The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-07-16
FINANCIAL AND COMMERCIAL

EEDAY, July 15-6 p NJ
ihe Bank oouInitlee had prolonged interview with
Mr. Fsssendou to-day; but decision arrived al
with respect peoy the Treasury in It's
relations with the bsnss Tie prosp ci o tie views OF
the secretary andthe cctnnntes
enable the rfeasy to avs Itself q loans from the bafs
the they willing 70 accept is however, BET
Ter than when the negoiaticns were begun.
The hestaiion Ear displayed by Mr. EessendeD 10
Adopting ueHu Of action In this imporapti
tended uDselte hspubc mind aud create
ooubt ana ds,rget where Confidence mstter OF
gent necessity. elbows that 10 certain extent he is
welded Il the ideas his predecessor, winch tended
only 70 Involve the country IN ruin, and that he will
have 10 boder and more independent altitude
A. be i to escape similar fate. There Is old provert
which tells te who hesntes is lost" and
with tue warning CT MI Chase before him, this time
Tor Mr.. Fessendeu 10 cling to the rock from which the
tormer s. raea fr fearful Of seularing rect
those evs which brought the country verge
Of great auSial crisis. tr esf ur
Mr.. Chase has been 10 consultation with his suocesaor
10 day the sub Treasury, and, from the well known
prejRdices favor OF The national and
Hgainsf the state bs ks ,iie good Is 70 90 expected
from the couferepc Is The deity OF Mr. Fessendon
20 discara the pei OF the Ohio rcian which
have proved disastrous in practice, and pursue that
course best calculated promote the
u order la,s periec, harmony between the
and the government essential to achieve which
1t will be necessary tor Mr.. Fessenden TO take
the responsibility OF making them dcpositaries
Of the Treasury funds the extent Of their loans the
government. he must the laws the subject
iibersiy and literally order the demands
OF the nation and trust 20 the people and Congress
rstiry his acts they sssuredy will, far at least
the giving OF equal privileges TO The State and national
banks Is Cd The former represent and to great
CONTROL the wealth Of the country the beng
merely the invention of Dir Chase and comparatively
irresponsible o'ganiz lions The Slate banks have It
In their pcwer facilitate the action Of the govern
meut 10 rsisiug the s;news Of much
than the national banks and II the government
decided deeDd upon the latter and private agencies
alone there uid be loss OF confidence among PEG
pie. which would be serious cheek subscriptions 10
any popular loan that might be put market. II
has been that the Secretary the event OF
bis not agre lug with the Bank Committee, viii put loan
the either OF seven-;birty currency
bearing treasury notes convertible al maurfy-namely
in three years nenceDto six per cent bearing bonds
or OF bonds aoue, through the naenal banks and
agencies that jay Cooke & Co., OF Philadelphia.
We hsye therefore TO tell Mr. Fsssenden that not
the ineres, OF the ha, he should rely upon any
such speculative loan introduced 70 the peo
pie by 81 h would not be likely command that
popular Condolences which absolutely necessary
Tue government mnst not knowingly select y
parcel adventnrors su,sde o. the real wealth Of the
hetore the patton oaort
recuperte Exhausted exchequer such teal
lime ircseu, hen tho very destiny OF repub
lilo hangs great extent upon the proper management
OF finances. 81 F s Ill
The example OF ali European governments should lead 4
Mr. lessepdeu rely upop the banks, and his best
consolidate their entire strength ana direct
IN uoh ss,uie 70 the support of the government
Britain had done THIS during her with
Napoleon she been the she was
Anal ,ef1at -.
himself TO be guda b. those settled principles
which ualivn. violate with mpunry hence
his failure lie acted the blind precspt "lel
live to-day. ior tomorrow we may de- with
the irnpruv idrncr prodigal, reckless OF
sequences. lie resorled 20 pailiatives instead Of
remedies, and behold the result He like = needy
borrower, who. 70 his present wants had bes
talon D. omsiu 10 the loan When
be came TO NeS org u 1861 he tul! OF these
ises. The ~ 10 be and all The debts Of he
country paid pecio six months he followed
The bad advhe nierord Wall stFeci spsculaiots, who
made crups BY he result, and having MADE The nrst
false sieP, h. siaduat. ied % 10 bis disastrous
roicyif, laced, suco punderig worthy Of the
OF policyrs, uiaied eva evil, and broke
- omisc Ioni,e til eud OF his career as a
Enspcier
II isIor Nj. Fees dreree from the course pur
sued By c,.so,, al, BY enisiing the support
the entire la XII. immunity, and throug. 1t appeang
10 the people. establish confidence ps INIT 20 luna
t.on, aud wtb nd or Ctn.ress passing a
s-srchug aud prrhvusye tax bill al lie next meeting
place the IN that position which
sary Catastrophe which pc sisteace the
WAYS II N Jnase -ogld ~ made inevitable.
The views pre- --d and the indicated
yesterday partially realized tc-iay by tns fall in
gid IS low ! gTu az pr cent, and the drop 10
20 from three eight dollars barrel.
other attic 4 prvdu,e also Offering heavy decline.
II will be vel Il Ia. prevailing stringency II inc ney
irket has u n ire ki1g down prices IN the |
poduce Market winch specaa lon has u late greatly
aggravated at &c revery IN tho country
The deolae ,oid sttrlbursbie in some mtssuret
tho seshlpmeut .por goods tor which progta lie
market eouid uud mere at the high rates at which
gold aud cxtu' ore stssry r.ied. 1bis
osed double IN oy diminishing the demaLd Tor
goIa 20 puy dut ", tue ,mc that ~ added
10 the amount OF ugc for ste 10 thS<xteui TO
which would .tncs~rv have reduced t. De panic in
the produce market sympathy with gold and owing
10 the OK cssive stlingenry M ney market.
more parln.oar 10 tie md posiii OF tue pa
Ieod 10 sp lsos- pro since the great
funatioa price, also vat OF coohdeoco 10 toe
market ssssatDiug siseT the parl Of cunederabic
portion Of tie o eeulaors themselves, who became
surlous uat
mo share market irregular to-day, and TIE
Whole ~esrr ahau yesterday, although ihers was no
IN .ksd coyftsoa y cou,i arod stn toe highest
cash s-iss ~ 'h- o., ara on fiarsdsy, geac i,s
Pad advanced -. Yer cent ire a. cn,cago and ROCK
ISlasd q, ,bsc,go NJ Nof,hw stern Cumberland
Goal as g,n.s Canton tompa sold ,us
sane New 80 -otrsl decaoed 4 tiud on Rivera
wtwasEcc ia tfaEe da vhea 4. A,cnisaa Ceutrai u,
Mcaitsn ssa.ern 4, deveia aud Pattsburs =. Pitts
burg md Dor, efsrs " and oLiS aud Mississippi ccr,-
6cae.t
1,s,e was asi-h, improvcment 10 government, securi
ties = viii fc " ca usion. bel
rricvs railroad and mscesuesus .Dares at The 1rst
sees,ur Of tbs Board Bfctes t. DAY with The
hisnes,cash triaAs u lsst week iesioss:-
Jays Jstg 10