The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-02-08

Cler cal expenses 600
Total. slo,o47, o09
And though, properly speaking, more than half
of this is for the expenses of the Post Office
Department during the current fiscal year, which
will only end ON 30th June next, we have never
thelt So reason to believe that the actual amount
now due by the Department falls but little short of
the whole amount appropriated, and that the whole
win be very shortly disbursed by the government
We have also reason to believe that the popular
impression with regard to the present ownership
OF most of the Post Office certificates is very wide
Of the mark. Of the - 600 in existence, it is
not likely that over 81 900 have ever been part
ed with by their original owners. Public rumor
indicates two leading banking houses as holders
the one Of $500 O0O the other Of $500 0O0of these
certificates; one of our city banks is said to hold
over quarter of million, and half million, more
or less, are supposed TO be scattered over the
country in various hands. But it il pro-
bable that $2,750,O00 of the certificates
are still held by the parties to whom they
were originally granted by the Department
1t has always been easy to borrow money on them at
q moderate rate of interest. and most of the con.
tractors, railroad companies and Others have pre-
ferIed doing 80 to selling them at discount Of
IL per cent The spectators who bought them
at 50 q % per cent, and who viii perhaps on Mon
day get par for them, with per cent interest,
will realize handsome profit by the speculation;
but that is no reason why the country should not
act fairly by her debtors. To draw distinction
between the contractors and their assigns, as Mr..
May nard, of Tennessee, wanted to do, would have
been neither practicable nor just; Mr. Maynard
seems TO belong to the fossil school of financiers
who think bankers and money lenders criminals
who ought to be punished when occasion serves.
The proposed organization of the committees Of
Cong,ess is not satisfactory to the mercantile COM
munity. Mr.. Sherman, of Ohio, may be a very able
politician, and good speaker and party manager;
but he is lot known as financier and grave fears
are expressed with regard to his fitness for the
Craftsmanship of the Committee of Ways and
Means. As to placing Mr.. Washburne, of Illinois,
at the head of the Committee on Commerce, it
If an insult to the commercial public. What can
Nj. Washburne have learnt about commerce in lii
nois? AS chairman Of that committee he will have
to grapple with the most intricate commercial
question Of the day. and to do his duty, should have
o thorough practical knowledge OF the trade of
the counuy-of its past, its future, its bearings
on agriculture and industry, and its connection
with national finance and foreign politics. What
does Mr.. Washburne know of all these? 1t ia but
too evident that he will have reached the end of
his term as chairman before he has learnt the al
pbabet Of his duties. Ar. John Cochrane, his pre-
decessor will shine radiantly by comparison with
him.
This has been quiet day in money, stocks and
exchange. moderate business has been done in
paper, at for very choice names, 40 a go days to
run, and for first class long paper Single names
so at s Q; second class paper, "a 10 o IL. The
brokers are abundantly supplied at per cent
In foreign exchange the business done has been
mostly at losl for sterling, and 5lsS $40 for
francs. The mail has been small one.
Stocks continue dull, and some descriptions are
lower. The leading jobbers are operating on the
bear side, and are apparently preparing for
campaign like that OF last year; with this differ
ence, that now the railroad traffic is improving,
whereas then it was declining weekly. We note q
decline Of | in Central in Erie, and about AZ
Puch 10 the leading Western stocks, except Gale
ha, which fell off ] per cent without any known
cause. The present stagnaton Of the market IL
discouraging to brokers. The following were the
last prices Of the day:-yirginia 6s, % a ]; Mis-
sour 6's S0s a J; Canton, l6a II; Cumberland
Coal, l5s u; Pacific Mail, 7sa a.; New York
Central To4 /: Erie, 81 .; Hadson River, 40 a {;
Harlem, ga 4; Harlem preferred, "a a 1; Reading,
3sT 80; Michigan Central 36s 81; Michigan
Southern and Northern Indiana, a 4; Michigan
Southern and Northern Indiana guaranteed, l3s 1;
Panama, 1909 49, Illinois Central, 56l a /; Gale.
M and Chicago, ga! a IS; Cleveland and Toledo,
Ies Z; Chicago and Rock Island, G.; /; Illinois
Central IS, $50 50.
The following was the business of the Sub Trea-
sury TO day.
For customs. .............s.... "a Wo 20
,943 615 U6
The following is complete statement Of the ex
ports Exclusive Of specie) from New York to
foreign ports for the week and since Jan. L.
1855. 1859 1880
For tho weck. ..... $s65,i56 0z3,siT 1.qo9.eo
Previously reported. a,6.I GA $50 iot $3.50 Ar
sncc Jan. l........ 5,5s5,2eo 47se,gls 1873, 400
The port is doing better than ever before in the
way OF shipments of domestic produce.
Nc 81 tho pap ~, "a