The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-09-17
..;IAL AND CONNER GAL.

% place which was however lst in the afternoon.
- transactions were light and the speculative feeling
sak and somewhat feverish At the first session Of the
ocular board Erie closed zhigher than at the second
board yesterday Reading ~ Michigan Southern ~
Illinois Central a. Cleveland and Piitsburg u, Kock
Island u Ohio and Mississippi cer'hcates ~
Quicksilver x. There ws sale of the Merchants
Bank stock at no. Fourth National at 9S Metropolitan
Ilek State of New Yorkat 49, Government securities
were steady Coupon ytwentieso the old issue sold
at 1O7s: new 1851 Al the open board at one O'Clock
the market was a fractsn higher on portion of the list
Erie closed at s7I Hudson River ll0z, Reading 107H,
Cleveland and Ptsbug us, Michigan Southern 6SH,
Rock Island (ss) llsk, Northwestern preferred 624
Cleveland and Toledb 1874 Ohio and Mississippi cerli
Gates 2sH, Cumberland 43A, Quicksilver 4Ss, Mineral
Hill Mining Company 81 o. Afterwards the street
the market weakened and Erie sold down to sa;s and
other stocks in nearly the same proportion
Petroleum stocks were stsady at the first board the
chief activity being in United States, which closed ~
$50 So Pithole Creek 20c higher than al the same
time yesterday closing at - 90; OIL Creek Co closing
g. Watson sold ut 81 25 Bergen G. and oli Ioc.,
President e. Webster 81 81 Ham and hcC'ntock -,
Excelsior II 2s. Montana 81 30, Foe Simple l2c.
Gold experienced partis recovery from the
depression Of yesterday. The opening price was
142x from which there was an advance to
1887 the closing quotation being 143h. Loans were
generally made six per cent on the currency The ex
port Of specie for the day $3i oil which the
Cty of London took $2s 900 and the saxonia $4,000,
making a total for the week of s35s,656
Foreign exchange WAS dull but steady at 1895 u for
bankers sixty days bills
The money market displays no new feature The de-
and for discounts continues moderately active but the
wants Of the Stock Exchange limited Call loans
are made freely at per cent, and first
class commercial paper rates at .. ana
the second grade at TO- The great activity which
prevails every branch of trade at present employs an
amount Of loanabc funds of the average, and
makes lenders TO great extent independent Of the Stock
Exchange The expected funding foan meets with
almost general approval in Wall street. and 1t Is
regarded as sautary measure which might be safely
introduced at this time The outstanding interest bear
ing notes are currency almost inert, and Should
they be largely converted into long stock although
they might require to be replaced u certain extent
with plain legal tenders bank reserves the Funding
process would not be likely TO materially dstaro the
course Of money market Moreover II is TO the in-
forest Of the keep the latter easy both III
order that temporary deposits may not be reduced,
and that seven-hrty notes and other national securities
may remain firm on the market. The sooner contrac-
ton is begun on however small q scale the
better for if ths process is overlooked entirely
increase of the national bank circulation and the ger
the imitation the greater the subsequent recoiL eaay
ur pener money system has inflicted multitude Oh e's
upon the country and fosered variety Of social eAaSa
gances and deformes. The same has invariaoD oeen
tho case during similar exceptional periods IN
tres ana this connection we may quote tue er
description by an English writer of the sno,eopicw
money imitation in England during ts,rarea TO or own
which may not inappropriatoly = " J3f g.
caso:- 90 -a. y, az, ~, emsN a. tne
We have already ~ tie expenditure
:, Soaap AZ by ssYornmrnf fortunes
.mcr ~. randiy Accumulated ale classes to.sv uprc
perty created among .ns osfors One or the worst
e,,Soss of this was pabn, disdsin ,r hoaey and
c,ssses, reckless sodisGusting and sou: degrading
pn,ng Of aristoSA At former periods the ahun-
@;"as N the tsneslth he'd caused symptoms OF tins
S d.wc Of dsscd yEngand but it now spread like
na s,sdy appesEgcd all the wholesome ',sages Of
nas.ilce ana Jwas totally changed Forgetting That
cnsss esc ee Of 0 very few p indeed s
s3n, VIZ &sas rank, rage for snowy and superficial
Ss"'ni lets seized upon the middng classes OF So
accoP ti useful arts or life were to be despised and
uev heas vulgar and degrading. Common sense
thrown, fed the land. Qaackcry and afsc-
.eenloieved everything All young men were
.sno9t aisis and fine gsncmon and all young women
cuqs, painters and herones OF novels. The piano
the pencil and colors found their way Into the
orouse and the back shop, and from that hour the
lMrseiu domestic sciences became obsolete. What
rSddle classes had ceased 10 learn they could not
y, and domestic revolution was Effected, the IN
Portable effects Of which feeling al this honr
manufacturing system, By taking thousands OF young
males from their homes and shutting them up amidst
heat ignorance and vice OF those deorsized dens
allied factories, completed tbs work, and domestic COM
fort, AZ formerly existed In England, is unknown. The
paror tables loaded with degraded and silly novels
and albums and stl moro contemptible music books,
whiio Ignorance OF tho real arts OF life aectation reck
the house Such are the cfccs OF essentially vicious
systems Their diseased ramincaons reach every class
They aflct society as the dry rot does the mansion,
spsrng nothing and affecting everything from the garrett
down to the cellar until nation becomes one corrupt
and crawling Of degradation, vice. aecaton, gno
rance misery and mischief In the midst Of all this
graver and higher departments Of inquiry became grad
uay neglected. Moral philosophy and the science OF
mind tho grave studies OF history and tho abstract
mathematics gradually yielded 70 shallow physcs, and
trng annals and muster roll Of plants and nowcs or
list Of with Creek and German names, const
tuted science while the trny chronicle Of court
aslte the notes Of butterfly diplomatic passed
for history In the bellies ettres the same depeson u
standard taste took place. The DRAMA the pride OF
England, sunk in contemplate fsroes, or more CON
tempuble melodramss. The buskin was banished nom
che stage aud Tbaa IN hourly dread of an irruption I'm
she part OF Punch and Judy Fashionable reading was
eonnei 10 msy novels tring 20 be perniccus ~
their writers would have inside them and crudey con-
structed crammed with distorted history and pank
Ash sensiby. Literature, wrcsed from the hands
of those really qualified by nature 10 exslt and sdorn IL
sunk In such IL does into grlf OF puerity
and oonceit The books and the manners became
worthy OF each other and the diseased state OF society
@ on Ss @ Snc a ~
felt OF lnquty, extnvagsnce and paper money.
The business at the subrrcasury to-day was as fol-
lows -iF 20
Receipts FOR customs -. 3............... $4,000
Total rooeip.s ACKNOWLEDGEMENTS. 146009l
Payments OBSERVATION-DISCLOSURES. 1462 s12
Balance. OBSERVATION-DISCLOSURES. 1,3i0T15
Subscriptions 10 government loan. 55A 90
There ia very naturally general but erroneous i'm
preston among the immaculate community Of stock
jobers that the financial column Of adaiy newspaper
should be always in harmony with the coure of the
Market that when the Inter is rising the former
should be on the "bu side and that when the Market
faIlinVshs money article should in like manner 90
with IT. This involves Che gratuitous assumption that