The New York herald., 1864-12-24
FINANCIAL AND coMMER RcIAL.


FupAv, Dec eS-o ?. n.
fhs marke, opened weak this morpns under the
uDssisd fssnx prodacsd b. tbs dssass Of yesterday
and the active csHsx 10 of loans BY tbs national banks
and Others. .vasssa means wers AbsHesd In earrying
large amoasls Vs~ssnsrens securities on specuntfve
scooaei particularly tsofortiss the subscriptions 70
vhssA, throughout country, during the week. have
sggrsGalsd absa, tsso,y.nss milioas rm
The board me disposition % cell was strong,
and prices we're throughout the list The closing
sssss - compared Wan those OF yestsrdsys second
board. .n0~sd decline 10 Erie Of u. Hudson River *,
Hines Central g. Cleveland aud Ptisoarg az, Michigan
soosher u Chicago aud Northwestern X, Cieveiand and
Ioisdsf chicago and ROCK Island AZ, Fort Wayne =.
Cumberland Coal " Quicksilver Ohio and Mississippi
certacssss and New York cearai were steady
Cove, omeot securities depressed. Coupon dvss
OF 1881 dsc nsd coupon nvstweuses, new issue /;
oOu poa ,so-ioriies, X al; one year csrtncates,l.
Aser The call the msrkss was heavy and on the street
governments underwent further decline. Coupon ave
tSsosss. new a losk and coupon tonfortiss
a loox about fk below the subscription price, after
alio wing Tor the accrued Interest
Al tue clock board ths market was Irregular and
satbsr elcisod, q the lssdsg stocks bsna lover
AZ the second bosia was 6rmer and prices generally
advanced As computed with the cioaing sass Of the
morsing, Erie improved y New YORK eentxai X, Hud
con River =, Readlsg IN Michigan ceatrai III, Mtch-
gan Southern u rhnc1 Central 3, Cleveland AMI pits.
burg lk, Chicago aud Northwestern /, Rock Island Az
Fort Wayne ~, Cumberland Coal 4.
Government securities were hrmsr. Coupon hves OF
1881 were lo~er, coupon nvstwsoties y;
steady. Ioupoa Isnfortss improved 4. L,ser, on
the street l0G'< 1 was oid Tor i've twsI,ies.
Al the open board at hail past three the market was
dun and steady.
The money market was very sc,vs the early part
the day, fresh Treasury drafts upon the psonsi bsks
having been made, so curtang the loanable funds
their dspossi and hence tue Of securities
which depressed qaotstous But after two O'Clock the
strngency so~ted. and close upon three there
prs OF money Offering al per cent ooe or two OF the
nsons banks exposed considerable risk by the
tdo ten torss and ether gold bonds which they were
carrying loss for themselves and their subscribers
many whom have found speculation in governments
about dangerous as q venture in railroad shares.
Toe shock aauonAi securities red during the
last three days the natural consequence of
undue sgsc1 them and tho disappontm
sioled by the OF the forty oan but
m nevernsess, damaging for the time being to the
govern credit, for checks subscriptions and
sach spssms saoud be avoided The ten forty loan
nov, PTAciicSy out the market, for OF
viii subscribe Tor Inc bonds at par and interest while
they be bought cheaper on the Stock Exchange.
II would almost ~ Mt. Fsssendsn's evident dis
postou the gold bearing debit that be has
for payment OF interest gold
and suspicion Strengthened BY the vague fore
shsd~ipss 10 bis report Is part OF the latter be says
10 u the specie debt, "Ths laws authorizing
the issue Of bonds bearing interest In coin sp,caoay
pledged the from customs to the pay meut
that interest," and provided for the collection Of those
datio " The same currencv In The opinion Of the Seo
retasy shst pledge should be violated departure
fro could esy Be vind BY Of those state no
csssisis wsieA 5xssys sasisn sn m9Or5iy possponm9
" obi0atiows dsv to As power dscaa,o.
tae~ q future day When shs pledge given no one
anticipated posssle continuance Of the such
length Of woaid tcvolvs The Of the pub
ho debt to the point has already attained the posi-
bic payment Of n.sress in oo,s beyond the
ability of dssss on imports TO supply" Aud yet,
with tns danger here indicated before him, be
goes On oonrting the very result he himself
foreshadowed and there would appear be little doubt
but tAai hs viii continue 70 do nAeanNeiy Congress
sxers restraining power. When Mr. Fessenden tAiks
about nation being justified In temporarily postponiug
s obligations be loses sight Of that nations credit He
seems 70 be unaware tbst nation. no Iess than .
banker merchant. fails 70 honor Ne written promises
70 pay that nations credit gone and 10 securities de-
preciate 10 value accordingly naioa, By postponiag
the payment Of the interest on It's bonds in the manner
stipulated foe In the or nal contract with the purchaser
expressed their tace, bankrupts ITSELF instead pre-
The power so discharge ~ Obligations 81 future
DAY. Naas
Ii the Treasury was raging specie interest specie
iosn sAould Of hsvs nothing 70 say against
IT, but nvs six cent In gold loans Of currency,
worth lees than forty.nvs oeass In specie
che dollar excessive, and, In view OF the further
deprec a,iou of paper money, extremely impotc,
russus. People the Indefinite increase Of
the gold bearing debt dsresard Of keeping the gold
0bligaIion Of the mens within the nit OF 10
ability 70 pay, and the public suffers
In proportion the csrust taereby oocasioaed. Until
specie Deopvertbie currency loans
ought 70 be relied upon Of interet equal to
duceucnts offered elsewhere and corresponding with
the depreciation oi the paper money, and these
should be sold In The open market 70 the highest
bi<derA Aud u far better that the price OF
government bonds should decline TO CITY cents
the dollar than that the curreocy, which underies
everything else should se deprecated without limit
under the rsipous policy hitherto pursued, and which
very much osger psevered 10 viii leave the finances
OF the country nearly bsd condition those OF the
alresdy bankrupt south. Il high time legs
tors swoke 70 their responsibilities in this important
particular and that the frearury Department had bot.
Ger appreciation Of the brink upon which II ID totsrng
The gold been without speculative activity
oil day, bu, u closed Arm. The quotations were-
10 30 A. NJ. 222 2:3o p M........... 22oX
II ~ A. M-....... ZI.I S;S5 Z. h........... 22f,s
1885 p. N........ 222as 42oP. M........... 22lX
LEO h.......... 22os 500 M........... 222H
In foreign exchange tners Is very little doing Tho
supply OF bills 10 in OF The demand. Banken'
sterling at sixty days quoted At losx and At three
dsys HOY. 1he subscripssoas the seven thirty
Ioss day First and Ninth National banks
49, e,,o onn- A eS~ mn