The New York herald., 1864-12-01

ia ia =. s.Sssr ...'....Ssr sooP. M...........sso
1900 ". 2S0a 4loP. M...-.....22el
100 ?. .......... .2asS sooP. M............s2eA
In the Stock Exchange weak brokers' market,
with very little activity prevailed. The closing
prices at the first board compared as follows with
those at yesterdays second:-Erie declined a,
New Yolk Central "a, Reading "a Rock Island
lZ, Michigan Southern u, Illinois Central a,
Cleveland and Pi.tsburg /. Fort Wayne ss, Quick
silver /. Michigan Central advanced AZ. Mari
posa ~.
Government securities were dull Coupon fve-
twenties dec ined ", one year certificates "A,
seven and three -tenths Treasury notes a. Coupon
tenfordes advanced u. Coupon skies of 1881
were steady.
State stocks were neglected, bank shares
quiet and railroad bonds steady. At the
open board, at one o'clock, the market was
shade firmer, and at the second regular
board it was steady. Erie advanced Il
apon the closing quotations of the morning. The
effect Of the recent issue of $1.000,000 of new
shares of Erie, making 81, 100000 Of the five mil
Lions authorized, has passed Of, and frmer tone
has been impaired to the stock.
The variations in the remainder Of the list were
only fractional and favored sellers.
At the open board, at half-psst three, tho mar
ket was STEADY, Dut very duu.
Money continues easy and in excess Of the de-
mand owing to the dulness on the stock exchange
and the return flow Of currency from the country.
The regular rate is, however, still seven per
cent, with exceptional transactions at six.
The discount line shows no change from
Its prolonged inactivity. The supply Of
first class commercial paper Is small and is taken
at from eight to ten per cent. The conservative
- L.. Al -
mercantile community to do business as much as
possible for cash, has resulted in great falling of
in the quantity of paper trade.
The demand for foreign exchange has been
nominal. as usual on steamer day. The quotations
for sterling remain unchanged, namely, l09H .
x for bankers bills at sixty days, and llOHa At
three days, while merchants bills are offered at
1917 1887. The Australasian took out $3.50 ,26o
in specie.
Conjeotures are numerous and opinions differ
widely with regard to the future policy Of the
Treasury. Many hope and believe that the errors
OF the past will be remedied % far rs possible by
funding large portion OF the currency, stopping
the Issue OF gold bearing securities and substitute
ing therefor loans at q higher rate Of interest.
payable In currency, as well - by revising
the tariff and tax law, 80 - to increase the in
duties are nearly prohibitory, while others are
comparatively light. Tho tax law and the whole
machinery Of collection are, - they now stand,
very defective. The tax on incomes should be on
an ascending scale, and on that portion derived
from real estate an extra tax should be fired.
ranging from one quarter to one half the regu-
lar tax. This would fall upon the class
best able to contribuss largely TO the support Of
the government. A tax ON sales moderately ad-
justed would be found productive without proving
oppressive; but great care must be exercised In
fixing the gradations. The tax on spirits and TO.
acco may be increased with benefit both to the
svenue and the physical and moral health
. large portion Of the people. The tax
a tobacco is now levied on the manu-
@ctnred article, by which . revenue Of
SIS than twelve millions year is raised, whereas
ii Ia suggested that il the tax was laid on the
leaf twenty millions would be raised, the annual
product being valued at ninety millions. tax
Of forty cents per pound manufactured to-
bacco would probably yield revenue of twenty.
Eve millions
There are some, however, who think that
the Secretary Of the Treasury will recon.
mend no measure 70 thorough ms o par
tial funding Of the currency, and a decided
correction OF the other evils OF the Chase
policy; and these look forward TO unlimited
paper money imitation and period of wild specu-
iation ending either In sudden contraction or
collapse. They preach about the uselessness Of
trying to restore health to an incurably sick man,
as il the country was already hofelessy bankrupt
and they secretly chuckle over the prospect or
fresh issues Of irredeemable paper and the reign
OF higher prices. Those who argue thus can
see, il they have any foresight whatever, only
one end to the course they indicate, and that ia
national bankruptcy, and the reputation Of the
currency by the people following upon its rapid
depreciation, after the manner Of the French a..
signats during the revolution; and such persons
a. counteDance course inevitably leading to q
catastrophe 80 disastrous are among the worst
enemies OF their country, however much they
may themselves believe 10 the contrary.
There are, Of course, few wiseacres who think
they know how 10 restore the finances to sound
condition by other means than the legitimate and
orfy true one; but they ell have the fault OF being
more or less of speculative and visionary cha
racter. One gentleman, we remember, laid be-
Tore Mr.. Chase scheme Of restoration which has
since. we are Informed. been submitted TO
the consideration OF Mr.. Fessenden. That |
provided for the increase Of the Treasury
issues OF paper money TO the amount OF thou. |
sand millions. This startling proposition was sus.
tained by the assurance that the Treasury would |
only require to redecm in gold twenty millions OF
this amount at par every ninety davs, or four
times year, in order TO keep The speo;a
premium within moderate bounds--.say fortv or
fny per cent b. dividing the currency
into 6fty classes, Of twenty millions each.
end making II matter Of uncertainty
which class would be next called in for redemn.