The New York herald., 1864-11-12

1900 A. h......... 2s24 2ioP. M............2 2sll Y
lseoh ...........aa2K 4ooP. M...........a a4a
f2:S5 M........2ss'. $40 PA.-..........3 344,s
lao T. M.........-2so
The heavy fal Of yesterday succeeding the
sharp RS q Wednesday. although partially in.
duced by the false reports telegraphed from
Washington. mainly owing to specuators
for rise having overloaded themselves, in antici.
patton Of a strong upward turn of the market
following upon the Presidential election. Gold
rose steadily for nearly month preceding
election day. under the influence of the
gneral belief in Mr. Lincon's reelection,
and the future therefore to some extent dis
counted. Gold sold at lS9 in October, and there
was NO good reason for the advance to 260 during
80 short time. Speculation has run in favor OF
rise, under the expectation that the financial
policy of the last four years win be the financial
policy Of the next four years. and that policy
could scarcely be worse. But because the pre-
sent administration is to be the administration Of
the future il does not follow that the fiscal mis-
management OF the past is to be indefinitely con-
tinued. On the contrary, tho experience of the
system thus far pursued ought to act as warning
against perseverance, in it, pointing, as it
does, to unlimited disaster in the end. The aim OF
Mr.. Lincoln ard his Cabinet, as we'll as both
houocc VI coHBiCSS, oAouiu 10 " TeStOT0 tHe
national finances to . sounder basis than they at
present rest upon with as little delay as possible.
No half measures towards reform will do; for the
principle hitherto acted upon is wrong, and radi-
cal changes will alone suffice to counteract exist
ing and rapidly growing evils. To this end the
Treasury requires to have at its head man of far
greater ability than either Mr.. Chase or Mr. Fes.
sender, neither Of whom have shown aptitude for
VIII hufk klundpriuy A Sc
spoken OF for that department, but he is not
the right man for the place. No mere politician,
with personal lies and party interests to serve,
who would use smattering of finance as a sup.
port to carry HIN into power. should be entrusted
with the national purse in crisis like the present
Practical craftsmanship. vigor, industry, profound
knowledge of the resources of the country and a
mind conversant with the views of the ablest ex-
poncnS of political economy and thorough
acquaintance with the theory and practice of
finance. are requisites in whoever undertakes
to carry this country through the ordeal
Of this great war without involving it in that
financial degradation which q long persistence
in the present course would sooner or latter re-
suit in. A grave responsibility therefore rests
upon Mr. Lincoln in this matter, and he should see
well to it. The example of the rebel States
policy of Mr.. Chase was identical with
that Of Mr.. Memingsr. The confederate
currency is now all but worthless and
the government at Richmond depends no longer
upon the value of its paper money but upon forced
levies. for which it returns an acknowledgment in
promises to pay nominal sums at certain time
after the acknowledgment of Southern independ-
ence by the United States
At the first session of the Board of Brokers the
market was active. but spasmodic, and towards
the CLOSE of the call and afterwards it became
heavy. The closing sales showed the following
variations from those of Yesterdays second
board Erie declined y. Hudson River Il.
Reading advanced a, Rock Island ~, Illinois
Central 2, Fort Wayne l11s, Ohio and Mississippi
certificates "a &, Mariposa q. Cumberland Coal II.
Michigan Southern and Chicago and Northwestern
were steady.
Government securities were strong and under
went further improvement. Coupon fve.twentics
advanced u. new issue " % coupon tsn-forties
u, one year certificates q. Coupon skies Of 1851
were steady. I $40 Treasury notes, October and
April, sold al 1857.
State stock were dull. Railroad bonds Urn.
Bank shares quiet.
At the open board, at one o'clock, the market
was lower and irregular. At the second board il
opened dull, but became more spirited as the
call progressed. The closing sales showed o
decline from these Of the morning of 9I in Erie,
1H in New York Central, a in Hudson
River. u u Michigan Southern, "a in Chicago and
Northwestern "a in Fort Wayne, = in Quicksil-
yer. u in Mariposa. in Ohio and Mississippi cer-
tihcates. Rock Islaud advanced "a.
Gogernment securities steady.
At the open beard, at hali-past three, prices
were higher for most OF the roads.
Two failure. occurred among the gold brokers
to-day, one Of the houses being largely interested
in stocks also.
The money market is working easier. and call
loans made freely at seven per cent on good
collsterals. The demand from the Stock Exchange
is moderately active. although considerably
less than ii would have been had the fall in gold
yesterday not imposed check upon speculation.
Lenders disposed to coniine their transactions
within easy limits in view of contingencies, among
which il a currency loan but this is moi likely
to be placed on the market Immediately, and when
IL g, the experience Of the last two loans leads
the belief that il viii produce no arrangement in
monetary affairs the tendency of new govern
ment loans in the present state OF the
circulation being TO draw currency from the
Interior and the nnumerable boards OF private in
dviduals who dispense with bank accounts. There
h very little commercial paper Offering for dis
count, and the best quality rates from eight to
twelve per cent, lower grades being difficult of
negotiation.
Foreign exchange is dull, and bankers have re-
Taxed their quotations slightly. Sixty days bill
are offered at l0e1s, and three days at Ill. Mer.
chants bills are out OF request, and offered AZ Jos
AZ.
sf the confederscy. made by Jefferson Davis in his
annual message to Congress, just published, arc
too preposterous TO be entitled to serious con.
sideration; yet They win probably be quoted in
Europe and sseePted as facts. According
10 Mr. Davis the debt of the rebel govern.