The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-02-19

month to come. The banks now hold more specie
than they ever held before; it seems certain, how
ever, that the reserve will oyerrun forty millions
before any depletion can begin.
In the money market, more ease is reported to-
day, but not more confidence. Another rumor
startled buyers of grocery paper to-day. The diff
fculty of making country collections must cause
great embarrassments among jobbers, and benc...
among importers it is gener j y underst I'D that
private extensions are far more numer no than ia
supposed Mo ey is very abundap' n Wal, street
at a 9. Treas ry notes adyap( .sd u TO-DAY with
q good demand.
Foreign exchange cont o,oe anu Tho roto for
bankers being about .o5, and for good mercantile
names from 1922 r !, ,o4l<
SHOCKS were .nll to-day, and az general rule
prices were over. Illinois Central, however, ad-
vahcea a per cent; the Unexpectedly favorable
sho" lade by the report appears to have attract
ea lublc attention Ga'ena and Rock Island were
also shade better and SO were the bonds Of the
Michigan Southern. Other stocks were generally
4 X per cent lower. State stocks participated
in the general decline: Missouris fell off "a, and
NiIgnias u. The market was d.ll at the close,
the following being the quotations: United States
D
sees, 1871 "a; Missouri S., 65 "a; Canton, IA
4; Cumberland Coal preferred, a "a; Pacific
Mail, eI1l u Il; New York Central, 77s4 q;
Erie, 3c11@ y; Hudson River, 437s Al; Harlem,
l55a y; do. preferred, 3ss4 80; Reading, 4211s
II, Michigan Central, $50 Is; Michigan South
err and Northern Indiana, IA a do. guaranteed,
81 a Il; Panama, ll2h ll3H: Illinois Central,
1914 a u; Galena and Chicago, 72ss "A; Cleve-
land and Toledo, S224 q; Chicago and Rock
Island, 57a5 n; Chicago, Burlington and Quincy
1la72.
1t viii be remembered that SO 900 900 of United
States fves were awarded on the 22d October ult.
Shortly after the award a political panic broke
out in Wall street, and the stock fell 10 81 per
cent. On this certain parties who had been
cesaful bidders declined to pay for their stock,
and the government instead Of realizing ten, only
got about seven mill ,ns of dollars from the nego-
tiation. Mr.. Cobb, in his annual report, asked Con
gress to authorize him TO proceed at law against
these delnquents and to sell the 50 ,O00, 900 for
their account. Before any action could be taken
Mr.. Cobb resigned and Mr.. John A. Dix eventu
ally became Secretary of the Treasury. To Mr.
Dix the delinquents sent a petition, praying to be
released from the effects of their contract with the
deposited on account of their bids should be re-
tuned to them. The grounds Of their petition
were that MIR. Cobb, by prophcsying disuuion in
Wall street, had damaged the public credit, and
rendered i. impossible for the government to give
to the petitioners the article they had bargained
for which was good bond above suspicious; and
secondly, that they had bargaincd for coupon
stock, which was not ready till many days afcer
the award. Mr. Dix refused 10 entertain the pc
tition. Nothing daunted, the dclinquents have
now addressed the following petition to Congress-
To THE HONORABLE SENATE House. REPRESENTA-
yIvps jNFrfB STATES, IN GbyGREss AsssasLED:-
III. petition OF the under signed respectfully -ho
That they sIe bakers, and doing business in be city
New York That they were Subscribers for parton a
the Unoa s,@ oan authorized by act of Congress Of
22d June 1860 Thai the I'D Of October Of 1at year
heir Offers accepe" tor portion Of such loan OF
which that dag they 70 notified. That your Detl
tianers had previously upon catering theis OTIS made
teir deos ~ cent and after notice. Of such
ccpance made ueposlt Of their premium thereon ana
orde Cd coupon simultaneously herewith, wheu
~ Their great surprise and oushment they We're in
formed by the ,ben Secretary Treasury that his
nepa tment bad coupon bonds ready for delivery.
That although your petitioners received notice Of the
accepapce al their offers on the 22d of October last NJ
reached tho engraves in New York tn such
coupon b. nds until the 2Gb Of the m,nth being
days after such Aoc" of acceptance, and thu drst
blank coupon bonds dc bot leave this city for Wash
ingten until the 81 day Of November, eleven days
the nicc Of award That ia consequence nf
Petitioners, snd even sales made BY them In various Ia
tances, cancelled b. til. purchasers owing 10 the failure
Of delivery and in other instances to retain their
tcne's your petitioners obliged TO purchase for
'hcn Upittd States boncs Of 1874 substitute for
these ccnpcr bonds And your petitioners further snow.
that tier rners for the bcnes III question 10
siderable extent IN behalf OF other parties repr scented
b. them that these PARTIES, before Tho tno OF the
completion q their contracts, notice 20 you; peti
tia; they would decline take their upon
tho following among other grounds
Firsn consequence Of thc delay above refer cf to-
II lC.eilp far sueh
honds and the faui 81 the government them
The then secretary Of the Treasury announced publicly
k.f that IN the event OF The OF tn. replb-
party the ensuing election tho southern states
would " thjra~ ffs the Unoo aud the government be
broken mp whereby the credit OF the United states
impaired and ts market value or the bonds depressed
or, 10 other Ned-, they cobtend.d, the bonds
rencered IL dainaged artc 9, without fault Of the
tuyees"
ThrihSt ;le government had thereby lost the power
to aeliver the securities contracted for.
IourthThat tn IT contract FOR bonds Of the Unitd
States having the faith Of all the States pledged foe
their redemption bnt before the expiration Of the
their delivery the mi Of the states was insaei "
tue eriabsmi IT, flo frma, by " the states II
serara' e and in,srenren' government
and your pottioners tho disapp,nt
ment lossae above referred to accompanied AMI FOL
lived h. The rapid adj selo na d-Cae - al public
cwIlies Consequent upnn the Tc, cal trounes Of tn
country, led 70 CONSULTATION with counsel, by whom
so1r petiooers, and the parties represented by the
advised Ia APPLY TO the Secretary of tho Treasury
rfna p-rrer pre- ena,ion Of facts for return o.
heir said cent deposit, and FOR much of the
premium aforesaid IS u" apple able stock delivered
Nour petitioners, there ore pray ta their deposits OF
per made by them scveraily and respectively
Nth the Secretary the Treasury the award aforo
saia be returned TO them, together with much
premium above men'i,ncd.
and your petitioners will: ever pray sc. lIorc fol
low signatures
Ssw yoKh, Feb. H. 1861.
We apprchend that Congress will take the same
view Of the question az Mr. Dix did There was
no stipulation in tho contract between these par
Ties and the government that coupon bonds should
he ready for delivery the payment of the
amount Of the awards. II was stipulated that the
interest should run from the date Of said payment,
AID this was all the takers were entitled 10 de-
inand II takes time 10 prepare, sign. register AMI
deliver ten millions Of bonds; several days always
e!apsc between ne award Of & government loan
and the delivery of the certificates and such rea-
sonabie delay has never been a subject Of com.
plant. While, therefore, we have no wish to
com IN excuse Mr.. Cohh whaee naplirpnce Ia