The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-12-29
FINANCIAL AND CONNER lAl.
FRIDAY, Dec. 2s-e r. NJ.

at Washington to-day proves how fatal the seces
sion doctrine has been TO our national credit Five
millions Of dollars worth of Treasury notes were
offered for sale; only 81 600 bid for AZ any
price, and these were only bid for on the condition
that the notes should bear an average rate Of in
tsrest Of twelve per cent per annum. We under
stand that up to four p. NJ. last evening the hour
at which the last deposit Gccsunt Of the loan
could be made, only about 100000 were bid for,
at various rates Of interest. This was less than
will be required to pay the interest on the govern
! ment debt due LIST proxmo: Alarmed at the pros
pect Of default in the payment Of interest on the
national debt Mr.. Cisco communicated with some
leading bankers and bank managers, and LAID the
facts before them. Mr.. Vail, cashier OF the Bank
Of Commerce, took up the matter warmly, and,
6nding himself seconded by other patriotic citi-
Aens, succeeded in making up purse Of a
million and a half, which was rendered to
The government this morning by telegraph
at twelve per cent per annum. This sum will suf
fee to pay the January interest on the public
debt. AS soon rs it was known that the Bank Of
Commerce had rendered, several other parties in
Wall street sent on bids az various rates Of in
terest, froA12 to SO per cent, thus swelling the
aggregate Of the bids to nearly u, 100000.
We hear by telegraph that the new Secretary Of
the Treasury, Mr.. Thomas, has the bids under
advisement." What need there is Of hesitation
we do not perceive. When the United States
quire to borrow money they must pay for it like
ether people. 1t is childish to hesitate because the
price is high. The United States cannot expect to
borrow money as cheaply now as they could
when the South was peacefully cultivating cotton,
and before the prepssterous doctrine of the right
- hal xoI n,,xx Lo-a sa~
making wry mouths about the matter. To-day the
very best acceptances-paper a. good as gold
cannot be sold better than twelve per cent
U Wall street. Why should the United States
exp.s.t to borrow money more cheaply than the
soundest and wealthest merchants and bankers in
the country! We trust that Mr.. Thomas-R he
has not done SO already-will lose no time IN
accepting all the bids sent in to-day, and that he
will forward the remaining Il, 500 coo Of Treasury
notes. not yet TAKEN to Mr.. Cisco, with directions
10 dispose of them, as they may be needed, at the
best market price. II this is done there need be
no fear of their not finding buyers. At twelve per
cent Mr.. Cisco could probably place them in
week, and in the course of January he could pro-
baby sell five millions more, il they are needed.
This is not time for hesitation or halfway
measures. There has been quite enough blunder-
ing in the Treasury Department. The late Secre-
tary, Mr.. Howell Cobb, before he ran away to
Georgia to plot treason against the government
whose hired and sworn servant he was, labored
efficiently to destroy the credit of the United
States Let us hope that Mr.. Thomas, his successor
will not follow in his footsteps in this respect.
The amount Of money offering to-day on call is
far in excess Of the wants Of the street. First class
paper goes more easily; but the rate is still one
per cent month. There has been light business
done in foreign exchange to-day; rates are rather
drmer-say 1887 y for the best mercantile bills,
and l04 q los for bankers.
The stock market continues inactive and stub
born. There ia no stock pressing for sale, and
there are no orders in the market. Erie continues
to be taken for foreign account; also Illinois
Central Pacific Mail was better, on the strength
Of some orders for cash stock; but, as general
rule, the Stock Exchange is lifeless. Even the
exciting news and rumors Of the day produce
little or no effect. This afternoon the market
steady, the following being the closing quota
United States IS 1874 50; Tenncssee 6's, IS
"; Virginia 6's, rs 70; Missouri 6's, SO Z; Pa
ci6c Mail. ss1, "a; New York Central, IS a q;
Erie, 35s4 &c; Hudson River, 429. 43; Harlem,
AaL Harlem preferred, 3a9+ "a; Reading, 81
o 80; Michigan Central, 4sA 49, Michigan SOUTH
ern and Northern Indiana, 1877 q; Michigan
Southern and Northern Indiana guaranteed, 3l%
Q 80; Panama, ll21l ll3; Illinois Central scrip,
90; Galena and Chicago, 65 a a; Cleveland aud
Toledo, 49, 30; Chicago and Rock Island, 501&
81; Chicago, Burlington and Quincy 63ll 81;
Illinois Central rs, 90.
The Interior Department obtained some more
injunctions to-day against Messrs. Clark, Dodge &
Co., Thompson Bros, r. Schell and others, In the
suit for the recovery of the stolen bonds. The
course Of events ought surely to convince people
that the government does not intend TO sit down
quietly under the loss Of these bonds. The pub
Nc may rely upon IL that In buying them they are
buying lawsuit at best, and that, in the present
state Of anAirs at Washington, there 10 no SAFETY
In buying bonds Of any Of the States whose bonds
were held In the Interior Department in trust for
the Indians Il is impossible TO place any reliance
on the statements which come from the officials at
Washington az to the amount Of the robbery. 1t
Il only too evident that these officials ignorant
Of the fret principles Of business, and that for
anything they know, there may have been robbie
ries Of bonds from every department In the govern
msnt Until the whole Of this matter has been
cleared up, and the present officials swept ont to
make room for Others, We advise the public to
buy and to hold no State bonds that may, by any
chance, have ever been In the possession Of the
United States government.
It is hardly necessary to say that there il no
truth in the silly stories which have appeared in
some journals about the alleged revolutionary
conspiracies by the United States Collector and
the Sub Treasurer Of this port. They are as
groundless az the tale that an emissary from South
Carolina had gone TO Mr.. Belmont and Messrs
Duncan, Sherman a Co. to sell bonds Of the new
nation.
The business Of the sub.Treasury was a. fol,
lows to-day
Receipts ACKNOWLEDGEMENTS. S3s os5
For Gus toms. Observation-Disclosures. $1,000
2Il ,3H9 6S
The following dividends have been declared: