The New York herald., 1864-10-29

the runcr before mentioned checked tho disposition 10
operate rise, aud decline Of nearly three per cont
took place from which there partial recovery late
10 the alteru on.
The quotations were as follows
12s05 L. M..,... ...2i7x $40 r. M.......... 2l6 x
los ?. A...........2i6 435 P. N..........2l6a
Four hundred and sixty seven Thousand QUO hundred
and Aynine dollars in specie was received by The North
Star from Aspinwali.
There has been increased demand for mercy to-day
from stock houses, which has been easily seven
per cent and few large have been offered by the
backs on government Stock coatess NJ six per cen.
There s nc change TO note in the discount ne Lenders
prefer investing 10 marketable securities, such
thcates Of Indebtedness 20 but prime at
high rates The rate for this varies from nine twelve
per cent, wlthesceptiona transactions af eight
Foreign exchange is held nrmiy, in anticipation Of
higher quotations for gold. Bankers sterling is offered
1924 lCqH at sixty days. and 10Y llC5s al three
days Merchants bills are offered Al los Ios,s There
is very little other than speculative demand for OK.
change al present
The circular the condition Of tie finances Of tee
United states addressed By the Secretary OF State Of the
rebel cSntederacy TO its agents abroad and which
published Yesterday Ia document which, for egron.ery,
Misrepresentation and false argument worthy OF the
from which IL emaostes and, therefore wh,e We
arc willing 70 admit whatever is true OF debt aud
points this amusing piece OF special pleading, the spe
cious cooring OF which viii be liable to mis!ead those
unacquainted with facts unable 10 ceducs from
them correct inierences We viii premise by saying
that Mr Benjamin keeps carefully on, Of view
the bankrupt condition Of .ne rebel treasury the insg
piac (aD0ut Eve dollar, of rs cur.
reocy and the general dstrust o; rebel securities
kinds The poverb that "those Two glass hocses
should not throw stones is longer warning 70 him
rdn nf fha
smashed thai II would be hard to break any new gass.
So having sotning 10 defend ventures upon attack
and thi is hoT he does il.
His ar.t assertion Is that for some months past the
Cnited sta:cs navo been able 10 upheld their sinKay
finances BY the saie Of large Of public socks In
the German markets. and that are reported
have reached total varying from thirty 10 hundred
miious or pounds sterling.
The sbsurdity OF being dependent upon the sale Of
bonds abroad is obvious The whole amount OF eds.
raj securities held Europe probably under one hun.
dred and ATTY millions OF dollars and certainly very III
tie any moro; aud, for ourselves have always
expressed regret that any should have left this country
COR the profit OF the shyocks bought as from
thirty eight 10 ATTY cents the dollar gold and are
how receiving interest The al elk per per
tnnum In specie par. Daring the last two months
hero have been exports OF bonds worth mentioning.
the domand FOR them having almost entirely
they have been for many months past.
Mr. BENJAMIN next states that the annual interest 0.
the public debt the 3oth OF September greater
than the total revenue OF tbs Untcd States the
Both OF June 1860 This may be yet sicnaes nothing
for then untaxed people and enyy or the
world, sud exemption was as great IS our ability
bear taxation h.d Il been necessary
MIR Benamo undertakes The super cuols task or point,
Ing ratio Of OF debt between certain
datau aud ha
increasing at the OF 2i5 $50 per day He did
uoi 6ud couveneu, 70 strike wider average than that
OF the hnyeight days, ending with September. II bs
had be would have found that the average Increase o
cur debt between The lsl OF July, 1861, sld
tue soIa or September, 1884, was G57l.i0s.
Hs remarks thai one bad feature Of our
financial system Is that the new debt constantly
beng created all interest bearing and That ths rate o!
tnieres, varies from SIX per cent in gold AID
three teDtbs psper II has been he worst
tares Of the Cease policy that much debt incurred
without nteres, fern Of legal tender issues and
Mr Benjamin shows himself sorry anAeecr in making
she remark referred Moreover, he is wrong about
rate OF interest There cer1cales OF temporary
deposit, and certificates Of ndebeiness ant compound
interest which bear only per cent and hap.
dred and twenty-five millions OF the ser bear only I've
per cent 10 currency.
He specuales about The probabe Increase or the debt
ect sud the ratio Q; increase 10 tho future dependent
great extent upon the dnaocil policy that may bs
pursued. He reminds the that the p.erea our
debt including that Of tue States xn on the lst
Of Nav exceed that Of Great Britain because con.
sols boar only three per ce0t; aud talks
"uD!iqudated claims which reported by the solicitor
OF treasury 20 amount 70 hundreds OF millions Of
dollars"
He seems 10 hs isolation At Rchmond TO be 10 igno
rance o. the sscr, Of resources and ability 70 pay
tha. interest aud unlguida,ed claims for damages
and the Ike rseparabls from war, constitute imme
date burden. stbsugb they 40 TO swell the expesses
nation Tor the three years succeeding . war 10 40
amount 10 excess a the three yesrs preceding.
NJ. Benjamin Informs ihs agents tba, We laboriDg
urdef "the nOst onefous taxation ever imposed on
people We caUrot seo Il IN that light. Evidently Mr.
Bepia knows nothing q taxation 10 France aud
Austria or eveu Great b. ala The tar laws Of aoy OF
those counies aud ar..st al others 10 Europe would
reiu.e rs statement 40 tells rs mat IL Nj Fesepdens
expcc1ator Q, defivog nAoo per cay froa internal
revenue we're realized wou.d exceed by thirty mil
lons q toi-ts pei the 81 Greet Britain,
as estimated 5y Mr Gladstone ,or tae year ending The
2lst o. bafch lasi end that while the prsh popriatou
tweniy nloe nih.ons ours Is only tsen,y.thrse Be
is, rcfh.rs, not aware that three millions ~ the
former sre u the paaper class, toi that mere mar
another three millions yied noibrg % The revsrae that
our popoai ioD H increasing oy immgracn alone y =
far greater rate than AM oi3er 10 .he word. end iha.
abe value ~ me properly The loyal States 1850 vss
eleven tbonsand million, averaging four hundred sHd
seventy dollars PEI nsd whie between 1875 sui
1895 Il averaged only two hundred fiiy eolai ger
head sl.o tbsl Great Britain 90 lightly faxed that
double her present colc raised without press.
lrg severely upon any class The national debt OF Eng
laoo s three thousand ns hundred, aod ninety .uins
millions dollars. aod costs for iSierss, and manage.
ponl oeariy hspdred and thirty miloos per snnrm
or our dollars ana thirty sIx cents per head the popu
Milou,
Our nossces admit, are 10 bad state, FOR some
sss has biandered - but not the insoveat and