The New York herald., 1862-01-15

IoIk 10 Iorelgn ports 1or the week endlng January
IA and since January =
For the week 81 ,4s4 500 20ss ,lo4 1855 $40
Previously reported. l,ol2,S27 2S25,775 2,24e,olO
Since January l.. 81 25s7,72s 6,ols,17s 5,9o1 800
This is a very excellent exhibit, and shows the
error Of those who affirmed that our exports would
decline as soon as navigation closed on the rivers
and lakes. Our railroads supply the port with
provisions and -four enough to pay for all our i'm
ports. II the trade for the year goes on as well as
it has begun, New York will be no loser by the
war.
Money is offered everywhere at per cent on
call, and first class paper sells at 6 Z per cent
In many places money is offered at s "a 6H per
cent, where it is not expected to remain for many
days. The brokers expect an easier money market
as the spring approaches, as there must be large
amount of currency set aHoat, and the wants Of
commerce will be small.
Foreign exchange was weaker for the steamer
from Boston tomorrow. Some Of the bankers
asked ll4H up to the close of business; but we
hear Of no transactions above ia, and very good
bills were sold at ll3H. Gold was rather higher
to-day. Sales were effected at 81, and at the
brokers were generally buyers.
The stock market was inactive to-day. Opera.
tors seem to be waiting for the action Of Congress
and the army. At the first board the principal
changes were an advance of Il in registered
United States 6s, "A in Pacific Mail, n in Erie
and Il in Central; and decline of "A in Harlem,
4 in Michigan Central. Il in Michigan Southern,
% in Toledo, and "a in Rock Island. Galena was
firm at yesterdays price. Missonris rose "a.
After the board the market was dull, and
remained SO throughout the afternoon. At
the afternoon board there was an indisposition to
operate, and the market closed dull, the following
being the last quotations-U United States G's, re-
gistered, 1881, e95s 30; do. 6's, coupon, 1881,
907s 9l1S do. SIS, coupon, 1874, SO a "a; Indiana
SIS, 76 7S; Virginia 6's, 40 a so; Tennessee
6's, 431s =; North Carolina G's, COZ -;
Missouri 6's, AZ a "a; Pacific Mail, 9s% q 90:
New York Central, s2s4 SO; Erie, 347s a 35;
do. preferred, 3GT a 81; Hudson River, 80 a
391a; Harlem, l2J1 l3; do. preferred, 81 a 80;
Reading, 36% 371a; Michigan Central, 5l11aaa 50:
Michigan Southern and Northern Indiana, 2O14 a
ss; do. guaranteed, 405s Al; Panama, 1l21s a
1l21a; Illinois Central, So 6314; Galena and Chi
cago, 6s IS; Cleveland and Toledo, 36ss4 81;
Chicago and Rock Island, 53sss q; Chicago, Bur-
lington and Quincy, 60I a 81; Milwaukee and
Prairie du Chen, 20 q 81; Cleveland, Columbus
and Cincinnati, 100 no. New York Central rs,
1876, 104 =; Erie fourth mortgage bonds, 70 a
79a.; Michigan Central s's first mortgage, 96 q
81; Illinois Central bonds, rs, 90 9O1s.
Congress still disappoints public expectation in
not passing the requisite measures for supplying
the government with money for the prosecution of
the war. The country presents the unexampled
| spectacle OF a people entrcating with loud and
unanimous voice to be taxed, and Of Congress
idly devoting day upon day to discussions Of the
slavery question, of the merits of individual gene.
rails, and Of frauds in horse contracts. The scheme
modcstly laid before Congress by the bank COM
mittee has already il is presumed, been laid on the
table. Senator King, Of this State, has proposed
measure for the issue Of 500, 900 900 in small
Treasury notes, bearing seven per cent interest.
There is this objection to making the new Trea.
sury notes interest-bearing: they must and will
pass current as money among the people and in
passing from hand to hand in the ordinary transac.
tions Of trade they will evidently be current for
their face, and no more. As the interest day comes
round spectators will get hold Of them, collect
the interest and pay them out a. money afterward
Thus Mr.. Kings scheme would put the government
to annual expense of 81 900 for interest and
no one would benefit by it but spectators and bank
ers. The people will take the new Treasury notes
without interest, and keep them aHoat at par, II
Congress will secure their redemption by adequate
taxation without taxation, however, it is idle to
talk about fresh issues of Treasury notes. All the
stipuatons in the world about interest will not
| protect them from rapid and immense deprccia.
tion unless Congress secures an ample revenue
from taxation. THIS Is the point which should oc-
cupy the attention Of coagrew. And there should
be no fear Of making the taxes too heavy. Better
have q revenue Of s250, 100000 than one of
sl50O0o 900. Great Britain, with less resources
than we have, raised $500, 900 900 in single year,
lseo-l. An additional 21S cents pound on sugar
| would yield an enormous revenue, and, in the
| opinion Of persons in the trade, would for some
| time come out Of the pocket of the Cuban pro-
ducer. A stamp tax might be made to yield
t75, 900 o year without pressing severely on
any one. The capacity Of our people throughout
the country TO bear direct taxation ID greater than
that Of any other people in the world The taxes
in the city Of New York, which are paid without a
murmur by every one, amount to about s16 per head
Of our population. At this rate Of taxation the
people Of the loyal States could pay direct taxes at
the rate Of $3.50 900 year. 1t is earnestly to be
hoped that Congress will lose no more time, but
will proceed at once to give value to the Treasury
notes which Mr.. Chase must issue, by imposing
taxes which will yield OF least enough to pay the
expenses OF government, the interest on the debt
and proper sinking fund to extnsuish our whole
indebtedness in twenty-five years.
Mr.. Cisco has called upon the banks for the last
nstalment due upon the October loan. II will be
paid in dspsnd notep end Treasury notes III IN