The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-09-16
FINANCIAL AND CONNER cIAL.
FRIDAY, Sept. 15-0R n.

aav Al the tan O'Clock session OF tho open board the
volume Of transactions very light AT the first rcgu
lar hoard Reading closed y lower than a. the second
board Yesterday, Quicksilver ~ Michigan Southern
was = higher New York Central, Erie, Cleveland and
Pitsburg and Fort Wayne were unchanged. There was
sale of the stock of the Bank Of the Republic at 100,
Fourth National 95 Central National 1867. Govern
ment gold bearing securities we're inactive, but the"
were considerable sales of sevenhirty noesa va
a 99. for the second SERIES and ssH iof
the third SERIES At the open board at one
O'Clock the market shade lower Az INC
second regular board was heavy and inactive Read
ing closed =, lower than at the first board, Michigan
Southern u, Cleveland and Ptsburg Il Ohio and Mis-
sissippi certificates "a Quicksilver q. Erie was I'M
changed At the open board at half-past three Erie
sold at s6x, Reading 1867, Michigan Southern oTx,
Cleveland and Pittsburg II, Rock Island 1924 North
western preferred TO- ~ 6l, Ohio and Mississippi certin
Gates 27H Prairie du Chen AN Terre aaute and Alton
e. CO.. 80 Cumberland 43, Canton Company f. 81 SsK,
Mariposa H. Afterwards prices were steady, but the
general indications in favor Of further depression
The market for petroleum stocks moderately active
to-day. AT the first board Pithoe Creek WAS &C.
lower than at the same time yesterday, EXCELSIOR io
First National L., OIL Creek 12c, United STATES LOG
Webster s6c. higher AT the second board r'no'e
Crock closed at 50 TO- or 4oc higher than at the nrS
was 81 81 or 1c lower First National &c. or lc lower
Brevoort sold at sl2 25 Germania CSC, Heydrick
Brothers III q, 81 90 The chief activity vas in Pit
hole Creek Webster and United States
Gold underwent a further decline notwithstanding
the tact of the supply in the street being hardly
equal TO the demand. The opening quotation was
I43L after which there a decline TO 1925 Tie
market subsequently, rallied to 1929 q, and closed at
I42s, The steamer Europe. for Hayrc, took out
$685., 200 in specie.
Money continues easy at a per cent but the de-
mand quicker and the indications favor increased &C
,ivty although not to the extent of strngency The
requirements OF the Stock Exchange are just now very
limited but with the extension OF specula.
ton these will undergo considerable augincnta-
ton The discount demand is meanHlie rather
brisk owing to the great activity OF business in every
branch of legitimate trade. Commercial paper is still
quoted at az per cent for tho first grade and 10
for the second Foreign exchange was firm and IN bet
tor demand Prime bankers sterling at Sty days sold
at i0a 1895 and 10 HOS a, short sight The sup
py o. commcrc al bills is large, AMI there is grow
lug disposition 10 remit at present rates
The prices offered for compound interest notes to-day
June. 1851 October. ............. lo2
July. l0pts Uecthoci' i"i
August. ............ I0o
Washington correspondent denies that the Secretary
Of the Treasury has decided to fund the compound
interest into six per cent bonds This however,
II will be seem oontradcts nothing and commits him to
nothing But may be safely asserted that II the fund
ing loan is not put forward ought TO be, and the good
eject Of such policy as it would indicate is already to
DO discovered In the decline OF the gold premium.
Mr. Thaddeus Stevens, in his recent radical speech,
made suggestive remarks Concerning the national
finances, After stating that in his Judgment, when all
A
SONS capitalized the debt would exceed four thousand
millions OF dollars, he proceeded argue that the total
ANIMAL expenses of the nation Will amour, to four hun
drcd and seventy Misunderstanding two hundred AID
Cpry millions for interest calculated at six per cent
hundred and twenty millions Cor the ordinary expenses
of the government aud one hundred and ten millions Cor
the extraordinary expenses Of the army and navy for
some years These estimates led him to morze thus:
Foir hundred and seventy millions TO be raised by
taxation, Our present heavy taxes will not in ordinary
years produce brit little more than half that sum Can
people bear doabo their present taxaiionS he who
unnecessarily causes will he accused from generation
10 generation. Ii is fashionable to belo public
debt lest the people should become alarmed, and po
cal parties should suffer. have never found it wisc
70 deceive the people They can always be trusted with
tho truth Capitalists will not be affected for they
not be deceived. conadc in the people aud you VIII
avoid reputation. Deceive them, and lead them into
false measures and you may produce il.
Allowing for some exsggeraon both in the Estimates
and the deductions drawn thcretrom there is still
enough truth lett in Mr. Stevens argument TO show the
necessity of keeping down the public expenditures
much possible and making the people conversant
with the true condition Of the public finances by reg
lar periodical publication OF their condition There is
also strong presented in favor OF the reduction
Of tho OF interest tn, debt whenever that priv
lege accrues to the government; for, although the
national debt Of Great Britain was March 81,
1865 cree SOC 1872 nearly four thousand millions the
the year only sl3I 600 whereas
funded tbt costs IL stands $13s 03 1921 per
annum nearly half OF which is payable in coin That
heavy national debt in perpetuity is opposed to The
spiri, of republican institutions cannot be denied and
therefore is all the more incumbent upon tie present
generation 70 make effort TO free the nation from The
burden; and in this connection the following extract
from a letter written by Thomas Jefferson to John w.
Eppcs aod dated June "a, 1919, may be apty quoted
II il wise rule and should be fundamental In gov.
crnmcnt DISPOSED to cherish Us and at the time
20 restrain the use OF II within the limits of lis faculties
never to borrow dollar without laying tax In the
instant paying the interest annually and the principal
within given term and to consider that tax pledged
90 the creditors tho public faith On such pcdges-
this sacrcdly observed government may aiynIm ousv
%aad on reasonable S s irtsrss all the vaen tax
saluary warning to them annnd ia inevitable oonse
against oppression eankrqEe' term Of rcdemrion must
modca,e "nG (, any rate, within the UNI, o. .nea
rightfu powers But villa. Mat TO hinder them
YIN rrca,Dg u per p~uai debt shs"ei, 'he inws o.
na~.e tn earth belongs 10 the vng not to The dead
The win aud power of mnn expire with ms ue Dy ma
ture law Some eies give an artificial con, inuance
for the encou, OF industry Some refuse u a.
our aborigins nsighbors whom We call barbarans Tho
generation of men may be considered bodies or
poraons Each generation has the urJ1st OF the earh
during the period OF us continuance When it ceasest TO
exs that TO the succeeding gcneraion
free and unencumbered and so to and from rne
cation another forever We may consider each gcora
linn az "A
majority to bind themselves, but none 10 bind tn sue
ceeding generations. than the inhabilantsf an.
other country Or the may DO lkened 20 tie ordi-
nary one OF tenant for life, who may hypothectc the
land Tor his debts during the continuance OF his rrwc,
but NJ his d'ath the royors oner who for life oly) re-
csves IL exoncraed from all burthens The pelod OF
on its term of life is determined by be laws
OF mortality which, varying little only indifferent
climate. offer general average, to found
by observation urn Cor instance TO Bunons tables OF
2J9e4 deaths and the ages at which they btp'cned and
! find that Of the numbers OF all ages hyns al one