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In these times of .ijjitation, when the whole country is sufl'ering from stringency, and Congress is urged to give relief by forbidden means, which would leave us a legacy of trouble hereafter, it is of irnportance to the whole coun- try that the main elements of a sound financial policy and of specie payments should be kept before us as the haven rom which our financial barque in all its tacking and driftt F1SA\CIAL REVIEW OP TUB YEAR 1871— TABLES OF PRICES OF GOLD, FORBICS EXCHANGE, l'. [Entered according to Act of Coainren, In tho year 1878. UA« B Daxa & (Jq., in tlie office of the Librarian of Congrf M, Wubl Difttia, D.
It will go far to prepare us for such farther contraction as may be necessary to reach a sound specie basis. MENT SECURITIES, STATE BOSDS, RAILROAD B051DS, AND Ril L- BOAD AND mi SCELLANEODS STOCKS.
76 ■, 797 830 Coiisela, Daily Price of in London (weekly).
See Prices Current- ■ East A Cincinnati ilailroad 596 Eaut Tenu , Vu. Railroad 218 Eastern, Mass., Railroad 83, 7*i B Elizabethtown A I'aducah Railroad 44, 7«5 English correspondence and market reports by cable (weekly). ^ee Review of the Month, at London and on London (weekly). In the first half of the year rates began to harden as early as February ; in March and ^Apiil money was excessively stringent, and Iwth call loans and those on commercial paper were made at very high.
See Commercial Times, of merchandise ;ind specie from New York. In regard to the money market, there has probably never beea a year of such general stringency in Wall street — excessively high rates have rather been the rule than the exception. Netdeposits : 232,887.900 Lcgalteuders 54,961,400 October 1.
Experience has also taught us more than once in our history that the amount of coin now available in the country will not float one half the obligations now existing, payable in coin.
Fiichbnrg Riiilro:d S9 Florida State Finnnces 187, H87 Fionr imports ond exuorte of Great Britain, (weekly). Resumption of specie payments can only take place when the coin in the country bears a proper proportion to obligations pay- able in coin, and when the condition of our foreign trade re- quires no shipments of coin to settle balances.
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317 346 381, 410, 4J;i, 485, .-ilb, 0)B, 688, Bii O.
See Monetary and Ciimmercial English News- (monthly) »«« Review of the Month. of M.ir\luud Coniiecticnt A Pnssiimpsic Railroid Connecticut Railro:ids co-operation in Orcnt Britain .....
Rd 748 " Resuurcc^Biifl Liabiliioa June 10, I8r2, Oct.
354 595 "'"•I ' .*« British Board of 'I rade Kctui ns.