The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-11-06

Foreign exchange which was weak at the opening,
en2thened the week advanced, under the influence
of the large importaons forward-those for the week
ending November having been valued at s5375, 13s-
and tho inducements remit which the low rates
ront offer importers Bankers sterling at sixty days
was quoted on Saturday at 1881 109h.
Tho duness and partial depression which prevailed in
tho foreign merchandise markets. alike with those for
domestic proddce were the other hand unfavorabe
TO remttances. In the dry goods trade there was
marked inactivity, with pressure to soil. This
general queting down Of the markets for foreign goods
Is the natural consequence OF country dealers having
purchased short time since large stocks which not
yet exhausted Prices have yielded slightly on the Pro-
duce Exchange, although the recent strngency at the
West does not appear to have had much effect in stmu
iating shipments eastward.
The sabTrcasury will, in the Of the following
week. begin the of certificates in exchange for
gold left on deposit, and tho Of Congress which
authorizes this provides for the OF twenty per
certificates than there ia gold the Treasury. To
carry this into practice would be not only ndiscrect but
reprchensibe We liable to many contingencies in
the future that the issue OF such OF
certificates would be attended with great danger The
policy OF receiving coin deposit at all by the Treasury
very questionable but the issue ofhe of cern
oates open graver objection and there good
purpose to be subservcd by giving the Secretary Of the
Treasury any such authority Congress should not omit
amend the authorizing act next session by striking
much Of It, at least relates TO the twonty por
cent excess
An application has just been made, among many
others from the South, TO the Comptroller Of tho Cur
rency for the establishment OF national bank at New
Orleans, with capital Of million. Although mono
OF the three hundred millions Of currency authorized by
tho National Banking act apporoned by tho Trca
sury 70 the southern section Of the country the depart
k~aa t~o 1f
amount authorized to the necessities OF the timc
Congress will doubtless indemnify the Secretary
Of the Treasury for the issue the
score Of public exigency But at the Same
time u cannot be overlooked that the department
extremely ehortsightcd In not originally making
reservation for the South As the stands the latter
Is entitled equal share OF national banking facilities
with tho OF the country and Congress will probably
view in that light and the result will be further
authorization Of two three hundred millions Of
tional bank notes At present only about two hundred
and six millions have been issued but the whole Of the
remainder being apportioned authorized banks the
deliveries will be made fast the notes pre-
pared, say at the average rate of three
and half millions per week. This currency Is very
powerful initiate and therefore, II issued TO the extent
named must be councracted by FIVE per cent funding
loan 70 be taken up gradually, not 10 interfere
with the money market
Although the currency, according 70 the last state
mont Of the public debt reduced In consequence Of
the funding loan 35e the actual decrease Of the
amount In circulation was comparatively light. About
thirtcen millions OF currency withdrawn from the
subTroasury Of the temporary loan during
the month ofnOctober and about twelve millions and q
half added to the circulation by tho national
issues making the actual reduction Of currency
ioss THAN nineteen milons-an amount which viii speed
ily Be made up by fresh national bank issues.
Governor Brownlow makes the following reference to
the railroads OF Tennessee and the State his
euQnnssage 70 the Legislature
I ah satisfied that II win be utterly impossible
for most OF the companies 70 pay the interest the
the hands OF receivers unless the State provides for the
payment OF the interest now due. II the payment Of
state win 20 under. The FIRST effect OF this will
DO 10 sweep from the Thousands Of stockholders
will be extravaganza waste swindng and general cor
rupon and the State will have 10 ssue several millions
OF bonds In that event. TO tax the people beyond endur
raise the money meet this interest and TO put
those roads in order n tho State should sell these roads
thcy would be purchased by combination OF spectators
from abroad who win manage them for their own
benefit wNhout any regard f& the honest and public
rcspeotfuiy sueros that the State issue three or
four millions OF bonds 70 six soveH eight and
ten year, the FIRST payment OF interest 70 commence IN
now due upon condition that they are taken At par
II The Legislature shall think proper, let them
DO sold on similar conditions, and the proceeds
applied 70 the payment Of the interest ON all
outstanding bonds and let there be- further
lien 10 favor Of The state each road for the sum paid
for 10 benefit The FIRST effect Of this will be 10 bring
tho bond: Of the State up par value Immediately and
70 place the credit and integrity Of the state above sus
PIGEON no tal@fy n
The earnings OF the Chicago and Northwestern Rail-
road for enc month Of October were soa sso against
eS9e.Iso for The corresponding month last year. In
oresSe, e1s9, 12o Fl t s
,rs following table shows the quc,aous Of the isadug
shsrss = ths session Of the stock Exchange a s
close Of tho list four weeks ta
lHckx OF IA o. 81 Oct a. Nor 4
Atlantic .;,sa Nal. ..;;.;; 80 issx 1s n n
Alton and Ter Hauts pref 10 n 05 re-
Cleveland PitlsburF. 80. 7sx T2K sax 81