The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-04-17

Previously reported. 10 ao4 os5 224sI2 ss IS GA scs
Since Janaary . si7, 7o4 I12 2a6ss as ss,al7 277
The increase over the corresponding week last
year is small; in comparison with tint shQ;fn by
prepi9us statements; but there fam jdcrease. Cot
szon is moving forward quite sloA1y.Of the aggre.
usxe export n, sovc given, fully one-third was
brea STUFF. sb;nrea :. England. These shipments
food wiltincrease as soe. - pa'isauon opens,
though the present rate Of exc. hange operates
against the profit of shippers.
by The arrival Of the steamer at Por, land we re-
re.ye the important news that the Bank OF Eng
Had has reduced the rate Of interest to n x per
cent. Consos were steady; cotton firm at III ao-
vance; breadstufis steady.
The money market exhibits no change; the fea-
lures continue to be abundance Of money and dull
ness IL paper
Foreign exchange closed quite dull for the Bos-
Ton steamer. Bankers ask l071% q; but this is
merely nominal rate, which very few people are
willing TO give. There is some business doing in
mercantile bills; bankers are buying at log q q.
Francs are dull at ABOUT 6.2ss4 q 80 for bankers
names
There was a marked rally in the stock market
this morning on the speculative list, while State
Etocbs were uniformly lower. The prospect that
Virginia anu otneT Doruer SlAVe states may SeceQe
and the comparative certainty, if they do, that
they will not be able to pay the interest their
bonds, cause holders to realize at any prices and
Mt the same time, the wedding out Of the weak
banks in Illinois and Wisconsin keeps the market
pver-supplied with Mssouris Tennessees and Vir-
ginias. difference of opinion exists as 10
whether Virginia will pay the July interest," On
her bonds. Her credit heretofore has been good,
and one of her public officers states that the ~
aerest will be paid in any event; but she
secedes with the prospect OF inevitable war,
many believe that she will not use her
scanty meaps in payment Of creditors..a IL was
doubtless the influence of these apprehensions
which caused yirginas TO decline THIS morning
"a per cent, and this afternoon per cent more
making .he total decline OF the day ~ per cen'.
surely If the material interests Of Virginia are OF
INV consequence at all to her people, the enee'
of meraces Of secession upon her credit and the
price of her state stock ought 10 AWAKEN her
neople to the monstrous mistake her politicians
are committing All the other State stocks shared
1bc downward movement, from the same cause
North Caro,inas fell per cent, Mtssours and
Tennessees OK at the morning board; Missouri'
were fraction better in the afternoon. ohle'
States stock declined on the prospect o
fall to.day is equal to / per cent. AL
fbe speculative stocks advanced to-day, especially
Reading and some of the Western shares. The
rise in Illinois Central is equal to IA per cent; IL
guaranteed TO III; in Galena to IA; in Toledo t.
az: in Reading to ia. Central, Hudson, Erie
Harlem, &c, were all fraction higher Th'
afternoon market was rather higher than that o
fbe morning: but after the second board the mar
ket gave way suddenly, and closed tame TIT
following were the last quotations:-United States
B's 1874, 81 n 81; Tennessee 6's, s. 66; virgins
s,57aL; Missouri 6's, 5OH a; Canton, II
IL: Cumberland Coal preferred, 4 Delawar'
and hudson Canal, So a. Pennsylvania Coal Z
"a; Pacific Mail 759s rs; New York Central
s2X "a; Erie, 2224 "a; Hudson River 80 u
Harlem 10 a Il do. preferred, "a "a; Reading
34a Y; Michigan Central, AZ a Il; Michigan South
rrn and Northern Indiana, 1874 IA; do. guara1
feed. glls 49, Panama, 1917 lOSi Illinois Ger
fral. 6515 u: Galena and Chicago, 6I}s u
Cleveland and Toledo, 2724 a 2S Chicago and Roc
Island, AZ q u; CT ago, Burlington AMI Quincy
G7I1 n ID; Milwaukee and Mississippi, a9; l.
Crosse ana Milwaukee land grant bonds 5 IL
Illinois Central bonds 90 r.
To morrow, April ~, is the day fixed by Nj
liemminger Secretary Of the Treasury Of tn
sConfc oeratc etstcs, for the award Of $4,000
of the $4,000 CO.. loan authorized by the "Con
prcss OF tue Copft dorate States Of America Tn
bonos a. G to be in amounts ranging from $50
$500 hey are 70 bear eight per cent interest, paJ
able seIai-annualy, and the proceeds Of the eXpol
duty OF Z cent per ID. on cotton are special
pledged Tor The payment of the interest and prl
cipal We have 10 doubt the 100000 viii
rendered There is money enough and prid
enough in the Cuff states TO secure this. But "
rather rhirk that this amount will be all I'll
money at Confederate government" will eve
raise rnder the act Of Feb. %, 1851. For thei
area lew flaws ia the Confederate bonds" whicl
when rejection returns, viii operate TO deter a
Jut tho most reckless patriots from investing the
money In them. In the first place, the body cal
ing itelf Congress Of the Confederat
Sta'es'h,d no right whatever 10 issue bonds, or I
incur debts so as TO bind the people Of the Gu
ststes. that body was not elected by the peopl
ofthc Gulf States for any purpose whatever.
consists Of individuals who were chosen by the Vi
rous sion conventions. These convention
were elected Wy the people for the purpose {
seyering the connection between the States an
fhe federal government. That act performed, $
far "a an organic convention could perform IL, Oh
frnctions Of the conventions ceased aud they Ia
no longer any power to perform any other act bint
ing the people Of their respective states, The
had no more power 10 bind their people for ii
payment Of bonds than meeting Of ladies rour
tea table. Much less could they, Of their ov
mere motion, create out Of themselves ne
body--whch they were not authorized by the pc
pie to estsbiish--and confer upon that body Il
right Of treating public debt On these ground
as soon az common sense revives in the Gu
States, the Confederate bonds will be pronounce
nlepal by the courts and will be repudiate
by Tie people Mississippi repudiatod hC
Planter Bank bonds on grounds far les
cle9r ord cogent. But again, r. undc