The New York herald., 1865-01-23

The money market has been active and the unsettle
ent of all values consequent upon the decline Of go
- produced disus Of credits which has operated
bah to raise the rate for discount and 70 make lenders
critical Of collateral securities But for the limited Trea
y drafts the national banks considerable stringency
weud have been experienced Seven pcr cent was the
minimum rate, and large differences paid for carry
~ stocks in the railway and miscellaneous List
Foreign exchange was inactive at 1osX 1ooK for
banksrs bills ct sixty days. and 11oK 110K At three
daya The prospect Of shipments Of cotton and other
Southern produce to Europe operates in favor OF buyers
end the demand is likely TO continue light for long time
- come.
The indications In favor Of reaction In the gold
room, and sympathetoally therefore the Stock
Exchange.
Tho Amcndatory Loan BILL amended on its passage
through tho House Of Representatives Friday last,
nay we'll have been called "blind" by Of its
bsn-kr Brooks. It explains itself 70 the general
reader about a. much ~ . Chinese conundrum does,
and dying from the debate the subject those par
tcipating in stood in need Of little additional light as
= ~ meaning. It provides that in lieu OF any bonds
authorized 70 be issued by the hs section Of the act
Jane So 1854, entitled can act 10 provide ways and
for the support OF the government that may
main unsod n the date Of It's PASSAGE the Secretary Of
The Treasury may issue Treasury notes Of the kind
authorized by the second section OF the said ac-namey
sven thirty notes-two hundred millions which
anhorsed by section two Of the act In lieu Of
a equal amount Of bonds, the whole amount
originally authorized being four hundred millions OF
kota Il & supposed that about hundred and thirty
millions have already been ssued leaving balance Of
seventy Millions and Of the bonds seventy lions lesv
mg balance Of hundred and thirty-making the total
q notes and bonds unissued about hundred millions
n Amendao bill providesfor the issue Of this amount
y notes only. These may be IN any denomination Of
not less than ten dollars and payable at any time not
exceeding three years from date thought expo
disnt redeemabe At any time after three years from date
aad bearing interest not exceeding seven and
~ snnum payable u maturity or at the discretion Of
Shs Secretary, semannualy. Tho latter may sell them
a The best terms that be obtsiaod land such Of
them ~ are made payable at maturity viii be legal
ssnder 10 the extent United States notes for
their face value excluding interest," TO any creditor
willing 70 receive them at par including interest," and
any Treasury notes issued under the authority OF this act
nay be made convertible the discretion OF the sscre
tayy Of the Treasury into any bonds issued under the
authority Of this act And the Secretary Of the Treasury
may redeem and 10 be cancelled and destroyed any
Treasury notes or United States heretofore Issued
under authority Of previous acts Of Congress- and SUBJ
stute in lieu thereof, equal amount Of Treasury
notes, such authorized by this act or Of other
United States notes"
is 70 be presumed that Mr. Fessenden will avail him
ssf possible Of the privilege Of paying out
currency notes redcemabe at maturity. For the people
70 suppose that scruples against further imitation Of the
paper money system will dotcr Mr. Fessenden from this
course, would be allowing for very improbable circum-
stance. Although some opposition TO the further in
crease Of legal tender paper shown in the House
while the bill in question under consideration there
y every reason to believe that the future policy Of
The Treasury win be Of indefinite imitation. The
government has already gone too far in this direction
70 make contraction popular convenient and there
10 great class in this country TO which the final appre
citation Of the currency s matter Of vital importance
1he people win in all likelihood witness with COM
placency Its depreciation under successive future ssuee
and in the end IL will be liable to the same fate the
French assgnata The evils OF present financial
policy will stop with the war; for long after term
the necessities OF the country under Its runous In
nuence will require further issues OF paper money. The
aiady Ia one which requires TO bo constantly ed with
smulants and unless measures adopted 10 insure
radical cure our future experience will bring this pain
fully homo 70 us,
TO change ths existing policy however, would DO 70
court unpopuarity The great influential mass Of tho
country ia In favor OF expansion Merchants and traders
Suy to day in the hope Of selling tomorrow at profit
ana they would prefer continual depreciation and nnd
crash TO gradual appreciation, with view TO thsre
sumption Of specie payments on the bsss OF the pona
sredit
Fhe value Of the imports other than dryysoods and
spec,e Al the port Of New York daring the cek ending
January 10 was sl5s72ee The total imports for the
vseA compares as follows with former returns
Wek ending Dec so Jan 5. Ja,a n Jan. 10.
Dry goods !. 9A0T 0Is $50, 3A 51260s 27, 263
Gen mcrch's lsTs so7 50o4sT 2oe3e07 1s9S, 2o6
Total ....s2s7es4o 2,os2, s2i 2,sc8,sls ASA, ,sSs
The dry goods imports compare follows:--
TW DE Week 1853 1894 1885.
xntercd a. the port. 81 se7 200 2sss s22 400 I0s
4hroWp maFket \ esA 1sII l6}