The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-02-07


although nearly millions are held by specuar
tors for rise Tho sshsr interest has increased since
Saturday afternoon may roughly estimated At ten
millions The quotations during the day were:-
1880 A. M......... 2l2 2:3s P. M........... 212X
IL 35 A. M.......... 21sH 3:46P. M........... 2l3h
issR 49,. aisx $40 a..:... aisa
We ere gsd 70 and by the weekly bank statement,
that the OF Commerce has resnercd the list and
made ~ report usual although organized under
che Nsscna Currency act Tho fact that this and the
Brcadwsy Bank, both national institutions retain their
places the Clearing House Is argument in favor Of
the admission Of the other national banks Of the ciyto
ncmbership.
Money IL easy call seven per cent, but
cai paper 10 still regarded with scrutiny and FIRST class
ratio 1t II per cent The supply Of capital Is
abundant, but lenders prefer allowing portion Of
their funds to remain unemployed to investing in
second class securities of any kind.
Foreign exchange Is inactive at 10oh Il for bankers
sterling At sixty days. and ITO q X at three days.
The tax bill reported In the House OF Represen-
tatvos this morning. and among the changes in addition to
tax Of six per cent gallon crude petroleum.
tax OF por cent incomes exceeding three thousand
yea and increase Of twenty per cent In the present
ratio OF taxation on manufactures tax Is proposed by
tho Committee Ways and Means OF nehalf per
on all sales Of merchandise, which is . very light mpost
and should be made law.
congress- thus Tar In the session. has been apathefc
on tho subject Of tsxaton but the necessities Of the
Treasury imperativeiy demand that should receive
prompt attention, and that higher but discriminating
taxation should be levied that fresh and fresh
issues Of currency to float them may be reduced
possible in the future With expenses running on
1t the rate OF three millions day.
very evident that existing Tax bill is inadequate
70 meet the emergency The people willing to be
taxed therefore let Congress tax them and that heavily
"A T. -
should b done BY direct legislation than by the subtle
and runous influence Of currency depreciation which
VIII b increased retarded according to our fiscal
policy And this last Is weakest point and the
which threatens US with most danger. II our finances
fail Whist will not fail But neither legislators nor
the people appear the risks we are running and
ultimate disaster Is itself by the desire on the
part Of the mercantile and speculative community
- sss gold rise in order that they
Oay ~ enabled 70 sell their goods and
spe. aaA property generally for larger amount in de-
psscisssd dollars than they could get IL the currency
reclaimed iW present assumed greater value This is
- nanify OF the hour prompted by the greed "a NJ
mr. tho evils they invite actually swept over u.s. they
would be swallowed up in the gulf Of ruin with the
greater psr Of the entire community Many calmly look
forward 70 what they term "grand smash in the end
bs they fs 70 appreciate the magnitude Of interests
involved and the manner In which IL would AFFECT
tAe0sslvsa
The financial ars Of the government, have entered so
ultimately into Ill the mncations Of business life that
eur whole monetary system dependent upon the value
~ Ne currency dollar Hence IL Is the duty OF those
VIE entrusted with the control Of the national nan
o., both by Legislation and otherwise employ oil the
Avabs resources OF the country prevent its deprec
sstsa Our past policy has been dcploraby bad and all
thAs No can do now is to retrieve far possible our
fssmse errors But is too much to expect |
nv ufpa 6nrtu uv;lf ~
- svsa this We look for no radical chang,
u osr system, but tinkering and . fresh 70
- s>paiiiaves from time 10 time necessity may
Aosasa We have gone far towards the millennium
pA4se money imitation that reluctant turn back
- esr legislators unwilling 70 break the charm
We prefer blowing the bubble till IL bursts This wiz
II ~ svsnt Of course be mater OF time but there
= - necsasy why should occur We have offer
sssaSA pentsd the way which the currency might
b ApprsSstsd and specie payments gradually resumed
anAws have not expecting that advice wouls
- ssssd npos but - warning which felt our dut.
- sivs.
whassvsr our s.ssnc.ai mistakes and c5n,u. may BE-
r, We have government 70 sustain and war Il
~ prosecuted and money must be forthcoming from dsI
70 day. The object 70 be aimed at Is 10 raise with
Mstie inconvenience 70 the people and small
ths gsvsrnmsnt possible. The Tax bill hould there
FORE bs made tho study OF every member Of both
The tas6 should also receive attention. and loans
20 authorize any further issues Of gold |
Ssasia(- Aecuriuss under she present system |
e. before the resumption of specie payments /
woaA b suicidal for Il would not only deprccate the
Sns of I'll Ne COLLABORATING securities already in the
srst but prevent the negotiation Of loans bearing in
ssrsss IN currency only That interest in currency offers
suneiens nduosmsnt for loans In currency moments
rtsecsasa whistles The dollar In paper In worth forty
s,eAs cents In spscis only Why them should the gov
s<snsus pay fun Interest In gold on Il borrower II
houlA place itself on the footing % an ordinary
esnuscis borrower and In the loan and discount mar
~ who hsau Of interest payable In ccinf
~ NE ssvsn thirty loan before tho public be the
~ q shs kind directly or indirectly, ill return to
kard sasA and when that UNDERWOOD there win proba
~ ~ esssrs rise In our d-bearinx bonds which
prsos nos mach below par The demand from Europe
vAssh wni f.sslissas this result
iewss--s t9ldf&
Isoeovs W 0usscms 800 o00
~ UesYee..... IWtxoI
fNyneota ls2A I6
Ee.aa0
rAs rsosipss u gold this port from California this
yssr compare with shs amount arrived during the
Time In iss4 - feilows:- s4
-. ...s sss sos JAM ..... .sss ssis
Fob. e............ oo5oss Feb s.......... sso,Ais
fctA.........si,2os,l Total. sess7o
kxoes this yeT....................... 81, 133
re following table shows the amount OF up~oned goId