The New York herald., 1864-12-08

FavorAole rum0rS respoctng SnotMan euo I0ems.
were circulated late in the afternoon.
The stock market active u the rst board under
an accession speculative feeling consequent upon the
rise IN gold The CLOSING compared With those
at the second board yesterday showed the following
VARIATIONS Erie Railroad advanced lx, New York
Csntrai lA Reading TX, Michigan Central K, Illinois
Central N, Miohigau Southern TX, Chicago and North
western TX, preferred lk Cleveland and Toledo Rock
Island T. Fort Wayne l. Cumberland Coal -, Quicksl
YER e.
Government securities were strong and In active d.
maud a considerable further advance. Coupon
1881 improved ~, coupon dve twenties /, new issue
coupon tenfortes n
Az the second board the market lower, under sales
10 reas-Erie declined x HUDSON River 1. Reading Y,
Michigan Southern a. Illinois Central y, Fort Wayne 4.
Government securities slightly reacted Coupon SKIES OF
1881 deciiued q. coupon nvstweuss y, now issue 2.
coupon ten forsiss H, one year certificates y.
After the call governments rallied, and ~ the open
board half past three railway shares were steady
The report the secretary OF the Treasury s we
expected would be, about the weakest and most
sive document that could possibly have been concocted
the Importance OF the theme contrasts remark
ably with the insighincance OF its treatment this
occaou when the eyes Of the whole people were turned
10 10 the expectation that Mr.. Fessenden would At
length have found policy. But the entire tenor Of the
report shows that he mas no policy and that be has
thrown the burden OF the responsibility which pro
perty belongs to himself on Congress. pretty
much N II the captain OF . ship lssoripg
10 heavy sea aud badly LEAKING resigned the control Of
his crew and passengers. We need hardly say
that the report 10 public disappointment. There is
nothing either definite decided about II, and the
future course Of the Treasury may be anything that
caprice circumstances may dictate. This IL By no
credable 70 Mr.. Fssssndsn, a. Statesman least
Of all . 6nsucisr The experiences OF the past should
have led him to the adoption OF decisive course, snd
his recon mssdatous 10 Congress ought 70 have been
emphatic and decided, He uad au opportunity such
a. seldom In the worlds history falls 10 the lot
or . minister Of finance for personal distinction
and public usefulness. But having neglected that
opportunity and failed 70 prove himself equal the task
he has assumed only regret that the control e
the national this critical period In our history
should bs vested Who proved himself 20 utter
q failure and who still cinss pusanmously 70 the
wreck Of the policy which Mr. chases legacy TO the
country
The Secretary does not appear 10 know his own mind
exactly Judging by the OF his clumsy report II
abounds In contradictions, mbguss and incensistsu
ces and shows hesitation aud confusion a almost every
turn.
Hsuccforw~ w~d whatever hopes may have been enter
tanned Of Mr. Feeseudsns tuess for the important once
over which hs presdss mus, DO dspeled and the peo
pie US, look elsewhere for Secretary Of the Treasury
who can sxtricats the country from that labyrinth Of
financial embarrassmsns into which II has fallen.
Having said this much Of the general features OF the
report ws shall glance hastily ~ the few material points
10 which, with excessive prolixty, 10 refers.
We are able 10 obtain clearer idea Of the amount OF
the natopa debt from the last monthly return, dated
/ October 81, which stated S2,oi1 ,oe9 ,5l6,
| than from this report, and - for ns estimates,
.hsy are necessarily unreliable. The receipts for Gus
toms duties for the nrst quarter Of the current asoai
year. ending september oo we're ooi, or a. the
rate OF seventy millions year; and the receipts
b ave since dwindlsd that even the secresarys es
mate for the current year, Of s7o2720si. from tna
source may prove excessive The total estimated 70
venue for the current year only S4ls. .s2 $50, shch
includes sT5 900 900 In certncates OF
item that ought 10 bave been placed under another head
Mr.. Fesseuden believes that Congress adopts
| measures for Increasing the internal revenue
at an early day ATTY millions . year may b
! added ito three hundred miIliccsl from that
source, leaving . dsacisncy OF only s4s2,s74ies tc
bs provided for during the current But why only
atty miiionsand who knows what the dencssncy 70 os
provided for may bei The estimated debt the ss o
July 1885, pat down a. % 22s cct sTI and on the is
Of July 1ses ~ ~ s s2o ssa Considering the smoua
OF the debt the o October these estimates appeal
hard or realisation.
1 krnuNs a