The Cleveland leader. [volume] (Cleveland [Ohio]) 1865-1865, 1865-07-24
FINANCIAL & COMMERCIAL.
s.ruHpAr EvEsrso, JuIy q, 1856.

SATURDAY EVENING, July q, 1856.
The question as 10 what course the Secretary Of
the Treasury vii pursue to meet the necessary tx
penditures Of the Government until the re-AsSem-
bling Ct OongresJ, nfarly five months yet, iS being
pretty generally diseased in financial circles. 1t
Is estimated that there remain unSOld oalJ about
thirty MILL ms Of the sevsn-thirty loan, and the
proceeds from this source, e. " II "a from other
sources Of revenue, having been kept pretty closely
.bso-hod h. tha dishnrsemanta NJ tba Govarnment
$4,000
IN t3e payment Vi 1e AE"i" AHu s
other obligations falling du., II will become noes
sary to adopt some measures In addition to those
.,.a.av avt..t.. ,-ov,da e,r ~ I.r,ar Dort,on
AifsaaS existing 70 PrO'loe . III 'Aisot ohHON
Oh n e1PenoiIuIe 'Dn -
mluole OF DeesmOer- 1hese 01rno' OS0~Aa
at much below $500, 900, TOO, including about $780,
900, 900 OF @ rtihoalts Of Indeb sdnsss that will
mature within the next ten weeks. Toward this
! amount tn re may be expected from internal revs-
nue., customs, the unsold portion OF the 7-SO loan
and misce lAneous sources, 500, COO. OOO, leaving
unprovided for about $500. 900, 900. Under tie act
OF March. 1865, II is claimed on NEST hands that
the Secretary has power TO issue bonds b,ariug in
terest at 8 per cent. in coin or $40 per cent. In
currency, and should he avail himself OF this prlvi-
Iege. he NAV be able to convert the one hundred
millions Of Certificates Of indebtedness, leaving .
balance OF $1,000 O,OOO which might Be provided for
by Certificates that would go over to the account
Of next year for permanen: settlement. The set
above referred to, however, IL hOd by some to con-
fer no power upon the Secretary to issue bonds,
and should such be his view he will probably have
recourse mainly to One-yssr Certificates Of Indebs-
edness to meet the demands upon his Department.
The language Of the act is as follows:
Any Treasury notes or other obligations bearing
interest, issued under any set OF congress, may
nd w,tb tbs Consent Of ~ h6Idsr ha eonvertsi
into any description Of bonds authorized by this
act; and no bonds so authorized shall be considered
sbtborizsd-
The local monsv m,rkst was vitbout n.rtieuIar
\ obapo. to.d.v- Tha dsmaud foy diasount. vi.h
most CT the d INKS was good, ana regular custom
ers found ready acconmo iations but Outside paper
and such a. bears q speculative character, hnds nc
takers The supply OF currency is quite equal to
the legitimate demand. Exchange Is in fair re-
quest and continues easy and firm at "a 70 Il II
buying and par selling.
The gold market rules very steady, and f. Appsr.
emily entirely free from speculative influence. The
sales of gold by the Treasury a d'y or two since
the object OF which is not fully usderstood, rAthsr
diacoOeersed the "bull'," and in the ab'enee OF
any knowledge - to the future intentions OF thu
Treasury, they are disposed to let matters rest fol
atime. The bears" are probably satisfied with
having got this advantage to enable them to oleal
on their contracts, and are not making new en-
gagements. The expert demand continues VerJ