The New York herald., 1865-03-03


The supply Of floating gold aggregates than nix
and half millions Great difficulty is experienced in
londink 1t, and some house. which heavily 'slong'
0nd II about as difficult TO borrow upon II. Tho
tone of the Richmond press has excrted de-
pressing effect, and, although no considerable de-
cline is probable, there is nothing at present to
impart buoyancy to the market. Money has been
moderately active owing TO tho diminished supply
soquent upon the curtaen OF loans by the national
banks The rate is per cent misc iancous
securities but loans government securities still
made at six
Commercial paper OF the first grade passes at eight
ten per cent.
Foreign exchange is dull Bankcrs bills at sixty days
arc offered 107A los and at three days 10sss lO9
Commercial bills are quoted at 1861 i07.
In the Senate yesterday, in Committee OF the Whole,
the section of the Amendatory Tax bill imposing tax of
one half Of one per cent sales adopted by
OF twenty to twenty. The or the Finance
Committee for the appointment of committee OF three
to inquire into and report upon The subject Of taxation
was adopted The House OF Representatives day also
ordered two committces-one banking and cur
reAcy and the other aprropr!atons-so lesscning
the duties of the Committee or Ways and MeanS. This
division of labor 10 likely result in a more care
full consideration and Investigation of measures
affecting our fiscal administration than have hitherto
had. 1t will be ths duty of the Committee Banking
and the Currency to report favor o the Of
the National Currency act to our,a the paper
money issues under the same According TO the last
statement Of the circulation Of the national banks il
amounted to nearly ninety millions and il is now
probably hundred millions. This powerful engine Of
imitation is adding between three four millions a
week to the volume OF the currency, and WILL within
long time, ic allowed to work without Interruption,
add another two hundred millions TO the circulation
of the Treasury since its organization, has like Mr.
Chase preached sound views of hnal ~ policy; but like
him also he has pract;s the opposite II not in the
power Of Mr. McCuoch, Of course, TO do otherwise than
carry the letter and spirit Of tho act but it Ia
what amusing to note the contrast between theory aud
practice with our iin.nciers.
If Mr McCalloch Is to be the next Secretary Of the
Treasury he will have considerable scope develop
ment of his policy, and bad the condition |
Of finances is in country vass |
and recuperatve in its resources own,
1t late by jadcious management renair It
The three plans which the government may adopt
Firstly, the gradual contraction OF the currency with
the repeal Of the Legal Tender and the speedy
resumption Of specie payments Secondly, the opposite
extreme of continued and indefinite innaon involving
the further and steadily increasing depreciation Of the
currency and thirdly tLe maintenance OF the currency
nearly possible at the present point But IN order
20 carry out the latter the national bank issues
must be stopped Even supposing the amount Of
the currency TO remain unchanged, however, in
the future, the tendency Of the gold premium
will be upward, long the disbursements /
% largely exceed the income to add two millions /
per diem 70 the aggregate debt Neverheless deprecn
lion would be in great measure checked by heavy tax
alton and such the Of the country that in
years after the termination Of the provided the
tbo
currency might possibly be restored par The strong
argument against the early resumption OF specie pay
mens is the loss would nict upon the speculative
financial and mercantile community, who constitute,
directly aud indirectly, the most powerful in /
terest in the country, and whose hostility |
neither the present nor the new administration |
will be likely to brave. Moreover, the government
has committed itself to policy, such il IL, and will
therefore simply try 10 make the best Of II without
optng any radical changes. With long continuance
OF the it might yield 10 the temptation to resort 10
fresh currency issues and court the same fate for its
paper money that overlook the French assgnats but
the promising aspect of the military situation makes this
danger remote and presents opportunity pre-
serving the government credit from those disasters which
long ago threatened it We have however already
long pursued policy OF imitation and suffered our
currency 10 far derecae that ii is useless 10 xIec
TO lost ground while the lasts; but IL will
be the serious duty Of tho Secretary OF the Treasury 10
recommend such measures as viii stay the progress Of
that depreciation, which is the heaviest and most nsi-
dious form Of taxation that be inflicted upon n
people
The passage by the House yesterday Of the BIN repeal
ing the eighth section OF the regulating trade and
commerce with the nsarrecuonary States which pro
vides for the appointment of Treasury agents for the
purchase OF cotton and otheprodrce behalf Of the
a..
the overthrow of the system concerning which there has
been 20 much antagonsm OF aie between the military
and civil authorities and which has not yet bccn fully
established The grounds for the repeal frands and
doya practices but these exist owing to faulty execu
ton and not 10 a mistake OF design 10 con.
stituting S1ch an agency system With nccrrupubIe
officials much good might result 10 our commerce from
the purchase OF Southern produce from the rebels Ar
the war its close, however and the territorial
Limits Of the rebellion narrowed, the necessity for
such system the projected-which seems TO be
shus far remarkable only for its failure and the hostility
with which II has met from the military commanders
viii diminish that, with recent successes, the mca
sure has to great extent, lost It's Importance
The Chamber Of Commerce Of this city, al ke regular
monthly meeting to-day, appointed committee Of seven
20 report the views Of the Chamber the policy OF tho
government with regard 70 the seized at Savannah
The general sentiment Of the Chamber in favor Of
recognizing the claims Of the private Of the cot
ton 10 n 70 prevent the future destruction d shc staple
,py shs rebels on the approach Of our forces
government order hiss been or is about 70 be- sued
requiring bonds 70 be given By the shippers Of assorted
csrrces TO Havana In consequence Of the discovery that
merchandise nomInally 80 consigned y m some m
STANCES rcaly destined for Matamoros, TO be afterwards
ssns over the line TO the rebels Shippers 70 Mexico have
for long time past boen required TO give bonds and the
new order making shippers 10 Havana comply with the
Same regulation may not bc unnecessary, bat oomcs
rather late.
The following is . comparative statement f the con
dton Of the Philadelphia banks on Monday and on the
previous Monday
Eb % FEB a.
Loans SST $40 3si lsoo2 272