The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-12-12

FINANCIAL AND CONNER GAL.
WEDNESDAY, Dec. lip. M.

WEDNESDAY, Dec. ll-6 Pm
The money market continues very easy, without
change in the quotations failure in the dry goods
trade is announced. 1t was generally supposed
that we had seen the last Of the troubles growing
out Of Southern reputation Of debts.
There is nothing doing in foreign exchange
The leading bankers ask 1881, and it is confidently
predicted that 1927 viii be the rate for Saturdays
packet. Nothing in the condition OF our foreign
trade justifes this advance; but if the spectators
VIII have IL So rise to ITO per cent and ship
nent Of quarter Of o million Of gold win do no
harm. When matters reach this point we shall
soon ties. the strength Of the market.
Stocks are inactive, and prices generally lower
than yesterday. In the course Of few day. we
shall lave either confirmation or a refutation OF
tie views published in the Edinburg Scotsman.
Operators seem generally inclined to await the
news before moving. New York Central and Erie
both declined "a per cent at the morning board,
ind as much more in the afternoon the
Western shares were likewise 4 per cert
over. Nothing of any consequence was done
IN government or State stocks, and prices
wore unchanged. At the second board the
market was inactive and closed steady, the
following being the last quotations. States
1881, So a 1914; do. 5's, 1874, S2% SO; Indiana
IS, = a 49, Virginia 6s, 4s a4sA; Tennessee 6's,
AZ -; North Carolina G's. SO 60; Missouri 6's,
4o14 4c54; Pacific Mail, s6H sGA; New York
CentraL RIA 7s1l; Erie, 3ls 81 a; do. preferred,
1874 5Sts; Hudson River, 81 3714; Harlem, liz
~. ~. preferred 1914 29A; Reading. 331s
81; Tatp gan Central, 4s24 "A Michigan South
en- aSlNorthern Indiana, IL lsA; do. guaran-
iced S124 u 3oA; Panama, III a IL; Illinois
Central, - 6lA; Galena and Chicago, 7OL a
u, Cleveland and Toledo, 33ss 80 "A; Chicago
ana Rock Island, SOS 5Ola Chicago. Burlington
and 'laincy, o5N 591a; Illinois Central bonds,
rs, s7ll 1 s7s4; Delaware and Hudson Canal, 81
s2ll; Pennsylvania Coal, rs so.
There many persons in the street who find
faut with SIr. Chase's report, because they do not
understand it. We venture the assertion that there
il not statement of fact doctrine in that report
which en- be successfully con.rovcried. Seldom,
if ever have the finances Of the country been laid
bare with 50 much oandor aud lucldy. IL is
natural that people who are interested III country
banks should object to the Secretarys plan of
uniform currency, and it is possible that tuey may
secure influence enough, i'll and out of Congress, to
throw obstacles in the way of the proposed reform.
Blu this does not deiract from the obvious merit of
Ir. Ch.,se's scheme, render the present hetcro-
gcneors AID unsafe currency as good q safe uni
form currency would be. or prove that the
people will not in course Of time insist upon
just such currency DIR. Chase proposes.
People say that they do not see where the $780,
600 600 required before July l is to come from
the banks are supposed to have invested much
as they can in government paper These, doubt
less, viii be enlightened before many weeks
elapse. All that Congress needs to do is to autho.
rize Mr.. Chase to pay government creditors in
Treasury notes bearing very low rate OF interest
interest at all. such notes to be redeemed in
gold or funded, at the option of the government
within twelve months after the peace. No con
tractor soldier win refuge to take these notes
they will he current par throughout the cotiii.
tryand thus difficulty which seems nsupcrable
10 The shortsighted lnanciers of Wall street will
at once be overcome. That Mr. Chase himself
Is in favor of such issue is obvious
enough from the fact that he carefully avoids say
in" anything in his report about the nature of 'the
loans" to be authorized. Had he expected to be
able to negotiate any more SKIES or $50 Treasury
notes. he ould have asked for authority to do 50.
His silence on the subject shows that he considers
that resource exhausted for the present, and that
tine time has come to fall back upon the only other
plan by which money can be obtained for the
prosecution Of the war Ii people win only study
The report carefully, and remember that the duty
OF providing ways and means devolyes Upon Con
gress, ANA not upon The Secretary Of the Treasury,
they will soon come to the conclusion that Mr..
Chase's last performance in no wise detracts from
the high reputation he has won as tinancier.
The National Bank Note Company forwarded
s. 00h 600 Of tie new registered skies to Washing
ton to-day. They are beautifully engraved.
The attention of holders of bonds of the city Of
Milwaukee issued to the late Milwaukee and Mis-
sisspp Railroad, is called to the advertisement OF
nessi. w. Schall & Co. in another column. A
dividend on second preferred stock Of the Milwau-
koc and Prairie du Chen Railroad is probable, if
not sure TO be declared at an early day