, 1865-04-12

J Of the opinion that it must be curtst1ad before
return to specie payments can be effected" Br
Le suggests reconslderat1on OF the eexsr1
opinion that the currency Ii greatly inflated, a
: ths ground Of IN increased demand 10
money In al tho departments OF trsd
and commerce. He even goes further, IN
ventures thu opinion that altar al, "it may tar
out that no considerable reduction Of paper circu
latiou will be needed for the restoration Of til
specie bssis" 1t must not, however, be under
/ stood that be expscts such a result: he clasaa,
only II among ths possibilities, and as 4 guarantee
that he will not be likely to irauruiata ytoisu
contraction. This must be satisfactory to til,
commercial Journalists Of ths East who har,
been In terror every day Rines Nr. MeCnllocl
went Into office, lest he should suddenly Withdraw
the four hundred millions Of dollars Of seesnbach
now in circulation.
On the question Of the Tariff he pledges 4 re-
vision which will probably prove sltsfactory ID
the general interests involved, but declines tc
discuss tho question whether high or LON tar
III wou1d be moro beneficial, by the curt.and ex'
presafve sentence: "Tho general tariff policy Il
settled BY our national debt"
On the future prospects Of the country, nov
that the rebellion IL nearly sabdued IL la Rratlfy-
Ing to find such hopeful feeling a. il expressed
in the lettsr Of the Secretary Of the Treasury.
I
country, hta v1ews and hopcs ase moro likely to
| be correct than those Who are depicting rain and
depression for long series Of years. But 10
Cannot do batter than give an extract or two on
! this subject:
The close Of the war will remove the Govern
ment In good degree ffom the ussket, both a 8
borrower and purchaser, and while tho business
Of tho country il being accommodated to Tho nav
order NJ thlnEs. there will 30, to = con4derablo
sxtent. atagna1ton aad embarfaasuent; but ~
speculation has resulted IA large fndlyidnai H.
dshtedness, the transition il likely to be- etactsd
without hs dlsassefs which 80 many hare apprs-
The liabilities Of the people arc 10 small. Tho
circulating medium IL 10 ample and 10 veil "a ss.
cured, the resourses Of the nxt.on ars 30 vast and
Trs = 20 eslIiaqt Int q
The country must bring saeat will b but lsnpo ..
rarJ, and the indications are noT decided that by
me ums M EsSonstfuct9n IL fairly commenced ID.
with s intssy established H. esM eni, s .ea
qpon he national eseu.chson removed. IT, ersat @
WI mSse pw,Id 1s.!n on Il.
struggle With gigantic rebellion e TouIa e "a baIe baee
broken an, ott'r ration into fragments.
In conclusion psrmit ne to say that ses M
cause for discourasensnt in the present or prog
P.eti!s condition Of H. country. OR aatfoasl
cient to carry It without Embarrassment While
II would b oslish to call it national blessing,
ia.ayt say ee "a ~ r. au.u - ~ % 20 national
Of #. ii il 1maI, m.tter n romn.r,.o os takeR
fnestimab1e value Of the Union, iu ths msintsn.
ance Of which 1t haA been created.
But ne again urge oar readers to pcruse tho
letter entire for themselves. 1t demonstrates
the met that Nj. NcCulloch, though bred ban
ker, hts Nade true craftsmanship study. On
all The subjects introduced, he expresses himself
clearly, and shsws no dhposit1on to falstfy or d.
ceiEe. Knowing that he Ii the servant Of the
people. he has thrown all possible light on tho
leading comuaatcIal problems Of the dsy for THAR
guidance.
TOPAZ the general markets, contrary to general
expectation vsre 1ruer and more actlys than h.
isre the news Wa. received of III. surreadsr Of
w.sstesdy, hu. in produc. taers va. u eon.taes- e
able improvement. Wheat ruled &c par bpahel
higher til IN On Saturday last; Corn 212c; Oats
1do2c; md Rye &c per bushel. Thera was alto
IN improvement, In the tone Of the provision mar
kst and pork and balk.meats were held for higher
priee1, All through ths markets there VA. i've.
lier feeling. The opinion IL prsva1sa.-t1ue or
false-that gold will settle somewhere in The rs-
gion Of 1bs, until tho volume Of currency IL dirnIn.
i,Aed, and thsy arc operating on that b,t;s
Whether Or not this theory Il correct. rem.,na tn
bo seen,
The money market Il still quiet, bxt ths s,rl..
eency ii less severe than before the lsl1 Of Ricb
in values. md the bankers ars disesunuar ar1.-
class pApsr to COED customers, At 10 per cent per
annun, On ths street. Tiers IL considerable actiy-
tty st 1iQ2 per cent month. Cali loans arc steady
at 10 psr cent PSF anuun.
The supply Of Eastsru Exchange Ia 1t present
very t1idlAk, and nearly all tbs heavy banks have
to forward Treasury Notes to New York to NEE,
tAeir drafts. The market ,herefsrs remains Urn |
At par buying and prsRiu1 sailing.
Gold opened m New York at ~, dscltasd to
1a5t, tnsa sa7enssa 70 147t, ana closed At P. m
EtapAed to james BOYD, gold'broker:
4nso !; T. ~. P. n...-ls:
:. 1i:sn II 1z?i ~ II '''''''1isse4 1sef
ia n,.......14e; ~ /" ,,...14di
There WAS good attendance on tho Stock |
Board, and "cash gold" being scarco. ruled con. |
siderably higher than in New fork-openinE at |
H. advancing to 10, and ctos1ng at 1Asf8i42 The
market II tbs rnotn1ito session particularly wxs
Esry hse4J. "a me street gold "as sold - the /
hrekefs a. 44'eaia9. SILVER Val dull ana aomlnal
at1So. |
IN Governments oecu1lueE mere WAS better
ieeHne and quotauons aasaneeo. on the Stock !
boafd tee "atRe1 vas urn, with sales Of Five
l"entS oonos ~ !o'teo.o9. 1en-e ofiles 1t 92ses3,
Auu oefeu' Aa'1aes - Wy "e aQe.e the closing |
pffees a. 1o4ls"s:
Buying. Selling. |
r,' T1o,1 T1chasst... .,1Q1S 10sDlox}
~ ~ W. :-e4''. '...'...'.. ~
81 Sei'p' ana ne sote sales On the Stock Board at