The New York herald., 1862-03-03
market during the past week and month";

South. guaranteed. 40K Al Az 46 48
ss;;ss' ssss Ss Stand 3 ssS - g e e.
Panama. ........li2x lis lie 12I lisH
Hudson River. S7k $sH ssH s7H 50
Pacific Mal.... 98 90 exd94L 03h 93Z
There has not been much change in prices
during the past week. 1t is said that large guam
tty of stock has changed hands, having been sold
by the spectators and bought by the public. This
change would account for the pause in the upward
movement. The increased demand for money and
the increased difficulty Of carrying stocks likewise
naturally operate against speculation. 1t is be-
lieved, however, by majority of operators, that
the pause in the movement will not be of long du-
ration and that prices will rise again on receipt of
satisfactory war news. There is a bear party
still in the Board but it is not as formidable as
usual, either in numbers or in influence. The lead
ing spectators seem satisfied that the bull side is
to be the winning card for some time to come,
and the commission houses confirm this opinion
by reference to the increase In their
orders to buy. 1t is urged in certain
quarters that stocks are already very high, and
that the advance of the past six or eight weeks has
been considerable. But it is said, on the other
hand, that if speculation fairly sets in-as it
is likely to do under the cheering prospect of
restoration of peace-prices will move without re-
gard to intrinsic values. It must be admitted too
that the increased traffic on the leading lines of
railways constitutes q powerful argument for the
bulls. The great lines of New York, Michigan, Ohio
and Illinois are earning so much more money than
they did at this time last year that any road which
last year was able to pay interest and expenses
will have something over for dividends this season,
and the roads which paid three per cent last year
will be in position to divide four or five now. The
effect of the Treasury Note bill upon values is
still matter of discussion. On the one hand it is
said that the legal tender paper will drive out
of circulation so much gold and silver and redeem
able bank paper that the volume of the currency
will not be increased. On the other hand, there
Is no instance in history in which issues of govern
ment paper, made or accepted as legal tender,
failed to initiate prices to some extent. The effect
of the Bank Of England issues in and after 1897
upon the prices of stocks and merchandise, and
all kinds of property, was most remarkable; the
business of the London Stock Exchange quad
rupled in q short period of time. 1t Is probable
that the effects Of the new financial policy of 60
vernment will not be experienced until the new
Treasury notes are actually afoat.
The first of the new financial measures of go.
vernment-the legal tender Treasury Note bill
is now law. Much of the credit of this necessary
and judicous act is due to the industry and sagaci
ty of the Hon. E. G. Spauldng, Of this State,
who, as chairman of the Subcommittee Of Ways
and Means, drew and reported the bill to the
House. 1t required some frmness on the part OF
this gentleman and his colleagues to resist the
pressure which was brought to bear on them by
spectators from here, who wanted to have an
opportunity of buying government bonds at so
60per cent, and by bankers and others who were
afraid of the words "a legal tender" We are now
enabled to state that the Tax bill will be reported
to the House tomorrow, by Mr.. Morrilrs sub.
committee, and the Tariff bill in the course of ten
days. Greatly the public deplore the unaccount'
able slowness of the committee in the prepara-
tion of these important acts, complaint will be
silenced if the bills reported are thorough and
judcious, and no unnecessary delay occurs in
their passage through Congress. Some little
anxiety is felt with regard to the attitude which
the Western members will take on the subject Of
taxation. In July last the members from the East
and Central States allowed the Western members
to coerce them into the adoption of an income
tax, which was undoubtedly the worst kind of tax
to adopt as q commencement Of direct taxation.
Specific taxes on property and commercial
transactions will evidently yield more revenue
and press more evenly upon the people than i'm
posts on objects so variable and uncertain as in
comes. An income tax on incomes exceeding
$500 would have the effect Of cxcmpting from tax
alton nearly the whole rural population of
the Wcst-a class as deeply interested in
the preservation of the Union as any
other, and as well able to pay as the
denizens Of cities. On the other hand real
estate should not be made to bear more than
Q fair proportion of taxes. If an attempt
is made to throw the chief burthen of taxa
ton on land, opposition will be encountered at the
West, and the hands Of such representatives as
Mr.. vallandigham will be strengthened. If the
financial scheme Of Congress be to raise revenue
of 5000, 600, 900 annually, IL would probably be
fair to raise $25, 900 900 of this by land tax,
$50 900 900 by tariff on imports, $50,000,0O0 by
q stamp act, and the balance by on excise on
whiskey, wine, tobacco and cotton, and by spe-
cfc taxes on various kinds Of property The
share allotted to each State should be fairly set
down, and property seized in the rebel States to
provide their quota.
We take the following from Pittsburg paper
The bondholdcrs Of the old corporation Of the Pitts.
burg Fort Wayne and Chicago Railroad Company mot at
the Office Of the company Fiith street yesterday morn
Of the Pttsburg, Fort Wayne aud Chicago Railroad Com
pany. The election resulted in the choice of the follow
Ing gontlemen;-JF J. d. Ianer, Louis II. Meyer, Samuel
j. Tidon of New York J. Edgar Thompson, g. w. Cass
Springer Iarbaugh, of Pennsylvania Kent Jarvis, Willis
| Merrlman, Robert McKelly Of Ohio Samuel Hanna,
Jesse L. Williams, Pliny Hoagland Of Indiana VIM. b.
Ogden, OF Illinois The Board organized by tho election
Of Goo w Cass President, and wm II. Barnes Sec
rotary. The election OF other necessary officers was
postponed until the purchasing committee shall be ready
70 convey tho railway, &c, 70 the new corporation
We have received copy Of the annual report
Of the Central RAILROAD Of New jersey. The