The New York herald., 1862-12-19
quotations..

Al the third board, in Wheelock's room (the
third board in the up stairsroom has been aban-
doned), the market was strong. Pacific sold at
ls4 and Michigan Central at ss1l. There was ma
particular change in other prices.
The belief is still entertained in many circles in
Wall street that a further issue Of legal tender
notes will be authorized by Congress- Neither
she positive statement Of the President that q po-
kcy must DO pursued which should lead to q re-
sumption Of specie payments, nor the emphatic
condemnation Of further issues in the report Of the
Secretary of the Treasury, nor the concurrent
statements of all the newspaper correspondents at
Warrington, seem to avail to shake this singular
deluson. We have shown more than once in this
column that II Congress will turn to proper ac-
count the specie reserve which will begin next
year to accumulate in our Sub. Treasures very
large sums Of money may be borrowed at fair
rates which, with the receipts from taxes and
sustoms, should enable the government TO carry
on the war. To negotiate loans successfully, the
President would probably be compelled TO yield 70
she public demand for change in the military ad-
uinistrAtion. But, this concession made, money
can be borrowed without difficulty on the pledge
Of the surplus specie which will remain in the
ab.Treasuries after the payment Of interest on
Nhe public debt. When the subject comes up for
discussion in Congress, will doubtless be explain
cd by some member that TO authorize new issue
Of legal tender notes would in effect amount to q
limitation OF the war 70 the lst Of July next. The
country would receive and absorb the new issue;
prices would rise to adjust themselves TO the
new addition TO the volume Of currency; money
would be no more abundant than IT IT, because
everything would cost 80 much more, and business
Of all kinds would absorb so much more capital.
But when this issue was exhausted government
would then find II impossible either on the one
hand, TO borrow money at any price, because it's
credit would be destroyed by the previous issues:
or, on the other to raise funds by further paper
issuet II would be found that the point had been
reacbAd at which each new issue OF million de-
preciaAd all previous issues TO that amount in
other words, the point Of absolute worthlessness
which was reached by the old continental money
and the French assignats. Peace, in such case,
would become n necessity, no matter what the
military situation, from the absolute impossibility
Of proonging the war. In proposing, therefore,
Ia one breath, never to agree to q compromise.
and in the next, 70 issue t2O0, 900 900 more legal
tender notes, Mr.. Thaddeus Stevens stultiied him
self most completely. s...
The business Of the Sub Treasury was as follows
to-day
rcColpts. y2Oo ,lUJ 10
-fof customs. .................. ~, 900 90
raymcnS. 5H3,01U %
Valance .l3S ,38o 90
The exchanges at the Bank Clearing House this
norning we're $sO743 sos a., and the balances
sI7l2 096 ~. suaf yt.Z4 .o
The Hanover Bank has declared semi-annual
dividend Of three per cent, free from government
tar, payable January 2; the Mechanics and Far.
rnsrs Bank Of Albany, semi.annual dividend OF
FIVE per cent, free OF government tax, payable
January 2: the Boston and Worcester Railroad, a
dividend Of four per cent, free Of tax, payable
January /; the Hamilton Manufacturing Company
and Appleton Company. each dividend Of Eve per
cent. payable on demand. VA .au I ia sbgaH
The statements Of the banks Of the three prlnei.