The New York herald., 1865-02-17
FINANCIAL AND COMMERCIAL.

THURSDAY, Feb. le-sPM
me stock market was heavy as tho opening OF the
board but the call progressed Il became stronger
and closed with an improving tendency. Az compared
with the closing prices at yesterdays morning board
New York Central declined ~, Erie az, Hudson River
Z, Reading 2A, Michigan Southern lx, Illinois Central
y, Cleveland and Pittsburg lx Northwestern y. Rock
Island X Fort Wayne x. Cumberland was steady
Government securities we're active, Five-twentes OF
the old issue rose 1Js OF the IN under the
of tho in their price on the LONDON Stock
Exchange from AZ to 81 within week, owing to the In
uence OF peace rumors, the improving aspect OF our
military situation the decline Of the gold premium.
sixes OF 1881 advanced y. -forties were firm at
1923.
AT the open board o'clock quotations improved
= "a per cont Al the second regular board the i'm
provement continued, and compared with the closing
priocs Of the morning board Erie higher, Hudson
River lH, Reading Ia, Michigan Southern /, Illinois
Central y, Cleveland and Pittsburg y, Rock Island "
Fort Wayne la Cumberland
Government securities were lower, ton fortles
cepted, which renamed firm. FWc-twenties, Of both
the Old and now issue, declined x from tho highest
point reached at the first board still substantial rise
ll the former and Z in the latter was shown Later
in tho afternoon the market stronger tho street.
notwithstanding the by the steamer Europa At Hall
fax reaching the evening OF the 4th inst which day
vetwcntios opened in the London market at IS and
closed at 63 531 quotations being depressed by the
adviccs from this side
AT the open board half past three O'Clock the rail-
way list u u stronger Hudson River excepted
which remained steady. Mariposa showed a decline
from the first board of r. owing 70 the unsatisfactory
result of the meeting of bondholders to-day The
mon stockholders are not willing to subscribe to
assessment and efforts have already been made of
towards the foreclosure of mortgages the
company's property.
The gold market weak and rather
cited this morning, but without the fluctuations
which usually attend it in the midst OF speculative
activity The military situation has steadily
favorable that strong check is placed upon up
ward turn Of the Market whio the very light demand
for legitimate purposes operates equally against RISE
Moreover the supply Of cash gold tho market larger
than it has three weeks or more and
deliveries made with correspondingly increased ease
while the opposing speculative forces about evenly
matched. Tho bulls and the bears arc equally alive
to the favorable aspect Of military affairs; but
both foel that the effect of this has been already
materially felt in the decline which has taken
place. and that the continued duration Of the still
a matter of uncertainty. Meanwhile the
pendtures Of the government must 60 on, involving
further ultimate depreciation OF the currency long
policy of the past pursued The remedy for existing
evils lies in return speedily possible TO specie
basis on the plan have already proposed The appre
hcnsion of some such radical process this being
finally adopted has kept the premium for some months
past below what it would have probably been, notwh
standing victories by land and
The rebels have just improved upon idea by pro-
posing specie payments without the specie
Finding their debt of two thousand millions hanging
rather heavily upon them, and fifty dollars Of their
rency worth only one in gold, they now propose "smul
taneousy with the dedication of the productions Of the
country the defence Of the nation" reduce their
debt TO four hundred Millions bearing interest the
ratio of four per cent payable in coin After this is done
it is proposed to issue currency-namey, hun
dred and fifty millions of notes. fundable into the four
per cent bonds They quote pccedens to show that this
would not be reputation, which inapplicable and
they shut their to the fact that the plan proposed
would not be returning TO specie basis at all 1t would
simply be revised edition of the old story attended by
ths old consequences The $3.50 900 900 Of currency
would-supposng the proposed scheme TO be carried
out-rapdly sink below the gold standard, and, Just
their original and present currency has done, because
irredeemable and fresh would be required keep
pace with the depreciation; and with every addition 70
its volume the depreciation would be accelerated More
confidence in the securities Of the rebel government
would be entirely lost by these periodical connscatons
Our own currency-whch till very recently con-
vertble into six per cent gold bonds, and is now
indirectly convertible into them through the seven
thirty oan-arords example Of how such
a scheme would work There is all the difference be-
tween specie aud paper in theirs and the plan have
proposed Of to hard cash the basis Of the
present depreciation; but after that paper money
could only be maintained at par by It's ready converts.
bity into specie.
This the latest view Of tho rebel finances indicates
their very desperate condition. and ia in strict harmony
with the avowed intention OF the rebel government TO
seize a the cotton, all the tobacco all the meat and
all the gold within reach The Richmond papers are |
urging to this wholesale and indiscrimnate seizure
of the property Of individuals And it is this public
robbery Of private persons which they attempt justify
by prcoedents from European history