The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-02-19
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There has been quite an improvement In prices,
pared with those ruling the lsth Of January last
This attribute entirely to the relief in the money
market and to the greater abundance capital seeking
employment. We why really good
State stocks and those Of the general should
range below par at any time and those which do now
must soon advance to thor proper position. 1t will be
perceived that Treasury notes and SKIES Of
1857 quoted above par and expect to those of
1856 and 1862, IN the place. Treasury notes
the favorite investment Of capitalists they are
available for payments due the government, trans
mttabe In tho shape of exchange from one point Of the
country to another, and convertible at any time
into funded stock payable in 1919 twenty year in
vestment.
The passage Of the new loan bill through the lower
house Of Congress. will have favorable influence upon
the market value of Treasury notes there will be
issued than authorised the act Of January s47
The bill authorizes stock at six per cent for
sixteen millions of dollars and prohibits its negotiation
under This makes the bill null and void at once;
and unless further improvement Is realized in the
money market, change is made in the ndspen-
dent treasury aot which, by all cans should be avoid
ed liberal bill will have to be passed. an issue
Of Treasury notes authorized for the full amount We
decidedly in favor Of stock loan and If there sp-
peared possibility Of negotiating six per cent govern
ment stock ct would advocate 1t strongly posi-
BILE but such method, 81 present, is not feasible and
should, therefore, be abandoned. One of the most i'm
portant features in the any political party Is
the tact and to propose any measure not
at the time feasible however much may agree with its
principles, as q measure may ct time break down
party and at another time give strength and soidty
The wbg party opposed to the Independent Treasury
system and for the purpose Of breaking down that sys-
tenn, to embarrass the government its finances 30
that 1t will recommend modifc ation of that act the
issue of treasury notes IL prohibited and the govern
msnt compelled to make stock loan at par, 60 with
out the necessary funds to carry the war At apy
other time this party would food the country with
paper issues and its lately In direct op
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 WE'LL party movement; it
may be that the chairman Of the Committee Of Ways
and Means and his followers may succeed in accomplish
ing the object they have 10 view but is impression
that the effect will be disastrous to the opposition
party than its leaders imagine They like the dog in
the manger-they cannot do anything themselves and
they disposed to prevent any one else doing any
thing 1t is inconsistent for party notorou, for
its paper money principles that in power In the lower
house of Congress- to refuse authorizing issue of
treasury notes. enable the carry
financial operations SUCCESSFULLY IL Is 6ufnclenty well
known that the government decidedly opposed pc
per money, in any shape, and particularly opposed to
the treasury department becoming department ofissue
but in time OF war, measures be adopted calcula
ted to meet existing exgences, and sacrifice must
be made to party principles This the administration
have done; and In doing so the principal object has
bssn economy Of expenditure. On the other hand the
opposition party has sacrificed its principles for the
purpose Of embarrassing the government much as
possible in ell Its disbursements on account Of the
1t desperate game they playing, but the motive
palpabe that it be easily Fixed upon the right
shoulders.
There is doubt but that this loan bill will paes the
Senate at once receive the signature Of the President
and become law. In accordance with its provisions
the Secretary ofhs Treasury will Issue proposals for
bids and few weeks will settle the question. AS the
loan be made par above bids will Of course
be- made below and the Secretary Of the Treasury will
soon know what prospect there is of success Should
European capitalists view the terms Of this loan in IA
yorabe light 1t 10 not improbable but that bids may
be received from the other side, and lock upon Thu
~ the only of Its being taken at par The state
ments made relative to the Rothschilds something
more than rumors the circumstances connected
With tho financial operations that house In Mexico
such make It very great inducsmcnt to take the
whole or that part this loan which would be required
within the limits Of Mexico other European capitalists
may become large purchasers of United States stocks
from second hands and capitalists relieved In this
way of much Of ths burden; but the Rothschilds
must in bidders for the loan, il they
wish TO make their funds in Mexico available for the
purpose Of payment SO long retain possession OF
that cosntry, 80 long will the restrictions continue upon
the expectation Of specie, and long will the funds
The Menrs Rothscbd, any other house, DO subjeo.
tho payment of the duty Hxsd by the Secretary the
Treasury 1t therefore appears that the only way for
that house to maks their Mexican funds available IS to
take the loau Of the UIited States authorised by the
biu recently passed and tsss did net wish to hold
he Whole cay part OF ~ eu'ss'-s' c0sla be css''s