The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-03-10

10 borrow money Tor the purpose at even an eighth of
per cent day.
The closing quotation showed decline Of 25S from
the opening one, will be by the fgurcs:-
1880 A. M...........196 2:30 r. M........ 1861
l2:25 p M.I 1857 4:8o r M.:. 19S4
l:25 p. M..........l 1895 $40 T. 1885
The market closed weak, and there signs that the
leading clears the Stock Exchange assisting its
downward tendency to the best Of their ability while
operator who bought heavily yesterday is reported TO
have sold out to-day The arrival here OF large quaint
ties OF cotton from Savannah and brisk foreign
mand for national securities promise to dispense
with the export of coin any considerable
some time to come, unless import trade should
peri nce material increase. Such has been the
foreign trade of late that contrary expectation
the specie in the banks and Sub Treasury this city
creased noary four millions and half between the
LIST OF January and the LIST Of March-the
amount having been $50 054 $50 Mt the former dal
and S3i 522 34l at the latter and this difference
been since wdened by the receipt Of s11 by the
California steamer against which have only an export
last week of Sl46 353 Tho sudden cessation Of the ex
port demand has indeed taken the speculative com.
munity by surprisetha is the portion which looks
byyond the bulletin board and weighs cause and effect
But it must be remembered that, however favorable
the aspect of affairs may appear present
not justified in presumng upon its indefinite contnu-
we have the interest very heavy gold bearing debt
to provide for which, after the expiration OF years
and half viii be largely and rapidly augmented BY the
conversion Of soven-thirty notes, and the current
interest on this Is already nearly equal to the
customs The old theory Of tho balance
OF trade has been practically overthrow by the
commercial history of Great Britain for some
years past during which her imports have exceeded
her exports in value about onesxth, average In
hundred and sixty millions sterling only and imported
TO tho extent Of two hundred Millions leaving balance
against her of forty millions Yet she has been
more prosperous than during this period able
tribute TO the sinking fund Her revenue for the
fiscal year ending the LIST Of judy last seventy
millions sterling and for the present year higher es
mate is fixed leaving probable surplus three or four
millions
There Is concealing tho fact that trade is Ian
gushing aud that i imports larger exports
would DO correspondingly stimulated and the internal
commerce OF the country promoted We have been
drifting since the began towards commercial
excusiycness and the dangerous and mistaken |
doctrine OF protcction and in far our movement
rctrogade one. which, later will have to
be rcraccd Our tariff Is high for the welfare OF our
foreign trade the production of large rcveaue for
dmishod con sumption Immediately follows upon exces-
siye impcsts and dates that intended to be pro-
ducive prove to BE- prohibve
The money market has been moderately active and
Somewhat unsettled b. the calling In Of loans The
resources Of the national banks have been reduced
very low point By Treasury drafts and they arc TO n
Great exfont oat Of the Geld lenders The ratio Is
strictly per cent upon miscellaneous colIatcrns
but exceptional transactions governments have taken
place at six Commercial paper is closely scrutinizcd,
and that Of the int class passes slowly at per
cent.
Foreign exchange continues 10 droop bankers bills
at sixty days difficult Of sale 1914 but the asking
rate Is ios and 1854 short sight CONNER ai bills
are offered at 1861 a l07
Thirty seven vessels OF the Savannah fleet have ar
rived at this port, bringing twenty thousand five
hundred bales Of cotton and thirteen more arc expected
arrive with eleven thousand Ave hundred bales addi-
tonal This will make aggregate Of thirty live thou
sand bales and is possible that further quantity may
be afterwards shspped from the same port.
Nearly II not oil the cotton In question has been
seized by the government without any acknowledgment
Of the rights private ownership and is alleged that
no account OF the separate lots seized has been kept by
which The cIas Of individuals may be hereafter settled
should the government show disposition 70 recognize
II Il represented by those protesting TO represent the
views OF the administration that tho city Of sayan.
nah was captured aud not surrendered, and
that therefore, all the property found therein
became prize OF This distinction however, u not
entitled 10 much consideration In studying the effect OF
wholesale connscaton upon the Southern mind. Hence.
forward unless the processes Itself ready 70
respect the private property Of individuals who have
taken active part In the rebellion the cotton, tobacco
and other produce Of the South In immediate danger OF
capture from the rebels will all probability be destroyed
where opportunity permts and, at the same time,
blow win be dealt AZ the Development Of Union sentiment
from Tho RE- Grandc 70 Virginia The government Is
.hcontestlby In great need Of money and there Is no
aoub whatever that procc ds Of the captured cotton
will be useful TO it; but against temporary benefit 10
must not forget 10 weigh ultimate consequences aud II
q seriously 20 be questioned whether the policy Of
ignoring tho rights OF private property owners
Is preferable TO prompt ACKNOWLEDGEMENTS
OF thoir claims This would not necessarily involve the
Immediate payment OF SUCH special form OF non
interest bearing bonds convertible after the termination
OF the war into interest bearing securities might no
Issued 20 meet the necessities OF the case and, ahough
this plan would not be likely TO fully satisfy inc
Southern owners It would be sufficient to prevent the
destruction which s threatened, and nj the same
time remove that bitterness Of feeling which the sayan-
nah cotton seizure has undoubtedly produced In minds
that would have otherwise inclined towards the national
government
We observe that Committee on Mines and Mining has
been added 10 tho standing committees OF the Senate
As our mineral lands promise TO be fruitful source Of
national prosperity the future tho committee has
important task before H. plans for their development
end taxation should receive B careful consideration