The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-08-28
FNA&S4AL AND CONNER ciAL.


Consequences so bad has been the financial policy OF
this administration that had not been iheinnate
energy people ana fhe exbaustiess and elastic
Of The ilsef have been by
shis time in pnisbie plight indeed. Yet there are
syeohanis and gnerant persons who will not hesitate
say that nothing better could have been done and who
50 en- preaching according 10 their pr jicces
and delusious II facts confirmed nstead OF contra
tced lheir ents The government been squan
derng the wealth OF the land in that no other
nation in tae world could have whslood since il as
sun,ed the reins Of power and every day adding 70
the evils II has created. By the enormous depreciation
OF the TO which the policy Of Mr Chase the
government Is compelled to sell Its securities fol less
than forty cents the dollar. and the interest OF
most OF these payable in gold at the rate of i've and
six per cent and OF them ut leas-he ten forty
ioan-redeemable, by the wording Of the act Of Con
gresr, In gold. Six per cent in gold on the full
amount OF securities sold at less than forty cents on
the dollar redeemable for seventeen years,
as The OF The ot 1881, is species Of Dor
rowing unexamped IN HISTORY for its high OF inte-
and t not surprising therefore, that the
close 6sted shrewd money loving Germans should desire
TO grab them while they they and others will
probably the OF time all they get and
d'siaterested Should congratulate them but
with the iatere ts OF the Intry heart only
look on with regret 1t is all very well for
foreigners abroad to invest In these bonds but for
tho Uued states government which has ultimately to
redeem them, is sad feature No nation, than
any individual the world could afford long continue
borrowing such runous scale, and repeat what
have said before that the government ought limit
the issue OF gold bearing future much az pos
sble unless In OF securities already
pledged for that purpose II is talk this gov
eminent about funding the ourrency-a plan for
hfrh fndlc M rnsc htv
DO advised to rely upon the
reucy loans, and stimulate them to their
full extent instead OF depending upon the teuforty and
similar gold bearing bonds. We bear In mind that the
currency loan notes now before the people convert
bic into per cent gold bearing bonds ct their
rty In three years hence but what may within
that timer Life short ard there is limit TO every
thing Six per cent At the present price OF god gives
fifteen per cent in currency purchasers Of the
fve-twenty or 1881 bonds and bonus Of dfy.nve to
sixty the dollar additional to buyers abroad.
The great object the government ought to have n
Is the reduction Of the premium on gold, BY which
everything else TO be bought with money would
be lowered In value. Unless the government
had been certain OF maintaining gold price within
reasonable distance OF ought not TO have ventured
upon su SIX cent interest In coin bonds but have
confined itself to currency interest would also have
been better had made customs duties paw able In
reucy equivalent in amount 10 certain sum In specie
market This would have diminished the actual
demand for gold and have exerted powerful influence
in keeping down It's price. II the coupons next ma,ur-
ing the government gold bearing bonds had then
been made receivable for amount 10 specie
Equivalent 70 their face value the good effect
would have been all the creator But, il Is
tho best for the to pursue to check
s issues paper money and gold bearing bonds far
as practicable. and rely IS much on currency loans
fundabs godonds hereafter possible. The sub.
scripi,ns the latter would DO greatly Increased
the announcement that further additions would DO
made the currency and thess, with the receipts for
would be likely to prove sufficient to meet
tn wants q the a. would In
the gold bearing bond policy.
The stock market Ia still unsettled and without
srs-gth. The peace agitation is likely to he revived
although there substantial for tho
decline Of railway shares fears with regard to tho
tractian, the prospect realization OF peace will
In all probability deter speculatons for rise. From
present appearances lower prices may DO anticipated
and untIhc result OF the Chicago Convention u known
irreguisriy will tho salient feature OF the stock
MARKET
The week has becn the whole an exciting one. The
peace romors aratea the financial well ~ the
popular mind generally and excred material iufucsce
Railway and m'sce laneous shares declined and gold
advanced under them Governments advanced during
the early art OF week. and steady At its close
On Saturday gold, which opened at 256S on Monday
last ard subsequently, sold at fraction more than one
per higher closed at 24S alter selling at 2A6. This
fall bad beea propbesyag for the last fortnight, just
as We had previously predicted the which took
place In government securities.
Foreign exchange has been very dull. Bankers have
asked los - x for sserng or 277 in currency; mer
chsnts 27a Frsrcs have ranged from STA 70 SIC Al
short sight on Paris
The money ns,ket has worked easy seven 20
the stock Excba ge bot the volume Of comm paper
having increased considerably during the week, closer
scrutuy has observed and have tended higher
AZ the eight per cent paid for b-st
class signatures
Railway and miscellaneous shares having submitted TO
considerable decline slight reaction must soon take
place unless fall gold should be heavy IL which
case Quotau viii s,mpabize with u, but the ma ke
IL ngey continue irregular TIL political anas have 90
s1Iued a more definite shape.
The stock market fiat to-day, prices ruling con
sideraby lower Than at tie close last evening" Com
pared with TIE midday sales yesterday New York Cen
tra declines at the 6rst board per cent, Erie Railway
IL Hudson Rver %, Reading IL Milwaukee and
Prairie da =, Michigan Central Michigan south
ern IL. Illacs Central 1 Cleveland and I'itsburg y,
Cleveland sad rolled, "a h'caso and Rock Island u,
Pittsbnrg wsyrc y Chicago and Northeastern
l. Cumberland Ca4l =, Quicksilver Mining u, hariposa
IL Delaware aud Hudson Canal and OHIO and Nisss
sippi certificates y
There was 20 second session OF The Stock Exchanga
Governments Dot active Ina follow ing were tho
quotations: registered sizes ~ ssl. 1924 lo9k;
coupons do 1oa 1907, registered nve.twep,ies, ITO
alllx coupons do liz ll2< seven aud tbree-teLths
Treasury notes, lllH q li2 ono year certificates,
Pa 95
The sod market was considerably excited to day. The
p-icc al tie opening 2b3, and gradually dropped 10
25o. II tnon rallied ite and so,d Al 25oS z5l 4.
10 the afternoon report circulated ID" the rebels
had me, With disastrous defeat o. the Weldon Railroad
and /, went do&n Nth rush to 2i5b but the excite
ment subsequently wore OF, and u went w asain 70