The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-07-17
FINANCIAL AND CONNER cnC


FINANCIAL AND COMMERCIAL
s4vvss4.. J~,y ls-sh Y.
~ Bsak COaUstses and Mr. F-ssendea we're agate IN
esaferegps 70 dAy; bU rssuh 10 assT tht
sssspsaAos u p~p ssd loan me Ter ms 30 wsion
- bann ssose shls 70 make IT, Mr.. k~ssruass hs
~ ssrtes sssstrncsoass u law, h anwiiins " Gs<e
~ Btaps banks dsp.sitsres the public funds fo,s5e
sGasps u tAsx Treasury add sssbs sarrerp
q b % tsass ~ wssnrnvtor "a
My ccasidsr asgpuatcus Tor the present a. %
ed wAhort any ssasts .osisp for ,oe u'ure hsviss
bssa resolves sp.a suppasson therefore, thai "
ntsods 70 resort the sale Of seven and Ii sep,Ss
Treasury notes tso ssa,ssaasrl vita s,ssss payable
q csrcseyr ss issw maturity N tnres yesrs. con
vsrttbis me interest In god bearing boudt
= - may zee az, - Tho sais bsuis direct. In
y,as.ns chs loss ,hs market = said ,hsi ne win
assw saArtsr pr csss copnwsIon upon al ~
- ~ skssat 81 s~sssy nvs sheusAad dsliars up
wsrds o. sns formss cass o. securities secrear,
hAa pswsf V issue hundred milioas under The
Lnaa bns win tue spskn n msking eng paxs' Of tho
eans legal tsad-r. Tue psssonsi bsoks and private
agencies Souio take active part 10 placing such
oaa besose the people, su whether or nos shs result
would sustain tbe calculations Of Mr. Fessenden uncor
sasa We thur a made mistake and assumed .
grave rssposs,ol,iy 10 not conccdug 70 tho ssasc
bssks sSs privilege u being government deposi
ssriss 70 the limited exteas Of thor losns 70 the
Treasufy, and &c tssiousiy question the policy 81
hts acting independently Of them. which, ~ the
heess y an experiment.. Thai The letter u the
law strictly ,erprstsa, doss not sustain him in the
course ~ advised 40 ustncalon Of his laug har
oszs the antsxcasms ostwsa shs seciions Of the
great banking aud securing tho active cup
port Of the old banks. which tho ss representatives
Of the wealth Of tie oauay the necessities me
constitute the most lmpsrtant cousidsra ration.
ne dincuties Atsesains the proper administration Of
tho financial Affairs * tho government at this critical
period are OF odusry character and such req
20 BE- met with uxs1 bold aud liberal policy on
- Part Of Mr.. fssssnden. TO be successful mus.
Avod that hszard h,nd 70 mouth and experimental
ssurse pursued oy hs predecessor who only
temporary oonyenieDce and popularity in the measures
p adopted regardless OF permanent intere,ts Had IL
s boon for the ambitious aims OF Mr. Chase tho Treasury
you'd not have bceo IT. present embarrassed condi
tion. nor gold a. the premium IL b In TO carry
out hs personal designs 10 constantly guas In
and DOT Of the Cabinet Aboring create dssensors and
make himself ths ruling power OF tho administration
With ths hope VI succeeding the Presidency itself.
His evil iaauencs sxtsudcd TO the army ana navy. -
well ~ 70 nearly every prominent Individual In
VICE. and to him 10 may attribute much OF that inter-
ference with the mitAry plans OF General Mcclellan
which tended 70 proosg tho and deprive the army
o. N able commander. The mistakes OF the War De.
partmsnt and the ineffciency OF that Of she navy
combined 70 sssiss the Secretary in his seinSn
schemes Instead OF devo.,ns himself 70 studying the
best course 70 pursue In order TO keep tho national
finances on sound basis, he devoted she ais
command 70 securing for himself political aggrandiss.
men, and long 10 he could tide difficulties for
the and spcc,oSs position OF a
fairs and get the people 70 believe his promises Of speedy
termination OF the var sndresumpstou OF specie pay ment
he was satisfied bis character for msrepresentaiton
consste0i aad fully sustained 10 his last ON
cia return Of tbs amount Of tho public debt. 10 that
document dated June al, the total stated to be
81 72s 500 1858 TO- and July fortnight afterwards
another return issued. signed BY Mr. Harringsoo the
Secretary ad intm in which the total debt was stated
to be g. T02. so7 oAo 81, showing an Increase OF
sos 800 1877 81 In tho the unpaid requts
toOs put down only $40 900 Juae and At
600 90 JAY 8, showing increase undes this
head Of ti2 632 co., not far from double Now great
= the ex Of the government may be- no
one will pretend tor moment 70 maintain that they
- yet adding 10 the national debt At this rate and there
are, the only ihas Mr.. Chase moderated
d6sres for Tbs ssks O. putting better appearance
80 face OF things ~ the time Of his quitting once than
- facts Jus,asd. This smacks, must say, very
Duch OF duplicity, and the Of credtabs IL
author.
But that Mr.. Chase V longer a tho Treasury
helm. and tina, II 70 beyond hrs power make more /
trouble either in the csb,net the Geld, we have
right 70 expec, better things bad tho condition
mary and naval resources al the cootroi of |
The administration ought not 70 play . /
merely Idle game but strong efforts, followed by sub
stansta Successes. should DO the result Then there
would be cause 70 complain Of q want Of confidence
U the government among the psopss. nor vim good |
anaocisl msSsssmens, u . want II money In the |
Treasury golfers Perhaps there would
b no better way Of securing this confidence
end stimulating enthusiasm than by She appoint
meat OF General Mcclellan TO the command OF
ANEW military department. The OF this
coupled with call kr three six months volunteers,
would have grand effect encouraging eolstments and
inspiring the people With hope Mcclellan and Grant
operating ocnjunction would be able deal blows
al the the rebellion sign Of returning
peace would Las, make appearance. and would
quirs very little exerou the part Of the Secretary
Treasury 10 get ali the money he might want But
Just the pr srccs must CONFESS rather dubious
Stocks weak again to-day and fell OF 10 price
New York Central declined AZ Erie Railroad " Hudson
River l, Resdjrg Railroad g. Michigan Southern r. hi
nois Central Chicsea and Rock Island ~ Chicago Bur-
upgtsu Quincy ., Cumberland Coal az, Canton Com
pany =, and Msriposs I. Erie preferred stock and
Chicago end Northwestern sold the Same. Michigan
Central rose u and Cleveland and Pitisburg q.
The Assistant Treasurer reports to-day As follows
Receipts from customs ................ $o4, 600
Total recepts s......... l,32o, IsI
Payments. OBSERVATION-DISCLOSURES. ee2059
baance ZJ,OsI,so2
Inc movements Of foreign dry goods st this port during
The week ending July exhibited in the following
able
Sns,d for cor~smptic~. Pacaaca vaiu..
uanussc surss q wool. ......... 4o6 e2Ii.las |
Manufactures Of cotton .......... xs- II2,si3 |
Manufactures Of elk 100 640l |
nsnuHactures Of nsx........... ga 1T4,ii0 |
Mncsaaneous .......-.......,.. u 23,o51 |