The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-11-28

The discount line is firm at per cent Tor nrst class
commercial paper, with exceptions ut seven. Tho
second grade is quoted at 10 Is but 1t is difficult OF
negotiation owing the dstrust Of private signatures
not first class and the general desire Of lenders TO keep
their capital within reach at call in view OF the
meeting Of Congress. The latter Ia something
OF a bugbear just now; but when people find
that the Secretary Of the Treasury does not intend to re-
specie payments at ten O'Clock the morning Of
the 4th Of December and that however willing his spirit
may DO the flesh is weak bring about any such event
for indefinite number of years 10 come their appre
tensions will subsde. Congress and the Treasury will
be equally powoross to take any important step towards
the resumption OF specie payments for the next
three years at least, during which time the
government will have to redeem eight hundred and
thirty millions OF thirty notes in currency for,
with this option Of the holders will of course con-
vert them into bonds unless the latter above par
The finances will require delicate nursing during the
whole OF this time as addition TO this amount and
hundred millions Of temporary loan more than two hum
dred millions OF interest bearing currency,
inert, will mature, and active currency
will have TO be substituted We all wish for healthy
contraction and return to specie payments as speedily
may be consistent with the national welfare; but We
must allow ten years for an interval OF preparation
Meanwhile must witness the reconstruction of the
South growth OF Southern crops the consequent in
sources and return flow Of specie from Europe That
the political OF the South must long precede
any successful effort restoration OF specie
payments and that must also first reap Of the
fruits or restoration neither to be contradicted
nor overlooked
In yesterdays article wrote, at will be enough
il during the next three years the Secretary OF the
Treasury succeeds In preventing the currency from
rising above its present volume" but misprint con-
verted the last word into value
The report from tho Rio Grande although IL was
doubted and considered unmporant II true advanced
the price OF gold from 147H tho opening TO l47% at
the close OF business. IL was generally considered
that IL tho Mexican liberals had fired upon the imperial
steamer from the Texas SIDE our governments would
promptly repudate the act Loans were made ct per
cent for carrying the coin.
Foreign exchange was extremely dull Bankers asked
100 for their sixty days bills without meeting buyers or
making CONCESSIONS Short sight bills were ITO q,
merchants los Y, and I07x . 1851 with bills Of
Iading
Petroleum stocks were fairly active Al the nrst board
Pthole Creek closed Csc lower than at the time
on Saturday, New York and Newark &c. Webster H.
BenehoG Run was Csc. higher, Excelsior zoe, First
National &C., Ham and McClintock &c., Oil Creek 06c.
The rest OF the list steady Az the second public
board Now York, Philadelphia and Baltimore closed 1c
higher selling at SIC Excelsior l0c, selling 81 IS;
Webster was 1c. lower, selling at 81 49, Oceanic &C., sell
ling at 3ec. Empire City closed Soc, Rynd Farm,
eoc., Cherry Run 26c.
The quantity Of -four, wheat and barley left at
tide water during the third week Of November in the
years 1884 and 1885, follows
FEav b6la Wheat, bush Corn, bssh. Barley, bush
1894. 80. 7b,loo 7ol,eoo 1880 l45soo
1895. 49,. $4,000 742,s0o oe7,3oo 23eeoo