The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-04-13

comparison Of prices current at the close Of ths mar
ket yesterday with those ruling the Saturday previous
shows decline in Long Island OF lo per cent; Harlem
II; Canton 81; Farmers' Loan ~; Norwich worcss.
ter 81; Ohio IS 81; Kentucky 81 Iii Pennsylvania Ss
IL; Eric Railroad d vickburg Ii Reading Railroad al
Morris Canal East Boston H. There has been very
little done in Of the fancies the st week. Mo-
hawk Stonington United States Bank vicksburg, and
Of the delinquent State stocks, have been very
quiet.
We shall undoubtedly have the Sub treasury, In its
present shape, sooner later The House bill may be
adopted without MIR Dromgoole's amendment requiring
the immediate enforcement Of the specie prevAas The
original. or the old BILL may be adopted differ, from
this only in the time for the payments and receipts Of
the government to be made In gold and silver Under
the original treasury BILL third Of due
the to be paid into the treasury in sps
Gle the first year; ono more or two thirds the second
years and in the third year the whole of the receipts in
to and disbursements from the government
were to be made in gold and silver COIN This gradual
inreductionof this system. would not be attended
with any Of the restraints anticipated by those opposed
to the measure The policy Of gradually changing any
government measure affecting the rcai sAsirs Of
the country has been considered sufficiently i'm.
portant Sudden revolutions In commercial ssm
matter what may be the merits Of the measure
mplated, are at all times to be deprecated and should
at all times be svoded There are more evils attending
sudden changes in the policy fhs 6sotng
tradesither foreign or domssothan in little longer
continuance of the measure about being repealed.
The financial system Of the government In force,
has been in operation fourteen years and the business
ofthe country has, therefore, become adapted that
system all the ramincatons Of trade have become
oonciled to thar policy thoroughly that immediate
alteration would naturally be attended with many
barrassments. and many serious diniculiiss. wise
administration WILL therefore, avoid, much posi-
ble these sudden extremes and adopt gradually a.
possble any changes contemplated in IT. hnsncsl or
commercial systems. We have much confidence in the
wisdom Of the Senate In relation to this measure; We
trust to the sxperisncs Of the lsading spirits In that
body, with the belief that whatever alterations they
may make, or Whatever system they may adopt, will
be a. perfect n possible to make them Men Of master
minds who have devoted their whole lives to the
confederation Of commercial and financial Systems.
tainly have had facilities for testing questions
nected with them, and their suggssons are entitled to
confidence than the statements Of oil the bank
presidents and directors In the country We do not look
for that party prejudice in the Senate. that osn
see in the House. The intrinsic merits Of any measure,
have more weight In the upper than In the lower
House, and therefore. depend upon that body
to prevent the adoption Of any imperfect law and upon
tho introduction Of all necessary improvements before
It goes into operation.
The sub treasury law, under the notifications
anticipated, win, without doub, 90 into operation
contemplated by the House--that IT, the Arst
Of July 1896 At that time tho banks will be dep rived
Of the government deposs least from any accumula
ton Of the deposin The will doubtless, 90
into the hands Of the Receiver 0snsr just though
the specie clauses fall operation from the start
This will place many restrictions upon the hanks
contemplated under the HOUSE BILL and compel them to
keep up steady contraction, and will, therefore,
Keep the money market in very stringent condition
The time required for Thorn to bring their isss downto
specie basis, wiil his true, be heightened hut that
will afford any particular relief the money market 10
matter Of much doubt Nis question. whether any
latitude Is desirable any expansion would lead
to IN extension Of business, which would require
eventually greater contraction than that We have
recently experienced.
We In condition 10 adopt the most restricted
financial system the government possibly adopt
that there has not been, since the last sub treasury
bill went into operation, favorable period to
commence q specie system, than the prsssn Tas cor
dton o. the banks Of the country it, present. com.
paratively sound and the amount Of specie on hand
very fair per cent on the issues We wish to keep
them at least where they and possible to place
them In 4 much better condition The annexed state.
msnt exhibits the condition Of the banks at several