The New York herald., 1864-10-28

strong feeling Of dissatisfaction still exists among
large portion OF the subscribers TO the gold
with the essees The former desire that business should
be conducted at the stock board with regulations
the exclusion OF de'uusrs and that the two hundred
dollars subscription should be contributed to a
fund for the OF the association and they claim that
such the understanding when they paid their mdy
The lessees the other hand. who afe said have
Csived forty thousand dollars in subscriptions regard the
from proprietary point OF view, merely Offering
transfer the lease of the room 10 the members for
year, and Of these have voted favor OF this
rangement appears TO be "a pretty pickle as il
stands.n
Mr. Fessenden has settled the question the non
ceivablity Of the old and three tenths in gold
Treasury notes for customs duties In accordance with
the act Of February, 1862, which says, "And be Il
further eaacted that all duties imported goods shall
be paid In cash In notes payable demand heretofore
authorized 70 issued and BY law receivable Ia pay
msnt OF public dues"
There the 30th OF September notes OF this
dissemination outstanding the amount Of S25 4lc 400
Tbs remaining portion Of the original issue OF
$l5O, ,o0o, 600 having been converted into six per
cent bonds or redeemed In currency. These
are convertible or redeemabie at any time, but
part Of tho whole reached their maturity lsh
M August and the remainder the LIST OF October they
have ceised 10 bear gold interest," but entitled 10
ak per cent interest IN till after the
OF three months notice OF its discontinuancs The fact
that the Treasury notes in question issued uLdsr
the same act, namely that Of July IT, 1901 the sixty
millions o. "god demand notes." bearing no in
tsrest. which have been received duties
has drawn some strong expressions OF opinion
fsm the holders Of the former aud the
Of the Law Of February 1862. has been seriously ques
toned All OF the seventhirtcs excepting about thir.
teen millions bought at par and paid for in specie
and the intention Of Congress- when IL authorized their
ssue may have been that they should be redeemed p
at the expiration OF the three years for which they
hut the act Of 1902 clearly showed this
Intention longer exsted-for meanwhile the
legal tender aet had changed the aspect OF
The case; and, Is there mention
Ip tbs act Of 1851 V the eject that they would be
deemed in gold, there nothing binding upon the
eovernmsn, TO that effect The "oid demand
made on their Ease receivable for ell public dues" which
the with the Others and hence, point
OF constitutional law would have to be decided In favor
Of the and Mr. FesseDden has acted in strict
conformity with the law Of Congress- in his decision con-
tanned in the following letter on the subject
sn-I receipt Of your letter Of september n. in
which you suggest behalf Of yourself clients that
the question whether the notes Of the issue OF 1861,
The thirt receivable for duties be
referred for decision either 10 Judge Belts Of the United
Stees District Court or 10 the Attorney General In the
discharge OF my Official duties have already found n
osssary 70 examine and consider fully the subject here
presented and have formed and repeatedly expressed The
opinion that these receivable The ques.
ton being there decided far Its decision
with this must decline giving to
the proposed reference Respectfully.
W. p FESsENDES, Secretary OF the Treasury.
wo have referred 70 this matter again because rumors
arc st put afoat 10 the eect that the will yet be
made receivable u pay ment Of customs duties.
These who about TO invest in petroleum stocks will
be Interested i'd learning that the present copcton ard
future prospects o, many o. the companies not
OF character 10 lead TO the conclusion that the large
monthly dividends Of from one 70 ten per cent which
como Of them paying, viii bs permanently
continued The last report from OIL City, Pa, shows
estimated reduction In the yield Of the wells Of thirty
thousand barrels in the month or October compared
with that Of July last while the price at the wels has
declined from SIS per barrel in the latter month 70 - so
aeT a the present time This decrease OF sixty per
cent In the market value Of the product involves
lar reduction in the pro1s Of the companies, ,hs ex
ponses having undergone DO change.
The extent 10 which produce m held at the West 10 ap.
parent from tho recent returns Of the receipts and
ports from Chicago and the deliveries Of grain and -four
81 udewassr By the Erie Canal From the opening u
navigation the atter up to the l4,h Of October the
receipts 10 lse2 and 1864 were follows:-