The New York herald., 1865-02-15

Tho steamer Ocean Queen, from Asp!nwall to-day,
brosght $264, ,32l in specie.
The money market continues easy at six per cent on
governments and seven 10 stock houses The supply OF
loanabie funds IL In Of the demand, which Is
rather light but lenders still critical Of commercial
paper and show preference for allowing capital to
main unemployed rather than place beyond immediate
reach or in doubtful securities Some who have faith in
dropping gold market appear to think that by keeping
their legal tenders lying dlo in their vaults they will
make interest for themselves by appreciation But al
though this induces temporary sluggshness it must lead
to brisker demand by making money in active crcula-
tion There Is change to note in the for
first class commercial paper which ranges from TO 10
per cent Tho second grade Is quoted at 10 a H.
Foreign exchange remains flat under the preponder
ance Of exports over imports. Bankers sterling at
sixty days be bought the street at lOSH 1884,
and at three days at per cent adSAse Merchants
bills offered at 1917 l0SA The arrival Of the Sa-
vannah cotton feet at this port to-day will be followed
after sorting possible by the sale Of the staple by
auction most OF which will probably bo shipped to Eng
land The supply of bills will thus be increased and the
balance of trade decidedly in favor This will
act sautary check upon the gold speculation for
RISE For the last months exports exclusive
specie have been about two thirds larger than
ports and tho shipments or ooin have been unusually
light
The Secretary OF the Treasury in his bill providing for
the ensuing fiscal year. asks for very wide discretion
airy power in proposing loans TO the amount Of six hun
dred millions Of dollars to bo issued In such form Of
bonds and such Of interest," not exceeding six
per cent, shall most advisable to him, giving
him the time power TO dispose OF such loans at
such prices shall appear necessary whether above
below par We think IL would be safer and better to de-
fine pari ulary the future Of the Secretary
;,ic
the sale Of gold bearing securities direct but
providing for larger rate of interest than six per cent
We have not read the bill; but IL may credit the telc
graphic reports Of its contents there is provision
made for currency interest; for Of course six
per cent In greenbacks would not attract buy
era at any price near par, while the seven-thirty
notes. with the privilege Of conycrs on after three
years into six per cent gold stock offered at that
and while the ten-forties which tho semi annual
pons will fall due the first of March selling At
102H
Yet TO Increase the drcct gold bearing debt viii
be to undermine confidence in the public credit,
depreciate the whole mass Of the outstanding
bonds and place formidable obstacle in the
way Of tho negotiation Of loans bearing in
terest in paper money only. Rather than pursue
course SO Injurious to the finances II would be far pre-
ferabIe TO authorize indefinite OF thrtes
with tho convertible privilege attached each note to
date from day that of Its sale could be
nenty arranged II strikes very anomalous that
Mr. Fessenden should have expressed himself against
tho increase Of tho godbearng debt and pointed out
Its dangers in his annual report and subse-
quently, and that notwithstanding no should now
come forward with such q proposition this
II may be that the newspaper summary Of the
bill conveys wrong idea Of its provisions, which,
we seriously trust, is the case. But in any event,
II incumbent upon the Committee Of Ways and Means
both houses OF Congress- to legislae that any
such contingency the further issue OF gold
bearing bonds should be guarded against.
In letter to q member Of the Committee OF Ways and
Means Mr. Fessenden has made statement OF the pub
lie debt but Is not mentioned in the press despatch at
what date the public Indebtedness stood described
According the last Official return dated October 81,
1884, the total debt 2o17, 515 Mr. Fessendcn
ssatos It. in the letter referred to- at 81 53 1876 a.
Of which the following the details
Intrea
Debt bearing interest in coin 81 os7 43s e3sal 13l
Debt bearing interest in law
1ul money. oOo,otVyoz <s,ooo, IJV
Debt on which interest has
ceased. 5oO57O
Legal tender debt, bearing no
interest,". ................. 435, bOo0v -
Fractional currency. 24,096913 -
Total l................$2153 1853, 735, ,4A %, 13l sol
Amount In the Treasury $40, $50 e5S
The increase between tho end Of October last and the