and several Of the Boards Of Trade have adopted resou
dons ia accordance with the views Of this Journal At
che same time also that Congress considers the
currency question, II should pass a law against
the secret sale purchase OF national securities
by the Secretary Of Tho Treasury. Tho last
debt statement showed that more than twenty
thrce millions OF seventhry notes had been bought
and nearly twenty.nine and . half millions Of fve-
twenty bonds sold in this during the month Of
December through brokers, TO whom the full commits
Sion OF per cent each probably paid
Such manipulations costly to the government and
beneficial only to the brokers concerned and spectators
N the secret.


rha statement OF the associated banks Cor the week
sndns the 5sh inst is very favorable one showing
that their have been increased BY addition
Of 434 tohe legal tender notes. and 81 24 to
the deposits while tho 7oans have decreased 81 301
Tho other changes decrease OF $500 $50 in specie
and increase of $9s 253 In circulation These figures
reflect the action Of the banks in calling In their
- 70 Strengthen their position preparatory to making
their quarterly returns which according to the national
banking law must be sent in to the Comptroller Of the
Currency ON the first Monday in January The end In
Wow having been therefore served 1t 10 reasonable to
anticipate that loans will be made freely and thus


r has been So although the for call loans still
seven per oent, with Indications however, that will
coon be lowered 70 six. The totals OF the present and