The New York herald., 1864-07-14
FINANCIAL AND COMMERCIAL

TIE policy and future OF secretary Fessendsn Is
NOT yet cl-@riy develcped; but is rumored n Wall
street that be has mined stop working OF the
legal tender printing machines, and that, with the aid
OF tbe banks 10 supply bis immediate necessities, ne
ein dcpend hepce'orth entirely upon the gov
eminent revenues and currency interest loans 10
meet exIeuses BE be fully impressed
with the hce that by reducing the circulation 10 the
minimum authorized by the late law Of Congress,
price god car be oush, down, all the nsces'
sares OF g, o Witch the government Is large por'
chaser, will approximate the standard d values vnicn
ru ed previous 20 The commencement OF the war ana
tend 10 great break up the spirit OF specula
tiou In farm productions which 10 adding to the evils
under which now iaboring.'
We hors rerorts In regard 70 Mr. Fessenden's In
ssptcns may prove correct, the policy thus fore
can save the credit o. the nation there are other i'm
potsnt measures. however which will be necessary
for him 70 adopt He must hsrmonze the two ansago.
p,stc banking systems and place them In such posi-
tioo that they can be made al ELI times government
convenience when ,be OF the country demand
speedy re,ie ana he course that will tcnd
GO sustain commerce Of tle country ~
upon tnst branch prise ana industry VIII depend
the lusure prosperity OF TIE ration
Uy adopting q sound snd yet al the same time mode
rsis and policy, the price Of gold can be
srougai huodred and ffiy per cent before the
coee he war; end every article Of merchandise would
fsll value In proportion to the reduction Of the
premium coin and would be rendered ac
sessibe 10 the aborng well as TO the opulcnt
.1d wealthy contractor and specuiatof II Mr.. Fes
sender vii, take the teachings Of histsry
fsrnsrize himself with the pursued by other
nations when their Enauces had become weakened by
rctiac,ed wars, he may learn how ~ avoid the difficult
LES which ,h.m encountered and pront BY their
experience like his predecessor be concludes TO
gus, every hog ~ ch snce, he will. like him. break
down, aad ihe government hnancss will 90 70 ruin.
tngand long aaa costly with the Ar st
Esvoeoa bal sne never permitted credit be
rjsaea CT her paper 70 deprec,ats tor any great
ieas Of ,ime than twenty I've per cent. and ye
she ds possess dursS the struggle between 1877 and
1s2. more testh tho present wealth Of tho
Cnited starr, aud barely hall the population. Had
competen, man been placed At the head Of the
Trossury Department, in Washington when Mr. Lincoln
suratsd, the financial dtinn this country
would probaviy be as least sound that Of
Great brsD duriDg the time OF her war with France
bat ubfo nnatey Tor sbs nation, soch person not
sccod AID currency and credit have been steadily
following the which ended in tho nhlaiion OF
tas fuscces cf the rebel coalederacy.
The Bank Cemmittee Of ton which was formed yestor
day tc consideration the best Of meeting,
ss possible me nts Of Treasury without
ranging the money market darns the pre- s;ringency,
ans to day t tie Aeic Exehapse Bank, and adournel
ssaout aciion Tor the ressoa that Hr fessendea was
unpreparsd make the State banks the depcsoris OF
public money neorc urther investigation Of the lave
bsaring upon sse suajac That ths Secretary o. the
Treasury has power 10 make solvent specie
paying bGaks such eeposi!o..es IS evident from
the act Of Congress Of Augu-, 8. 1861, entitled
1An supplementary te act sut tied sct 70
tnorize national Ioaa, ana ior other purposes" In
chapter 40, section 6. Gai the authority in these
yvcrds.And ,tturiaer enacted, thai the provisions
OF The ct eattes an got 10 ove or the better organ
aoa the Treasury aad for the cellsc,on, safe keep
iag aod and cisburseaents of toe public
nve passed August iSss BE- and the samo hereby
pended 10 allow taa Secretary o the Trca
Huy deposit any OF moneys obtained any Of tho
loans now su.boriz-d by ia~, 70 the credit Of the
ere o. the United States, IN such solvent
specie paying bauks he may select, and the
saia moneys deposited may be Withdrawn from
sucn deposit aeposi, with the regular authorized
aeqosioes ior tue par snt Of pubic dues. or paid
in the REDEEM tion tse authorized TO DO issued
under this 1c, winch this is supplementary
payable on demand, may expeieut TO or be
directed by toe Secretary o; III, Treasury
Whether the language OF this be distorted
be made Applicable 10 merely legal tender paying
banks Is u question Tor Mr.. Fessenden aud his
advisers TO decide. But the banks al
presert decided that tie Secretary shall make
Inem repositories OF the pabiic funds II they
make him oaa, hs viii b compelled eHher 10
roustsue the Law 5efiy break on negotiations
doubtful, however, n from the banks under such
Restrictions they propose viii be OF essential ~
the treasury; tor Is contemplated by them that
sta. draw any money unless payment Of ordinary
6Jbs ogsnes. comruai,y, leaving him 10 raise
the aoncy for ray OF troops and current
expenses Tn condition Of things Is
unay oaabe just toe part Of the banks. as they
have no money 10 end for immediate and direct pay
meut TO <he Treasury.
purchase tnay Treasury the extent Of
l,iy ml1us, the 10 be paid tor 10 tho form OF
lressury draft. respective Of ind
vlduai creditors Of the government.
The stock naarse, continued day, and the
causes tna, operated yeeerdsy bring down pYcess
r,sat money marke, disposition TO sell foe cash
produced a still further decline Compared with the
h.ssst o.sb ssea q board on Tuesday, Eric
Railway weat down y per eeat, Reading 8, Michigan
Central @ chigan southern, Az Cleveland and Toledo
4, Chicago and Rock lsisCd ~, chicago and North.
western IL Cum Coal s. and Mariposa Illinois
Central cieveisni pitsburs, Pittsburg Cpd Fort
wayas and Uhio ara Mississippi certHcatel bold tho
same Bsdsoa RIVER Railroad, which has boon much
depressed during the few days. suddsny jumped up
6k per cent.
The hshcst cash prices OF railroad and miscellaneous
shares Al tbe Board Of Brokers today
compare th quotations OF Wednesday Of last week
Jmye. 'Juiy 1s.
american s0id ...... .......... ...... = 272
Alton and iefre hauts Railroad. 30
Cleveland and Fiti.DufK ilZA lUf