The New York herald., 1861-12-06
FINANCIAL AND CONNER CIAL.

| decline to receive money at any rate of interest
Still the street brokers generally pay per cent for
loans stocks. First class paper passes easily at
5a5L per cent and names which till lately were
not current except at very high rates can now be
| passed at a per cent. 1t does not seem to have
| been remarked that the distinct pledges contained
in the Presidents Message and the reports of the
| departments, with regard to the recovery of
Southern debts due to loyal creditors, mpart new
| value TO paper which has been in very low repute
here since the broke out. Congress will proba-
blyat this session provide means for the recovery
of these debts and thus large portion of what
is generally considered "dead paper" by our banks
| may turn out more valuable than is supposed
| Quite large number Of Southern debtors would
! pay what they owe but for fear of the despotsm
under which they live. The consciences of the
| more dishonest debtors will have to be quickened
| by our troops.
| Nothing is doing in exchange to-day. Some
leading bankers cling to the belief that rates must
advance and specie flow out. 1t is abundantly
evident that even if their views are correct, the
| flow of specie could not prove SO heavy as to in
| convenience the banks there is such demand
for bills as could cause weekly shipment of over
quarter of million We could spare twenty
millions to advantage.
Stocks were quiet to-day. Business remains
dull, operators generally being anxious to hear
from England and to read the report of the Secre-
tary of the Treasury before buying Virginia SKIES
rose per cent; Missours were steady. The move.
ment il the railway shares was irregular. Galena
rose X, Rock Island "a Michigan guaranteed u;
WHILE on the other hand, Erie declined Is, Hudson
"a, Harlem preferred a, Reading a. Michigan
Central "a milwaukee and Prairie du Chen II, Gen.
trail, Harlem old, Panama, Illinois Central, Toledo
and Burlington were without change. The market
was dull at the close, the following being the last
quotations. United States 6's, registered, 1881,
s9s4 80; do G's, coupon, 1881, SO 931S; do 5's,
1874, s2A 50; Indiana SIS, rs 70; Virginia 6's'
| 4s14 a 4s1a; Tennessee 6's, 40N 4l1a; North
Carolina 6's, 60 6l; Missouri 6s, 40 o 4o1a;
Pacific MAIL e5 s5N; New York Central, TN
| 77sS; Erie, 81 3l1s; do. preferred, 524 521I
Hudson River, 3Gs4 81; Harlem, llA IL; do
preferred, 29A 1874; Reading, "a 341.s; Micli
gan Central, 47s4 4s; Michigan Southern aud
Northern Indiana, III l71a; do. guaranteed,
361% a 36s4; Panama, ITO Ill; Illinois Central,
6OA COZ; Galena and Chicago, 7O% 7O24;
Cleveland and Toledo, 323s 321s; Chicago ana
Rock Island, 52ss 527s; Chicago. Burlington and
Quincy, 81 a So; Delaware, Lackawana aud
Western, G5 a 20; Milwaukee and Prairie lu
Chen, 1871 10; Illinois Central bonds, rs s7la
| s8; Delaware and Hudson Canal, 81 SO; Pennsyl-
| vania Coal, 78 a so.
The National Bank Note Company arc printing
| the bonds for the last United States loan of
| $50,000,000 They will be registered bonds of
81 600, So GOO and $40 900, and coupon bonds with
semi-annual coupons attached, Of the denonlina-
tions of $500 and 81 900, having twenty years to
| run. The coupon bonds are to be protected hy the
peculiar tint work patented by the National Bank
| Note Company, which has proved such an effectual
| safeguard against counterfeiting, and which has
| been adopted by number of banks whose notes,
| made by the old combination Of engragers, have
been successfully counterfeited of late. This new
contrivance by multiplying the name of the insti-
tuition and denomination Of the note many times,
prevents alteration, while the difficulty of copying
the intricate work defeats the art of the hand
! graver, and the Introduction of various colors
| proves an insurmountable obstacle to tie photo
| grapher. It is well known that the United
States demand notes are of that exceedingly
black, heavy, coarse style Of work which
has been so successfully counterfeited Of
late, and it would be well for the govern
ment to procure set Of plates, with the latest
improvements, in anticipation Of the discovery OF
counterfeits. The first instalment OF the second
/
morrow. The company has already transmitted to
Washington about s29, 600 of demand notes,
$4,000, 900 of which Mr. Chase is believed to have
issued.
Mr.. John A. Stevens, President of the Bank of
Commerce, is in Washington, in consultation with
the Secretary Of the Treasury. Mr.. Stevens is
popularity supposed to be in favor Of national
bank of issue, whose notes shall be legal tender;
such bank to be, if required, bank of deposit,
but on no account a bank of discount. The pub
lie were disappointed to-day at not receiving the
report Of the Secretary Of the Treasury it will not
be ready until Saturday, and it is probable that
the New York public may not be enabled to read
it before Monday or Tuesday. When the Secreta-
ry was here few days ago, he stated to friends
that he had not determined upon financial policy.
He knew, when he said this, that it would be
necessary to adopt some new policy, as the re-
| sources of the associated banks can hardly enable
them to shoulder more than perhaps 500 900 C00
beyond what they have taken already. The public
| have relieved them of some $40, ,000, 900 of 7.30
notes. and the popular subscriptions continue fair:
but it is idle to disguise the fact that they do not
supply money as fast as it is needed by the govern
ment, or as fast as it should be supplied in order
to enable the banks to place fifty millions to the
| credit Of the Treasury Department every sixty or
ninety days. There are many who believe that the
difficulty will be overcome by authorizing further
issue Of say 5000 100000 of United States notes
bearing no interest, and creating them legal ten
der The public is fully prepared for something Of
'le sind, and, 80 long as the government pro
:ates the war with vigor and energy, and people
are allowed to hope that the rebellion will be
speedily and thoroughly crushed out, almost any
quantity Of government paper will be received with
alacrity and foated for sn indefinite period.
The Sub-Treasurer has called upon the banks for
another instalment Of ten per cent on the second
fifty million loan. When this is paid, ninety per
cent Of the whole loan will have been drawn by
the Sub. b.Treasurers, and the associated banks will
ho,,o NsS 0OO nnO tn the credit of oorernr,rt nlo