The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-02-19
. Dividend of.


Dividend of.
There has been quite improvement In prices, COM
pared with those ruling the isth of January last
This We attribute entirely to the relief in the money
MARKET and to the greater abundance Of capital seeking
employment We see no reason why our really good
State stocks and those Of the general should
range below par at any tme and those which do now
must soon advance to their proper position. 1t will be
perceived that Treasury notes and SKIES Of
1867 quoted above and expect to those Of
1856 and 1862, IN the place. Treasury notes
the fsvorts investment OF capitalists they
available for payments due the government, trans
mttabe In the shape of exchange from point Of the
country to another, and convertible ct any time
into funded stock payable In 1904 twenty year in
vestment.
The passsgs Of thu loan bill through the lower
house Of Congress- will have favorable influence upon
the market value Of Treasury notes. there will be
more issued than authorised by the Of January ls47
The bill authorizes stock loan at six per cent for
sixteen millions of dollars and prohibits Its negotiation
under par. This makes the bill null and void ct once;
and unless further improvement Is realized In the
money market, SONS change s made in the ndspsn-
dent treasury sct which by oil cans should be avoid
ed mole liberal bill will have to be passed, an issue
of Treasury notes authorised for the full amount We
are decidedly In favor Of stock loan and there sp-
peared possibility Of negotiating six per cent govern.
ment stock ct par would advocate s strongly rs posi-
BILE but such method, 81 present il not feasible and
should therefore, be abandoned Que Of the most i'm
portant features in the creed Of any political party Is
the tact and to propose any not
at the time feasible however much may agree with Its
principles, as measure may at time break down
party and at another time give 1t strength and soidty
The wbig party opposed to the Independent Treasury
system and for the purpose Of breaking down that sys
tenn, or to cmbarrass the government its finances 10
that 1t will recommend modification Of that act the
issue Of treasury notes 10 prohibited and the govern
ment compelled to make stock loan at par or 70 with
out the necessary funds to carry the war At any
other time, this party would food the country with
paper Issues and its lately has been in direct on
position to its well known principles solely for the pur
pose as 1t appears to us, Of giving the Executive
and the Secretary Of the Treasury much trouble as
possible 1t may be very well, rs party movement; It
may be that the chairman Of the Committee Of Ways
and Means, andhis followers may succeed in accomplish
ing the object they have ia view bat impression
that the effect will be disastrous the opposition
party than its leaders imagine They like the dog in
the manger-they cannot do anything themselves and
they are disposed to prevent any else doing any
thing 1t is inconsistent for party notoriou, for
its paper money principles that in power in the lower
house of Congress- to refuse authorizing an issue Of
treasury notes. to enable the to carry on its
financial operations successfully II is sufficiently well
known that the is decidedly opposed to pa
per money in any shape and particularly opposed to
the treasury department becoming department ofsue
but In time Of measures must be adopted cacula
ted to meet existing exigenoies and sacrifice must
be made to party principles This the administration
have done and In doing 30, the principal object has
been economy OF expenditure On the other hand the
opposition party has sacrificed its principles for the
purpose Of embarrassing the government as much as
possible in s It's disbursements on account Of the
1t is desperate game they playing but the motive
il 30 papable that it be easily Fixed upon the right
shoulders.
There is doubt but that this loan bill will psss the
Senate at once receive the signature Of the President
and become law In accordance with its provisions
the Secretary OF thu Treasury will Issue proposals for
bids, and few weeks will settle the question AS the
loan must be made at par above, bids will Of course
be made below, and the Secretary Of the Treasury will
know what prospect there is of success. Should
European capitalists view the terms of this loan in IA
yorable light it is not improbable but that bids may
be received from the other sde and We lock upon thu
the only chance of its being taken at par The state
uents made relative to the Rothschds, something
more than mere the circumstances connected
With the financial operations Of that house In Mexico
such make 1t very great inducemcnt to take the
whole that part this loan which would be required
within the limits OF Mexico Otner european capitalists
may become large purchasers Of UHited States stocks
from second hands and capitalists relieved In this
way of much OF ths burden; but the Rothschilds
must come In as bidders for the loan, IL they
wish to make their funds In Mexico available for the
purpose payment SO long we retain possession Of
hat cosnry so long will the restrictions continue upon
The expectation OF specie and long will the funds
he Mersrs Rohrcbild any other house. bo subject
the payment of the duty nxod by the Secretary of the
Treasury 1t therefore appears that the only way for
that house to make their MEXICAN funds available to
Taxa the loau Of tho UHited States authorised by the
b. recently passed and Il they did not wish to hoIa
he whe' cay part OF 10 pssshssses coald DO easily