The New York herald., 1864-10-03
fMANEIAL AND MERcIAt.

Of currency prices for produce general merchandise and
nearly every description Sproperty, in sympathy with
the continued fall of the ~ premium Toe lowering Of
quotations for produce w@, however. not nearly a.
strongly marked for imported goods. owng 10 the ef
forts OF specustors and the Western ciies
tain them by boarding in Chicago Cincinnati,
ana elsew here with view 10 keeping the Eastern mar
kets under short supply till alter close of naviga
tiou, and by Purchasing in New York whenever the
forced sales are IN excess OF the demand from buyers
they have been successful and pork cold at the
coss OF last week for nearly dollars forty
In gold more than 1t did In the latter part August
But will be impossible with foreign market against
ehem for these combinations carry their point much
longer In defiance OF the downward tendency OF
gold The receipts Of the leading articles Of
produce a. this port during tho pressus year
have fallen far short Of those the corresponding period
OF the two previous years. this attributable TO
speculation for the stocks the West
a. they stall are, greatly In excess OF the usual quaint
ties and the result OF long accumulation SO large
they that very considerable portion must
hausted BY the time navigation opens next year,
and then the chances that those who have boarded
through the winter will suffer . loss heavier than
their previous profit. II is probable that some
or the produce dealers buoyed up by the
hope that the gold premium will rise again before
they are compelled to sell, but 1t s to be hoped 1t
may prove foriosn illustration OF our Argument
and 70 show the fictitious values create for
their own profit and the expense OF the people We
quote the following from q Chicago paper or Thursday
Last
further advance ir gold today created strong de
are amoug grain specuitors .go IN" and their
Characteristic pcrtnaciiy they went in and caused
upward movement prices for all kinds gram. To
SNOW The reckless manner ia which the InIug
on we may ST te as Simple fact that wheat adv need
10 New YORK &C. SC basbe. and here 1t Up
tualy mad 81 49, although The usrSe, closed
quiet at 81 or 81 6s ridiculous pursne such
ialrs and putsa Complete embargo on shipments
seaboard, increasing the tigh tho moaey market
aud dsarranging business generally.
This produce speculation is becoming nuisance and
an outrage which leaders aud Others who sustain il
ought to practically frowD dswn.
on the meeting Of Congress measures should be
sdered for the consolidation uf number these stocks
as well as the funding Of large portion q currency
We have called upon Mr. Iircou aud SIR. Fesse0den 10
take the nitiatory in the latter respect but there
Is little likelihood Of the administration adopting
any suoh desirable il view OF the
coming President tal election.
The hrst OF October has passed but we have heard
nothing YET OF the monthly statement or the national
debt Surely the government does not inteud 10
persist in the impcitc OF discontnune
these statements. Their suppression is likely 10 be sr
more injurious than their publication both 10 the pres
ent administration and the public credit Secrecy Is
only the defence OF the weak the people have right
to be kept informed Of the finances country. The
Bank OF England is required TO publish statemen, Of m
anars weekly aud when during It's long suspension Of
specie payments, from 1927 TO 1921, William Pitt
attempted TO interfere with this publication the
English people were jealous their rights in tits
important matter tina. be, noHiths;ardng his great
popularity, compelled 10 abapdcn the endceyor |
Moreover the policy the Treasury Department has not
been thus far mastery free from suspicion Us to
tift !, above doubt. make the people trust i. wih
bipd confidence in its ability and integrity Indeed |
seeing that the THIS has been the case all
snrough the war, there is the stronger
Ing upon prompt and frequent periodical statement OF
the condition OF the Treasury withhold which is an
arbitrary proceeding calling FOR public condemnation
Tho financial sensation Of to will be the new
loan which Mr. Fessenden has suddenly placed on the
market Sealed offers viii be received at the Treasury
Tor United States fyetwenty bonds under Four Hun.
dred Million act Of June 30 1864 10 he amount OF forty
millions, at SIX per cent interest in gold per annu
Interest payable scmsnnuay and The principal payable
after Owe or ct the end tf twenty years. ]
TDe VIII produce some striugency in the money ,
market, and make dscouutcrs stili more cauiio>
than they nave been for the !ew weeks. Is win
also operate against saecuat.ons for on the
Stock FsCha,se for money hss been cas,y o, cal |
oans OF lsi, oay consea1e1cs 0. tho lD,ted demand
y EW eSor' some inureps in breaking down CONNER.
Gal specsiatoD and Il comes at rather awkward mo
mon: u 'sW o. tbe OF re money msrErt and the
ceosut absorption .: ibs ssl loan scacd 10 tie !
esven-thriy 200 tes.ror,y. !, gives Us once again
toe Pr''T' OF subscribing 10 three ao-ernment |
loSus sw .tanecusy. We question the policy bnt tho
lso> ..annos be ignored, ard Wal street viii have TO
p.ake the best Of it, Tha asked FOR ia not how
too large to he conveniently managed by the desles
IN government socurnies
We have before rcserTed TO The CONFUSION crcscd in
the public micd by the number government srcuri
tcs on the market each siering al the others
both in ard other d.sDctye le ,IreP Ta nalti-
picy Of bonds notes and other evidences o. Pub |
anaebtst9ess ia vctss sad racre bcwilderns 10 nend
.ug investors than hr fesseadcn'a policy Of ruuoi1g
tsros ans simultaneously, winch the case whue
the balance Of the s;xcs Of 1881 were beng
eubscr,psd eor, aud will be saain The Gaze to.mor.
row. The confusion IL increased by The techaicAuts
or wall srac, which 50 fa- as literal sense y concerned
ta 10 convey iu cases. the rcrotest dca of the
implied gecurites What would farmer from Nogmont
Tor instance anxous 7esi his grccneacss-~hch By
the by Is ise technically iopuarzed-p sone other
form Of government security. 'hitk II be was recon
inented to buy "tadpccs'" lie would naturally thEk
tha, he bad enough of them al homo, and that some
orc wac prosutuoy urou lis extreme vcrdancy ua hs
mistake was corrected ana informed ths "'sd
poes were certain ssre bearing Treasury
notes
me abbreviat'ous common Wall STREET and more O
ps characteristic or al aud pro;es ous by co
means tend to1srds simplifying the nc1'ercns dis'nc
tous exist. The number o. tbesc securities on the
market exclusive demand notes ccTtfeaies q eGpo
rsry derosi,s four dGereut q Treasury notes sn
der as many acts three d lnitco states
potes bonds o. Apr 10 1892 and fractional currency s
nineteen, OF which the following tbo oicial oeteiP.
t,p and the interest on hrieon Of whrh payable ~
gOd on the re.aaalHs ak v currency -