The Sun.
London, England, 1869-01-20 00:00:00

MONEY AA D BUSINESS.

NEW YORK, Thursday, Dec. 31.
At the Stock Exchange here to-day there was inquiry
for Governments, and we note sales of $13,000 Five -
Twenties (Consols of 1865) at 1101. The other issues were
firm. Baltimore City 6's continue in demand and firm,
1890's selling at 94, and 1893's at 96. A small lot of old
registered Virginia 6's sold to-day at 448. Northern
Central Railway shares sold at $431, yesterday's prices,
and a lot of forty shares Mechanics' Bank brought
Silk. Railway Bonds were steady, Baltimore and
Ohio 1865's selling at 94, and Western Mary-
land, endorsed by Washington County, at 85. To-
morrow being Now Year's-day, and a holiday, there
will be no session of the Stock Board, and business wil
Le generally suspended. Business will also be suspended
at New York. At New York this morning gold was firm,
prices ranging from 1311 to 134 f Governments were also
strong at about the rates current at the close yestei day.
The market for Railway rhares was again strong. New
York Central, however, fell off after tha opening, prices
first ranging from 1591 down to 1584. Reading was steady
at 98k. Erie sold early at 381, but fell subsequently to
381. Michigan Southern sold at 87} to 871. North-
Western common at 81 to 811 ; ditto preferred at 831 to
831; and Rock Island at 1171 to 118-k. Fort Wayne opened
at 1131, and Pittsburgh at 831, but they each fell off sub-
sequently per cent.

2d Board.
133
114 i
1108
107. i
104

1101
1114
1111
10511

:~

. -
business as private bankers, avoided taxation, evaded the
requirements of the Currency Act, and still retained the
most profitable feature of a National bank. The establish-
ment of a central redeeming agency is not so gonerall/
favoured. Pretty much all outside of New York will op-
pose it. In regard to the periodical stringencies in Nevi
York, and the loaning of money by the banks in largo
amounts on call, by which the reserve fund is handed
over to the tender mercies of Wall-street and its purlieus,
decisive action will bo recommended by the committee,
but exactly what is unknown. The same may be said
of the proposed squelching of the causes that bring about
apanic, no theory of the number advanced seeming to carry
with it sufficient power of conviction to be calle:t the
plan, though Comptroller Hulburd's idea of holding in re-
serve a certain amount of Legal-Tender notes in excess of
the amount of money in regular circulation is the one
most discussed, and has the most supporters and the most
opponents. Regarding a return to specie payments and
free banking, an attempt to enumerate the various theories
by which the former desirable object may be attained
would lead too far into the mazy labyrinth of financial
propositions; while it may be safely said that the com-
mittee aro disposed to act favourably upon the most of
the recommendations of the Comptroller, but the question
of specie payments being such a vexed one, it is not at all
likely that the report will favour his propositions un-
amended.

(Front the Philadelphia Public Ledger, Jan. 1.)
It is stated that Mr. Commissioner Wells, in his forth-
coming Report, will show that in addition to the thirty-
five millions surplus which the Government had last year,
we may expect this year a saving.of thirty millions more,
on various accounts, among which are the finishing up 0f
the bounties, the reduction of interest from conversional
and the withdrawal of the compound interest notes, and
the surrender of pensions. Mr. Wells further estimates
that an increase of thirty millions of receipts from the same
source of revenue may fairly be looked for, with an ordi-
nary efficient collection, and an ordinary honest adminis-
tration. He believes therefore that it is within bounds to
regard the Treasury as master of a clear yearly surplus,
from this time fcrward, of one hundred millions.
The report of the finances of the State of Michigan,
just published, is highly gratifying. The Treasury has ta'
surplus of 1,130,229 dols. on hand, and received 29,359
dols. *at 4 per cent. interest for its use last year. This was
done because the holders of the debt refused to allow the
redemption until maturity. The war bonds. amounting
to 185,000 dols., are duo to-day, and will be paid. The
general Government has paid in 188,900 dols. for the ad-
justment of war claims, and 23,000 dols. came from a spe-
cial mortgage. The Treasurer states that he can meet all
obligations as fast as they mature, and proposes a reduc-
tion of the State tax.

The legal-tender issue now pending before the Supremo
Court continues to attract much interest, and the more it
is canvassed the greater is the number of dissenters to its
constitutionality. Among others who have spoken uP°n
the subject is the Hon. E. G. Spaulding, the author of the
Legal-Tender Act, who, in a recent letter from Buffalo,
New York, to the Secretary of the Treasury, declares his
belief that as a peace measure the Legal-Tender Law is
unconstitutional.

Drexel and Co., Bankers, No. 31, South Third-street,
Philadelphia, quote—U.S. 6's, 1881, 111/ 114 q; Old U.S.
5-20's, 1862, 1101 114 ; New U.S. 5-20's, 1864, 1071 1071
New U.S. 5-20's, 1865, May and Nov, 1071 108: New Q.S.
5-20's, 1865, July and Jan., 1101 111; New U.S. 5-20'st
1867, July and Jan., 111 1111 ; New U.S. 5-20's, 1868,
July and Jan., 1111 1111; 10 40 Bonds, 105,1 1031; gold,
1341 135 ; sterling exchange, 1471 1471 ; Paris exchange/
381 397.