The New York herald., 1862-01-17
FINANCIAL AND COMMERCIAL,

THURSDAY, Jan. 16-6 p NJ.
Money is quite easy; the rates of call are a Z,
with exceptions at per cent. Choice paper sells
at a 7, and good business paper at las.
The quotation for foreign exchange was very
wide to-day, neither drawers nor importers being
anxious to do business. The latter argue that the
resolution on taxation passed yesterday in Con
gress will bring about fall in exchange. 1t
seems likely that money will now flow hither from
the other side. We quote bankers sterling bills
1121l 1877 Gold is quoted ~ a 21a. There is
some talk of resumption Of specie payments by
the banks; but unless unexpected victories should
await our arms, no move of the kind can safely
be made as yet
Stocks were lower to-day. Several parties who
have been buyers took an opportunity of ofrealizng
profits, and some operators regarded the Washing
ton news as unfavorable to stocks, and sold out.
Governments declined per cent, and the general
railroad list about as much. The strongest stocks
on the list were Erie and Toledo, both of which
closed within fraction Of yesterdays prices. The
commission brokers report q fair business. Those
who have foreign connections have been selling
large amounts Of stock for foreign account ever
since the Mason and Sldell affair. 1t is supposed
that now that that imbrogo is settled, the foreign.
ers will want to get their stocks back again. If,
as is expected, the waning proportions Of the re-
bellion encourage the hope ofa speedy of
the authority of the United States over the whole
country, they will have to pay more for them than
they got when they sold. The following were the
last quotations of the day, the market closing
weak United States 6's, registered, 1881, 90%
81; do. 6's, coupon, 1881, s99 9Q Tennessee 6's
4s "a; Misso ri 6's, 42a1 Il; Pacific Mail, 97ls
"a; New York Central. SO a H; Erie, IS a u; do.
preferred, 56A 81; Hudson Riyer, 80 "a; Har-
lem, l3 =; do preferred, 81 a; Reading, 3e11s
q; Michigan Central, 5211S u; Michigan South
ern and Northern Indiana, 20 a 81; do. guaran-
tced, 4O% Al; Panama, 112H lls14; Illinois
Central, 62A ~ Galena and Chicago, 6s a "A;
Cleveland and Toledo, s714 n; Chicago and
Rock Island, 541I a a; Chicago, Burlington and
Quincy, 81 a "a; American gold, lO2s
Yesterdays work in Congress and in committee
at Washington is the chief topic of discussion in
that Congress has at last responded to the public
wants by pledging itself TO system Of taxation
which shall yield $50 o,0000 900 per annum, or
enough to defrsy the ordinary expenses Of govern
mcnt, to pay the interest on the whole debt, and
to provide sinking fund which shall extinguish
our indebtedness within reasonable time. Anx-
regard to the financial scheme which is said to
have been agreed upon between the banks and the
Secretary, public opinion seems hardly to have
taken shape as yet. The project comedies with
the plan which has been SO frequently urged in
this column, except in two particulars, viz:-The
new Treasury notes are not made legal tender, and
they are not convertible into per cent bonds,
but into 7.3o Treasury notes. The Importance of
these deviations from the plan urged by US is
apparent than real. As both the banks and the
government have suspended specie payments, the
new government paper will be, practically, al legal
tender at all events for all new business. Debtors,
under pre-existing engagements, may be compelled
to pay in gold; but, as general rule, the business
Of the country will be transacted on the basis Of
paper currency, whether the new paper be made
legal tender or not. II is, perhaps, an advan-
tape TO have the new Treasury notes convertible
into 73O notes at the end of year, and these lat
ter convertible into 9 per cents at the
end of three years; for it affords the 60
vernment two opportunities, instead of one,
for paying them off, The object in making the
new notes interest bearing was to offer an induce
ment to holders in the country to keep them in
their possession and likewise to shield the honor
of government in the event Of depreciation in
their price. IL seems to have been thought less
disrraceful for government to have its bonds de-
nreciate than its demand notes. Without stopping
TO inquire into the soundness Of this view we may
observe that it is well understood that the new
365 notes will circulate as money, and that con-
tractors soldiers, sailors, purveyors, &C., will be
paid in them--though the banks, apparently, will
not take them on deposit as money. It is
easy to foresee that this arrangement will
lead TO difficulties hereafter What " q
contractor whs receives half million Of