The New York herald., 1864-12-21

The stock marker active and excited, and prices
generally higher than Al Mondays second board
sympathy with gold. The closing sales showed an i'm
provemsnt in Erie os TX, New York Central 1. Rock
Island ~, Hudson River IN, Reading TX, Michigan
Central 2, Michigan Southern X, Illinois Central ~,
Cleveland and Pusburg ., Chicsgo and Northwestern
Prairie du Chen X, Cumberland Coal 1,, Ohio and Mis-
sssippi certificates u
Government securities were heavy. but without mate
rial variation In price from yesterday. Coupon i've.
twsnties u the issue sold at l0SS l0SA; coupon
skies, 1881, Ill ll71; coupon teu.fortiss, 1922.
AZ the public board ut O'Clock the market was
dull and lower, and at the second regular bosrd was
heavy. Tho closing sales showed decline from those
Of the morning in krie OF y, New York Central I,
Reading ~. Rock Island 61< Michigan Central L. Mch
gan Sou<bern NJ Illinois Central l. Northwestern Fort
Wayne y
Government securities continued heavy. Coupon ave
forties Y.
At sbs oren board half past three the market vas
Gull and yielding
The depression in government securities to. day al
though somewhat favored By the call for fresh
troops, has been mainly owing the failure Of Mr.
ssuden to limit subscriptions the ten.forty loan 70
hundred millions, coupled with the his
determination 70 issue gold-bearing bonds, as
expected. Tie hundred millions have been
airoany tuly uoScfiDod Tor, yet the loan is
allowed TO remain the market The
quenoe is that there 10 . lun In subscriptions
both uory and seveu-thrty note loans which
10 likely continue and TO become marked until
Mr. fcssenden the intends TO pur-
sue for the gold-bearng bonds cannot market
value sufficiently TO place them beyond competition with
che thirty loan while doubt remains with respect
to further Issues gold stock consequence sub
sorirtons 70 the ssventhrty loan will run low, while
those 70 the ten-forty viii be very limited
We predict that the receipts from these sources
win 20 far decline under the suspense created by
determined and pusanimous Of the Secretary OF
tho Treasury that - viii be compelled to bis
future Intentions, whatever they may be- that the
market adapt itself Them present does not
know his mind, and fears TO in any direction
Hk hesitation betrays painful OF weakness and
lack Of the knowledge do the decision to do.
He indeed presents = ptabe spectacle the nnance
minister Of great nation, vast in resources, which hs
u unable TO manage or even comprehend.
He adds confusion produced by the existence Of
multitude Of dinereot public securities which distuc
tions should have been made by keeping two
loans the market simultaneously, and in direct
opposon 70 each ether And he allows the gold bearing
debt Of the country 70 20 increasing when, No In
ciude the thirty loan, convertible into six per
oeat bonds at the expiration Of three years.
already absorbs the whole OF the estimated receipts
for customs duties which pledged for the payment
Of the interest upon M The advsability Of withdraw
ing gold bearing securities from the market ID obvious
enough and Congress to authorize the sub
sttuton therefor Of securities carrying interest
rsncy only or both the currency gold bear
ing debt will be par, regards the payment Of the
principai, the distinction between gold and currency
being entirely confined 70 the INTEREST And the people
would subscribe freely 10 securities bearing
interest," currency to gold bonds provided that the
OF Inherent reasonably high and that the specie
bearing bonds BY Of their market price, offered
No superior nducemens TO purchasers, - they DO At
preeeut
The subscriptions to the tenrorty loan at the Ninth
Hasioaa Bank aggregated 81 49, 7oo in the following