The New York herald., 1862-12-13

ERE XIX ;..; 62 81 hic.Bu&QRR 81 q 50 Z
Erie preferred 934a oaI
At the third board the market was dull, and the
tendency rather downward.
There are two points in finance upon which all
parties are agreed The first is that means must
be provided, somehow or other for the prosecu-
ton Of the war; and the second is that it would be
better to borrow than to manufacture money, if it
can be done. Even the most ardent advocates
OF paper money admit that it would be better for
the country to dispense with further issues and to
resort to loans if the wants of the government can
thus be satisfied. Under these circumstances the
Committee of Ways and Means and Congress would
seem to have very simple duty to perform All
admit that it is better to borrow than to manufac-
ture money; but some deny while others assert
that the amounts of money required can be bor-
rowed. There is no way of deciding between
these two parties but by actual experiment. Let
Mr.. Chase call for q loan, say of $25 100000.
IF he succeeds in getting bids at a fair rate,
and disposes satisfactorily of his bonds, the
advocates Of paper money will have nothing
to say; for they admit that loans are
better financial resource than legal tender
issues. Ifhe fails in getting bids, and the public
decline to buy his bonds at a fair rate, then the
advocates of loans will find their mouths closed
for they agree that money must be obtained
somehow other, for the prosecution of the war.
We have no doubt ourselves that the right kind Of
bonds would sell readily enough in our market, and
the capacity of the country to absorb United States
securities would be fully demonstrated by the ex-
pertinent. But if the event should prove the con-
trary, if Mr.. Chase's call should elicit an made
quate number Of bids, or bids at an insufficient
rate, the great controversy between loans and
paper money would be satisfactorily closed. No
one, after SO clear trial, would oppose further
issues of paper money. Under present crcum-
stances, and in view of the warmth of the contro-
versy, and the terrible responsibility which Con-
gress will assume If it undertakes to food the
country with paper money in opposition to the
recommendations Of the Secretery Of the Treasury,
there can surely be no better way Of adjusting the
matter and reconciling all opinions than to give
the loan plan fair trial.
correspondent suggests that the gold bond
scheme, alluded to in yesterday HERALD, offers
She only possible plan by which the government
can take advantage Of the premium ON gold.
Private individuals, nconyenienced by the advance
in all articles of consumption, which has been
caused by the rise in gold, cndeavor to compen-
safe themselves by advancing the price of every
thing which they produce. What they lose on
one side they thus try 10 gain on the other. Gov
ernment alone loses the premium gold on
everything which it consumes, and gains that
premium OH nothing. Issues OF gold bonds, which
would be in other words, contracts to deliver gold
ut certain ixed times, would secure to government
tie advantage which is now enjoyed by all pro-
ducere throughout the country-that is to saw,
would enable 1t 90 gain the premium on gold
on its sales of bonds, and wonld thus in measure
compensate is for the loss il is suffering
on It's purchases. II has been estimated that the
North contains s220, 600, 600 Of gold AT the pre-
sent premium this is worth $3.50 900 900, which
sum WILL therefore, represent the value OF the
gold loans at the North and the amount of money
Immediately available for the purposes of govern
rncnt, if gold bonds be offered for sale on such
conditions as to command public confidence.
The members of the outside board, which is
held at 2S William street. have resolved 30 present
o testimonial TO Mr. George Henriques, who has
gratuitousy acted as President of the Board ever
since its organization over ~ 900 have been col
| lected, and q committee has been appointed to
| purchase 4 service Of plate, the balance of the
money collected being presented in money. This
testimonial is emiuently proper recognition Of
! the services Of Mr.. Henriques, whose duties as
presiding officer have been performed with firm
| ness and urbanity.
The business oi the SubTreasury was IL fellows
| to-day:--
Receipts. 1913 323 IL
For customs OBSERVATION-DISCLOSURES. 80 900 90
Pay ments 9Jyy,los 3v
Balance lOf543,0ss Is
! The earnings OF the New York Central for the
last three fiscal years ending with the 3Oth of Sep
| tcmber were-
Js5e-C0 IsG0-0l IsGl-e2