The New York herald., 1862-12-20
were the last prices:-

At the third board there was good deal Of ami
nation in the market; but prices were all lower.
Mr.. Chase's purpose of calling for q loan had
transpred, and 7.3O notes were done as low as
1927. There is great rejoicing among sound busi-
ness men, and disappointment among spectators,
at the result.
, We learn from Washington that Mr.. Chase has
nearly completed the draught of the financial
measure which the Committee of Ways and Means
requested him to lay before them. If we are
rightly informed, this measure contemplates, in
the FIRST place. the establishment of banks Of issue
by such individuals as may apply for authority to
do So the issues of such banks to be secured by
deposits of United States skies at par; and,
secondly, the negotiation, at the market rate, of
seven-thirty loan OF 500, 900 900, maturing in
three years, and then redeemable in gold, or con.
vertible into twenty years stock. De bank
scheme WILL to certain extent, provide market
for United States bonds. Parties now stand ready
in this city to take $4,000 600 Of per cents to
bank on, and so long as any scarcity Of currency
exists it is evident that Mr.. Chase will
in this way be able to sell almost as many bonds
as he can manufacture. No business in the world
can pay better up to a certain point than issuing
bank notes. on the security Of United States bonds,
With regard to the prospects of the 7.2O loan,
opinions have hitherto differed. People are gene
rally in low spirits; our military failures have
shaken public confidence IN Mr.. Lncoln's advisers.
Should the President, however, effect the changes
which the public voice demands, the popular
heart would from its natural elasticity, recover
rapidly from its present depression, and capital
would flow into the government Golfers, provided
the proper price were paid for it, There is
great deal more capital in this country
than people suppose. Within year, though
Europe has sent rs back almost all the
American securities it once held, the market has
been swept clean Of all first class railway bonds.
1t il impossible to purchase first class first or
second mortgage railway bond without paying a
preposterously high figure. Railway stocks have
advanced in like manner from IS to 100 per cent
and secure dividend paying stocks either above
par or very near it. The leading coal stocks are
selling at IA a 30 premium. Northern State stocks
and the stocks of the leading cities all at pre-
mium The problem which Mr.. Chase will now
have TO solve is how TO induce the holders Of these
railway bonds and stocks coal stocks and State
and city stocks, to sell them and invest their
money in the new government loan. If he IN
dertakes to say that he will not sell 730
notes below lO3 or 100. or even 95 he will
not solve il. He must remember that he cannot
compel or coerce the public. If he wants their
money he must let them say what that money is
worth. If he will come squarely before them with
call for loan without reserving any right TO re-
fuse bids because he may deem them too low, and
without fixing terms Of payment which would en-
barrass the takers, he may rest assured that the
loan will be taken. Everybody will say, at first,
that il cannot be done. But in the course OF day
or two the obvious superiority Of United States
730 bonds with interest payable in gold, and at
comparatively low price, over even the very best
railway bonds stocks COAL State city stocks,
will begin to be felt. Rich men will prepare to
subscribe, one will lead the other, and by the
time Of the award Mr.. Chase will have
all the money offered him that he needs
at a high rate Of interest, perhaps, but at far
less expensive rate than would be involved by q |
new paper issue. The exigeneies of the govern.
ment are such that we presume Congress will
lose no time in acting upon Mr.. Chase's sugges.
tions, and we should not be surprised II the call
for new loan were out before New Year.
The Sub.Trcasurer received two millions in
small notes from Washington to-day. The business
of the Office was as follows:-
-for cus'oins'......'. ..'...'.....'... I20O0 90
Payments. b3b,1S2 95
Balance. 52t37 g6
The exchanges at the Bank Clearing fIouse 10.
day we're 3o,5s 0i0 90, and the balances 81 i2e,.
33e AZ.