The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-02-12

Branch railroads. and the evacuation OF Char ston The
very light demand for specie legitimate account as
sists the natural tendency Of the Market but as artificial
causes such the condition Of the national finances and
the short interest," strong influence upon tho pre-
MUM il liable sharp reactions after each period Of
depression. The quotations varied as follows
1880 .."....2 200 2:So M.........'. 2os1
1925 2. M..........201 4:50 p. M..........204A
$50 r. M. ...........2 Ooa
Money Is becoming moro easy at seven per cent, and
exceptional transactions occur with governments col
lateras at six In the discount line the rate
cordng the preferences of lenders from to u per
cent and us the amount OF unemployed capital is
siderable owing tho limited demand from the Stock
Exchange and the large amount OF currency in circula
ton lenders in disposed to so below the
regular market.
Foreign exchange is weak the best bills being
unmarketabe in large amounts, unless at considerable
abatement from the nominal rates. aud sales have been
forced sacrifice in The reduction Of the
Bank of England Of discount from five arr; n half
e ays r GEN. siicatIng, as it does great temporary
in monetary affairs, avors continued deprcss
The influx OF from the South and the exports 60
Ing forward particularly potent their influence and
cannot be resisted Not only is |. finding its way to
this port direct but to tho Western cities. TIL 5,
on the 9Th instant, the telegraph informs Us
81. Louis Bankers sterling is quoted at 1857
1921 at sixty days. and 1893 1104 at three
days Mcrchantsl bills offered at 1914 1851 The
shipment OF specie to-day amounted to $107, 400 OF
which the steamer America took SOS 600 and the City OF
Cork &i2 40
Tho subject ofr Juans bill before gress pro-
veng for tho subdivision and sale of gold and silver lands
and the coinage of the products Of the same and for
other purposes entitled attention That the miners
.pin had inf
tory should be amenpbo direct taxation is indisputa
20 Taxation will be productive and equitable
than sales for the that all would be willing 70 bear
taxation on the product OF their labor while few without
aoertanty In would DO willing TO make purchase Of
undeveoped land unless NJ nominal price, at which u ID
mot to the interest Of the government 10 SELL There
are many mining companies, represented IN this
city and elsewhere who paying large dividends on
thor stock nothing in the way Of direct tax on
their Yield of tho government and these should
be promptly called upon bear their share Of the public
burden We therefore drect the attention OF Congress 10
tho suhec. taxing all parties working upon the nine
raj lands Of the United States This may be done In the
form OF license work. upon the gross product or
both, at tho option Of tho government
wo have not read Mr. Julian's bill, but from his re-
marks In Congress infer that he places wrong csti
mate upon tho ho proposes, and that he has
made the mistake Of relying upon sales instead OF
taxation. II Is true that the gold bearing region
or the United States covers moro than Milo OF
square miles but neither by taxation by sale could
we &c, as much specie revenue as he would appear
supp IL is true also that might levy specie
tax and would be tho proper under the circum
sanco the product Of these mineral lands but that
would be very little material assistance assisting
the resumption OF specie payments There Is gold and
silver Ugh tho country boarded and In the banks
and pubic Treasury, which TO do this without any
dependence whatever the mineral lands of the coun
try; but this Is critical period In our history when the
thews and snews OF the nation are asked to provide the
means OF fulfilling its obligations, which at tho best
far in Of its receipts, and, therefore every
element OF industry should be made TO contribute to the
general welfare.
There is more gold bearded in the country than gen
orally believed and In addition to this there IL large
amount hold in Europe American account; and
tho work Of rcsumng specie payments could be
easily resumed II the policy OF the administration
only favored such change. But, unfortunately the
course OF tho Treasury and Congress- thus far, has
favored tho opposite theory and we are promised indoh
mite imitation and ultimate collapse In the future unless
radical reforms In our financial policy instituted
Is vain for Mr. Fcsscnden say that further
OF currency will BIO made. He Ii not prophetic, or he
would DO rcticent tho point He has not studied
finance, or no would have proposed and very
unacquaintcd with political economy, he would
have pursued q widely different course. But his
successor will probably follow In his foot.
stops and his appointment will be dependent upon his
willingness perseycre In tho thus far pursued
certain Senator from this State has been mentioned
canddaso for tho Office bu, he 10 totally unit for IT,
The country requires statesman nnancicr and
OF cultivation at the head Of the Treasury and where
are TO look for prominent combining the re-
qustes for the position' merchant will not do
and a politician like Mr. Chase o. Mr. Fcssenden viii
only hasten ruin
Tho vast and immediate importance OF the finances Of
this country neither fully understood properly ap
prccsled as yet but cannot fail TO orco itself upon tho
popular conviction before long Tho true remedy for the
fiscal evils under which grosn IL the resumption of
specie payments basis Of the present depreciation
Of the currency The paper dollar s worth little
more than forty cents and this IL the virtual
foundation Of our monetary system, We might well
arrest the evil by making tho nominal also This
would Of necessity involve the practical reputation Of
the legal tender act but, this grand mistake In
the 1rst instance, there will be nothing 20 rcgrct
Meanwhile n the present evil system Is 70 b. porse
vered In heavy taxation must DO tho order OF The day
Tho Treasury receipts improving we may Judge by
The January receipts which amounted $40 sac;
but In ordcr TO this average much heavier tara
ton will have DO rcscrtcd TO- and 70 outlay OF
moro than three millions per day consistently with our
national welfare receipts from internal revenue will
require 70 DO doubled Taxation will press very heavily
upon ALL bot nothing loss will suffice 70 maintain The
credit Of tho nation even now.
The principal amendments TO the Tax bin reported In
ns HOUSE Of Representatives are follows
In AN sales Of spirits gallon shall be taken 10 be
gAhon Of tho nrst proof Spirits distilled from apples
peaches shall pay dollar and nfy cents per gallon;
from grapes nfy ccnts
n ahali nay II ea.l.., TAM N.
hra -
Ancensc OF ten dollars shall be required from every
Tn or n