The New York herald., 1862-02-28

the whole it is better to sell than to burn their cot
ton. Letters from the West speak confidently
of shipments Of both cotton and tobacco from
Tennessee 10 Cairo and Cincinnati, in the course Of
the month Of March.
The stock market opened dull this morning, and
prices were disposed to decline, mainly in
consequence Of the prevailing want of news.
But in the afternoon healthier feeling sprang
up. and all the leading speculative shares
were wanted at an advance. So far as we can
gather the volume of outside business is steadily
increasing, and the brokers say that another
victory would overwhem them with orders for
stocks. The doubts which were entertained with
regard to the operation of the Treasury Note bill
are being removed by events; gold is evidently
not going to rise to any extravagant premium,
but, the other hand. the large issues of govern.
ment paper in the shape Of United States notes,
certificates Of indebtedness, and United States
stocks, can hardly fail to cause sooner
or later vast imitation. Most of this paper
will find its way into the banks, which
will expand ON it, using their own notes as a
circulation, and redeeming them, when required
80 to do, in United States notes. OF the probable
effect Of this process upon the stock market the
recent advance Of 10 to 20 per cent in State Stocks
every one to judge. Strange TO say, though the
earnings of nearly all the railroads are very much
greater than they were at this time last year.
and there is every reason to believe that the
advent of peace would cause q still further
development of their traffic, railroad stocks
are not, as rule, much higher than they
were month ego, and not as high as they were
in 1860 before the troubles broke out. Compar.
ing the prices of this evening with those of yes
terday, we notc advance Of "a in Erie preferred.
u in Hudson River, u in Galena, and n in Rock
Island and decline of u in Harlem, "a in Read
ing, a in Michigan Central / in guaranteed, l in
Panama, x in Illinois Central, and a in Burling
ton and Quincy. The most remarkable change OF
the day was in State stocks, which declined
heavily, being freely pressed for sale by parties
who were buyers at low prices some day
since. virginias and North Carolinas both
fell per cent, Missouris 2, and Tennes
sees 2%. The advance in these State bonds
as we stated at the time, was far too rapid AMI
extensive to be reliable. The market closet
steady, the following being the last quotations.
United States 6's, registered. 1881, 921 ss;
do 6's, coupon, 1881, s2sl 70; do. SIS, coupon,
1874, s5 "a; Indiana 5's, 76; Virginia 6s, 50 60;
Tennessee 6's, 69A 60; North Carolina 6's, SO q
70; Missouri e's, 52H n Pacific Mail. s1z as2; !
New York Central, SsH sS; Erie, 34s4 u; do.
preferred, 5sM SO; Hudson River, 35H q;
Harlem, liz. l21SS; do. preferred, 20 30; Read
ing. 4sZ A; Michigan Central, 54 q 4; Michigan
Southern and Northern Indiana. 245S o n; do.
guaranteed, ~ Q 4S; Panama, lie l20; Illinois
Central, G3L a; Galena and Chicago, 6ss& a n.
Cleveland and Toledo, 451z n; Chicago and Rock
Island, 5sH 81; Chicago, Burlington and Quincy.
63H 641z; Milwaukee and Prairie du Chen, 20h
a 2l; Cleveland, Columbus and Cincinnati, 100
Il; New York Central rs, 1876, I04 . u.
Erie third mortgage bonds, 96 81; Michigan Cen,
trail Ss, first mortgage, l02H a H Illinois Central F
bonds, rs, "a q 95.
We publish below Q correct copy Of the Trea-
sury Note act as passed by both houses and |
signed by the President. II will be noticed that |
the Sub Treasurer is not authorized to receive gold
on deposit, but only United States notes. It will
likewise be noticed that the new six per cent bonds
to be issued under this act will be redeemable at
the pleasure of the United States after five years.
This will prevent their rising to premium, and
render them less desirable security than the skies
now afoat, which cannot be redeemed for nineteen
years 70 come. The old demand notes are to
be absorbed at the custom houses, and
new United States notes substituted for them.
To-day they are held atXa Il premium, while
gold is lower; 90 that we witness the extraordi-
nary spectacle of paper rising to a premium, and
gold falling, on the strength Of the adoption by
government Of the paper money system. Mr..
Cisco announces that he viii pay out the new
Treasury notes as fast as he gets them, merely
taking care that the aggregate issue of old and
new never exceeds $3.50, 900. The following
Is the act:--
tha NJ Vrp;f
for the redemption funding thereof and for funding
the floating debt OF tho United States.
Be IL enacted, dc, That the Secretary OF the Treasury
Is hereby authorized TO issue the credit Of the
United states one hundred and fity millions of dol
payable to bearor at the Treasury Of tho United
States, and OF such denominations he may
deem expedent not less than Eve doas each provided
Of the domand Treasury notes authorized TO be issued by
the act Of July IL 1851 which said demand notes shai
herein provided substituted for them; and provided
further, that the amount Of the two kinds OF TO
gether shall at time the sum Of one hundrsc
and fifty million dollars, and such notes herein autho
rized shall be receivable in payment Of all taxes ntsrna
duties excses debts except duties imports and do
mands Of every kind due 10 the United States except
duties imports and Of all claims and demands agains
the United States Of every kind whatsoever except
interest bonds and notes. which shall be paid In
con and shall also be lawful money and loyal tender IL
payment Of all debts, public and private, within th
Aforesaid and any holders Of said United states notes do
posting any sum not less than nifty dollars or some mul
pie Oh nty Win the treasurer OF the Unitet
States either or tho Assistant Treasurers sha
receive In exchange therefor duplicate certificates
deposit, Of which may be transmitted TO the Secre
tary Of the Treasury who shall thcreupon issue tn
holders an equal amount OF bonds Of United States
coupons or registered as may by said holders bs dssrs
bearing at tho rate Of six per per annun
payable semi annually, and redeemablc at tho peasu
Of the United States after five years. and payable twent
years from the dato thereof; and such United State
notes shall be received the coin at their pa
yS WY ss%%ss sy BE
may be 70 issued from time to tnc as the exgcnces
the public interests may require.
Sec. q and BE- further endosed That TO enable th
Secretary the Treasury fund the treasury an
floating debt OF the United States he hoeby authorize
to issue credit OF the United States coupon bond
registered bonds TO an amount not exceeding 5000
900 000 and redeemsble at tho pleasure of tho unit
States after I've years and payable twenty yeai
from date bearing interest at the rate Of 81
per centum per annum payable semi-annua,
And the bonds herein authorized shall be Of sue
denominations, not less than $50, may be d