The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-07-24
FINANCIAL AND COMMERCIAL.
WEpNrspAY. Julv 2ssp. M.

per cent commercial paper as, with occa-
sional exceptions ct w. Certificates Of indebted
ness advanced this morning to 97A, against 81
yesterday. The condition of the money market
viii probably soon render them worth par again.
Demand notes are quoted 1O71a 1857.
Foreign exchange was very dull to-day. The
quotation was l3l "a for bankers sterling, and
4.321I 4.30 for francs. But at these rates there
was very little inquiry. People who boarded bills
after the check before Richmond are selling them
again. Gold declined to 10 at the morning board,
and sold in the afternoon at ll9.
Stocks were better to-day. At the first board
the coupon skies of 1881 advanced "a, the 7.30
notes a, Pacific Mail "a, New York Central "a,
Erie "a, Michigan Southern "a, Illinois Central n,
Burlington and Quincy TX, Galena "a, Toledo Il,
Panama n. There was better inquiry for bonds,
without much change in the price. 1t is understood
that no more bonds are coming here for sale from
Europe, and that the bonds which have been sent
here for sale will not be disposed of until exchange
declines. This ia, in one sense, q misfortune for
the country. We could not do better business
than buy back from Europe our obligations, pay
Ing for them in gold at twenty per cent. We have
got the gold on hand to pay for them. We must
have fifty or ffty-fve more millions of gold in the
country now than we had when the war broke out
Nothing more beneficial to the United States than
. general return of our securities from Europe at
the present time could befal us. But it is sup
posed by the foreign bankers that the Europeans
will not be willing to sell at present, in conse-
quence of the price of exchange. After the board
the market was firm, 921 being bid for Central and
sSA for Erie. At the second board the market was
dull, the following being the closing quotations -
United States e's, registered, 1881, 97sS 971s;
United States 6's, coupon, 1881, 9s1S 9S4;
United States SIS, coupon, 1874, SO s614; Trea-
sury notes, z $40 per cent, lO2 1927; Ten
nessee SIS, 4sH 60; Virginia 6's, so a 81; Mis-
souri, 6's, 48H a 461l; American gold, 1l9
llsh Pacific Mail, 1917 lOs; New York Gen.
tral, 922S 9211; Erie, 331& 1917; do. preferred,
slH e1A; Hudson River, 431a A; Harlem,
14L l4A; do. preferred, IS . 35N; Reading,
"a IS; Michigan Central, SO q 5911aa; Michigan
Southern and Northern Indiana, Is q 25H; do. qua
ranteed, IS 55Z; Panama, 131 1917; Illinois
Central, 56% 81; Galena and Chicago, 70N a
u; Cleveland and Toledo, An AK; Chicago
and Rock Island, 63sI 63I; Chicago, Burlington
and Quincy, IS q 70; Milwaukee and Prairie du
CHEN, 3l1Ia3S.
The British journals come to hand full of frantic
abuse of the United States, because the circum.
stances in which this country is placed have COM
PEELED Congress to raise the duty on foreign i'm
ports to average of thirtyfve per cent. British
manufacturers have used this country for SO many
years as sort of convenient receptacle for their
surplus products that they seem to fancy they
have vested rights in our markets, and that the
people Of the United States are not entitled to
altar their laws without first obtaining permission
from Manchester and Birmingham. II this country
were . dependent colony Of England, and the
Queen enjoyed the right of vetoing acts Of Con-
g1ess which connicted with the interests Of
6Eitish shopkeepers, the language of the leading
organs Of British opinion could not be more AFRO.
CANT or more domineering. 1t is not likely that
this outcry win exercise any appreciate influence
upon public opinion in this country. So long as
We were at peace we were willing to throw open
eur markets to the manufacturers of all nations,
Including Great Britain. Disregarding the COM
phints Of our own manufacturers, and in defiance
Il the warnings Of the champions Of home in
amtry, the Congress Of the United States has,
Ybr thirty years, framed it's tarifs on plan
which, in eject, rendered this country the best
customer Of Great Britain For thirty years the
cotton and woollon spinners and the iron founders
Of England have fattened upon the profits of their
export trade to the United States. While our own
manufacturers have barely struggled along, the
proportion Of failures among them far exceeding
Aat Of fortunes, have built up the great houscs
Of Manchester and Leeds and Paisley and Brming-
ham. This was in peace time; and II peace had
continued to prevail we should probably have
gone on % before, without listening to the de-
mands Of home industry. But the war has changed
IL this. Pending the war this country cannot
afford to import large quantities Of foreign goods.
The war has deprived US Of our chief export-cot-
Con. II we imported as many foreign goods as usual
we should be drained of our specie. Besides, our
own manufacturers are heavily taxed in conse-
quence ofthe war; II is but just that their foreign
flvais should he made to bear corresponding
burden. in raising the duties on foreign imports
Congress has been guided solely by the most OBJ
vious dictates of common sense and self.preserva-
Son. Passion and international animosity have had
no share among the motives which have controlled
N action. When the disappointed manufacturers
q England recover their reason--which seems to
have been temporarily overturned by the prospect
Of the loss Of old customers-thcy will realize that,
under the circumstances, Congress could not do
less than II has done and that their losses are at
least in. part chargeable to their government,
whose recognition of the rebels as begerents first
gave hope and heart to the nsurgent cause. Fur
fhcr reflection VIII likewise satisfy them that they
bed no claim to indulgence from the United States
government Leading British manufacturers have,
lor ysaf past, been engaged in making arms,
clothing and other goods for the rebel forces.
Leading houses at Manchester and Birmingham
Nave not only shpped goods to rebel ports, but
have owned shares In the steamers which have
tried to run the blockade-most of which have been
captured by our vigilant blockading squadron
Almost without exception, the organs of manu-.
Mcturing opinion in England have cspoused the
rebel cause, and have demanded, with indecent
rage, the destruction of the country where they
had made their money, and whose markets they
claim - their property in fee. II is hardly worth
while to add that nearly all the agents Of British
manufacturers in this countrY and the British