The New York herald., 1865-03-29

than suited the interests Of the government or the mer
camille and financial community and only the 'shorts
in gold and stocks prohted by the sudden faii
The latter by creating panic-which is at all times
TO disseminate the false idea that
We are witness rapid appreciation Of the currency
TO par, and speedy resumption Of specie payments
alter the war The probabilities however that the
gold premium will be higher at intervals for some time
after the cessation Of hosities than it is now The
Southern planters and Others for long period after the
return of peace will be likely manifest strong prefer
ence for gold greenbacks and the demand for specie
for remittance to the South will be very considerable.
The popular impression that very near the end Of
the war; with the latter will come an adjustment
OF values near specie basis is erroneous ana mas
already done great deal of harm The condition OF the
national finances is such that long as the war lasts
the gold premium must be sustained in order that the
Treasury may raise the money necessary 10
meet current disbursements. We have pursued the
path of imitation so long that it Is impossible to turn
back unless by the adoption OF radical measures which
are no longer probable II possible It is easy for any
rejecting mind perceive that differences based upon
the recent gold panc delusiye, and that We shall
have to go on in the present course and abide by its
attendant Weiss tudcs.
The volume Of the currency is rot only undminshed
BIT increasing and the national dehs y undergoing
continual and heavy augmentation and so long - no con-
traction OF the currency takes place and no considerable
reduction is made in the public expenditures, the great
bulk OF the people will be slow to feel the effect OF gold
panic and the natural tendency of the premium and
prices will be upward after every period Of depression
The stock market was dull and devoid Of speculative
feeling at the first board Erie u lower than at the
second board yesterday Hudson River IL, Reading Il,
Michigan Central u, Quicksilver tx. Cumberland was
steady Michigan Southern improved e, Northwestern
pnrL Tel Ear ca
securities lrm. Five.twentcs y higher; ten
fores H. The 'bcar" movement in federal bonds has
received check and there Is every prospect Of their
speedy recovery important that they should dc
80 for a decline in these operates unavoraby upon sub
scrptions TO the loan the market, which is the
only resource of the Treasury apart from the inerna
revenue receipts. The government securities are
dsassocated from the gold market the better for the
pcence of the last fortnight has shown that its caprices
beyond control and fraught with DANGER fnot disaster
all subject to their influence. However bad the fnan
ca policy Of the government may have bcen the requ
site means carrying on the must be punctualy
prov ded and the greater the bunders Of the past the
imperative the necessity for making the best Of
the existing situation. The whole monetary system OF
tho country based upon the national credit and If this
should fail all would fail
AT the open board at o'clock the market x
per cent lower ard at the second board the decline in
the general list continued with strong pressure to sell
Governments however remained firm. Hudson River
"a lower than at the first board New York Central
Al, Erie Ia Reading "a Michigan Central 17i,
Michigan Southern 2, Cle,eland and Pttsburg 3,
Northwestern a. Rock Island 2I, Fort Wayne
3h, Cumberland "a, Ohio and Mississippi certid-
Gates Il At the open board, haf.rast three, there
a further fall and demoralzcd market, New York
Central closed SS Hudson River 95 Erie 81 7 Ccye
lard and Rock Fort
81, Cumberland 35
Seller threes put freely by the "bcars and
they met with no opposing force adequate the task of
st ad wing the market
The money market is working easier and call loans
made freely at per cent with exceptional transac
lions on government securities at six. The national
banks have been much drawn upon during the last
few days and funds have accumulated in their hands
About ten millions Of compound six per cent notes
have been received at the Sub-Trcasury in this city
from the department at Washington since Friday If we
nay Judge by the published returns Of Saturday and
Monday. The seventy millions currency which
cmiocally announced yesterday the Treasury had at
IT. disposal in all probability includes the fifty millions
which held 20 meet payments call Of
temporary deposits in which case besides the ten mil
lions referred TO- there il only another ten millions left
for immediate issue but this will be sufficient TO con
tbut mai rally to easy money market and Offset the
boarding Of precnbacLs which has been going forward
for he ast month while the shrinkagc values which
his ta&,n place greatly reduces the demand for
changes.
roro-a exchange has been in moderate request for to-
morrows steamer IT Io9. y for bankers sixty days
bills, and iio& q shori sight
The issues of the series OF scventhiry notes is
out to begin uadr de Of June l5 1866, the nterctt
q shicl day win be paid advance at the time of sale
tle of Mr.
Iay Cooke in dsposng Of the rs series there is
reason believing that the second will be subscribed
ror Hn equal raIidity. Tie receipts from this
.rc indisp nsablc 10 The government II being the only
ra'iana the market; and as II offers high rate
), interest in currency with thc privilege Of conversion
thrcc years from date into hyeiwcnty bonds IL ap
peas 70 both and the patriotism of the peo
Die The First National Bank subscribed $685. 900 TO the
Ian to-day
Mr. Jacob Little tie oldest and most widely known
member Of the New York Stock Exchange, died this
morning at his residence in Union square. His Wall
street career extended than forty years, and
wa probably lo cven,ful Ia the history OF the
street The board this morning passed resolutions Of
respect hi ne,nory and agreed to adjourn from Fri
day af oInoon tia Saturday morning enable members TO
attend the uncal which will take place Friday from
Grac church The following the resolutions adopted
by The board
Resolved That IL with sincere sorrow that we re
cciee the announcement of tho death OF Mr.. Jacob
Little, long, and until so recently, one OF the most
active mtnb IS og our organization and for many years
pro .he financial transactions oi this metropolis
Kesolvaa That slall remember Mr. Littlo as a
prompt and rucrgctc bus - man, beral in bis deal
and ktnd ~ hs Impulses, aud while contemplating
his death may that him be admonished that
the end OF our y draacth near.
Resov d, That The Doatd adjourn Friday nfter
noou and at nd his funeral last mark Of respect 10
his memory.
Tho depression which has marked tho produce and
merchandise markets for tho last fortnight atm
uuuos, although the "panck.n feeling has mat rally
sabsided with tho steadying Of gold There were no
noticeable changes in prices yesterday to-day; but
under general i'd position TO buy ond the necessi
ties Of the pas ing time therc is no activity In trade,
and forced sairs can only be made at a sacrifice.
Tho business at tho s4b.Trcasury to-day was as fol-
lows
Roc ipts for customs s.................... sl1so0o