The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-02-01

during the day. The quotations wers:-
1870 1879 M....sld s sss M..... OK 2os
l2:lo M........:.29oeA 4la M........ .sos2l
1855 7. ......... .2os Sos M........ 2oa,s
z:l6 +. M.......... .2o21s
The natural tendency of the market, influenced by
the law of supply and demand legitimate account, is
in favor Of still lower figures but the distrus OF the nan
cal policy Of tho government and the Influences Of spec
uation are likely 10 moro than neuraize this and mprt
strong fcacionary movement to it after every interval
OF depression. Peace great or the time
being, and whenever II presents itself in plausible
shape its effects will be felt; but the national finances
in such state that the gold premium indep
TO a considerable extent of that event
The supply Of money is abundant at per cent,
there being partial flow still going forward from
the West while the public repositories have not been
very closely drawn upon ofate by the Treasury and tho
demand for speculative purposes is moderately light
Very soon however the loanablc funds OF tho national
banks will be reduced and closer market follow First
class commercial paper at 10 per cent that
OF the second grade At II a IL.
Foreign exchange quiet, and quotations for bankers
sterling receding under the light demand The pros
peolive shipments or very depressing
influence upon the market and bills as sixty days Of
fered at 1o0x ~ and three days no u, sales
being made in at a recession from these
figures
The Secretary OF tho Treasury, finding the sales u
seve thirty through the National banks
TO mes< the wants Of the government without inmedi
aely resoting TO fresh issues Of currency gold bsar
ing bonds to which, In difference TO public opinion,
from higher motive he at present opposed has
vvedthe old agency system adopted by Mr. Chase, and
appointed Messrs. Jay Cooke Co., Of Philadelphia sole
agents for the sale Of this loan after Tomorrow leaving
the firm IN question TO appoint such sub ageocos
throughout tho country they may IT.
Mo of NIL ia
sented to be very ssmnll, considering uhat
the expenses of advertising and the commissions u the
subAgents TO be betrayed OF it, but the rate
Ia unknown to US cannot sag whether the Treasury
has made good bargain not.
or these Treasury there were little than
q week ago hundred and ninety.nve millions issued,
and they convertible three years from their
date into per bonds tho loan indirectly gold
bearing Grave objections to DO urged against
noroasng gold bearing debt the present
cai policy Of the government as the OF
the situation the Treasury unable TO borrow upon
interest currency loans while it, geld bearing bonds
remain low in price In tho open market at present.
Congress authorized the OF these three
years notes in preference 70 bonds they the only
rescuyeo in the Of direct loan LETT to the Treasury
and the latter great need OF money IL Is forced TO
pnsh the sale Of these resort 70 some othes and
haps more hurtful expedient
We referred yesterday - the inadequacy Of tho
cspts from this through the national banks TO
the necessities Of the me, and knew thns very
soon something would have 70 be ADno 10 supply
te Treasury codegs with money Private agencies
are respects dangerous and open TO suspicion,
but hcy possess the advantage Il being able TO Asnulxe
subscriptions Jay Cooke Co., Hvcm1c, Gewv CO.,
John Thompson, Fisk Hatdh-and the three lasa
mentioned the principal New York agents q tho Phiia
deLphia nrm-havo tho merit of being good brokers,
whereas the national banks not They receive
Whatever subscriptions offered and there their busi
moss enAs This Is not much from laox q willing.
ness 70 stimulate subscriptions . want Of tire local
knowledge how 10 do it In respects they contrast
M much rs two men undertaking to repeat the same
pun one Of whom said 'Napoloon greet man, bct
here's greater al the same time holding up nutmeg
Crater while the other forgetting himself said, Napo
leon was great man, but here's nutmeg graicf. "
Work, like q joke, Ia sometimes Spoiled. Tho agency
systsm has, however, not yet been tried In the seven
thirty loan although It In the ave+wenty loan and
with considerable Whether II succeeds not
depends moro perhaps, upon the people thm the
agents. but there Is no harm In having for sale
well cried.
The Treasury is in such plight through It's own mis-
msnagement that Its choice Of action very limited,
end 4 reported that It at It's solicitation haa
tho present agency undertaken ThH arrangement
we may remark will necessarily prevent the appoint
ment Of such national banks agencies Messrs
Jay Cooke Co. may think nt
The Public Petroleum Stock Exchange, rs Broadway,
corner Of Rector street. will be opened f business al
noon 70 morrow when Governor Curtin and Governor
BIGGER Of Pennsylvania; A. NJ Wood, Mayrof Brooklyn
A O. NJ Pennington and W. c Alexander q New Jersey
and other prominent gentlemen expected 10 speak
in illumination OF petroleum The number OF subscribers
already enrolled Is said TO be four hundred and member
ship being open the public payment OF twenty 6ve
dollars per annum this board likely become the rep
rcsentatye OF the trade in this city II II
proper discrimination the stocks adm tilted It's list
but Il tolera,es every imposition that sought to be
pamed upon the public by INSCRIPTIONS Spectators the
will be reversed IL is announced however, that
stocks OF doubtful character win not be admitted 70 the
privileges Of the board and herein will lie It's strength
gaining public confidence.
Tho Bank Committee which recently left this city to
confer with the Commissioner Of Internal Revenue the
subject taxing certified checks ncy have
turned without Of course, obtaining any satisfaction
The proper step for the banks TO take TO memoralze
Congress repeal thai portion Of the Internal Revenue
law which applies certified checks The Commissioner
has no power 10 do otherwise than according the
istter Of the law
The subscriptions to the thirty loan day a, the
rrs National Bank were $751; 100 The Treasury drafts
taloo0oo
The earnings Of the Milwaukee and s. Paul Railway
Company, including eastern division Of the La Crosse
Railroad, were;--
Eor & scv Se,
W.
Increase for s4es Isl
The business at the subTreasury today fol
iows:-
Receipts for customs. ................... eaes 90,
Total receipts. .......................s p01 81.