The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-09-26
FINANCIAL AND COMMERCIAL.
WKpNEsbAy, Sept. 25-6P.M NJ.

WEDNESDAY,, Sept. &-6 p. NJ
Money is freely offeredto the brokers at 5 per
cent. At the discount houses dulness prevails,
very little paper is making, and people who have
heretofore used their money in the purchase Of
paper are now devoting their attention to Treasury
notes.
The foreign exchange market closed very dull;
it was difficult at the close to sell at i0e1s.
Stocks were duh this morning and some de-
scriptions were fraction lower. New York Cen
trai, Erie, Gaiena and Rock Island fell off a per
cent each. Missouris declined a, with pretty
active business, on fears that cX-Gov Jackson may
contrve to get into Jefferson City and declare his
government the only legitimate one. Govern
ment skies (cOupons) improved "A per cent; Pa
cic Mail was a per cent higher. without any
obvious cause. After the board the market
was steady ut the best prices Of the mornny.
Stocks were shade better, though dull in the at
tcrnoon. At the second board Pacific Mail rose
per cent The market closed firm. the following
being the last quotations. United States 6s, regis
tered, 1881, 91i4 800; do. 6's coupons, 1881,
81 81 "a do. SIS, 1874, s02s q sos; indiana SIS,
77A a 7734; Virginia 6's, 81 q SO; Tennessee Ca,
1871 At; North Carolina SIS, 6i1a CO; Missouri
6s, 1875 49, Pacific Mail, sc s61l; New York
Central, 1875 1884; Erie, 1914 a 25s4; do.
preferred, 46: Hudson River, 33l4 33%:
Harlem, !Oas a 1917; do. preferred, rs a 25it$s;;
Reading, 3il 345ss; Michigan Central, Az AZ:
Michigan Southern and Northern Indiana 1877 a
l3a4; Panama, lll1aa ll2; Illinois Central. 65A
G6%; Galena and Chicago. 694 a G911a; Cleveland
and Toledo 29SSs 2094; Chicago and Rock Island,
AZ a 4t9s; Chicago, Burlington and Quincy, 6lI
6211%; Milwaukee and Prairie du Chen II u I71%%:
Illinois Central bonds, rs, 9lH 9211a; Delaware
and Hudson Canal 81 s411aa; Pennsylvania Coal,
20 a Il.
An active business is being done in Treasury
notes G.30) outside of the Sub-Trcasury. Besides
Mcssrs. Ketchum & Co.. the American Exchange
Bank the Chemical Bank, Messrs. Taylor Brothers
and other houses offer TO procure Treasury notes
for their customers free of charge. We learn that
the Africa took out the first parcel of these notes
which have gone to Europe. They wore sent to
Hamburg customer of Messrs. Whitehouse, Son &
Morrison. The Bank Committee has been in session
all day in reference to the second $50 900 900 loan
The result OF their deliberations has not TRANSFERRED
AS, however, new demand for six per cent Trea-
spry notes at 81. a sprsng up this afternoon, it
is inferred that they have decided to adhere to
their original scheme.
The business of the Sub Treasury was as follows
to-day
Receipts. ................*l 1877 Oo4 IA
-lor cn-toms. .--..'-..'.'........... 1000 90
treasury notes. 3Ss 600 60
Payments. 141Q91l SO
samnce. ................,.....1t so0ST7 10
The capacity of the people Of the United States
to bear large national debt is we'll demon stra ted
in the following extract from a private circufsT--
fhe great theiae at the present time, Of Foreigners
particularly EsshMen, the vast debt che United Stges
are contracting Ia put down the rebellion They con
htenty prsikcd the noaey ceald net be raised
tSn thai our prcps viii not lie taxed 20 ay The interest
che debt and for the ordinary Purposes govern mpn
That they have not THAI dseAy which belongs to these
the Old Wsrld VIM patiently bear whatever fad may
imposed upoh them. We have leng BEEN without r
hateralaebt TINT wsuId not have been strange if rhe
systematic cutlery Of the British press the great object Of
which vas u destroy cur credit m s,rsss,A s,orReis
sheuhi have cTented ssme anxiety IN rcarcnce
matter an.ns ourselves seNh, b~wever, has net bevn
s No doubts that The ipleresl Ell the debt
hN nay be created 500 ee8 acc he easily met
from srdlrSiS sorces . revenue, with snch We
add. witlent imposing sr ds0s that win ee cssrlaned
A acsi ~ 500 ~ sas not ere ah ~ h.rys m rr.
pevtiea 10 r ncans, and greater in prsbertics 10
hen psPukateR, haa scr people have twice contracted
and twice paid. Upon che adoption Of Tive censtnrion
Tho debt assumed was $50 eee, 600 The popalic.
country $500 rec FMS exceeded tsv,Ntv dol
lars per hcsf. Al that time the wealth Of The csuRtyy
aht It's means fss the payment OF taxes sd equal
tenth Of thesc at present possessed BY pspe Dad
keep exhausted by enG which mad d.seatcs Gcary
+ every perton Of h. without commerce and with.
e9t manufactures, white at that time there hardly
any demand in foreign countries fer the products is
agriculture n previous TO the steam If
aborsavihg EaeGines or Of any considerable division
81 labor, On which all wealth. s based. The population
widely scattered without internal commerce and
were amest solely seed In providnE their eah
wants. The expenses and revenues Of government were
corresponding seae The total expenses the Uni.
Ted States tor the ft fourteen years after The formation
o. the government exclusive Of payments OF interest,"
The national debt. 1878 as AMI the yearly ave
rage s. si23sl, which is abont third Of he annual
expenditures ~ the city Of New York Jhs small
I sum taxed the industries al the country much
! more severely than ten times the amount IN
J ratio Ia the population. wonld the present
day Yet the debt gradually reduced till was only
$f 600 600 at the Cf The war Of 1872
when sweed to ti27 eo0 coo IN 1916 Pie uopu.
latOn Of the country at that time heinl
| the rate per head was Sl5 Notwithstanding Tho i'm.
povershed condition of country thu payment Of this
! debt was Immediately commenced and fully co sum
I mated in 1898
national deb. not exceeding, per head those twice
contracted and paid by cur people, is for alarm
Bni The creation and payment Of these The wealth
Of people has increased probably in tenod greater
ratio than that or Their population The valuation OF all
the property in the several States for taxation in 1880
cqualled 81 oS9 IN 1880 81 2os JOG 942an IN.
OF nearly 100 per cent the Increase population
in the time was 80 per cent The increase OF the
former has been IN threelod ratio to the latter from the
effect of the agencies that man is constantly sum
monng TO his aid The locomotive engines in the United
states now performing the labor Of so 600 900 horses
The machinery brought into since 1916 in this
try equal TO the labor Of SEQ 900 900 men, In effect
the productive capacity and wealth Of the country have