The New York herald., 1862-11-27

At the third board stocks were dull and heavy.
There sales of Central at lo2, Eric at 81 pre-
Serred at slH, Harlem at %, Michigan Central at
eeL, guaranteed at S251, Illinois at 1871, Galena
at S0L and Toledo at 681I.
The chief argument in favor Of further issue
of legal tender notes by Congress is their scarcity
Il h said that all the notes which have been hther
70 issued have been absorbed and that Mr.. Chase
cannot expect the public to take loan unless he
provides them with currency to pay for it. Let
him, it is said, make money plenty, and then call
Tor loans. This argument rests on falacy. There
y no reason to suppose that legal tender currency
would be any more abundant if another issue Of
e260 900 900 made than it is at present. The
reason Is very simple. II is the convertible
feature of the legal tender currency which i'm
psdes its free circulation. When q man receives
900 of ordinary bank notes, he deposits them in
his bank as mere money, which can never be worth
more, and may possibly become worth less than
sl0O. But when he receives 500 Of legal tender
notes heis tempted to hoard them, by the fact
that they never can be worth less than par and
are always convertible into security which may.
IN the event Of peace or an advance in government
stocks, command a premium. This is the reason
Why, notwithstanding the very large issues of
loyal tender currency already made by Mr.. Chase,
the banks0f the three leading cities of the Union
could not, last week. scrape together $l2, 600 900
Of these issues. The people North, East West, and
even South, keep all the legal tender money which
they can get, and which they are not obliged to
spend. There is no reason to believe that this
tendency to hoard government paper would be
checked by further issues Of IT, On the contrary,
che nearer we approach the end Of the war the
stronger the probability that fve-twenty bonds
viii command small premium, and consequently
The more powerful the temptation to hoard the
currency which is cxchangeable for them. A new
issue Of legal tender money. made without pre-
vious attempts to borrow in the great markets of
the country would not make the circulating me-
dunn more abundant than. il iss but it would in
fallibly, in obedience to the inevitable law Of
finance, cause further advance in gold, merchan-
disc, property Of all kinds the cost Of living and
likewise the cost Of carrying on the war.
This has been heavy day at the Sub-Treasury.
In consequence Of payments on account Of the re-
cent award, repayments Of the fifteen days loan,
and deliveries Of the seven-thirties. The business
sf the day was as follows
xeceips.. M -
-fof cuseoHs. oVVVV w
Payments (including payments q 10 days
loan 6l3sos %
nAiAnce 10 $40 aoS o2
The steamship Europa, from Boston to-day
took out about half million Of specie.
The transfer books Of the New York Central
Railroad will be closed at the close Of business on
the Sd Of December, preparatory to the election
for directors on the 10th, and will be reopened on
the lith.
The following stocks, bonds, &C., were sold by
Adrian II. Muller to-day
70 shares Excelsior FIRE Insurance Company each rs
10 Niagara Fire Insurance Company .....:... 90 90
q Long Island Fire Insurance Company ...... so 90
Mercantile Mutual (Marine) Insurance Company 100 90
Mechanics and T.aders Fire Insurance Co... 25 90
10 Lenox Fire Insurance Company .......... IS 90
10 Comm pweaIth Fire Insurance Company 100 90
Republic Firs Insnrance Company 90
g EsImers and Merchants Rank Of Memphis 100 90
. Cleveland and Mahonins Railroad Company % GO
20 New Creek Company, Virginia. ........... 20 90
d 900 Lyons Gows) Central Railroad Company
per cent convertible mortgage bonds due
is7s, with 80 coupons Of ssb each, from june
1884 70 Juno I, 1873. inclusive. ......... $50 90
5000 New Albany and Salem RR 10 per cont mort.
gage bonds, due 1889. 81 goo each, with
coupons OF $50 each en- each bond, ist April
900 DO, due 1880, 81 600 each with coupons Of "
$50 each on each bond, ist April, 1887, 10 LIST
ss nesss ss coupon. o $50 each %
1st April, 1851 to let April, 1861 inclusivc.2 .2o7 90
. 900 DO: due 1852 q 900 each, with Il coupons
1st April, ls62 inclusive, each ....... .222 90
1 900 do, due 1853. with 10 coupons Of $50 each.
1 ssa ss.US q H. Ss 90
gaze bonds, due 1875, 81 900 each, with 81
coupons q $40 on each nsnsy. SGns Is. o. o.
I 800 New Albany and Salem RR. 10 per cent In.
come bonds, due 1890, $500 each, with 20
coupons OF s25 each on bond lst OF June,
1851 10 ist " December, 1890, inclusive each 90
200 DO. tIoo each, due 1890, win coupons Is Of
~ zach on eaoh bnd, let OF June, 1857, 10
la of I'scsmbsr, 1890, inclusive, esch....... 90