The New York herald., 1865-03-13

7-3O gold bear ng Tr notes. ;. 1l6 has, 1l5 lis
One year certificates. ....... 9Sas 9S1s 9sx 9S1a
Money ~a.s moderately active during the week at
seven per cent? and commercial paper of the first class
passed slowly a. 8 a 10 per cent.
The market for foreign exchange has been weak and
declining and its tendency is still towards lower rates.
owing the pressure Of bills for sale The latter
much attributable to tho revying public con1d in
the future Of The country and the credit
the unusually light imports and moderately heavy
ports which have been the leading features of foreign
for the months When the fortunes of the
,ton seemed 10 hang trembling in the balance, before
important military ard naval successes hads changed
the aspect cf the in favor; and when,
before the Presidential election, the condition
OF political affairs increased the uncertainties OF the
situation, there not few who shipped large
amounts of specie Europe for safe keeping the whole
probably aggregating about twenty five millions nearly all
ofwhich s,. abroad American account either
invested deposit II Is not surprising, therefore,
that with the subsistence OF the apprehensons which in
duced the shipment OF coin there should be disposition
TO draw bills against it for employment at home.
Although the exports for January and February show
increase in value upon those of the same months in
1894 this IL owing TO increase Of price, and not o!
quantity Indeed the latter shows considerable fall
ing or the decrease being especially noticeable in -four
wheat, hops, cut meats, petroleum and talow. This
corresponds with the returns or the agrcu
turI department, which indicate . great decline
tu the production Of cereals consequent upon
thc withdrawal Of labor from the farm TO the army
Tho amended tariff which took effect on tho LIST Of July
last operated at tho time to check importations
and diminish the receipts for customs duties the receipts
for the latter during the months ending with the
3st Of January having been only $2S 6a0 against
Sal 223 5i2 for the corresponding period OF the previous
year showing decline the rate Of about SCI 500 900
year The stock Of goods in the bonded warehouses
has however, been larger than usual for some months
past and the entries for the year 1854 thirty
millions In excess of the Withdrawals.
The merchandise markets but scantily supplied at
present oil the country, and with the
consumption OF the remaining stocks on hand,
demand will necessarily arise for the lots ware
housed and fresh importaons Meanwhile the unsettIe
men Of values consequent upon the decline Of the gold
premium is exerting very depressing influence upon
trade generally and particularly In dry goods owing to
the supplies OF raw cotton ming forward
Cotton goods have declined hry-threc per dusng
The last few months involving OF course their holders
In serious loss and hence the great caution importers
jobbe and retailers observe in their purchases Printed
cloths which not many weeks since sold at 30c.,
1sc prints, which 4oc., 25c. shirtlngs,
which 6lc., 4Jc. to Soc and 40 in proper
ton with other descriptions All thc maj kets highly
sensitive 10 the fluctuations in the value OF the currency
and the absence OF stability IN IT, operates very
injuriously upon commerce II IL ono Of the
,nallics which shall have 10 bear however till the
dawn that happy period whom the Legal Tender will
DC repealed and the country returns 10 specie basis
When that will be IL is hard TO say, but probably not for
long time come In the meantime the present sys-
tenn requires the government to keep the money market
easy, m order 10 age Subscriptions TO its loans
Sonnet me after the close Of the war when the revenue
eio tha oxn
practice coniracton but IT has gone too far in the pro-
Of innation and suffered under the OWL effects OF
depreciation deeply obc able 10 contract successfully
now unless by the adoption Of radical measures which
the late Congress was unwilling TO entertain
II IL fortunate that military has revived public
confidence In the public credit and stimulated popular
subscriptions 10 the government loan. The success
which has attended the sae or the seven thirty notes,
under tho management OF Mr. Jay Cooke has been such
a. 10 realize tho most sanguine expectations formed with
regard TO H. Under skful management tho government
may as it should become, and as IL would always have
been but for our wretched financial policy the fayortc
borrower Adam Smith says tchap Q, book 5:'By
lending to government they tthe people) do not
FOR a moment diminish their ability 70 carry on
sbeir trade and manufactures. On the contrary,
they commonly augment II. Tho necessities OF
The State render government, upon most occa-
Sous willing to borrow upon terms extremely
advantageous 70 the lender The security which IL grants
70 tho original creditor s made transferable TO any other
creditor and from the universal confidence In the justice
o. the state generally sells In the market Tor more than
was originally paid for H. The merchant or moneyed
man makes money by lending money TO the government
aud instead OF diminishing his trading capital
After this however hc proceeds TO discuss the srsver
sspect Of the case and remars'whcn national dcoss
have been once accumulated TO certain degree there s
scarce believe, single instance Of their having been
fairly and completely paid The liberation Of the public
revenue E has ever been brought about at all, has
always been brought about by bankruptcy sometimes
b. an avoved one but always by real one though fire.
quently by pretended payment The raising Of the de-
nomination OF the has been the usual expedent
by whi real public bankruptcy has been disguised
Under the appearance Of pretended payment This
would be nearly equivalent TO the funding OF
rcncy into specie notes at their gold valuation, with
view 10 the immediate resumption Of specie payments
Amos, all nations have in the course Of their history
played wha, Adam smith calls 'this rigslng II ok
an.. a. anft A I'm arzip " reducas