The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-07-02

Foreign exchange is sitter, but there is very
little doing; the market viii NOS open fairly till
tomorrow.
At the morning board on the Stock Exchange
to-day, moderate amount of business was done,
the bull clique being as usual the leading buyers.
Pacific Mail advanced 2 per cent, New York Cen.
trail q, Erie "a, Illinois Central 4, Galena Il, and
Toledo "a. State stocks were rather lower; Ten
nessees and Missouris fell OFF each a. At the
close Of the first board the market fell off on the
news of General Banks proceedings at Baltimore
and was dull between the boards. At the second
board very little business was done, and the mar
ket closed dull, the following being the closing
quotations. States SIS, 1874, 76 a 761I.
Tennessee 6's, 81 3714; Virginia 6's "A; Missouri
6's, 3SH a 1914; Canton Company, s5s a 914; Cum
berand Coal preferred, AZ a s; Delaware ard
Hudson Canal, 79a 80; Pennsylvania Coal, &c II
Pacific Mail, 7OH a 7ON; New York Central, "a q
AK; Erie, 22H 90; Hudson River, 80 49, Har
lem, l0H a l01a; do. preferred, 1874 q 2414; Read
ing 3314 1914; Michigan Central, A a441s; Mich
igan Southern and Northern Indiana, l214 a
l2%; do guaranteed, 26 a q; Panama, los a
lO7H; Illinois Central, 66H G61a Galena and
Chicago, COZ 81; Cleveland and Toledo, 2421 a
245S; Chicago and Rock Island, 3a94 So; Chica
go, Burlington and Quincy, So Sc; Milwaukee
and Mississippi, IL Is; La Crosse and Milwaukee
land grant bonds 81 10; Illinois Central bonds
SS1% s9I.
The Attorney General Of Pennsylvania has d.
rected the City Treasurer OF Philadelphia not to
pay the coupons Of any Philadelphia bonds which
are held by citizens OF the rebeous States This
is the natural consequence Of Mr.. Chases unwise
decision not to pay interest upon government
bonds held by the State OF Texas. The Secretary
of the Treasury begins by regulating govern
ment debt, and the authorities CT Pennsylvania
direct their chief city to repudiate her bonds. It
is time the mistake were corrected. No act Of
treason OF rebellion by individuals or comnluni
ties in the South can discharge the government of
the United States or Northern States, cities or
people, from their liabilities. To refuse to pay
just debt to man because he is rebel is rank
cheating; and if the policy be persevered in a..
| the North Northern credit will fall as low as
Southern credit has fallen. Northern debtors
have nothing to do with the political opinions
acts of their creditors. Their business is to pay
their debts in the way and at the time and place
agreed upon-so far as they can do so. They
cannot be blamed for not sending money to
Richmond, Va, because it ID impossible to do so;
but if Richmond creditor claims payment of
debt due him by a Northern debtor, in the city of
New York or elsewhere in the North, the debtor
must pay or fail. None but rogues avail them
selves Of the pretext of war to eyade payment Of
their debts. Nothing has so indelibly stamped
the rebel cause with infany as the acts of the
Montgomery Congress and the several State LIE.
gislatures pronouncing il illegal for individuals to
pay their debts to the North Let US beware of
90 NIL FOR +ha
action of the Attorney General of Pennsylvania,
it is so monstrous that il seems almost incredible
What right has he to assume that all the citizens
Of the Southern States are rebels? We believe
that very large proportion Of shem, including
the itch men who are likely TO kold Philadelphia
bonds, are and have been Union men all through.
What business Las the State government of Pera-
sylyania to try to cheat these persons? We hope
that tie city authorities of Philadelphia will dis.
regard the absurd mandate cs the Attorney &C.
neral, and GO on paying their debts - usual.
We have q letter from q citizen OF Iowa, who
urges, in excuse for the general policy Of repu.
diaton prrsued by the towns ana counties of that
State thai the payment Of the town and county
debts has been resisted by single individuals, nc.
by the towns or counties; fiat is to say, as each
coupon matured, some single taxpayer would ap.
ply Tor an Injunction and obtain it. Our CORES.
poSdent asks: How could the towns and counties
prevent this single taxpayer from acting as he
aid9 We reply, that it is because the towns and
counties of Iowa cannot prevent individual tax
| payers from procuring the reputation Of town
| and county debts that we consider the new wal
loan Of the State Of Iowa SO very unsafe. Tha
loan is, on the face of it, unconstitutional; thu
constitution Of the State Of Iowa or5ids the cree
ton of State debt except in the case of invs' 10
or internal instruction. In order to borrc W I'll
siC0 COO now wanted, the Iowa State gov ernmer
' Is cnnlr elleA In IaretnnA tEnt inrasinr