The New York herald., 1864-12-10

reached Bul g bay, on the Auaotc oosss' 'K0'uo' w"
pressure OF sales Of GOLD lowered soe
80 ~ e.o,. The following wore the QuosasOrs:- erl
@ !.sc s,-.. IS sss sF .sf -. -. sssx s
1850 T an, s.lx so SO Z. + s s....:.:. sss sss
"a ao P M,....... 2&ok ##
on ~. s.ck Exchange there Ii stni moderately
.cre brokers' MARKET very few outside parties are
p.rtcanss IN specua,ioe. Tho ciosns sales a sne
drs, board showed the foowius variations rem those
the second board Of yester dsy-re sdvAnoed -, huo
.ou River \, Michigan southern " Cleveland aud rnss
eurs v Rock Island Y, Quicksilver I. Fort Wayne,
Prairie du cneu and Aariposa were steady. Reading
decl,ned X, Illinois Central y, Chicago and North
western ~.
Government securities continued to decline slightly
Coupon Avetweutics were y lower, coupos sixes OF
1851 y, coupon ten-.ortiss xaH One year cerlin'
Gates steady.
After the call the market was dspresssd ana At sns
open board at O'Clock II was lower Al the second
regular underwent fractional Improvement n
some OF the railways bvt tho speculative feeling was
quiet As compared with the closing es Of the mornng,
Erie declined N Michigan Central , Michigan Southern
X Rock island q, Cleveland and Pittsburg v, Fort
Wayne y. Reading advanced y. The reaction in
government SECURITIES continued Coupon skies Of 1881
receded Y y; coupon Ave twentes y. Tue decline In
the s4ter Attributable TO the unsatisfactory tone OF
the report or the Secretary OF the Treasury and uncer
:
OF fresh orders from Europe for Gve-twenties,
the temporary unseuement the money market by the
npai payments the twenty seven mions ioan
combined with natural tendency towards reaction after
sudden rise.
The national banks In thb city were drawn upon for
about millions to-day, while tho disbursements OF
The government contractors and others amounted to
nearly ve millions From this is to be supposed that
there will be return OF money next week, and that
N oinrra cd
fresh rise governments particularly At the open
board ha.past three the market was steady with
tendency towards Improvement. -
The demand for leans at call upon government stock
couateras has OF late been large, owing TO the brisk
speculation going forward In tnem and the rate has been
maintained most at seven per cent, although
large have been borrowed at six. There s no
change note the discount line, and frs class paper
passes at seven to ten per cent.
Fore en- exchange dull at loSh for bankers sterling
at sixty days. and llo at three days, while francs
range from 500 b.l2 Merchants bills are offered Al
10yK 10sis.
Mr. Fessenden's report and the financial prospect
tinue 10 attract considerable attention. not only from
tnose most Immediately Interested, but the people
generally tho the former discussed the more
garing appear lie Inconsistencies and shortcomings.
In one part OF it the Secretary expresses himself In
favor OF loans bearing interest In currency and convers
BILE after three Eve ears gold bearing org bonds
10 these words
In view or the serious consideration presented by this
Question whether as affecting the market value OF con
or the ability Of government 10 meet It's specific interest
should the continue, from the revenue now specif
10 lie concus on that we should IA the future rey Tor
the part, securities bearing interest IN cur
rency convertible INTO bonds the interest Of wneh is
payable in CON- Notes bearing an increased rate OF in
teres payable in curreney redeemaoe in three or Eve
years, and convertible at maturity into nvetweniy
bonds would be preferable in the judgment OF the Secre
tary, 10 any other form Of security
This suggestion proposes the god bearing
debt indefinitely 10 the faceof the fact that gold
bearing debt October 81 s5s. eoi and that
there then issued s7s $50 OF the seventhirty
notes convertible at the expiration OF three years into six
bonds, which amount has since been
9sEsss2a ssFsore does he expect 70
obtain bis gold for the OF this large amount Of
I. interest annually,
But 10 another par; OF his report he says
The denandAor duties imports and that to pay the
interest on large portion o. the public debt 80 far
identical that one s dependent upon the other The
laws authorizing the OF bonds bearing interest in
CON, specifically pledged the from customs to
lection OF these duties in the currency. 10 the
opinion OF the Secretary that pledge should not be yio.
ooe OF those State which justify nation ID
temporarily posroDing its obligations order 10 pre-.
serve the power TO discharge them a iutcre day.
When the pledge given anticpa, possible
continuance OF the war for such length Of time as
would involve the Of the pubic debt 70 tie
point has already attained tie possible payren, CT
Interest in coin 20 amount bey the ability OF duties
on imports TO suppiy.
Herein It will be seen that he hints AZ the possIhii
the government being unable pay it's coin Interest
asuspension Of which would be justified, ia his opinion
apparently, by State necessity And YET he recommends
h TIE Treasury should supply It's wants by the issue o.
securities convertible within three ase years into gold
beuds
would almost seem Mr.. Fessenden bad lost sight
n the national honor aud looked forward results in
vovog the gravest consequences to the public credit
This cannot but be considered reprenensbe IN him. and
damaging TO tho interests II IL bis duty 10 protect
"niie he 10 favor OF Law providing for the exem
pary punishment Of gold speculat,rs-aer tue manner
We presume proposed by Mr. Thac. stevens-he never
admits that "whatever success ght attend any
rt 10 check speculation in CON- counleract rs in
rious effect, 10 stn obvious that long ,here re-
mains large and Increasing nccs lily for its use ana
limited supply, y viii command price Commensurate
with the necessity ard tbs difficulty OF obtaining It,"
"IDe matter OF foreign exchansea upon which be Ger.
'sny ought 70 have had slmething 70 say he passes
over with the remark that he does not propose 10
discuss it,
greatly TO be regretted that the polrs O. plost i'm
Ioitance, end upon which he people anxious
2 nave The benefit Of the secretarys opinion, coupled
WIN sdcb explanatory Information as nts means OF
uirins II justified them 10 expecting, should have been
'recisey those upon which his report vngucG. and
most unsatisfactory
A Secretary who axis for unlimited power TO Increase
be volume Of the currency may weh be partisan sup
orler OF the National bank system spd anxoss lens
rs influence towards taxing the state banks Of exist
nee Hence we not surprised 10 read
The Secretary among tho hrst 10 approve the
sn adopted by Congress. and which to be receiv
Affects have however convinced him that the system, IL
Dol without defect based upon sound principles, and
sbed 70 al the benefit OF fair vial, aud II rs quite ap
parent that the pocd hoped cannot be realized