The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-08-28
FNAssAAL AND coMMERcIAl

of The countrg itse should have been by
ths time in ptisble plight iueeea Yet there are
sycophans and gncrant persons who will not hesitate 20
say that nothing better could been doue and who
50 en- preaching according TO their pr jldces
and delusious, II facts confirmed ns,ead OF contra
diced their ents The gov been squan
derng the wealth OF the land in that no other
nation in tae world could have wthsood since il as.
snmed the reips OF power, and every day II is adding
the evils It has created. Ey the enormous depreciation
OF the TO which the policy Of Mr. Chase the
government is compelled to sell Its securities for less
than forty cents the dollar. and the interest OF
most Of these able In gold at the rate OF i've and
six per cent and Of them ut least-,he cnIorty
ioan-redeemable, by the wording Of the act OF Con
gress, in gold. Six per cent in gold on the full
amount OF securities sold at less than forty cents
the redeemable for seventeen years,
The OF The o 1851, is species Of Dor
rowing unexampled history for high of int.
and not surprising therefore, that the
close 6sted shrewd money loving Germans should desire
70 grab them whisc they can. they and others will
probably in the OF true take all they get and
disinterested, Should congratulate them but
with the utere OF the lntry heart We can only
look on with regret 1t is oil very well for
foreigners abroad TO invest in these bonds but for
tho United states government which has ultimately to
redeem them, is sad feature. No nation, than
borrowing such ruinous SCALE and repeat what
we have said before that The government ought limit
the issue gold bearing bonds In future pos
sble unless In conversion Of other securities already
pledged for that purpose Its useless to talk to this gov
ernment about funding tho currency-a plan for
which have indca,r,- but it may possibly
be advised TO rely upon the
rency >loans and stimulate them to their
extent OF depending upon tho ten-forty and
w h.a ,ho
currency before the people couverti
BILE iutc per cent gold bearing bonds at their
rty In three years hence but what may within
that timer Life short and there s limit every
thing SiI cent at the present price OF gold, gives
fifteen per cent In 10 me purchasers Of the
fvo-twenty 1881 bonds, and bonus Of dty-Hve to
sixty dollar additional to buyers abroad.
The great object the government ought TO have Ia view
Is the reduction Of the premium gold, by which
everything else TO be bought with money would
be lowered in value Unless the government
had been certain Of maintaining gold price within
reasonable distance Of ought not to have ventured
upon six per cent interest In coin bonds but havA
confined itself currency interest. 1t would have
been better had made customs duties in
rercy equivalent in amount TO certain sum 10 specie al
market THIS would have diminished the actual
demand for gold and have exered powerful influence
in keeping down Its price, II tho coupons next
ing the government gold bearing bonds had then
been made receivable for an amount 10 specie
Equivalent 10 their face value the good effect
would have been all the greater. But, il Is
the best for the to pursue to check
it, issues Of paper money and gold bearing bonds far
practicable. and rely much on currency loans
fundabe goldbonds hereafter possible The sub
scriptens 70 the latter would DO greatly Increased BY
the that further additions would DO
made TO the currency and shese with tho receipts for
revenue, would be likely prove sufficient to meet
ths Of government would perseverance, In
the gold bearing bond policy.
The stock market Is still unsettled and without
strength The peace agitation is likely to no revived;
,ugh there ~ substantial reasons for the
decline Of railway shares fears with regard tho
traction the prospect realization OF peace, will
IN all probability deter speculations for rise From
present appearances lower prices may be anticipated
unslbr result Of the Chicago Convention is known
irresuiary will DO the salient feature Of the stock
market. .t.
The week has been the whole exciting one. The
peace have affiliated the financial well a. the
popular mind generally. and excried material afucscc.
Railway and mvce laneous shares declined and gold
advanced under them. Governments advanced during
the early ari the week, and steady at its close
On Saturday gold, which opened at 2561S on Monday
last ard quently sold at fraction than
Der cent higher closed 2sS, aer selling at 24Gts This
fall bad been propbesyiag for the last fortnight just
had previously predicted the advance which took
place III government securities 4
Foreign exchange has been very dull. Bankers have
asked los y x for sterling, 277 in currency;
chsuts 2T3 Frsrcs have ranged from STA 70 5.l6 At
short sight on Paris.
The money ms has worked easy cent
the stock Excha ge but the volume Of comm paper
having Increased considerably during the wesx closer
scrutiny mas De. ended higher
Al the close eight per cent paid for G-st
class signatures
Railway and miscellaneous shares having submitted 20
a COZ able decline slight reaction must soon take
place unless the fall gold should be heavy. IL which
case quotati viii sympa,bze with II; but the ma ket
Is likely TO continue irregular TIL political Affairs have 90
s1rned definite shape. F
Tie stock market 1at to-day, prices ruling con
sderaby lower than at tie close last evening. Com
pared with the midday sales yesterday New York Cen.
tral decnes at the FIRST board per cent Erie Railway
IL Hudson RIVER ~, Reading ~, Milwaukee and
Prairie ou diea ~ Michigan Central Michigan south.
ern IL Iiaois Central Cleveland and Pittsbura y,
Cleveland AID toledo IL hca.o and Rock Island u,
Phsbarg md Fort wsype v Chicago and Northwestern
/, Cumberland Cod 4, Quicksilver Mining u, Marposs
TX Delaware aud Hudson Canal /, and OHIO and Nssis
sippi certificates u
There was 20 second session OF The stock Exchange
Governments were Dot lha follow ing were the
quotations. registered sizes 81 ss!. 1924 lo9k;
coupons do 1905 1895. registered nve.tweD,ies ITO
IL! coupons do, liz 1l2L even aud tbree-teLths
Treasury notes, my III; ono year certificates,
ps1 q5
The gold market was considerably excited todsy The
price a, tie opening 2b3 and gradually dopped 10
25o. II thon rallied Ale and sold at 25oS z5l ~
In the afternoon report circulated 'ht the rebels
had With disastrous defeat o. the Weldon Railroad,
~ INIT ha
ment subsequently wore OIL and II went AZ asain TO
2isH
The European steamers took out today the following
amour II suece
City OF baltimore tor Liverpool. sos oG
Hansa tor lr,.e,v ........... 800