The New York herald., 1865-03-12


yhe quotations during the day wero:-
1880 A. M.........ls9 asoP M...........Iiss
ii 80 A. .M..........lelA $40 r M...........,hDsv,
~ 30 T. .lSoS1 Soo +. M. M...''.''''''AAD
l:30 2. M.......... 1875
The Injurious work ug Of tho legal tender act Is being
very severely fell BY the mercantile community IN '0
general depression Which pr walls in all the merchandise
markets and the losses which the declining gold pro-
u,iuin inaleis upon tho holders OF goods oougn'
baeore me decline The fluctuations in the value
of tho currency tend 10 reduce legitimate uaue
90 par with speculation and asgiavae It's
uncertainties. All ordinary calculations are SET
a. defiance and tho spirit or true enterprise Is
checked by the hand our merchants and
traders ate forced pursue What the currency STANDS
most III need Of to fit 1t for the uses OF commercial
nation is stability and II should be tho aim OF the seere
tary oi Treasury, in all tho measures which no may
adout 10 con,r u as much he TO the permanent
reduction Of gold premium with as few violent huctu-
atons anu e disturbance TO the markets as possible
What the nercsab 10 conmanity have most TO complain
FIN the working the Legal Tcndor act Is the vicssi
tudes TO which IL exposes them without m;s
terra, benefit TO the government Gold, which
rose as high as 2s5 last July, sold rs
low Ms lse in the following has since sold at
26o bat 70 day 1s9 again. Never before In the
financial history OF country was any approach made
to such gigantic ebb and flow Of the public credit II We
except period Of the Revolution whom .he
assgnas vbrsted between par and worthicssness IL
reasonable howevor to infer that after the end o. the
war national finances win wear more settled aspect
and that the ruinous Consequences OF the present I'M
certain aud ever VAR ing value Of our paper money
win DO TO . gres, extent obviatcd. The commercial
community favor q maintenance OF the existing
basis OF imitation because every descent Is liable
10 be more or less disastrous to them but the
employed portion Of the population are OF course,
In favor of appreciation OF tho value OF the
paper in which they paid for their labor But II
every fall IN the price Of gold Is to be followed by
nearly or wholly corresponding RISE the fluctuations arc
Injurious both and specuntos are, with trihing OK
csptions tho only gamers Hence the danger OF the
government adopting temporary expoGicnts for reducing
tho gold premium after the mannor OF Mr.. Chase the
real sufferers by which the people. Mr. hcculloeh
enjoys tho credit OF being practical fnancer to be
led into errors involving results OF this kind but the
unthinking multitude look for extraordinary measures
which without tho power TO adopt and which would
end In failure and loss il they wore adopted
The stock market recovered somewhat from the ex
trce depression OF yesterday afternoon and a, the rs
session of the board Eric improved before tho close
upon the lowest quotation at Friday board Read
ing r. Michigan Central Michigan Southern ~ Illinois
Central " Northwestern r. Rock Island ~, Fort Wayne
u, Cumberland az, Quicksilver u. New York Central
was X lower, Hudson River u.
Government securities steady. sixea Of 1851
closed at 110 I've twcnios Ill V, ixsuo ITO y,
ton forties 9s5k.
Al the open board, at ono o'clock tho market was
Grner fractional advance Tho chief activity was In
Rock Island which advanced to le tho street after
tbs board On tho call New York Central closed at o5,
Erie e33s Hudson River ll0,1, Reading I0s, Michigan
Southern 65a4, Cleveland and Ptsburs r. Rock Island
sTA Cumberland 7i,9, Fors Wayne s9sS
The whole market stronger the street late In
the afternoon, and prices advanced u a IL per cent
Money has boen moderately easy at seven per cent,
With less active demand than for the past three days
Commercial paper Of first class ia still quoted At 10
per cent
There havo been very few transactions in foreign
change, usual Saturday; but the market shows
great woakaess, and only the resolue efforts Of the
large holders 10 sustain 1t prevents lower quotations
from being made Bankers bills at sixty days
can 10 bought at lG7sf and at 1osh q losI at
short sight, although The asking generally y
higher TITO shipments Of specie to-day only
sis60O OF which the Edinburs took SIT, 600
and the Now York 81 600, mang for the week SO ol5
The te,t OF sections six and Of the new act
Iang the OF State banks and the conversion
o the latter into national organizations reads az fol
iows.-
spc q And be II further enacted, That every na-
tional banking iaton state bank State banking
association, shall pay tax OF ten por oentum the
Of notes Of any State bank banking
Sec. Z And be II further enacted, that any existing
bark organized under the laws Of any State having
paid up capital of not less than seventy ave tholsand
dollars, whiob shall apply before tho ls day OF July
noSt Tor authority to become national bank under the
entitled IAN art 10 provide national currency
CURED by pledge OF United states boEds, and 10
provide for the circulation and redemption thereof,
approved Jane 3, 1904, and shat comply with all
Che requirements OF said act, shall, II such bank
b. found hy the Comptroller OF the Currency to be
In good standing and credit receive such authority
in preference to associaops applying for the
provided that IL shall be lawful for any bank bank
Ing association Organized under state laws, and having
branches the capital being joint and assigned to and used
o. become rational banking assocla IN conformity
with existing laws and to retain and keep la operation
IT. branches or such Of them a. IL clct
to retain the amount Of the circulation red mabe tho
mother bank and each branch TO be regllat u by the
amount q capital assigned 10 and used By each.
The Senate has called Tor COMPACT statement Of the
commercial of the country with the imports and
exports Jauaagy l, 1865, showing the Of
gold ed n the princinai export staples and making
comparison of trade FOR tho four years before and
since the war. This statement which Is being pre-
pared by the Treasury apartment will bo OF considcra.
bic public interest Tho First National Bank subscribed
$500, coo to tito sovonthirty loan today.
The busnoss at the occ Of e Assistant Treasurer In
this city to-day follows:-
Receipts from Gust n6................... S2ij 00s
Iuts feteps. 35l7 ai4
,~anoo =. a2l 30
subscriptions 70 EoYclnmcnt pan............. 10000
Stock rCvcbange.
rArUtnAy March Ii-I03o A. NJ
s5oocp uses, ,a,r ~ 100 shs Erie RR. $50 o2x
fpu do a