The New York herald., 1862-03-13
FINANCIAL AND COMMERCIAL.
WEDNESDAY, March l2-6 P. III.

| "WEDNESDAY, Mafch Ia r. Nj
There Is pretty brisk demand for money at q
per ceAt, and parties who have meney lying idle
can again DO well with il by bringing it into Wai
street. The conflicting rumors from Washington
during the early part of the day tended to unset
tie the market, but this disturbing element sub
sided on the publication Of the Presidents orders.
We quote paper as before, . per cent for the
highest grade, and a 8 a 9 for good commercial
names. There is less dry goods paper in the mar
ket than ever before at this season. the dry goods
T! men appear to be doing the bulk Of their business
for cash or on short time. There is nothing doing
IN exchange to-day; rates tend downward. Gold
fell of TO lHl per cent this morning, closing ~
bid. The Arabia sailed to-day with $l76,4o0 in
specie, and the Borussia with $s75 600. Quite mo-
derate shipments.
The stock market opened panicky this morning,
seded in the command Of the army by Gen. Ere.
mont, and leading securities declined from 70 to
per cent. As soon as il understood that Gen.
Mcclellan remains in command Of the Army of the
Potomac, and that Gen. Fremont's department
merely extends from the Shenandoah Valley to
Knoxville. confidence began to revive and prices
rallied. Rightly or wrongly, holders of and spe-
cuaors in funded securities repose perfect faith in
1t was argued, however, this afternoon that his
appointment to the Mountain" Department, while
it involved no risk Of serious disasters to the Union
cause in any event, would probably exercise
conciliatory effect upon the party, and would Sc
cure the passage Of The appropriation bills with
less difficulty than had been apprehended.
These views, coupled with the considera-
tons TO which we have heretofore alluded
namely, the extraordinary increase of business on
the leading lines Of railway, the prospect Of re
markable developement Of internal trade on the
conclusion Of the war, and the probability that the
forthcoming expansion of paper money by the gov
ernment will lead TO an unprecedented burst of
speculationgsye rise to large orders for stocks at
the mornings decline, and the market closed very
firm at about yesterday prices. Central declined
= to-day; Eric preferred rose per cent A sale
OF 5000 shares was made in one lot to day by
leading operator, who is supposed to have bought
the stock at 81 5s the purchaser is suspected
of operating for account Of foreigners. It is q
little remarkable that few months ago sale of
the same number Of shares of Erie preferred was
made, it is believed, by the house which effected
the purchase to-day st so. This transaction was
understood a, the time to be for account Of
British stockholders. Was the purchase to-day at
60 81 TO replace this stock The market
closed firm.
We notice tina, debate sprang up yesterday in
Congress on the subject of the Tax bill. Mr.. Blair
thought that rock Oil was taxed too high; Mr..
Steele objccts to the tax tanned leather; Mr..
Eliot deems the taxes manufactured articles too
heavy; Mr.. Pendleton complains of the taxes On
Western produce (what are they). We learn that
several trades and branches of business here are
preparing to send delegations TO Washington 10
try to have the taxes reduced. The Board of Bro
kers have appointed committee to represent the
unairness Of the proposed tax Of one tenth Of one
per cent all sales at the Board All these dis
satisfied parties make the same complaint; they
all want their own taxes diminished and every
one elses increased. Now, il Congress s going to
enter into the questions which they want to
raise, and TO hold itself bound to prove to
each Of these parties the propricty of the
tax reported -by tie -Committee Of Ways
and Means, the discussion will outlast the |
summer, and no tax will be levied this year. There
are many points in the Tax bill to which exception
can be taken. The duty on whiskey, sugar and TO-
ton, ree wheat and one or two other articles. But
il is quite evident that these errors and omissions
ore not fatal TO the bill that it will be useful law
even if they are left unoorrected, and that after
years practical experience Congress will be much |
better able to amend it than it is now. We there.
fore trust tbat Congress will not waste time, either
in useless speeches on the measure in listening
to the complaints Of parties who animated by /
selfish interest but that the bill will be put through
without delay, and placed upon the statute book. |
What is wanted now il a tax Law: bad one s far |
better than none at all.
The Charbe OF Commerce held q me ting TO. |
day and pass cd some sharp resolutions, rejecting
severely on the administration OF the Navy Depart
ment One of the resolutions, charging the de-
pariment directly with being responsible for the
loss Of the Cumberland and the Congress, was
struck ont by the Chamber as being unnecessary
But Il must not be supposed that the members, or
any part Of them hold Mr.. Welles harmless. On
the contrary the conviction that lie is unfit for his
post and that he should be removed has been
general in business circles for the past year. The
affair at Hampton Roads has merely intensified the
diarespect in which he is held and the Indignation
which is felt at the shameful ineflciency Of the de-
partmcnt over which he presides.
The National Bark Note Company began yester.
day TO print the legal tender notes for govern
ment. We understand that in the course Of ten
days @ batch will DC ready 20 be forwarded to
Washington. II is TO be hoped that when the con-
tract for printing the six per cent bonds isawarded
It will be given TO parties who can execute il with
az much despatch and in as good style as these
legal tender Dotes
stock Exchange.
wEpsroGY, March l2, 1861.
5000 I os s1,res % locahsErieRRprf bso eo1s
fI.fCu