The New York herald., 1862-01-18

io6uru w Inc lntenLOn6 OF congress IN roBaru to
financial affairs, in which case contradiction Of
those rumors would probably create lively resc-
tion in the market
Stocks We're better to-day. The speculators
who realized profits yesterday seem afraid that
some victory may carry the market away from
them some fine morning, and made haste to-day
to take back some Of their stocks at yesterdays
decline. There is good deal Of talk about the
stock market being influenced by the financial
movements at Washington, and some authorities
affect to believe that the decline Of yesterday was
due to the highly conservative character Of the
compromise scheme which was said to have been
agreed upen between the banks, the Secretary
of the Treasury and the Committee of Ways and
Means. On the face of it, conservatism which
begins by causing decline Of to 2 per cent in
government securities seems quality of doubtful
value; but, in fact, the form and character of the
two or three hundred millions of paper which Mr.
Chase will be obliged to issue are Of no conse.
quence whatever to the stock market, and win not
in all probability influence it over one to two per
cent any way. Comparing the prices current this
evening with those of yesterday we note advance
of a in Pacific Mail Il in Central. Il in Erie, in
Erie preferred, u in Reading, "a in Michigan Gen.
tral, n in Panama, in Illinois Central and
a in Toledo. The market closed with great
frmness, and still higher quotations ruled after
the close of business The following were the
last prices at the Board-United States 6's, regis
tered, 1881, 80 S9sl; do. 6's, coupon, 1881, 9OL
901s; do. 5's, coupon, 1874. so sO114; Indiana
SIS, 76 n; Virginia 6s, 4sH 6o1l; Tennessee
6's, 43 4314; North Carolina 6's, 6OH =; Mis-
souri, 6s, 421S 4211ls; Pacific Mail, ok e7ss4;
New York Central, s31s a 1874; Erie, 3514 35sss;
do. preferred 57s1 572; Hudson River, 80 391SS;
Harlem, l2A 12N do. preferred, 30N 81;
Reading, 81 a 37% Michigan Central, So 631l;
Michigan Southern and Northern Indiana, 20 q 201&S;
do. guaranteed, 40s4 Al; Panama, lla1/ 1l3;
Illinois Central, 62H 62s4; Cslena and Chicago,
6S a SO; Cleveland and Toledo, 37A q. S71l Chi.
cago and Rock Island, 54s4 a SIS; Chicago Bur-
lingon and Quincy, 61 a 61H; Milwaukee and
aud Cincinnati lO91s no. New York Central rs,
1876, 1O4 1Ol1s; Erie Sd mortgage bonds, 9115 a
92; Michigan Central s's, lst mortgage, 97H a
971s; Illinois Central bonds, rs, 90% 81. After
the second board the market became rampant, and
business was done at the following prices:-Pacifc
Mail, 0s New York Central, ss1&s; Erie 351ls; pre-
ferred, SO; Reading, 81; Michigan Central, 531@;
Michigan Southern, 2OsS; guaranteed, Al; Galena
oo/a, ioieuo, oS%4; hock lsiauu, oozs w
A despatch was received in town to-day from
leading member Of the House Committee of Ways
and Means denying that the financial scheme
which was published in all the papers yesterday
morning, and was reviewed in this column in this
mornings HERALD, had received the assent of the
committee Of which he is member. The public
will not be surprised to hear it. Careful study
shows that it is an impracticable scheme. If the
government is going to pay its way (at the rate of
81 500 900 day. in Treasury notes which are not
bankable as money, O market must be provided for
these notes, or they will soon become unsaleable,
even at an enormous discount. 1t is out of the
power of Wall street to take care of million and
a half day, or nine millions a week, of such Sc
curites. If contractors can get nothing but 1866
notes from government, which the banks refuse to
receive as money, it must be expected that the ne
cessties Of this needy class will compel them to
sell at any price, and it will not be surprising if
these notes, and the 7.3O notes and 6
per cents into which they are convert.
BILE, are hawked about Wall street at 20
to 80 to 40 discount. In this event. the expenses Of
the war will just be increased in proportion, the
credit of government will be irreparably damaged
and the banks which have 500, 900 900 invested in
government securities will be 80 nearly ruined that
they will all have to go into liquidation. If, on the
other hand, the original plan Of Mr.. Spalding be
adhered to, and Mr.. Chase he authorized to issue
Treasury notes bearing no interest, and made
legal tender, adequate taxation will prevent any
undue accumulation of these notes anywhere, and
will also prevent their deprcciating. As the taxes
will be payable in these notes. the banks will ndan
outlet for their notes at the Sub b-Treasury, whHe
large number of the holders will, doubtless on the
first symptoms Of peace, hasten to convert them
into six per cent bonds. The idea Of paying in
terest on the new Treasury notes is falacy. II
just prevents their being considered as money, as
sists their depreciation, and is charge upon the
government without being benefit to any one but
the last holder. II is to be hoped that members of
Congress will not allow the il-dgested schemes Of
theorists to divert them from the plain principles
of economy and common sense.
The business Of the Sub-Treasury was as follows
to-day
Total receipts sl3i,s5l %
Payments including redeemedb p notes. Oil 894 IS
Balance. 3i63o Dos 50
The exchanges at the Bank Clearing House this
morning were $1,000, ,3l6 AZ, and the balances
81, ,i475 59l 33.
The Lcnox Fire Insurance Company has declared
a semi annual dividend Of four per cent, payable
on demand.
The earnings of the Cleveland aud Toledo Rail-
road the second week of January were:--
Second week .S25 ,1SI
Second week, 500
Increase ST. los
The Chicago Tribune of Wednesday says -
In spite Of unfavorablo time the directors of tho
Mississippi and Missouri Railroad pushing their line
toward the Missouri. Tho progress Is slow, 10 Is true
but when the central division Is completed, the
momentum Of the business that will press upon II will
force early completion. The line is now finished
three miles west Of Victor, and within three miles OF
Brooklyn which place tho trscklaycrs expected very
soon 20 roach. Brooklyn Is about fifty miles west oi
Iowa City and hundred and five west of Davenport,
the Mississippi
From the annual report of the State Auditor of