The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-01-13
FINANCIAL AND COMMERCIAL.

THURSDAY, Jan 12-a P. N.
Treasury notes bearing six per cent interest are
quoted to-day at discount, and the 81 per cent
notes could not be sold except at heavier sacri.
fee. Hence the importers are beset by the hold
ers Of Treasury notes, and the amount paid into
the SubTreasury on account of duties is increas.
ing. II the present stringency lasts much longer
there will not DO an overdue Treasury note unre.
deemed, and Mr.. Cobb will find it impossible to
issue new ones under the terms of the law.
In all the history of this country there never was
an instance of such mischievous proceedings A
those which are now taking place in Congress. At
the time of the long contest which ended in the
election of Mr.. Banks, there were no urgent COM
mercial or business reasons for any haste in orea
niziDg the House of Representatives; the great
interests of the country were not materially
injured by the fight between the political
parties. Now, on the contrary, immense and vi.
tai interests are at stake, and are gravely
injured by the delay in the organization. Between
three and four millions are due to the mail contrsc
tors the certificates of this debt are current at 81
a SO per cent having fallen per cent since the
House met Thus, the delay has already cost
worthy and bameless Class Of men-creditors of
the government from4 to per ceSt on 100000
This, however, only affects class, and is the least
part Of the mischief done. In order to provide for
the payment Of these overdue Post Office bills.
Mr. Cobb sold $4,500,0Oo Of Treasury notes the
other day. and about % 900 900 have been paid ito
the sub-TreasuTy to pay FOX them, reducing the
bank reserve by SO much, and causing useless &C.
emulation of over seven millions in the Sub.
Treasury at this point. The consequence of this
has been that the money market, instead Of relax.
ing, as usual on the payment Of the January divf-
bends, has remained very tight, and the best bor-
rowers have experienced great difficulty in obtain.
ing loans. Thus, members of Congress, by indulg-
ing their party feelings, have not only subjected
the mail contractors to severe loss but have greatly
Inconvenience the entire commercial and fnsncial
community, have caused great losses to the own
ers OF securities of all kinds, and have put the
government to useless expense in paying interest
on two or three millions Of dollars now lying idle
in the SubTreasury Every day Of additional delay
aggrayates the mischief. As rule, the merchants
are not borrowing much at present; they are wait
ing for cheaper money by and by. But it noticed
that the mercantile borrowers are increasing daily:
there was more paper offered to-day than yester-
day; there will be more still tomorrow; the neces-
sites Of business cannot be forever postponed n
-~>~~~~~~~ NAASA
be safe to look for some heavy failures Matters Ara
working similarly at Philadelphia and ct Boston.
throughout the country, Just at the time when
merchants are preparing for . vigorous pearls
business such as the late crop yield justfes, this
miserable deadlock at Washington produces .
strinsency IN the money market, checks public
coincidence, and threatens actual disasters. Il u
hardly possible to conceive any line Of conduct By
which members Of Congress could have more
clearly eviuced their ignorance Of their duties,
their recklessaess Of the public welfare, and their
want Of patriotism and statesmanship. II the pre-.
sent state Of thingsl lasts much longer, some meu,-
hers viii have heavy account to render 70 tae
public. sia
The money market H., 30 far a. we can learn.
about the same an yesterday. In some quarters Il
b reported easier; bat we do not find any morn
money oderins. The rates are sszl q On can. ,
. g for the best abort scceptsncea, 80 for mt
class business paper, 6 months; 10 q IA Ter
names ies known.
Foreign exchange Is very dull. Bills on I.ondss
ore quoted. Tor baaksrs. q los& /, with gsel