The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-12-13
FINANCIAL AND CONNER IAL.


| THURSDAY, Dec. l2-6 r. nj.
The event of the day has been the reception of
the news from England Of the effect produced there
by the arrival of the La Plata. Nothing else has
been talked of in commercial circles; even the re-
port Of the Secretary Of the Treasury has been for
gotten for the time. When the dispatches per
Iansa-pubshed in the EVENING HERAIp-were
read, a general feeling of satisfaction seemed to
| be experienced.
Foreign exchange is very dull but we hear of
| sales at 1927. Most Of the leading bankers ask
1927, at which rate there is demand. The rail-
ways continue to supply large quantity Of pro-
duce for export and the prospect is that our ex'
| ports will not be materially diminished by the
| closing of navigation the canals. The supply
of bills from this is larger than is required
for the legitimate wants Of the importing trade.
Stocks were very feverish to-day, mainly in con-
nection with the reports from Europe. The market
| opened with rather more strength than it closed
yesterday; Central, Eric, Galena &C., all sold at
about X advance. Early in the forenoon how
ever, the Hansa reported, and business was
| checked. Within short while afterwards the
first items of Intelligence per Hansa transpired in
the street, and the bears instantly made assault
npon the market, causing decline of per cent
| III SenTal inc resi- Oh Inc market Delnp Inactive.
Between the boards each runor was eagerly
caught up, and large amount of business was
done. At the second board, the news from Europe
| having been digested, and it being apparent that
| the English were not disposed to aggrayate their
present cmbarrassments by inconsiderate action on
the case Of the Trent everything recovered to the
prices Of the morning. and the market closed firm.
The losses of the bears on the Trent affair will pro-
badly prove very heavy The following the last
quotations:-United States 6's, registered 1881,
s9 a90; do. 6's, coupon, 1881, 92Ts So; do. SIS,
1874, s294 So; Indiana 5's, II 70; Virginia 6's,
| 4S% a4s5s; Tennessee 6's, Al 4ia4; North Caro-
lima SIS. 5s1 80; Missouri 6's, 4Os 4O5S; Pacific
Mail, 81 ST.; New York Central, 1874 7saI;
Erie, 3lT 80; do. preferred 53a4 81; Hudson
River, 37A SIX; Harlem, ll7s T.; do. prefer
red, 20 a29s<<; Reading, 81 3!11SS; Michigan Cen
trial. 4Ss4 a 10; Michigan Southern and Northern
Indiana, 1874 ls1I; do. guaranteed, ssls a 80;
Panama, III ll44; Illinois Central, sos a G0a1;
Galcna and Chicago Ills III; Cleveland and
Toledo, 333s q 3311ss; Chicago and Rock Island,
5O7s 81; Chicago, Burlington and Quincy, 5s11a
50; Milwaukee and Prairie du Chen, 10 20: ILL
nois Central bonds, rs, S711a n S7a4.
1t is no secret that our bankers do not like Mr.
Chase's report. Many Of them are connected
i
moested. Others seem possessed with the idea
| that Mr.. Chase has got the better of them, and
after inducing them to invest all their capital in
! government stock, now proposes to take the bust
ne's Of providing q popular currency ont Of their
| hands. We cannot see any justice in these COM
plants. If the rebellion is suppressed-as we all
! believe it will be--thc banks will, thanks to Mr..
Chase, earn more profit on their capital this year
l xl,,, 1taa 1n Al, -
lion succeeds, they viii be no worse or now than
| they would have been had they lent no money;
I, The ruin OF the country would ruin them in
I any event. As to the present situation
| if, as they seem to think, they can lend
no more money Mr.. Chase must provide
it elsewhere. The bankers Cannot expect the
government to give up the contest because they do
not choose or cannot take any more Treasury
notes. How can Mr.. Chase obtain money except
in the way tacity indicated in the report--namcly,
by an issue Of Treasury notes made legal tender,
| and redeemablc or convertible after the war Ii
possible that brilliant victory in the field might
induce the people TO come forward promptly once
MORE and absorb enough Of the second and third
| fifty million loans to enable the banks to place
! more money to Mr. Chases credit. But as it is
altogether unreasonable to expect that our gene
| tngency, Congress, On whom the duty of providing
means for carrying on the war deyolves, must
needs rely on some surer and less uncertain re-
source. II is possible-nay prohabe-that an
issue of inconveribe government paper would
cause the banks to suspend specie payments. But
this would merely be a precautionary measure,
and need involve no injury or Inconvenience. In a
| suspended condition the banks would still hold coin
enough for all their wants and for all the wants of
The foreign trade of the country. Ii is not proba-
bic that specie would rise to premium. Nor is il
possible that while the government was imparting
life and activity to every branch Of business by
daily issue OF million and a quarter Of money,
the banks would-alone in the comnunity -rail to
participate III the profits Of tie ne~ order o;
things
Now that the Trent affair seems in a fair way a
quiet settlement, it may be well for Que govern
| ment to make representations to the government
| Of Great Britain with regard 10 the reception OF
piratcal craft like the Nashville in British ports
The unparal,cled outrage committed by the Nash
vile ut the mouth q British seaport has led to
constitutes a heavy Tax upon our entire torc ien
commerce. 1t, us j. reported, tie Nashville j. al.
Iovod thoroughly 10 reiit ani arm IS ,css, u
war, it must 10 expected .tat no conpiuS win IN
sure our merchant vessels in ihc ir,i'-h ,lmnci
This state Of tiia9s caU,tt NJ course
! he endured. J! Great E.its'I aoerS u sare and
wiss 10 convert her ports into sanctptijes tor ii