The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-07-20
FINANCIAL AND COMMERCIAL

TUESDAY, July l9-t r. -.
wsn street, as ms.e- Of course continues TO spoon
Tate upon the probable policy Of Mr. Fessenden; but
nothing new Of suthsntc character relation 70 II,
has transpred. rumor is af at however the effect
that he preparing his advertisement for popular
ioan, which viii prahaby be the firm OF Subscriptions
10 and three tent0s nonss tender, interest in
sency bearing Treasury This interest these will be
payable semi annually, and Il they are made, as they
iisely viii be phc Secretary having the necessary au-
shorty in the ma TERI, convertible into six
ger cent interest in god bearing binds at The option OF
the holder, the demand tor them may for while be
quite active. But as direct Consequences will be
rapid dmnution Of pack deposits, this demand win
be liable 10 sudden caerlfrom the defensive action az
the banks themselves re.lizirg the government
curilies they areaty had bringing down their price
and underselIng the Treasury This objection would not
OF course apply 10 ioan the price Of which not
liked. The the Secretary may issue the
notes referred Is limited to two hundred millions
under the new act.
By the act OF March ? 1868, he authorized to
hundred and hf'y millions OF years five per cent
notes, with COUPONS a % substitute for such OF these
as might be snbsequea,iy withdrawn and destroyed an
equivalent coapoand interest six per cent
notes and by the essnry July IL 1t ap.
pears that 500 4ps she former cancelled, and
only fifteen millions ~ me latter substituted, It Follows
That $40 496 issued at the discretion OF
the Secretary. tie oninon u that these may
be offered at premium ~ coalnnction win the seven
aud three tenths gold bearing bonds
both at par.
There fer0 with some anxiety the future
course q the Secretary the eject Of policy
sbus far has ,,aer j, q. ~ ne he, .,,c .,a os;s,
community IN tina, s'ate which distrust
and inlpars the credit II is therefore some
what surprising sdcrag the failure his pe-
gotations with the and his rejection OF their pro-
posed loan that a. fhe meeting OF the committee on
' W - ~ ""e " wy oo'"o o'
Monday 70 receive he reaort OF the subcommittee ap
pointed 70 hear his with regard the PROPOSE
r,on ,rada "a h,, 49, ,.uo,;r o,,-.o,, ros.,,,,or,
y '''i 80 ""'He 0u''' 'es0i"'ioNs
should have been adoref The last two of these are
suggestive OF tesiiu0nal favor O retiring conilden
t,al cer, ana ,h .,. ,.t,, =, ,,,c.,-ar e,r ;ro,,
-. - anu -" sV " ns''AeN ~ hons'
an view o. the anteeede1ts o. ne CASTE
At meeting OF tau. ae ers held a, the American Fx
change Bank, on Ssfurasy, me 18th inst =
Resolved That ~ hrils OF New Yor,, Boston and
PHILADELPHIA BE- recon qei "a 10 take r. m The Secretary
of the Treasury hy mou ~ tLres years seventhir,y
Treasury notes. with interest payable semiannualy in
yertihle ~ ma,.iy anu rne NOES con
or that the 1--WE tst,y honas be taken directly pro
vaed atsiactnry srrnGEemeRts can be made with the
the resou,, 1ne oy ,ne oanSs
viz-Messrs. j. n. Sernye James Punnett George s.
zoe, ), =. JONES' ann Hegfy
1sh ;nS,an, ,ba so,i po ann ea ~ Munua, sne
adopted VIZ
ane associated loving lor tne present aied 10
posaJ the nae of the,r and bssinao for
the distribution lons desire place upon
feG pasa, Tue 'o r o.. resoin''3ns VIZ
effort from desire a. nrvent she frihsr ssna Of noer
money whereby the actual capta of all institutions and
,naS,auas n tne country : oens continually inpaned
crnment That in so doing thev have onered
60 recommend either advance OF fifty millions
81 IT. uolats, W pe reea'a rom procceus Or saies OF
government or by both and 10 contne these
from time 70 time as m CHI be practicable, or 10 pur
u ~ ~ , a'ouh' VI ener VI tue securities
Resolved That IN all these efforts at negotiation the
Secretary Of the Treasury has manifested far apprec
nd n ne ue h o rs h % ss onnss ooua
himself Of their aid bit has been restrained from doing
so simply by conscientious regard for the law, which
en for money loaned nv Them =, ,h
Received That in our intercourse with Mr. Fessenden
We have been deeply impressed with his high moral in.
TIA p2esIsent IN seect,n ar secra,arv ,ba
crisis so important, statesman possessing IN an
eminent degree tho commence OF the people,
II has been suggested that as Mr. Fessenden proved
himself sucha very strict constructonst OF law, plan
might have been adopted which would have obviaed his
objections to accepting loan on the terms proposed by
she banks Thus, the associated banks had agreed to
honor his draft TO the aggregate amount Of, say
fifty millions, in such sums as he might have
found necessary In actual payment OF public creditors
The drafts being drawn in the form OF due bills, aud
bearing interest from the date OF their payment each
OF these bills paid oy the banks would have been eqni
vaens TO loan to the government tothe amount Of its
face The probability however is that IL this PROPOSE
sioo nad been MADE Mr.. fessenden would nave imme-
dasey rejected LOT the want OF precedent 70 sustain
sne action.
Inc fresoents prociama'on can'ns Tor the enormous
increase 70 the national FORCES OF nall mlion OF men had
little or no eecs upon prices 10 the STOCK and produce
markets. and the advance caused 10 gold partook more
OF the character OF an ordinary tnan an extraordinary
huctuai'on' Atoougn the can win ioevhaoy result IN
adding more 70 the annual government expenditure
than the entire amount OF the present revenue Of
tne SUCH Is the feeling OF uncstanty with re.
gard 10 the course OF the money market and the elect OF
the pohcy OF the treasury tnat SPECTATORS are Doth