The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-01-10

Us os, ooa,,'si e7aa ssx Harlem...:... SOFA 81
Us 0s, i ' GER o0X 81 Mich Central. e3sl %
/ US demand n..i364 135X Mich s N la. AN Az
Tennessee 6's. 6011 a % nj SAN guar u w
| Virginia 6's.... 63 a 65 Panams R ITO
| N Carolina 6,s. ~ q rs Illinois Central s6A 86H
| Missouri 6's. 66 66k Clev l. Pitts. 65A 651s
Americn gold.lS7, 1S7h Gal Chi, S5a sS%
| Pacific Mail. 147 q l47k Cley Toledo w a 90
| N Central .112ai ll3 Chi Rk ls... 85I 65A
| Erie ........ 69X COZ Oh ,Bura& Quin 90 991s
| Erie preferred. 99x - Mil Pr du Oh 451sta ASK
The earnings Of the Pittsburg, Fort Wayne and
Chicago Railroad are increasing largely. From
January 1, 1862 to November 80, 1862, they
were. OBSERVATION-DISCLOSURES. 49, ,009
December estimated. ................. 42S,OOO
Earnings for the year. .............. 49, O,OO9
Or in other words 81 ,000 900 net, which, as the
total charge for interest the three mortgages is
only 1866 200 leaves about twenty per cent for the
stock. Notwithstanding this handsome showing,
still better is expected this year, as during the
early part of 1862 the government was employing
the Pennsylvania Central to the exclusion OF pri-
vate business, and the Fort Wayne road had no
through connection with New York. The road is
four hundred and sixtyseven miles long, and is the
shortest route from New York to Chicago, Cincin-
natl and st. Louis by over one hundred miles. In
Pennsylvania they deem the road better. and its
securities considerably more valuable, than those
of the Erie and Central.
The Secretary Of the Treasury will arrive here
by the late train tonight His visit is for the pur-
pose of consulting with the leading bankers on the
subject of financial policy, and obtaining their
views on the subject of loans. The recent advance
| in g0ldhas occasioned some uneasiness at Washing
ton, and it will probably be discussed by Mr.. Chase
and the bankers, with view, if possible, of dis
covering means of checking it,
We have received the report Of the Supernten-
dent of the Banking Department at Albany.
He tells that the aggregate bank circulation afoat
in this State on September 80 was $37 657 1878,
being an increase Of 1854 625 during the
year. Over $4,000, 900 Of New York State
stock is deposited security for this circuation'
besides $l2 900 900 United States stock and bonds
and mortgages. The Superintendent Indignantly
repes the notion put forth by the Secretary Of the
Treasury in his recent report to the effect that
the bank expansion has been the cause of the in
aation of prises, and charges that imitation wholly
upon the policy of the general government. He
likewise criticses with warmth Mr.. Chase's bank
ing scheme and trusts that our delegation in Con-
gress will resist it as an unconstitutional interfc-
renee with State rights, and that the Legislature
of the State will take prompt measures to pre-
vent State securities being discredited as bank.
| ing basis. On this point Mr.. Van Dyck is ex-
tremely warm. On the subject of return to
| specie payments he says
| How soon the banks viii be in condition to resume
the payment OF their obligations 10 specie Is impossi
BILE determine Certainly not until tho illegal tender"
notes shall DO withdrawn from circulation and the 60
Under the present aspects OF the Treasury Department,
with prospective engraving and printing establishment
In operation in the attic paper depository m the base
ment and officer intermediate, who deals out nnocu
promises TO pay the rate Of million and half
dollars per day. sad commentary Will DO presented on
the constitutional prerogave 70 coin money and resu
la.ehe value thereof and Of foreign coin" Let hope
that the present unnatural rebellion being subdued
peace win once visit distracted country, and
that with Its dawn shall again return TO the use Of the
true measure Of value, both in corporate and govern
| mental payments.
On the alleged redundancy Of the currency he
| observcs:--
No better barometer whereby 10 measure the state Of
the currency found than the returns made to this
aaa THESE most G,Ss nat Is YET no
OF this department to meet the demand for notes
moro severely tested than 1t has been during the
last nine months. Nor IL the result Of Fictitious
demand. The banks found themselves embarrassed In
the transaction Of their business by the want u currency
70 meet the daily acquisitions Every soled aud mu.
ted note capable Of service was brought into USE and
the banks Of the East literally ecseged for
rcrcy wherewth to move the crops or tho West.
| Engagements were made weeks in advance by
| those wanting currency, m order 70 secure
supply and numerous facts might be adduced prove
that With all the Issues Of the the banks
the volume Of was not in excess Of the wants of
the country Adequate grounds for this unusual demand
circulation; in the abolition of the entire bank note cir
cuaton Of several Of the Western States, consequent
upon the allure local institutions in the vast
quired the uent Of bounes and w1ges to vorn
tecrs the immense purchases Of agricultural products
by tho government in the enhanced prices of these
ducts, calling for vast both in payment andVfor
their transportation and by the TACT tna nearly the en-
tire business Of the community has during the past year.
been transacted upon cash basis
On the suspension Of specie payments the Supe-
rintendent remarks:--
To whatever such suspension may be attribute
BILE the of serious moment TO the whole com
@ 10 Of ss .o sUd apd
butte through which alone It's existence can be tolerated
Tho evils resulting fop an irredsomaele paper cur
coded ss to need no special calculation. The
laws Of this state bearing upon the sub
msnd for payment in coin 70 persiiteny enforced the
banks have no alternative but compliance, or the 70
Ssns g sns &. after
suspension Of specie Payments 1887 the Trainers Of the
ecnssuto, embodied therein the s following In
indirectly me Suspension Of specie payments, BY any
tAe operates Of he laws Of thb STATE r.
truc tho community might waive for short period the
payment Il coin there no extrnsc demand for w
e. sS ~s he result q
monnsntary spasm lasted only three four months,
and therefore fails to uvadats the position that there
could be continued suspension OF specie payments By
tho hanks this STATE without tine intervention Of some
saving power not contemplated By the laws and coset
tuition Of New York IL ID not 70 Be credited that, with
this ucnallsf being forced into immediate liquidation
hanging over them any number Of scnd and judcicusly
managed bAnh would voluntarily incur the hazardssrt
suue from refusal 70 redeem their obligations In coin
And yea tie resolution suspend specie paymcns was
primarily adopteb the banks In the city Of New York
b. institutions conceded 70 rank among the highest tho
country thar monetary resources and the intelligence
| with which thoss resources ara directed.
The business Of the Sub Treasury was % follows
| to-day
Receipts. ........................ $oo0O 70
For customs lS0 900 90
Payments ool ooV W
Balance. LoI VI