The New York herald., 1864-12-02

Tho policy Of disposing Of public loans in this
private manner is questionable and open to suspi-
oion but In the present case the necessities of the
Treasury, coupled with the laudable desire to get
- many as possible Of the "tadpoles" or two year
coupon notes out Of circulation constitute partial
Justification for course that would otherwise
cau only for eompendious condemnation, and
which. under any construction that may be placed
upon It, indicates q feeble administration OF the
national finances. To many of tire subscribers to
this new issue Of gold bearing securities, who have
horsded the coupon notes till this the day Of the
maturity Of the coupons, the seasonable arrange
nent TO convert them into fve-twenty six per cent
bonds is doubly profitable. They receive half
years interest at the rateof five per cent per annum
on the notes which they received at par, and they
pay the same after receiving the interest on them
for fvetwenty bonds at the rate of los, while the
market price Of the latter is 1867 On the 3lst Of
October IL was officially stated that the amount of
these notes outstanding sci ls6, ,ll0; but they
have probably been since reduced in amount,
although the opportunity to withdraw them from
circulation has been limited, owing to the hoard
ing before mentioned. Hereafter such Of them as
are not now withdrawn viii resume their place in
the circulating paper money system-a reproach
TO the miserable policy that authorized their ex-
istsnce--till their time of redemption comes.
II 10 asserted BY those who are supposed to
know what the Treasury policy is to be. that the
present is the last issue of gold bearing bonds
which will bemade; but why this, Cui bono we
may ask. The same thing was said with the gravity
Of an asseveratioD, both in print and out OF it, a
long time ago, and we are beginning to distrust.
But we nevertheless sincerely hope that this time
tho announcement Is true, and that there will be
90 more gold bearing bonds sold, either publicly
or privately, the balance authorized being re-
served for conversions of the seven thirty notes
and other securities. II we may believe kilograms
and rumor Mr.. Fessenden is strongly opposed to
the further issue Of gold bonds currency and in
favor OF relying upon currency loans and taxation
to meet the heavy disbursements Of the govern.
ment, and by skilful manng cement this policy may be
carried into execution. II is also reported that
ne Treasury Department 10 antagonistc to the
rapid creation Of national banks, and that il will
refuse applications for their establishment in To-
caiit'es where their proximity to others Of like
character may render them unnecessary and offer
sufhcient excuse for the act. With this view q
mobilization OF the national currency law will not
unlikely be submitted TO Congress- Senator Sher.
nan, ~ ID ealu, B t0 De CHAIRMAN OF the Senate
Finance Committee, and his influence will be Oh.
posed to the issue Of new currency in any form.
In the event Of no adverse military intelligence,
and under the belief that no further issues Of gold
bearing bonds will be made, IL is probable that
She whole Of the six per cent bonds Of the gov.
eminent will be steadily enhanced in market value
during the next month, while no disturbance csr
result TO the money market in consequences Of th'
restoration Of the sixty millions or less Of the tw'
years coupon notes 10 circulation.
II 10 telegrsphsd from Warrington that ther'
win probably be no statement Of the public deb
published for the month ending to-day, on account
sf the unfavorAbls appearance IL would pre-
ssat. II this 10 really the case Nr. Fsssen
Asn y decidedly the wrong man 20 bs
entrusted with the control Of the national finances
at the present juncture. The statement should b.
publhhcd with scrupulcus accuracy and resularit,
whatever the state Of the Treasury might be. and
notto DO % "a 70 foster that distrust which under
mines confidence and impais credit.
The money market b easy and slussish. Th'
regular rate is seven per cent, but large amount
>cAa bc obtained ~ Arst olass Borrowers n sx