The New York herald., 1864-09-30
FINANCIAL AND COMMERCIAL.
rzvsscAr, sept. as--s P. N.

FINANCIAL AND COMMERCIAL
~-~>>~~>~>~>~~o~~~-S~>~-~---s
rHussoAr, sept. 81 N.
ne stock markss spsnsd 6rn but WITH some irregu.
lArty. A compared with ysstsrday's iasest second
board prtcss, Er advanced 81 tho rst board 70 day
lx, New York csssrs 4, Hsdson River az, Reading 2,
Nichis,n CenaRs IK iaoss Central i,, Fort Wayne Y
Michigan ssohcrn Cleveland Pttsburg and Chicago
and Rock Island we're unchanged. In tho miscellaneous
lie. Ohio and Miss sspp Railroad cersAcstes were with.
out variation Cumberland Coal advanced X, Quicksyer
l. Canton Company dsoiued x. f4 .s
Government securities were 6rm Coupon sizes Of 1881
advanced " one year certificates ~ October and April
Treasury notes K Coupon 1vetwenties declined X
S,ae stocks were steady ana bank shares and railroad
bonds dull NNA#< ~ Eg4AW M'NA
mo general market improved after the board. and
higher quotations wsrs ourreak A. the second hoard
tho Improvement was lost, owing 10 the further
decline OF gold, consequent on tha news of Grant Z
advance upon Richmond. Erie declined Y. Hudson
River ~, Reading ~ Michigan Ceasral2 Clsvelaad and
Pistsburs y. hicAisan Southern 1x Illinois Central Ak
Chicago and Northwestern r. Chicago and Rock Island
and Fort Wayne wsss without varistion: 4S "~tss
'As tho open board and the street. Afterwards the
market underwent considerable weakening. Govern.
mont securities nrm. Coupon ton ortes advanced
Gold opened . . dsoiias from ths sxArems ebe q
yesterday. and the tendency On the whole was
downward. The nrst rsgsursd quotaSisa was go,
from which there decline 10 I9S, followed By an
advance 70 2o2 and subsequent relapse TO Ieek At
noos had recovered TO 2OI al twenty minutes past
two P. NJ ii had dropped to lsS and a nfty minutes
past three stood q 1914. After this the market
steadily weakened the quotation ten mputes past
four being 1858, and at half past ave I91 a I92.
The news from Grants army is likely TO compel the
further recession Of the gold premium sooner than II
would have otherwise occurred and every fresh success
will accelerate the downfall. Produce and merchandise
OF all descriptions will sympathze with gold and the
monopoiss Of Chicago Cincinnati, New York and else
where viii sooner or later have to dsgorge their
present hoardngs, both for want OF bank facilities
and In order to save themselves from the additional
loss consequent on the continuous appreciation OF
sao paper dollar This holding back for rise, SO
extensively practised just by town and
country speouators. practical deception and fraud
upon the people, aud the more actively 1t discounte
nanced by bankers and others who have an influence In
the matter the better. The object Of these western
speculaors to hoard their stocks OF produce till after
the closing up OF navigation when their powsr over tho
markets OF the seaboard cities would likely be increased
and their Efforts to keep up prices during the winter
attended with corresponding success.
Although produce Of all kinds declined in prics lat
serly has not done the extent OF gold or other
commodities, We base calculations on the appre
citation Of the currency IN other words tho standard
OF gold. All the stocks now boarded in Western ware.
houses could be sent New York and sold here At fair
pront but the produce spectators avarcious and
try 10 SEQ fortune In every venture however little they
may be justified morally or otherwise, in the antcipa.
tion The ruin Of such men would bs public benefit
Flour, wheat corn, pork, lard and such like are now
selling for more in gold value the New York market.
than they were when gold was 25o II il estimated that
nour, which yesterday sold ct ten dollars and half per
barre has sdVanced In gold seventy-ssven cents the
gold price now aiowng gold TO be 2O0 being IS 25 per
barrel whereas near the end Of Augus with gold t
tho specie price only 81 49, although the currency
quotation xss sll 90 Pork too which selling yes
tsrday at e so per BARREL see rs gold was quoted
at S barrel the 81 ia Of August, whom the gold
value was only SIG Ao go that here has really an
advance in the gold value this article OF a 35 since
that date Tho same argument OF course applies 10 all
other products and every thing that has market price,
Railway shares have experienced decline which cul.
minated In panic a the close Of last week. but that de-
cline was not equal 70 the depreciation or the currency
The majority o. the railroad stocks sra selling
from TO forty per cent more 10 gold than they
wore i<st July, when gold was ass, although their
market value in paper dollars Is nominaIly
less. Yet she current quotations considered
panic prices and railway shares arc populary believed
TO be much cheaper shan they two three months
We have been for some time past calling attention
10 the fact that decline Of the gold premium, By
haucng the value Of the improves the value Of
railway and all other property, provided that the
rency quotations do fully sympathizs with It, which
they never do With regularity.
The theory, therefore, H. that not only RAILWAY proper
sy, bat property Of all other kinds which does |
not fall in currency value in proportion 10 the |
OF tho advance Of gold, thereby correspondngy
appreciated, and consequently the currency price Of
everything not itself entitled 70 advance In market
value, aud which with the specie premium should
susmIs decline. Spectators aud others who bought
higher currency quotations would Of course bc the
losers by this and view Of the proper adjustment OF
values, this Is equitable. aud even desirable.
We call again upon Mr. Lincoln and Nr. Fssssndon to
precpi.as the fall Of gold BY means which would Keep
permanently below its present price We repeat that
il matters that neither the constitution nor acts OF
Congress authorize the funding Of the currency for the
people would justify the measure on the score OF publ'c
utility and the exigences Of the time would be no
moro unconstitutional than other acs Of the adminstra
ton and would have the advantage OF being approved
by the people. But II Ia perhaps useless TO
hope any better financial policy from the govern
mont at Washington than that which has exposed
us 10 many evils On the meeting Of Con-
gress, however, the duty Of tho Secretary Of the
Treasury both houses will bs 70 nsttuts the fund
ing system with regard 10 legal tender paper and to
pass law prohibiting further issues OF currency When
this done gold will decline to point nearer par thin 10
has reached for year past and with this appreciation
OF the paper dollar viii the increase OF every mans
abundance spectators rSe excepted; AMI Of these
II viii very properly be more less the ruin.
There has been attsriy considerable discussion rela
tive 70 the seven threeenths notes. hundred and
ATTY millions OF which issued under the act OF
August 1851 redeemabe In three years and the nata
ri.y Of which will be reached the LIST Of October.
The intention OF Congress passing that &C, may have
been that these should be receivable in payment Of