The New York herald., 1862-01-08
FINANCIAL AND COMMERCIAL.
TUESDAY, Jan. 7-6 p. M.


TUESDAY, Jan. 7-6 p M.
We have reason to believe that Congress has at
last walked up to of its duty to the country
and that measure has already been or will a
once be reported by the Committee Of Ways and
Means to the House authorizing Mr.. Chase to Issue
one hundred millions Cf Treasury notes in add
ton to those authorized at last session; declaring
these new notes as well as the demand notes au-
thorized in July legal tender for all debts well
TO the government as to individuals; directing that
they may be funded in twenty year stock of the
United States at par at fixed periods, or redeemed
in coin, at the pleasure of government; and, for
the security OF their redemption and Of the
due payment Of the interest and principal of the
bonds into which they may be converted, imposing
direct tax which is calculated to yield an annual
rererae Of one hundred and fifty millions Of dol
lars. We have no hesitation in saying that such
measure as this will be satisfactory to the public,
and will enable the government to prosecute the
war without undue depreciation of the public
credit. The new Treasury notes viii pass every.
where as money if their redemption is properly
secured by direct taxes, and none Of the evils
which, in other countries, under less careful
systems Of finance, have attended heavy issues of
paper money, need be apprehended on this occa-
sion. Much anxiety and loss would have been
avoided if Congress had adopted this course a
month ago, when it was first recommended in this
column.
The following Is comparative statement of the
exports Exclusive of specie) from the port of
New York to foreign ports for the week ending
January o.
For the week. k.......sl O42,s27 2,o25,77s 224e,olo
The new year begins with q handsome export,
though falling behind that of the first week of
1861. The food markets are quieter than they
were, and members of the trade look for decline
In the export movement. We are inclined to
think, however, that we shall continue to ship
large quantities of -four and provisions all winter.
The cotton which ia coming from Port Royal will
likewise 60 abroad.
Money is easier again: we hear of call loans at
per cent; but seven is the general rate. Paper
OF the best grade sells at Z a 8 per cent and is
scarce.
The speculation in exchange continues. Ster.
ling must be quoted ia 1l411l and gold 31I q a.
The government has been disbursing heavily with.
in the past day or two, and people are investing
their money in gold and exchange, in consequence
of the non-action of Congress upon the subject of
taxation. Gold is held for much higher premiums
by the spectators.
The stock market opened vigorously this morn.
lug, With large Of s-as-s the public:
but the day advanced the street SPECTATORS be.
gan to realize profits, and the market was not
strong enough to take the stock thrown upon it.
Hence the afternoon prices of many of the specu.
lative shares show decline, as compared with the
closing prices of last evening. Thus, Rock Island
lost to-day ~ per cent, Burlington and Quincy l,
Toledo !, Galena "a, Illinois Central N, Michi-
gan Central q, Southern old a. guaranteed a,
Reading "a. The exceptions to the decline were
United States 6's, which advanced u, and did not
fall back; Erie, which closed "a better
than yesterday; Missolris, Tennessees and
virginas, each Of which gained a to-day,
and Pacific Mail which advanced a per
cent. The market closed very firm, with
general disposition to buy. The following were
the last quotations. United States 6s, registered
1881. s7 SO; do, 6's coupon, 1881, sS11s SO; do
.5's coupon, 1874, 7s 70; Indiana 5's, IS; vir
ginia SIS, 4s1I so; Tennessee 6's. 421< 9 42ss;
North Carolina 6's; 5sh q 60; Missouri 6's, Az
az: Pacific Mail, s5H q s51s; New York Central,
SIX sl34; Erie 3431 3411s; do. preferred, 551s
55s4; Hudson River, 80 3s1l; Harlem, 12Z Is;
do. preferred, sOH 81; Reading. ss1. a SO; Michi-
gan Central, 40 o l91SS; Michigan Southern and
Al; Panama, liz 49, Illinois Central, 60 q
621s; Galena and Chicago, 81 q 67x; Cleveland
and Toledo, 35s+ q SO; Chicago and Rock Island,
62H 5224; Chicago, Burlington and Quincy, 571.
SO; Milwaukee and Prairie du Cbien, 10 q 1917;
Cleveland, Columbus and Cincinnati, log 1867;
NewYork Central rs of 1876, l02 -; Erie mort
gage bonds, s71. ss1I; Michigan Central s's, lst
mortgage, 81 IS; Illinois Central bonds, rs,
SIX Ass.
We have received the annual report of the State
Comptroller, just laid before the Legislature.
From it we learn that sum of Sc ,775 ,s3s will be
required for the ordinary expenses of government
during the fiscal year which began the LIST Of
October, 1861. To defray this expense the Comp
troller proposes to levy State tax Of 31s mills,
namely, q mill for the support of government,
2. mill for canals, and Il mill for public defence.
The Comptroller takes for granted that the State
will assume the collection of the $40 600 900 direct
tax imposed by Congress on real estate through
outthe North, and he shows that the State of
New York 10 already creditor of the general
government for large amount. The actual quota
Of this state the $50 600 900 81 2,3 3s4
Deduct advanced for 4. states. 81, 1882 ,6ss
Less repaid by United stases.... 1,113,0'2
- 81 ,60e, ,6l8
Actual amount due Uniisd states"......... s543.1l6
Tho canal tolls for the fiscal year estimated
1s1 $40. This sum will Gil the sinking funds Nos
and aud place enough in No pay years interest
on the $l2 900 debt aud leave balance 10 sinking
fund No Of s2zi $40 The taxes required for the
fiscal year will then be as follows
General rtnd q of mill yielding, 81 24s e3o
School fund q Of mill yielding, say ..... I071,5l
deficiency under sec. 3, art. and 10 pay land
damages, u Of mill yielding, say ....... 535, ,254
Interest and sinking fund on the 81, 500, 900
debt under sec IL, art. J, u OF . mill yield
ing, say .......................... 4757s9
Total az mills yielding, ssy.......... 81, ,331 AT
The aggregate amount of valuations, as returned
to the Comptrollers office, for 1861, is, viz
Real estate (asscssed) ,121 l3s ,4s0
Personal estate (assessed) .......... 313so2,6s2
Aggregate valuations, as corrected by the
Boards or Supervisors. III ,435 ,S66 ,l63
The actual debt Of the State at present Is as FOL.