The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-12-14
mONE Y. MARKET.
Sunday. Dec. l3-0 r. M.

The message of the Pre- sidsnt and the reports from
the various Department. have engaged the attention Of
the public mind during the past week. The
proposed by the Executive and the heads Of the Differ
ent departments and the alterations and msdidcstons
suggested in those now in speratisn, have
been considerably commented on and have been gene.
rally approved Fnancisfs and stock operators appear
be disposed to await the Of events at Washing
ton and keep themselves quiet and govern themselves
by circumstances Some disappointment has been
renced in circles consequence of decided
notifications in the specie provisions Of the inds'
pendent treasury act not being considered advisa-
BILE !; but the system of exchanges recommended by
the Secretary Of tho Treasury ID considered valua
BILE concession by Wall street brokers, and cacu
lated to alleviate the restrictions which the independent
treasury act, it originally passed. placed upon
the operation of banking institutions This system
will answer very well during the continuance ofthe war;
after which it can be abolished Is merely tempo
rary thing and required facilitate the financial opo
rations the country of extraordinary nature grew
ing entirely of the exigences Of the war The drafts
alluded by the Secretary do away with the necessity
of transporting specie between extreme points, and
therefore prevent even those arrangements in the
rency which must, however temporary they may be,
tend corresponding arrangement in the trade end
commerce of the country Any transfer Of funds from
one part Of the country to the other which may be
do no injury, they necessary, bat when the 60
vernment comes into the Market and intersres with the
financial operations of the day. and derangss the sup
ply and demand there vast deal Of embarrassment
created the calculations Of those engaged in trade
utterly destroyed, and they in danger Of becoming
severe losers. Money will, it is said find it, level
Where it is the most wanted, it will 60, or in other
words trade between different points must be balanced
by an exchange of money, when an exchange of mer
chandise fails to do The commercial classes regu
late this thing among themselves, and the whole ma.
chinery of commerce along smoothly and quietly
until some unnatural element foreign influenced il
involved in the movement which invariably dsrsngss
and everything gets out Of order
The appearance Of the agent In the market
for loan at any me and under the most favorable cir
cumstances, produces q slight embarrassment In
financial circles, but when the government comes
into the market extensive 6nancier and becomes
largely engaged in the transfer Of funds from point to
point for the purpose of prosecuting war; and without
any regard the financial operations of the country
generally there be very serious and alarming
endorsements experienced by the commercial classes
We, therefore, look upon the system Of exchanges
commended by the Secretary of the Treasury in very
favorable light it will all the pu poses Of the
government and aid very materially the operations Of
commerce
The stock market continues very much depressed and
the tendency Of prices dovnwards The future looks
very omnous and many Of the fancy stocks which have
been footballs long in Wall street. have had the Life
nearly kicked out Of Them and there ID possibility Of
initiating them sgain II most astonishing fact that
there are several fsncss in Wall street. which have
during the past three four years ranged several times
within fifteen 10 twenty per cent. Of their par value,
which are complete shell, some ofwhich in fact never
had any substance while the little the others had has al
been long since extracted and they likely at any
moment to be crushed, leaving not even wreck
behind One Of these days there will bs shaking
smsng these dry and many holders Of some
beautifully engraved certificates Of stock, will, Of
these nne mornings realize that they are completely
worthless A fictitious value il now attached 70 many
of them, which gives them currency in the market
and makes them answer all the purposes Of speculation
Among 20 much worthless traah it would be invidious
to parcuarize and we leave it for these Interested to
weigh their securities and how much they are
worth.
We annex table exhibiting the quotations forlcertan
stocks in this market for each day the past week. and
at the close of the week previous win be perceived
that there has been the whole very little variation in
prices- -
n. IN r. -