The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-03-31

The financial policy the governments pursued from
the commencement Of the till lately would in
evitably have led to a train OF disasters upon the
country had not a modification been made But
the manifest change in the policy Of the Treasury
Department may enable the country to steer clear Of the
surrounding dangers, If followed up with deermina-
tion and common sense. We the evil effect
OF Mr. Chases policy in the rise Of gold to 2S5 in
July last and 1t in the fall of gold to
150 Such violent fluctuations are necessarily injurious
the many and beneficial only to very few and these
for the most part gold and stock Spectators
who are entitled to less consideration than any other
members Of the community OF equal power to work pub
lie injury. But Mr. Chase played into the hands of
scrupulous Adventures, and left the gold dollar
mere shuttlecock in their hands, to rise or
FALL according the caprice of spccula-
ton Under such circumstances it easy to 'bull'
gold therein lay the great evil for it involved its
coming down again when military and a change
IN public sentiment arrived and the fall certain to
work permanent havoc than 1t led to temporary
good The spectators who made by the rise are now
profting by the fall and in the manner thoy will
profit by future and al for in the present
dtion OF finances it would be absurd to argue
that the currency has stable value. Mr.. Chas,
will have great deal to answer for in the dangers and
disasters to which he has exposed the whole community,
and in the still greater troubles which await In the
Mr. Chasc's course But it the duty of the people to
the OF the situations for the legal tender act is
80 endless in its ramacations that 1t is almost i'm
possible to disassocate the national credit from ind
vdual interests.
The stock market vigorously hammt red by the
<bears" the first board New York Central being espe
caly singled for attack under which process quota
tons declined slightly portion OF the list and i'm
proved the remainder Erie IL lower than at
the close Of the second board yesterday, New York
Central u, Reading q, Michigan Central l. Illinois
Central ~ Cleveland and Pittsburg l, Northwestern
u, Fort Wayne y, Ohio and Mississippi certificates u.
Rock Island advanced u, Hudson River2. Michigan
Southern steady.
Government securities firm. Coupon hvetwen-
ties sold at 1854 skies of 1851 1861 l05A, and ten
fortes Oily
At the open board at o'clock prices Il
~ lower, and at the second regular board there
was a better feeling. Erie u lower than at
che first board, New York Central y, Hudson River 4,
Reading q, Michigan Southern 5s, Illinois Central y,
Cleveland and Ptsburg ~ Rock Island a. Fort Wayne
u higher
Government securities were Arm at the morning quo
tations under steady demand for investment, and this
feature Of the market must be maintained long
subscriptions national loans needed Our finances
in critical condition. and great is
required In their administration At tho open board at
half-past three prices were q fraction lower.
The 'bears'' sanguinc Of being abo TO deprcss
railway securities considerably further and they base
their argument upon the bad condition Of the roads
and the expenditures necessary to place them and
che rolling stock in good working order. They look
forward TO Q suspension Of dividends and an absence
Of buyers for Investment and exaggerate the evils
Of the existing system Of management In this
they are half right and half wrong; but IL Is Of
course as much TO their interest to make the
worst OF everything is Of the gold spectators to
make tho best Of everything Each party Is governed
by its own views and those based upon
nary considerations
On the Stock Exchange, alike with the Gold Exchange,
there Is q strong disposition TO discount mme-
date peace and spectators and the people appear
forget that have not very far from thousand mil
lions Of currency in circulation, and rapidly
sugmenting debt which already aggregates
nearly twenty hundred millions The currency
we'll as the national debt Is constantly increasing through
che national banks all the hard facts overlooked
by the multitr de the excitement Of the hour The
Legal Tender and public expenditures immensely in
excees OF revenue have left the government credit TO
great extent the mercy Of INSCRIPTIONS Spectators
who derive equal profit from running the pro-
MUM up and down Tho idea that gold ID
gradually and permanently settling down towards par
is one Of the great mistakes Of the day. and incts
public injury proportion to the extent to which pre-
walls The laws Of trade and finance mmuabe
q those OF gravaon and they cannot be long ignored
with impunity
Tho quotations for government securities State bonds
and railway and miscellaneous shares at the sales
of the New York Board of Brokers, each Wednesday
foil