The New York herald., 1864-12-14

The stock market without speculative activity at
the nrss board and the closing quotations showed the
following changes from those OF yesterdays second
board:-Ere declined u. Hudson River 2, Michigan
Southern Z, Illinois Central v, Northwestern 4, Fort
Wayne Alton and Terre Haute Y, Ohio and Mississippi
certificates u. Reading and Michigan Central were
steady. Chicago and Rock Island advanced Il.
Government securities were srong. Coupon i've.
swentes improved a. coupon skies OF 1881 Y ", cou.
pom ten forties u. The one year certificates were \
lower; seven Ithree-ten Treasury notes 1,SaX.
Tho Secretary OF the Treasury has given that the
latter will be redeemed In currency converted into six
Per cent bonds on presentation under the OF July
1851, and that interest all notes not presented will
cssss sser three months from this date At which time
the right Of conversion expires under the act.
Railroad bonds were steady, bank stocks quiet and
State stocks neglected.
Al the open board half past the market dull
but steady at the second regular board
aaierial change The closing sales showed decline In
Reading OF u, Aiarposa y, Cumberland k. Michigan
Central advanced ., Erie K Illinois Central * Fort
Wayne Y. Government securities were steady at .
practical decline.
Al the open board at half past three the market
sss@dy. r-S'~'"Ns~~---- s.GSsss .s.ss-e-,-
Negotiations pending between Mr.. Fessenden and
dealers in government securities in this city the sale
OF the remaining portion the hundred millions
forty bcnos, amounting about eighteen millions. 1t
improbable that the latter will subscribed for
Tomorrow although the Secretary has failed give
pledge that no more gold bearing bonds will be
iss ued in the future, which the intending sub.
scribers 10 the loan anxious to exact He
st9tes, however, that IL is his desire that
more gold bearing bonds shall be issued, and that only
"necessty" will compel him to adopt course to which
he is is therefore understood that for
siderable at least, in the event OF this private loan
being negotiated, gold securities will be in the
market In the meantime the effect Of the pusilanmous
policy OF the Treasury is to depress government secur
ties generally which would Otherwise be strongly u the
ascendant, and check subscriptions to the
thirty notes. upon which il is the intention OF the
department to rely. We nevertheless protest
against this method Of dsposng national securities for
practically, gives to few control OF the latter
their price, and 1t shuts large number OF per-
sops who would bid higher prices II moreover fosters
public dstrust, and therefore call upon Congress
that all government shall hereafter be nego
tiated publicly and sold TO inc bsghest bidder
On Friday last some remarks relative to the
issue two millions Of nve.twenty bonds in excess OF
the twenty-five millions announced As the total OF the
last loan called upon SubTreasurer In this city
T. explain tie matter. He, however, failed to do So and
therefore called his attention the subject again yes
terday. On Friday we sAid-sWe understand that a
well knewn speculative banker. of Exchange place,
ceived Through the Fourth National Bank) millions
or the loan In excess Of this amount" and in
our second alusion to the matter We
marked that 'tne Sub-Treasurer in New York has
not yet explained bow it that the speculative ma
tiona banker OF Exchange place received two millions Of
dollars worth OF bonds in excess OF the twenty live mil
lions originally awarded in the official statement
To day two letters, intended suppose rs q
reply. make their appearance in the editorial
columns OF evening journal. One OF these is
from the Sub. Treasurer to the Vice President OF
the Fourth National Bank, sayng:-''l beg 10
inquire II the Fourth National Bank has received
any nvetweuty bonds from the government in excess
Of Its subscription for 81 600 900 through this office
the LIST instant" To this the Vice President referred
has Of replied the negative. The subTreasurer
might well have asked tho Vice President OF any OF
the other subscribing banks a similar question. We did
intimate that Fourth National bank had received
for itsei an excess OF two millions, but
that its President in his individual capacity
had, and We reer the case Tor explanation
70 Mr.. Fessenden: and meanwhile letter the subject
from Mr.. Morris Ketcnum-who is the only TO whom
We had reference-may to eucidate the matter.
The Published letters fail any degree refute what
we said An effort may, and probably WILL be made to
make the two millions in question appear as separate
transaction to ignore altogether and therefore 10 pre-
vent evasion necessary TO ask whether about twenty.
millions not negotiated privately Of the nve
twenty bonds whether Mr. Ketchum did not receive
about two millions OF that amounS we defer stating
the circumstances under which that gentleman received
them but the department Washington has, doubt,
perfect recollection OF them.
The sub Treasurer 10 q says:-"I desire
opportunity TO coDviuce you that the statement that
j awarded s27 100000 o; $40 bonds, instead OF
S25 900 900, is erroneous" We did not state that
Sub treasurer had done so, and, therefore, Mr.
Stewart will do wei to correct himself In this particular
Further developments Awaited from Washington and
Exchange place. In conclusion we may observe that II
Mr. Stewart had addressed the President, instead O the
Vice President OF the Fourth National Bank, the
would have been straightforward and less dipo.
matte
The money market easy and rather sluggish, active
speculation in government securities being temporarily
bed check by the undecided OF Mr. Fessenden
and the demand for loans them is Of course propor
tiouasey diminished. The nominal rate is per
cont CALL but government colaterals large amounts
loaned at six The discount line continues inactive at
TX to 10 per cent for nrst class commercial paper.
Foreign exchange is In moderate demand at former
rates namely 1osa for bankers sterling At sixty days,
and llo5 a llox at three days Merchants bills are
offered at l0SH.
Tho following is copy OF the bill introduced in the
House Of Representatives by Mr. Stevens December g.
aud which, after being twice read then referred TO the
Committee OF Ways and Means, afterwards ordered
10 be printed was length tabled. That anything DO
aOsurdy opposed to common sense and dangerous TO
public credit should have been far tolerated
by Congress- shows the tatuy OF the mass OF those
whom We are dependent for our financial redemption
from the embarrassments which are thickenng around
bill TO prevent gold and silver coin and bullion from
being paid accepted for greater value than their
real current value and for preventing any note or ol
issued by the Unled States, and made lawful money
and legal tender, from being received for smaller
sum than is therein specified
he enacted by e senate aud House OF Reres.n 'aues
o. n United States Of Amsricd IN Congress dsseatie1
Tbat whereas the gold dollar OF the United states con-
ssts twenty nve and eightenths grains OF gold OF
nine hundred oneboussndth nnencss the eagle OF Two
hundred aud hity eight grains Of moe hundred one-
thousanoth nneness and all the fnuipss aud fractions
OF s.d con are OF the same proportions, silver COTS
And bars OF .Landad nneness mine hlndred one ihom