Year: 1869


payments, and the speculative fraternity already
alive TO the prospect OF gain which the agitation OF
the question opens up to them. Let II be under
stood that there Is dangerous movement on footto
attempt forcible resumption, despite the laws OF
trade and the conservative element OF the national
legislature Will be prepared to meet the issue.
Did the present movement lspring from any place
but Wall street; did 1t originate elsewhere than
among the stock and gold gamblers OF thar locality;
did 1t enianate from the great OF business men
who are always SO sensitive to financial changes;
did 1t come from the great class OF capitalists who
are constantly opening up and furthering enter
prises Of all kinds. it would be worthy OF special and
prompt action But what merchant has yet called
Congress to bring about the resumption OF specie
paymentsa Where Is the manufacturer who has
signed any such petitionf Immediate resumption
means deathblow to business throughout the coun-
try. Specie payments next week or next month
would stop the wheel in every factory, paralyze
industry and throw the whole operative community
out OF work. The present urgent movement is from
Wall street, where spectators make money by
either the upward or downward course or values
Those who familiar with the technicalires OF the
street will understand why they can do so. Just
now the spectators selling gold, which they do
not possess, but which they hope to frighten the
holders into selling, at lower price, by their pro-
phecies Of legislation in Congress favoring specie
payments. They will then buy in the gold and make
money for themselves. So far the movement
has had little success in tho pecuniary way; for
the market has been buoyed by such buyers as the
importing merchants, who alrendy have profit In
covering their imports at the present prices OF gold
and also by certain individuals OF conservative, If
not gloomy, temperament, who are always expect
ing financial crash, and consequently believe gold
is always cheap at any price, 1t would not be neces





as the eventual result is concerned. 1t may be set
down certainty that the government can
not resume specie payments, let Congress
legislate as IT may. The whole history OF
England, from 1907 to 1872 proves 1t. But
the danger arises from the struggles and efforts
to accomplish resumption There are spectators
who would have us believe the government could
resume on the 1st OF January, 1870. Suppose Con.
gress should. on s assembling. Immediately decree
so. Let the result. According to Secretary
Boutwell's exhibit OF November l the government
then held $1l6 900 Of coin. From this should be
deducted nearly thirty millions for the outstanding
gold certificates and hy millions for the accrued in
terest on the public debt which, II paid Novem-
Der l. would have lert the Treasury with only thirty
Six millions Of gold On the 1st OF January
another one per cent will be due on the interest
bearing portion of the debt, which would further
reduce this sum to sixteen millions The only
sion would be from the customs receipts meantime,
which would leave the Treasury in possession OF
about thirty millions OF gold to begin the redemp-
ton OF nearly four hundred millions OF paper money
on the 1sI Of January, 1870 1t is to be hoped in
view OF these facts, that Congress viii not stui
tfy itself and $50 jeopardiZe the business interests
Of the country as to attempt any scheme SO Uto-
plan.


The money market during the week was easy at
n fhp wtpIty.fv al
classes Of collaterals The abundance OF funds and
the strong position of the banks led to larger deal
ings In discounts, and prime acceptances met with
reader sale, particularly after the middle OF the
week. The foreign exchange market was steady
and strong, but dull The agitation OF the gold ques
tion has produced a very conservative feeling
among the importers and the line Of i'm
| ports for the week shows a large decrease.
not only compared with previous weeks but
also as compared with the corresponding period OF
1Sss The effect OF the agitation was visible in
the uctuaton Of gold between the extremes OF 1874
| and 1865. Tomorrow the Gold Exchange Bank re.
sumes operations as Clearing House for gold deal
| ings. In the STOCK market business far below
the general average, although the general tendency
OF prices upward in response to improved rail
way earnings on the Western roads whose receipts 1t
was thought, would be very unfavoraby affected
by the depression in the grain market. At the close
| OF the week the feeling was more buoyant On
saturday there was considerable animation in South
| ern bonds, but with an irregular market The new
North Carollnas were heavy and declined to 80, the
special tax issues being steady in the vicinity OF 40
The old Tennessees have been again subjected TO
pressure OF saes owing to the impression that there
too wide difference between their price and that Of
the new bonds since the ocia announcement that all
issues equally binding upon the state. The MIS-
souri, skies, continuing their upward movement ad-
vanced to 90 the report that whatever the real
obligations Of the State as to the coin redemption of
| the principal the interest will In future be paid in
| gold. The government bond market was at first
strong and active, IN consequence OF the large pur
chase on Wednesday by the Sub-Treasury, but be.
weak toward the close owing the decline in
gold and the renewed agitation Of the specie pay
ments question.


The weekly statement OF the associated banks Is
unfavorabe, showing 1t does loss In reserve OF
nearly million and half of dollars. The Treasury
movements during the week. which expired Friday
morning, go to account for large portion OF the de.
crease In legal tenders. things being equal
this loss Will be made up next week Were the banK
statement made up each Monday morning the IN
favorable features OF this week would not appear
The loss In legal tenders is over two and nalf mil
lions, owing partially 10 the facts above referred to-
and partially to shipments the West and Southwest
An examination OF the statement shows that the
banks have enlarged their loans to the extent or
nearly two millions. Now, as the deposits have been
at o standstill IL is evident that the remittances
westward have been largely composed OF these
loans In other words, the Western banks not hav-
ing funds here upon which to draw Eastern
houses with Western connections have shipped
currency to them. The last two statements con-
trast as foows:-


NoU. 10. Nor. 90.
Loans. S25l lS0,55s S263, ,g0S
Specie .................. 26,75j6o3 27920,U1I
Circulation. minimum. 3f,2l2se7 34,23l, ,922
Deposits ............... 1b3 T5s,j06 49,, ,73t,I9o
L ol land aNl AZ r.tl,I