The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-01-20

The premium has not been low since the commence
OF last The fall is accelerated by the gene
raj desire Of the spectators to profit by it, and
sequeny hort interest Is accommodating all the time,
which last Is favorable temporary reaction Late in
the afternoon the Blair mission to Richmond and the
doubt surrounding IT, assisted the bears In their opera
tons II rumored that Mr. Blair, ST. had returned
TO Richmond and in the present 'pancky' state Of feel
ing the market is easily influenced for fall
The holders OF foregn exchange the great bulls Of the
gold market are disconnected by the turn affairs
taking and the prospect of large shipments OF
and other Southern produce induces rather uneasy feel
ing among them The rates for bankers sterling
nominaly 1924 = at sixty days, and 1l0L Il at
three. The demand continues very light
What We have said respecting growing suspicion in
the public mind that the resumption OF specie payments
will ultimately take place without going through the
tedious process Of approaching the currency to
par with gold suggests a sad phase in our
financial history The idea, not improbably, had its
origin In our plan 10 resume specie payments gradually
on the basis the existing depreciation which is what
circumstances will force 10 do after the ends
II not before Blu, for the apprehension that the
plan which will put period to hepapcr money initiation
gold would hardly have fallen 80 fas, II has done not
withstanding our recent victories
The present runous policy has progressed so far and
likely 10 progress much farther that the prospect
Of the currency being restored TO par by gradual appre
ciniion grows fainter with the lapse Of time; and
neither the government the people appear 10 DO
seriously concerned about the future Of finances IL
Is not unlikely that whenever the evil OF fiscal sys
TEN has developed itself that point when The change
specie payments Is forced upon us the ordeal will bc
submitted 70 with that cheerful adaptabilty ccum
which characteristic Of the American people. The
French Gssonas funded into manda At the Of
Chase and Mr Fessenden have pursued would favor the
Inference that they have either been utterly blind 70 the
future else looked forward ultimate escape for
the country in some such expedient as ths
The bill authorizing the extension Of the issue Of
scven.hrty notes 10 four hundred millions gives the
Secretary considerable discretion with regard to the
rcncy: but told that he has assured the Commit
OF Ways and Means that II not his intention to
add another dollar to the paper money aoat hut that he
nevertheless considered II absolutely necessary that he
should be invested with power TO Issue further amount
OF compound interest notes. his principal being
that this discretionary power would enable him TO dis
pose Of hts bonds better than II the Of the
later were known TO be his only resource. Az the
public understand IL, however the government does
not al present intend Offering amy gold bearing
bonds for sale, except In the form OF sevenhry notes,
convertible into por bonds three years after date
which are sold par Moreover the theory that the
available OF issuing currency would stiu
late and raise the price OF subscriptions 10 loans
could only be sustained the presumption that thc
power the currency would be- freely used and
the currency thereby corrcsrondngy deprecated It
would also require the practical operation Of the
currency the money market 10 produce the result
fered TO- and 10 IA mainly for this latter purpose pre-
sumo that the SECRETARY intended should be used II
az all
The policy Of giving discretionary power 10 the Score
tary Of the Treasury increase The volume Of paper
money IL TO be strongly deprecated and especially
after the experience have already had OF the injurious
effects OF Imitation II Is the palliative that could
b Employed and for Congress confer the power be-
Mr. Fesscndcn Gays he has no intention TO Is
ridiculous work Of supercrogaon and about as
that gentlenans remarks currency In his
annual report 1t is reported, however that the bill will
be 90 modified In Tho House rather cura than cx
pand the currency.
The subscriptions &c the seventbirty loan the First
National Bank 10 day amounted 10 f256 200
Tho Bank OF Cominercs has announced that II will b.
kaown a. 'rhs National Bank u Comm NV York"