The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-03-21
FINANCIAL AND COMMERCIAL.
WEDNESDAY, March 2o-sP. NJ.

paper and outside dealers are driven 10 widen the
cree Of names which they win buy. II can hard
~ be said that confidence is improved, or that
y ierchandise sells any better than it did; but
willingness exists in certain quarters 10 take paper
which fortnight ago was unsaeable. Perhaps
the Improvement may be traced to the growing
belief that, in one way or other, the pending po-
tical troubles will be adjusted without fighting.
Nothing was done to-day in bills; the brokers
look for fair business and firm rates for the
steamer on Saturday.
Duhess continues to perysde the stock market.
As whole, prices advanced to-day above the
quotations Of yesterday; but the advance was so
slight as hardly 70 attract attention. The feature
OF the market continues To be the absorption OF
tmited. States securities and good bonds by in
Vestors. The brokers report brisk inquiry for
safe railway bonds and federal stocks; some par
tiesSho have been holders of bonds of the border
| slave States are selling out, and investing in
Northern or federal securities. II, however, the
secession movement dies out in those states, it
will be safe 10 look for an Improvement in
| their BOMBS The news to-day from Arkansas
l and Missouri is calculated to help them. Among
federal securities, the ves of 1865 and 1874 both
advanced to-day; afe former arc held at 81 the
latter at 81. Both sold, lately at about IS. Mis-
\ souris rose a this morning, and TenDessees and
! Virginias as much. The mortgage bonds Of
\ the Erie and the Michigan Southern were
\ likewise in request at an advance. On the other
hand Erie stock fell of q per cent, Michigan Cen
tral %, Michigan Southern Is, guaranteed "a, Pa
| mama "a Rock Island "A, and other shares in
| corresponding ratio. After the board the market
| was tame; in the afternoon slight rally took
place, which lasted till the close Of business, the
market leaving of steady at q fraction above the
last authorized quotations, which as fol
lows United States SIS, 1874, S9l4 a 8919; Ten
nessee 6's, 745s 7434; Virginia SIS, 7794 IS;
Missouri 6's, 665s 667s; Canton, IA q Is; Cumber
land Coal preferred, q 8; Delaware and Hudson,
891l 30; Pennsylvania Coal, 70 80; Pacific
Mail, 851a a &c. New York Central, IS 1915;
Erie, 3f3sa 3l1l; Hudson River 49, As; Har-
lem, Isl l5l q; do. preferred 3S2s 3S5s; Read
ing, 431 431I Michigan Central, 567s a571I; Mi
chigan Southern and Northern Indiana, 16 1917;
do guaranteed, 361s 361 Z; Panama, ll61 1866
illinois Central sos 81; Galena and Chicago
7114alH; Cleveland and Toledo, 34}4 347ss; Chi
cago and Rock Island, 5711a 577s; Chicago, Bur-
lington and Quincy, 7la4 ~; Milwaukee and
Mississippi, IL II; La Crosse and Milwau-
kee land grant bonds. 10 Is; Illinois Central
We find the following act of the Southern Con-
gress in the Montgomery (Ala.) Adcefise,' and re-
produce It gratuitously:-
AN ACT TO RAISE MoSEY FOR THE SUPPORT or THE Co
yERSMKST AND PROVIDE DEFENCE
CONFEDERATE STATES or AMERICA.
Sec. l. The Confederate States Of America do enact
That the President of the Confederate he
hereby authorized at time within twelve months az
ter the of this act to borrow the credit OF the
COME derate States not exceeding fifteen millions
Of dollars niueh thereof In his opinion the ext
geDcies OF the public service may require TO be applied
10 the payment of appropriations made by law for the
Confederate States.
The Secretary Of the Treasury is hereby authorized
by the OF the President Of the Confederate States
10 cause to be prepared cert ,aes OF stock bonds in
such sums as are hereinafter msn 1ned for the amount
10 be borrowed Aforesaid to be signed by the Register
oil Tie Treasury sealed with the seal Of the Treasury
and TIE said certificates of stock bon Is shall be made
payable at the expiration of ten from the FRS
OF Spe mber Dyt and the interest thereon shalt be paid
semi annually, at the rate of ghtper per annum
the Treasury nay designate. And to the bonds which
shall be issued as Aforesaid shall attached coupons
for the semi annual interest which shall accrue. which
coupons may be signed by officers TO be appointed for tue
purpose by the Secret OF the Treasury and the faith
OF the Confederate States s hereby pledged for the due
payment Of the principal and interest Of the said stock
and bonds.
g. vt the expiration Of five years from the first day Of
September next, the Conedratc States mag pay up any
portion of the bonds stocks upon giving three
previous pubic notice al the scat Of government Of tho
particular stocks bonds TO be paid and the time and
place Of payment; and from and after the time ap
pointed no further interest shall be paid said stock
bonds.
The certificates Of stock and bonds shall be issued
in such form aud for such amounts as may DO deter
mined by the Secretary Of the Treasury and may be
assigned delivered under such reguat be may
establish. But OF them shall be for less than
fifty dollars and he shall report Congress- at it's next
session. statement in detail Of his proceedings and the
rate At which the loans may have been made and all
penses attending the same.
From and after the first day OF August, 1861, there
shall be levied collected and paid duty Of oneeighth
Of one cent per pound all cotton in the state
ported from the Confederate States which duty s hereby
specially pledged 10 the due payment Of interest and prn
cpa Of the loan provided for in this act aud the 5acre
tary OF tho Treasury hereby authorized and required
establish sinking fund TO carry into effect the provisions
of this section Provided however That the interest
coupons issued under the second section OF this when
due shall be receivable IN payment Of the export duty
cotton Provided also, That when the debt aud interest
thereon herein authorized to be contracted shall be
tngushed or the sinking fund provided FOR thar purpose
shall be adequate to that end the said export duty shall
cease and determine. HOWELL COBB,
Approved Feb. IS 1861. President Of the Congress.
JEFFERSON DAVIS.
The Southern eonfcderacy viii find il to their
pecunary advantage to amend this act 80 as to
provide for the event Of the secession Of one OF
moro of the Confederate States-an event dis
tincty contemplated in the preamble to the new
constitution. As the case stands at present, if
South Carolina and Louisiana, for instance should
seccde from the Southern coniederacy, the holder
Of the bonds authorized above would have no
remedy against them after their secession; and it
might happen, on the other hand, that when he
sent to Montgomery for his principal or interest,
the remaining members OF the confedcracy would
argue that they were only bouud for their re
spectivc proportion Of the debt. In this case the
creditor would End himself in a very embarrassing
position. The proper course would seem to be
for the Southern Congress to declare, in au.
thorizing Confederate loan. what proportion of
such loan shall be borne by each State, in the
event Of the disruption Of the confederacy by the
secession of one or more States and for each |
State, by net Of us Legislature, to acknowledge |
the liability 50 created. Without some such ar. |
rangemcnt as this, the security OF the holder of |
COME icrate bonds will be generally regarded as
extremely prccarious.
More rumors continue to circulate with regard |
to the private negotiation Of six to eight millions
of Treasury notes by Secretary Chase. We can.