The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-12-31

no business doing. There are no stocks In the
street. no orders to buy, and none TO SELL Every
body is waiting to see what turn events going
10 take People have become O little tired OF
panics, and the most startling intelligence
does not affect the market more than an
eighth or a quarter. By-and-by we may witness
another lurch downward, if political affairs con-
time gloomy; or start upward, If they can be
settled satisfactory basis but IN the meantime
tie prospect is that the market viii remain dull.
The most interesting question just now ON the
Stock Exchange concerns State stocks When the
recent robbery Of $3.50 900 worth Of virgnas, Ten.
nessees, Missouris and North Carolinas came to
light il appeared that every one, or almost every
one, in the street held come of the stolen bonds.
Haste was made TO consult leading lawyers on the
question, and they were naturally OF the opinion
that the government had no claim for the bonds
against an innocent holder II the lawyers had
been Of different opinion there could have been
no lawsuit on the matter. Meanwhile the govern
ment advertised its bonds, and gave out simply
that II would reclaim them wherever it could find
them. 1t has already carried that intention into
effect by obtaining injunctions against various par
ties who are supposed TO hold to have held these
bonds. II will next proceed to enjoin the various
States which have issued them not Ia pay
the interest to tho holders OF The stolen bonds
Several correspondents write rs letters on this
subject quoting decisions in favor Of innocent hold
ers Of stolen bonds. The government has, We un-
derstand, whole raft OF decisions the other way.
There can be no question but the case Of an inno-
cent holder of these bonds Is an extremely hard
one. But the government, a. oa-~------., -ru
-s-reefary - tne custodian of trust fund.- has no
business TO entertain considerations Of tenderness
or sympathy for individuals. II in legal coun-
scllors advise that II Is entitled 10 recover its stolen
property IL must do 70 without regard to the in
divdual suffering IL may cause. And We have the
best reason for believing that II has been 90 ad-
vised. The advice may be unsound; but the
government Is not likely 10 admit the fact until
several courts have 40 decided II. The worst fea
ture Of the case Is the uncertainty which still exists
rs to the extent Of the robbery. Several cores
pondents allege that other bonds besides those
enumerated in the list published by the Depart
mcnt have been stolen. II is said that bonds held
BY this Trust fund were stolen end sold a. long
since as under the administration OF Mr. Fillmore
And the misfortune is that Mr.. Thompson's ma
nasement OF the business has been such that no
disclaimer or denial he may publish would carry
| the least weight with the public. IA the case
stands and until thorough examination has been
made by persons not involved in the delinqucncies
OF the past no holder Of state bond can feel per
| fecty sure that II IL woSth anything.
We learn by telegraph from Washington that
the new Secretary Of the Treasury has rejected all
bids for Treasury notes at over twelve per cent in
terc~t II does not clearly appear from the terms
| of the law or the Official notice, that he had any
RICH, TO reject bids on the ground Of the rate Of
| interest demanded the public, however have
| very little sympathy for the modest parties who
| asked q a 30 per cent per snnum for their money
i and we presume the matter will rest here. The
government has thus succeeded in obtaining rather
over Al 200 900 OF the A. 900 900 requiredenough
\ 10 nay the interest on the public debt due IL
| january. but not enough to meet the Treasury
| notes maturing and about 10 mature. No time
should now be lost by Mr.. Thomas In obtaining
| money enough TO prevent a protest Of these
notes. II il well known hare that, had the new
| Treasury Note act been judciously framed, the
whole ss 900 900 offered for sale on the 2Sth might
| have been disposed Of here at about per cent
| The negotiation failed through the clumsy proyi
sions OF the act, and the nexpertness Of III. new
Secretary Of the Treasury. We understand that .
new notice win shortly appear calling for more
| bids, and that in the meantime an effort win De
made here 10 make up purse for the whole
amount NJ some given rate OF interest. A better
| pan> eth would be for Congress to repeal The
l new act and % pass another suthcrising &c o IS