The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-12-11
FINANCIAL AND COMMERCIAL.

VIII undoubtedly De Oh general
for an increase Of from one to two cent in the duty on
the articles specified in schedules c. D. f. and (which
is all Mr. Cobb proposeswoud neither inconvenience the
consumer interfere with the calculations of the
camille community But ii may well be questioned in the
FIRST place whether the increase of which would
flow from the adoption of Mr. Cobb's proposed changes
would suffice for the wants Of the government; and Sc
condy whether be wise, in any case, TO alter the tariff
by such ininessmal gradations per cent.
II tho state OF the finances requires an al
teration the tariff, for the purpose Of in
creasng the revenue increase of five per cent will
achieve the end much more surely and speedily than
OF one Per cent and the prospect will be stronger
that when trade the will be abolished.
But The main question involved s-wi the increase of
Towing from the proposed changes enable the
government to pay its way without borrowing? Mr. Cobb
estimates that importation equal that of the last
fiscal year the increase OF revenue produced by his
changes would be equal 81 500 600 Some years may
eapse before we have fall trade equal in amount 10 that
OF the first quarter OF the last fiscal year Even the trade
Of the country suddenly revived and the
old standard obvious that ST 500 900 year
fraction Of the amount that is required The public debt
has, in round numbers, been sweed thirty millions by
the revulsion and probably by the end Of the fiscal year
will exceed s6ooooooo being over thirtyfve millions
than it before the revusion. This increase
"
There is possible to the arguments by which
the President urges upon the people of the present day
preserve the national credit for future wars
and to debts for the ordinary pabc service Il
is evident that IL the debts lately for the ordinary
public service and which amount already to nearly thirty
millions, with $40 900 600 OF five per cents and So
o00o0 Of Treasury notes yet 10 be issued, be dis
ehaYggd-as the President suggests and sense
and sound principle detate-by the people of the present
day and II the chief of the government the
purposes Of income st to be the tariff the in.
required the present emergency must be
than per Whether Congress adopts Mr. gcha
'avor ofspecihc duties, adheres the al
ralogena 81 stem, obvious that the lvos
LEFT 10 be paid by the next generation and the Urea
sury Notes allowed draw interest for years
come the remodelng OF the tariff be thorough and
vigorous.
There has been no movement in the money market TO-
day We hear oil loans State federal
curtcs three per but call loans be safely
quoted below four Al bank the best endorsed paper
sixty ninety days is done at four paper
ave- and ordinary good mercantile notes, four and
months III bank and at the discount houses
as Exchange on Europe for the steamer tomorrow
not active, quote sterling, bankers at lces. y
mercantile bis at 1854 i0e francs at 5II SIG,
chc.ce bankers bis being held AZ J.I2s. small ship
nent Of bars will probably be made tomorrow.
There rather disposition to buy this morning
at the stock Exchange several parties who have recently
been sellers showing some anxiety lower their con
tracts Among the commission brokers' however little
or noti ng done The public innocent Of the
actious between bulls and bears and except when
wearcd sockhoder concludes to waiting for the
good tine coming aud turn his stock money,
slider even ventures the railroad market State
were rather better to-day, Missouris especially, which,
a.
Of the other day. vugn.as, Tsnnessees Louislauas,
&c were all IN good demand at rather hieacf proas
There was sale Of government hves at 104I-a decline
from last reported sale. Among the bonds, Hudson,
Fries and Harlems continue 70 be iavoritcs the rise
mos, Of these Is steady and regular. l., Crossc land
grants improved Bank stocks were arm. Coal stocks
we're rather lower with weak aspec.. Among tLe spc
culatvo railway stocks New York Central was active n
an advance q per cent, the purchasers being for TIC
most part bears who sold short a, lower agures
Reading slso rose about y per cent, nrmb,r
Of short sellers Of that stock being the prln-
cpai buyers. Erie, Hudson, AZ, improved a ,rlac
The Western stocks strong Michigan Southern
declined a and this seemed the remainder ~
the M, Gacna and Rock Island closed a. about yesirr
days figures Panama quiet Pacific M, rose o. - ~
hut offered Mt sot, seller sixty An Injurious cne1
has been produced this stock by the publication, by
some niudcous person connected with tie company. ~
very exaggerated statement of ~ proas aud wealth.
such devices never good At the second board Pacific
Mail drorg-d on 10 CO., cash. Tue bears continued b.
bid for Central the price TO si1, Reading
sustained by tho In other stocks there
change q consequence.
The following Wa the business u the Sub Treasury t.
day
Total receipts sl02,oJs ~
From customs. .t..............+.. 5000 90
I0al payments iCo.Vsl 30
The exchanges ~ the Rank Clearing House this morning
~ere 40 e.5 las "a and the balances 81 81 o7s e,
The regular monthly meeting Of the Beard of Directors
of the baltimore and Ohio Railroad bed at Baun,orc
on the sth int The Of the road Cot November
wa reported az follows
pr,n S,-a v ". "a. rrasa H. TIA,
$685. PSI Is aS s sss .ss,3
Total ......... .aaa,4o2 2s5i5 i5,tn 5,5Iss
Compared with the same month in 1867, the rcvenae
shows an increase IN all departments =
Main ~,m. Nm Ia wasA. Br negg
nov SSy ss; 5s 500 i 81 AS
Increase for u si5- 5es 44is $50 gi.7ie
The financial year Of the company commenced with o..
tober The receipts Of the two months % the preaea
year compare with those o. tie previous yesf roows
1867 1865
October ....................f8 pe lpi 81 8p25o3 OF
November ....+.....*..,.... col AS - os3l59 -
Totsl..................... s.s7e3b - 1852 .,
s55 CAS- -
Increase the prcscn, year or Of
The earnings Of the Toledo Wabash and Western Rail.
road Tor the month Of November were as folows.-
Passengers 232 81
Freight. s0A0i -
Mai aud express 3,3l6 66
Total. ,s5i II