The New York herald., 1864-12-07

203 r. M...........2S2
The stock market dull al the first board, ith
improving tendency.
The closing sales. as compared with those at the
second OF yesterday showed the follow ing variations
prices HUDSON River declined q Ohio and Mississippi
certificates n, Quicksilver u, MaripOsa ~ Fort Wayne
advanced 4, Cleveland and Ptsburg lA Rock Island =.
Erie and New York Ceatrsl were steady.
Government gold bearing securities steady at
large advance the rush Of buyers being almost
amped, in consequence Of the prevailing belief that
further issues OF gold bonds will be authorized Coupon
nvetwentes most in demand, those Of the old
issue improved y, and OF the new issue IN. Coupon
skies OF 1881 experen cod the largest sdvance-namsy,
2A; coupon ten-forties rose ss
AZ the open board at O'Clock quotations improved,
and speculative feeling manifested ITSELF At the second
regular board the market strong, with upw ard
sesdepcy The variations at the close from the morning
prices folows-Ere advanced i, New York Cen.
trsl y, Hudson river Ia, Reading y, Michigan Central
IN, Illinois Central ~ Michigan Southern 2s, Chicago
and Northwestern Ih Chicago and Rock Island Fort
Wayne IL, Ohio and Mississippi certificates i, cucksi-
yer u.
Government gold bearing securities continued strong
and there is every probability Of their advancing
sderaby further although the oonectures Of par
tes that they will rise within thirty per
cent Of impossible OF realization, moments
fecton will prove The th hreetenths currency
notes now on the market convertible at the expra
zion Of three years from the 18th OF August,
l664-At which they all dated-into six
Per bonds that indirectly these the
purchase OF GOLD bearing bonds, aud they be
bought at par and interest, less q commission the
gold bearing bonds cannot rise beyond o certain limit
unless under foreign unusually active domestic de-
mand. They will probably rise immediately 70 1l2
under alone and ll5 In com bination with
orders from Europe but until tho sale OF abe
seven. thirty notes Is stopped moro than this
be looked The abundance OF unemployed
capital should stimulate speculation In governments
instead OF petroleum and other mining stocks
ana railway shares. Spectators we'll the capitalists
OF the country have yet learn that 70 their nse
rest TO sustain the credit Of the and that
national bankruptcy would involve the bankruptcy OF
nearly all. The National Bank act has made the
tary system Of the nation dependant upon the
credit Of that decline Of the would
Involve the collapse Of tie other. areH fF
There some who prop esy tho worst consequences
q the pest and present financial policy OF tho country
bus Congress only guided by common and the
suggestons have made from time to time, these may
be averted TIT Is still rash blind enough 70 psrss-
we're In the course hitherto pursued the end may be
easily imagined. eoI aal'7aa ef .1H3 rs snG
The advance at the second board o. coupon nvs.
swsosies was k-the new and the old issue being on
par Coupon ten.forties advanced One year certia.
oates sold Al 07X s. lsa t4sri Va
A. tho opsn board haifpast three the market was
stroager and continued the street. in sympathy
with the upward turn OF gold. fa
Thsre plethora Of capital Offering on call ct seven
per oent but lenders 60 below this rate
II view OF the opportunities to employ money advan-
sassousy In government and other securities The
count lne continues inactive at eight to eleven per
There very little nrst class commercial paper osrng
~ ,a lrnan hnsh
camille and banking community and the consequent dis
position 20 do business q cash basis. 81 .Egrt
Foreign exchange IL dull, and the rates are quoted
ysstsrdAv-1ooh 10sX for bankers sterling a sixty
days, and llGh 1l0x al three days Nerchants' bills
stI offered at 1o7x l0sK, and francs At o9 5l4
short sight, rhsrs shipment Of $62 900 yssssr
day By ths Corsica.
The Secretary Of the rreasurys report will probably be
laid before Congress 10 morrow and meanwhile have
the remarks relating finances the Presidents
Message reflect upon. The receipts the treasury
Tor tho year soding the LIST OF july last includ.
ting loans and the balance 10 tho Treasury
oo that day 1865, were $l,3 1885, o07, and
che aggregate disbursements 81 2sS O5e lol The
receipts for customs duties $lo2 ,31o 152; from
lands, S5Ss 333; from direct taxes, Slr6e4S; from
internal revenue, $loo, ,134; from miscellaneous
sources al, 44s, and rom loans applied 70 actual
expenditures, including former balance $623 4l3 90
Secretary OF the Treasury that increased taxation
dsred necessary. He suggestion that Congress
would do well TO take hint from with respect to
snpsion from taxation and seizure for debt OF
future issue Of government securities. But we need
hardly say that distinctions OF this kind would be in.
vido1s and the only way which Congress upon
the recommendation isl by making all the securities Of
the government exemp. from seizure for debt.
Tho amount Of the public debt the LIST OF July last
che President believes thas this "fact exhibits satss
tory condition and conduct OF the operations OF the
Treasury" We sorry that cannot coincide with
Mr.. Lincoln In this sanguine view OF affairs. g This
facs" simply amounts to nothing whatever.
Tho Executive highly approves the national bank sys
ssu, and says II will be for Congress TO determine
whetner not any further legislation 10 advisable for
the suppression Of State bank issueA" He however,
Fails recommend cur.ament of the privileges OF tho
national bankI He might have suggested that 10 view
of the latter there should Be . suspension Of in
tsesss on the gold bearing bonds deposited by
then, and IN exchange for which they received,
and will continue 70 receive under the act stands
nnsy per cent in The financial portion OF the
message concludes with the remark that 1T quite
clear The Treasury cannot be satisfactorily conducted
unless the government exercise restraining power
over the bank Circulation Of the counry.' and
considering that the national bank Issues are
already more than seventy millions, and that
they are likely 70 increase rapidly 70 three
hundred Millions limit TO these issues BY taxation
necessity In the absepce Of prompt Withdrawal Of
corresponding portion least Of the direct issues Of the
Trsssury. n 10 reported that the Commissioner Of
Internal Revenue advises . tax saes Of bali per
csst ve propose ax Of n least two per cent, and
shs would is lightly on the whole community.
The business as the United statss SubIressury IN this
city today was a. follows
hoceirW
Iotsa receipts i,!oo,s.S
reymeoss %
bsAnce sofs Ioo
Subscriptions 70 government loan 10000