The New York herald., 1862-01-20

Fssso hsasSn Ms Ry....: & ssS ssx g az ~ ss g
The stock market continues active, with ten
dency to rise, checked at intervals by realizaons
by successful spectators. report that the Secre-
tary of the Treasury had agreed upon an imprac-
ticable scheme of finance with certain bank mana
gers caused decline of 2 per cent in government
securities on Thursday, and the general market
sympathzed. A rally took place on Friday, on re-
cept of intelligence that the House Committee Of
Ways and Means had not been deceived by the
bankers, and was not prepared to ruin the govern
ment credit in order to enable enterprising money
dealers to buy government securities at 80 40 per
cent discount. Yesterday the market was firm, |
and higher prices were reached for the leading
speculative shares; but after the second board
a slight reaction took place, and sales were
effected at decline of "A "a per
cent. The stocks most popular with buyers at the
present time appear to be Pacific Mail, Gaena,
Toledo, Erie, and Rock Island, The two first |
named are the only regular dividend paying secu-
rites among the number. Pacifc Mail pays
dividend on the 18th proximo; whether it will be |
five or ten per cent is question which exercises
spectators greatly. 1t p admitted that the boats
will have earned Is per cont during the quarter;
but as tfe Board of Directors declined in Novem
ber to divide more than ire per cent, and directed
| the oeerplus-equal to other five per cens-to
| be isested in their own stock it is inferred that
they will pursue the same course next month.
Twenty per cent anisaay is certainly handsome
snUome-more than can be obtained by any other
| iryestment Or sfe list Galcna has just
Givided five Ter cent; and, as the re-
cent advance In its mortgage bonds he's
II removed the 'only embarrassment in tbs
Il way of regular semiannual dividends, it is to he
4 will hapc 1to1 10 A
cent every SIX months as regularyas New York
Central IT is sure of fine business for the next
six mouths atseast. The attention sf specuttrs is
attracted Erie and Toledo by'Sse large increase
in Their earfsh,gs. The Decembsc increase.on the
Erie &3s0,OO0 and January promises as WELL
The Norsde increased $7j0o8--i0 per ceat-last
| week. ard syill doubtless 'csn1nue to 'do'well all
+ wirter. ar.
( TIE 'iineacia imbrogio N Congress is puzzle
tn Eyeople who take a coIrr9sn sense vissw of the
sittati0n. What are the facts? Mr. Chase re-
qdiyesair,illion and has day to ersmy on the
| wag jaId owes, now, to scentractorsis sum vari-
-c.siy'cE mated at frcrl eeighty to ocne hundred
/ lniiungs dollars. He e8snet borrow. The banks,
wsshontyyhose interpcsf.ion no loanscould he ne
f,gotat6A have already INFESTED theirSshole capi.si
IA govcr 1ment securities To 60 abroad for money
would BE- both idle arad' repugnaht % the pridc'of
the ratip n. He cannot raise nloneycoy taxation'in
time 'to< relieve his wsits. Itispslin therefore
that he4 must either flnow the exsmpe of otFssr
nationsJ and issue his paper to biz debtors, p ro-
vidiHyu best he cxnns. its faithfl eayment, rt he
mustas tify Mr.. Lncsln that peace must be nasds.
Not a few of the reisiest 'deoas liners against
issvesdi governments paper are sn'bably less Aa.
pid tta they seem; sand sesrttly worhin in
the nts est of the reo.ls. Assuming that ,yr- ar
mcnt pc per must Fbo issued, shs guestions ss5se-
what hi nd of papen'ssallit it bes * hall IL bszr in
tcrest? When shall It Sc payabk? when sfd Aow
convetii BILE, reHeeeaable in cent? Some or ou
barkeRs insist upoL issue rsr-esstry..G ote
bearing interest paytade corwc-tiblo in az car
and not made leGai lender. 72hare arc i,ss tw.
obiectos to this scresae, and thtyanre fatH. III,
Treasury notes whrcils proposes % ereste-&E b,
paid by1r ,vernment &c Contractors at the gas o
micn' aud half 8 day, to say nothing OF hs
| presentgeoating desrt What are W. ey to 10 VI u
them! TAey will NOT pei as monss sss,lor the hsA ks
will not &c ,efve them @v deposit Tko.contraoas,
cannot sford to hold allsn. II they nss takeni1.o
Wall streel and sold pos. nptorily, moderiae
~ estimate &c predict trta ey will be kawked absp
unsucce-a ly, iron, 0fliss to Office. at0 to 90 pee
n centdseesr; for it is uttey beyond ts consump
N, tive capacity Of this asy other financial centre
to take carepef nine mitiioH. week of any paper
| any B"Oo. ENcu IL Dc
old at 30 sC per cent dise sunt the bas. would
;. lose, at a show, 30 to &c per cent ,.sf their
100, ,OO0,0 ,0O0 ,Sow invested ia govcrnmes " ecur-
Ii IS; and, ON ti,e other hand te governmaasvyonld
la ye to pay sos,uch fsE everything it nee ds
as contractors in Offering estimates, wsah of
oearsc take into account the less on the Treasury
ncsss. This 0hse ction must grove fatal 10 ahe
schs ne, and Ssdy necessay, 20 observe tha ke
provision making ths notes interest bearing is
meresneedless expeEse TO the government, as wihae
everartes isslsd must necessarily pass fror
4 hand to hand for tiaai- face and will derive
4 any benefit from cis interest except the last
holder. The first in,ltaise OF the Hosse COMMITTEES
of Waysrnd Means was based upon sounder prn-
.oaples than this scheme of tho bankars. The Com
metee pseposed an issue of Treasury notes, bear
ing no interest, made ssgal tender. Asd convert-
| bic At any time into Uni1a1 States srsss. It only
reqaHed provision that these notes should be
redeemahe IN coin, at the pleasure of Ia govern
ment. 10 make this project as nearly pssfect
| possible under the circumstances, especially with
system of taxa&ion producing st least $l5e 500 900
per annum. The notes paid ty government 10
| contractors wodd go into tie banks all
| over the country. and would he paid out ,by
l them like any other currency. Every yen-
at least $3.50, ,0O0, 900 Of them would be withdrawn
| rom the banks by taxpayers and paid into the
Sub-Treasury. OF this amount, after the peace, 1
| the Treasury Department would be able to cancel
aportion every year, while another large amount
would naturally be converted into United States
skies by their holders. This process would 20 |
on until no more notes were left anoat than were |
required for the ordinary wants of the people as
o national currency. It is argued that such an |
issue as this would cause gold to rise to premium.
II is estimated that the loyal States on the Atlantic
contain not less than $500 900 900 Of gold coin.
and we are receiving $33.ooO,OO0 annually from