The New York herald., 1863-02-07


stocks, and many merchants who have peen IN
the habit of losing interest their balance for
several DAYS have discovered way OF saving
it, even on loans for single day. Certificates Of
public indebtedness are dull at "a. First class
business paper sells at 5H 6I.
Gold is not as active it was. II sold at the
| opening this morning at l67A, sold down after
wards to I57s in the afternoon at l57, and closed
| at 1867 bid Exchange fell to l7Ss u. We have
received the following copy of bill introduced
into Congress by Mr.. Loomis of Connecticut,
with view to restrain speculation in gold:-
SECTION i-Be erated That all contracts for the pur-
sale OF gold silver coin OF the United states
the loan Of money upon the collateral
security of United States coin exceeding hundred dol
lars in amount shall be writing and signed by the
parties and said contract TO be performed carried
within three days from the date thereof said contract
shall be an adhesive stamp as prescribed In the act TO
which this is In addition, OF per oentum OF the
amount OF the contract tho amount TO be estimated BY
the legal currency Of the United States said contract
Is not TO he performed within three days. and TO be
performed within sixty days rsm the date thereof then
said contract shall have said adhesive equal 10
has than sixty DAYS 70 rum then shall bear said
adhesive stamp for sum equal in addition TO said two
and half per cenum to one per centum for each thirty
days In excess OF sixty days.
SEC 2An contracts, loans sales Of gold and silver
coin OF the United States not made in accordance with
this act shall be wholly and absolutely void and, in ad
dton to the penalties provided the act TO which this
is addition, any person may at any within
year from the date Of said contract bring an action to
recover the amount OF money currency paid on any
contract r OF made in accordance with TINS act
1t is grave question whether coercive and re-
strctve laws of this kind attain their object.
The reason why gold rises is that the public credit
is bad, and people are losing confidence in the
government. You cannot restore confidence and
reestablish public credit by fning and taxing peo-
pie The way to check the rise Of gold is to win
victories, to put down the rebellion, to pass none
but sound laws, and to take no measures of gov
ernment which do not commend themselves to
public approval as judicious, constitutional and
wise. AS to the spectators in gold-most Of
whom would have been elected from Gen. Grants
lines had they resided within his department
it is wiser to let them have their way than to
frighten the public at large by restraining people
from doing that which in itself is perfectly legi-
innate act. By and by, if we have victories, these
same spectators will work as vigorously on the
side of the currency, by selling gold down, as they
now work against it by bidding gold up.
The stock market was better to-day, and, though
the recovery is slow and the public unusually eau
tious, yet the indications of further advance
were decidedly marked. At the morning board
New York Central rose x, Erie 1, Harlem u
Southern old ~. Illinois Central Il. Pittsburg 2,
Toledo Il. Galena Il, Rock Island l u, Fort Wayne
211a, Terre Haute "A, Pacific Mail TX. Bends were
without change. Governments were Il lower. AT
the P. M. session of the public board the mar
ket was quite strong. Erie advanced l. Pittsburg
2, Rock Island "A, Southern old a. The specula-
tors who sold their stocks when the pinch in money
commenced, week ago, were ready to buy them
back to-day for cash. At the second board the
market was all very strong. Erie rose a, Rock
Island "a. and the other active shares Il q per
cent. The market left off very firm. At the four
P. NJ session of the public board the market was
as rampant as we ever saw it, and q further con-
siderable advance was realized in all the active
speculative shares-the most active being Erie,
Pittsburg, Rock Island, &c. The excitement was
kept up to the close, giving promise Of very
lively day tomorrow. The following were the
quotations at half-past fve:-