The New York herald., 1864-11-30

The stock market sympathized partially with
the rise in geld. but was on the whole dull. AT
the FIRST board the closing prices compared thus
with those OF the second Of yesterday:-Ere adj
,anccd q. Reading "a. Michigan Southern q,
Cleveland and Pittsburg a. Chicago and North
western "a Chicago and Rock Island H. Fort
Wayne "a. Ohio and Mississippi certificates 4.
New York Central and Hudson River were steady.
Illinois Central declined a. Quicksilver q. Gov
ernment securities were active. but lower. Cou.
pon fye.twenties declined u. new issue /; coupon
tenfortIes a year certificates y State stocks
were dull railroad bonds firm, and bank shares
steady. After the CALL and at tie open board al
o'clock the market was stronger. At the second
regular board the variations al the close from the
morning prices were as foilcws:-Erie advanced
=, Michigan Central a. Illinois Central Z. Cleye-
land and Pittsburg "a. Fort Wayne, a. Hudson
River declined Il, New York Central q, Reading
%, Rock Island u, Michigan Southern T. Mari.
posa and Quicksilver were steady.
Government securities were firm.
The market closed without spirit in the absence
OF "outside" speculation.
Money continues easy for call loans under light
demand at seven per cent, vita Gn occasional ex-
ception in favor Of fret class borrowers at six
The discount line is inactive, and first class com
mercial paper is accepted al rates varying from
eight to eleven per cent.
Foreign exchange has been in moderate request
for tomorrows steamer, at 1897 for bankers
bills on London at sixty days, and HOY = ri
three days. Merchants bills are quoted at iC5s1
q 1887. and francs, for which the demand is brisk
at SO "a 6.i2L al short sight, and 6l3 5.ls at
sixty days.
The Treasury Department has just replied 10 a
protest OF the National banks against The imposi
tion OF license tax, under the Excise law of June
Is Of the current year, denying the right Of ex-
emption IL accordance with section 70 OF the act,
which reads thus
SEQ 10. And be further enacted that there shall be
r.o annually tcr each license granted the gum herein
ssteo respectively. number OF persons, except
lawyers eooveysnccrs. SsAn agents, pbyscisas, sur
esous deu,'s,s. orte brokers' hors. dealers and ped
oerS, carrying o. such buriness copartpeshp may
uss~ct such buslncss st the place spscned in their
t.Is'se sed DOT otherwise tina, Is to say
III tbs sum Of OH, thousand dollars shall pay hun
dred dollars Tor each license when Using or employing
S,ousi thoussnd dollars " excess ol city tbcps@nd dol
lars, two dollars Every person nrm or company, sno
o. BUSINESS Where credits are erea.a sy ,be depos, or
collection OF money or currency eubjcc 70 be pad or
advanced loaned 90 stocks prds bullion bun Of cx.
chanxe, or promw7ory notes, where stocks bonds.
SSon or p ascous. r. sse sSs % ,er,,ssd sseser
.,ndsr this ss Provided 1hrt sny savings bank bav
sns no eaptei STOCK and whose busuess . eonpYed to
rAseIv ,pr deposits and oanl2 We same trv tho bcpent
ss dsnositnrs and which eocs 20 other b4s,rrrs ar
Ssns,og sbal nos be naHn W pay Tor . license Is
banker.
And the currency act had become law month
before the above was apprehended. The Official
reply goes on TO say
Its ssic however that The currency ard The revenue
eila we're before Congress 81 the umstme Ihat y was
generally supposed tbat the iatlor would on become
law aud that the provision alluded 10 'n lieu exstus
ts1es 10 the oil ast passed would prevent the assess
ment OF national banks for licences IL 10 Dut JUST
Congress however 10 suppose thai did precisely VIVA
Intended 70 do But tn for any rcason, tailed 70 o.
no. " DOT compelont fof tbs Office 10 override or tus
pend clearly expressed provision OF the laws bs
passed Upon other groom too am persuaded that tn
proper construction OF ths provision limits M applcatlot
90 The tax upon capital circulation and deposts IL
found ouy 10 that section the which evc
these tAxes. and the corresponding section OF the
maj thetsr assessed therein upon capital circulation
and scposiu shall not Apply 70 associations taxed uuuei
aud W virtue of The currency The tsxes under
lac psysbs 10 the Treasurer the United States
these under the other tbe Commissioners OF Interna
Revens,, ard the double taxation national banks Il
gasrde1 against BY express provision. Section one nun
are< and twenty the Excise Law ievcs OF two De,
csntum all dividends and undistibated earnings o
saass. There Il 10 exelssioa Of national banks, u u