The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-06-04
FINANCIAL AND COMMERCIAL.


Ths sock market continues dull and the speculative
spirit d utterly tame rhcre very slight dsposi-
zion shown rally prices at the FIRST board but Il was
mot actively responded Al the close New York Con-
srsl lower than at the second board yesterday
Hudson River x, Reading l., Michigan Southern y,
Northwestern V, Rock Island y. Eric was higher,
Atlantic Mail Ii Fort Wayne u, Quicksilver y, Ohio
and Mississippi certificates steady. Government
securities higher Coupon hve-twsnties were Y
higher skies OF 1881 u, ten-forties Il.
At the open board at o'clock the railway list was
shade lower New York Central sold ssI Erie II y,
Reading 89H, Hudson River 99k, Michigan Southern
67kIfacveand and Pttsburg SIX. Rock Island 92zs
FoH Wayne 92H, Ohio and Mississippi certificates 23h
Cumberland 3s1I Quicksilver 5oH, coupon nve-twen-
Of the old issue 103x Afterwards on the the
market was dull but steady.
In the Gold Room the Same dull feeling prevails
the Stock Exchange The opening quotation 1877 ~
after which there q gradual decline TO lash, fol
lowed by recovery to 1877.
The money market Is easy per cent with excep-
tonal transactions government securities at FIVE. Tho
demand is not heavy, and the supply OF funds moro
than adequate to meet w. The discount line STILL and
likely 70 continue inactive Tho best grade Of
cid paper is rated u per cent and the at
al0
Foreign exchange Is firm but not very active. There
is disposition to defer remittances in the hoDe OF
lower price for gold and the shipment Of specie
today aggregated only $737 a46 OF which the Erin took
$3.50 49, the Hansa $3S 500 and the Louisiana $50 o0o
Bankers ask ITO for their sixty days bills but ransac
tons recorded at 1929 Short date bills quoted
at ll0x. Mercantile bills remain very scarce, and
current at 100 109x.
The HERALDs project for paying off the national debt by
subscription has had the good effect of directing public
attention to subject previously much overlooked by
the people, and the acntively they regard 1t the
stronger the signs Of that impotence the debt
extinguished which Is likely develop itself strongly
in the future. They will naturally free the
nation early possible from tho weight OF taxation
which the payment Of interest present makes
sary and in order 10 expedite the change there
knowing what decisive measures may not be adopted
That the national finances will form the dividing line OF
parties and become important political question
probable, and the result it is impossible to foresee.
II is quite possible however, with good management,
for the latter 10 pay its debt with interest In full
without any resort TO extraordinary II, for
instance estimating tho debt roughly three thousand
millions in the fiscal year 1S88-67 suppose the
army and navy reduced to q peace basis, allowing
sixty thousand men only for the former, the total
expenditures OF the nation might possibly not
exceed three hundred millions in that year
appOrtioned folows:-Cvil SERVICE $50 O0O Pen
sions and Indians, 200 O0o War Department, $7S.
averaging six and quarter per cent $3.50 900 OO0 Only
g. 600 Of the debt estimated to bear interest,"
the remaining 5000, 00O, 900 being in currency The
public income, tho other hand may undergo rapid
increase, and justify estimate in the year OF
$3s7 900 900; allowing $276 600 900 for internal
$50 900 for customs duties and $32 900 900
for miscellaneous receipts The surplus Of $S7 600 900
would be available for the sinking fund for the reduction
OF the principal Of the debt. The internal revenue
might DO supposed TO increase $2s5 900 in s676s
to $500 600 in 1s6S-69 and to $500 900, 900
rs, beyond which point it would DO neither
sary desirable for it to advance. The
customs duties in like manner might be est.
mated TO increase, on an average, at the rate
of million ycar-namcly, from eighty millions in
1866 and 1867 10 ninety three millions 1880 and 1881
Half million might be fairly added each year to the
Of the civil service, and the might
DO deducted from the item Pensons and Indians" in
view Of the Of pensioners The currency might
DO retired at the rate Of fifty millions year. commencing
In 1869 and 1870 The $50 of vetwenty bonds
rdeemablc at the pleasure Of the after May
1857 and the $s5 100 900 redecmabe after November
l. 1859, could be then funded into five per stock
provided Congress passed amendatory act 70 that
eject The interest the bonds deposited by the
tiona banks basis Of circulation should be reduced
PSF 1859 and 1870 whom the Of
fvetwentes is redeemable for, they receive ninety
per cent with some trinng exceptions of currency in
exchange for these bonds they enabled 10 make dou
BILE interest upon the investment The amount OF
these bonds may be estimated at three hundred and |
thirty three millions represented by three hundred
millions Of currency.
Taking these figures guide, will be found that
they result in the extinction, by the end OF the fiscal
year lss0s1 Of all but the three hundred and thirty
three millions Of debt just referred TO- But Of
framing such estimate every allowance must be made
for wide variations from It. Our expenses certain
DO largo the allowance made for them and may be
much larger while the public income from each and
every may prove DO far below the figures
toned We have merely assumed possibility. Never |
thclcss In whichever way regard the finances of
the county thoy BY In . satisfactory
condition.
We have 70 pass through period of less do
rosson consequent upon the exhaustng effects Of the
war; and the transition from paper to specie basis
viii undoubtedly result In decline Of values and
ducson OF incomes which fail to impair the
for a considerable time afterwards In estimating
the financial future OF the country therefore, number
OF coming including that OF foreign war; be
allowed for.
The following table shows the receipts of the railroads
OF Iowa. together with the number of miles OF railroad
In operation in 1884, compared with tho corresponding
returns for 1885,
--1SG - ---1863-
Miles Receipts Miles Reccpfs
Burlington and Missouri River rs $500 23T rs $500 3I4
Cedar Rapids and Mo River IS 2So. ls9 81 Ios Gag
Dubuque South western ..... "a 63,630 A 20 12S
Dubuque aud Sioux City,. 20 39S, 23s 90 215,0Q6