The New York herald., 1864-12-05

the issue Of loans bearing ineres, in currency only in
future.
The gold market has shown considerable s,eadiness
during the week, the tendency al the opening beng
slightly upward and at the close somewha dropping
The following were the extreme quotations.
Highest Lo,cesi
Monday ACKNOWLEDGEMENTS 2S3s. 216L
TUESDAY y.,...........t.......... 236 232
wednesday. ........s..-........t282 22ts
1nufsday y................. 229ss -25a
SI,uay -.'..''....'' '.'......s 90 Zoo1s
saturday observation-disclosures. 23OL 22Sia
On and after to the eyes OF the financial and
commercial world will be turned to Washington and the
report Of the Secretary OF the Treasury Congress will
be read with probably greater interest than ever before
attached TO H. Much expected and much is required
OF him, and opportunity for distinction presents
itself such as perhaps before fell to the
los OF a minister Of finance in any country. II will
be well for MIR. Fessepdens public reputation, there,
fore, his report should show that he has weieh he'd
well the fiscal condition Of tie United States and sug.
eested the proper measures FOR relieving embarrass
ments He has had the advantage the experience OF
the working OF Mr. Chases system, and neglect its
warnings would be 90 prove himself lanentably for
the position he has assumed and pave the way to un
limited disaster In the future.
We reluctantly admit that Mr. Fessendens conduct of the
affairs OF his Department thus far Inspired us with
perfect confidence in his ability to cope with the difficulties
Of position which both forciga and rksomo to him
gress 70 supply whatever deficiency may be apparent in
the Secretarys recommendations; for this is critical
time 10 our history when the financial desnies Of the
country should not be allowed TO remain dependen upon
the views OF one but enlist the careful study Of
every member OF both Houses OF Congress- and
indirectly Of every citizen who is able to
contribute valuable suggestion. The currency, the
System OF loans Clearing interest In "awful money!
only, the tariff, and the internal revenue law and the
method Of collecting Arcs will each nd all
the earliest and most careful our ega
tors, and grave responsibility devoves upon them In
The matter bold policy is called for, hall
measures to serve merely temporary purpose,
will suffice. The evil OF paper money imitation must be
stopped. and more thorough system OF taxation must
be enforced, IL to tide dark financial
gulf on which the ship Of State is now rocking We
hsve previous occasions advised OF forty cents
per pound on leaf tobacco Of three dollars per gallon
on spirits, OF one TO two dollars per barrel petro.
teum at the wells, and an ascending scale Of
taxation on incomes. As the law present stands
there provision for OF ten per cent
on tho excess Of incomes ten thousand year. the
special tax OF Ave per cent excepted. Incomes
Ing six hundred and not exceeding ve thousand dollars
are rated at i've per cont exclusive Of the special tax
and exceeding that and not exceeding ten Thousand
dollars seven and a half per cent. We would
suggest instead OF this exemption OF Incomes
under eight hundred dollars, and any
ceeding five thousand dollars per cent and
twenty Thousand fifteen per cent; over twenty
thousand and not forty thousand twenty per cent
over forty thousand twenty per These hgures
may appear onerous bur IT useless to shut eyes
che fact that shall submit heavy burdens
and there better able their full OF
shem than the rich or The land who, under q scale
OF taxation like this would be mucied largely bat
theess fairly n proportion to their The special
TAX OF one quarter TO half additional incomes de-
rived from real estate, would be highly productive, and
be suro 10 fall on those well able to pay.
The money is easy and sluggish, the supply OF
Iosnabe funds being largely 10 excess of the demand
The maturing q the December coupons Of the two years
Ave per cent notes, upwards OF sixty one millions OF
which Outstanding the 3st OF October, released
that amount from the hands OF hoarders with the ad
dtion OF the half years interest, and 30 Increased
The volume OF paper in active circulation. The
Gay on which the coupons became payable
made the occasion OF . private sale BY the
Treasury OF twenty-five millions OF i've twenty
bonds, proceeding highly 70. be deprecated and Illus
tratve OF the irregular and huckstering way Of doing
business into which the department has fallen. This
ISSUE s said will be the last OF the gold bearing bonds
and we hope the statement may prove true, for the
receipts from duties at this port s.nce the
new tariff cime into operation on the LIST Of July
have been nearly eight millions less than during
she corresponding period Of 1853; and u fair
10 presume that q proportionase decline has been
felt a the other ports. With q gold bearing
debt Of about thousand millions already In existence,
Involving annual disbursement for interest OF sixty
millions and the prospect Of this amour. being largely
augmented by conversions Of the thirty and
sales OF the bonds the Market the government
y no, justified adding 10 its responsibilities 10 this
important particular. Moreover twenty millions three
buudred and seventy five thousand I've hundred and
pneiy dollars Of the principal s payable 10 gold
bssween this time and the ls Of July 1sos which n
sdditona item 10 be provided for. Mr. Chase and Con.
Srsss made an egrsglos blundsr when they fixed the
slime for The redcmpto u the securities OF the govern
msnt. and, cousee renee, the last reports of the
Tresury showed that uot less than $685. Of tho
interests in currency bearing debt VIII mature within
three years.
The past financial policy OF the government, has cen
such a tangled skein OF mismsnagement, the result
OF ignorance and reckIessDcss, that II will need
worry sklful hands TO undo the mischief and
guard against q repetition OF past errors The sus.
pension OF the monthly statement Of the pat,ons deb,
hbovs eeblsness and vscIaop on the part Of the
OF the Treasury and calculated TO produce dstrust
moro burlfu TO the public credit than the publ caioo O
~ unfsvorsbe exhibit This matter should receive tn,
attention Congress- and periodical statement Of the
condition Of the nusnces should be authorized.
Gail loans have been made freely during the week at
per cent, with limited demand, and 1rst class com
mercisi paper hssratsd at ~ IL per cent.
The forosn exchange market has been quiet, but 1rm
NiosSsH Tor banker's sterling at sixty days, and
fiok y a. three days. Merchantss bills have been
quoted at Io7k s1osk.
The sbipmsos Of specie q $50 400 for the week
These are 81 present. stimulated BY the falling on In our
1rport trade again. the value Of those for the week end
ing November 10. having been cfcsy returned ri only
s,sso,sos Rsmiltsnoss Of intsre, on bonds owned