The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-06-06
FINANCIAL AND COMMERCIAL.

MONDAY June So Pm
Tho stock market was dulr but steady at the FRS
board to-day. New York Central was u higher at the
close than at Saturdays first board Hudson River =
Cumberland IL. Reading was per cent lower, Fort
Wayne y, Quicksilver Ohio and Mississippi certificates
j. Erie, Michigan, Southern and Northwestern were
without change Government securities were strong
under the advices by the last steamer reporting five
twenties at e8h G674 the ed ut in London:
Coupon nve-twentes advanced ~ skies of 1881 u,
fortes X At the open board clock prices
STEADY and the volume 'of business light At the
second regular board the market was extremely dull
and unchanged Eric u higher than at the first board
Reading and Cleveland and Pittsburg were steady New
York Central = lower Fort Wayne Il, Ohio and sssis
sippi certificates u. Government securities relapsed
fraction Coupon fvctwenties were 4 lower, new issue
y, coupon skies Of 1851 r. Al the second open board
the market showed increasing frmness. New York Gen.
trail closed at s9, Erie 7a, Hudson River bs 80, Mch
gan Southern 57H Reading SSZ, Cleveland and Pitts
burg 5SA, Northwestern 23a4, Fort Wayne ts3) 92A
Cumberland 1914, Quicksilver $50 494. Later, in the
street, the market was steady.
Gold has been rather inactive was depressed at the
opening by the European and the HERALDs plan
Cor paying off the national debt by taxation but it soon
recovered from 1854 the price half past ten NJ to
1861 y. IL subsequently settled down to l36 y at
half past fvo p NJ The supply of cash gold is abun-
dant and generally lent without interest The ten
dency Of the premium upward under tho demand for
expectation and the scarcity of specie in the
try Tho mutterings Of reputation expressed by
Wendell Phillips and other political extremists are,
ct the same time not likely to improve
Adencc in the credit OF the government We have
about three hundred millions Of bonds abroad, and in
che Of their sudden return should be entirely
bankrupt the specie in the loyal States hardly exceeding
forty-six millions That exposed TO grave
tngencics therefore, is perfectly apparent to any
conversant with finances The people Of the United
States not disposed TO submit permanently to pry
ing system Of taxation and reputation party will
undo ubtedy spring up unless the national debt Is
paid on by some such extraordinary measure
o. q national subscription II Is indsputable that
have tho ability pay national debt by taxation but
with respect long continued willingness in the fu
turo serious doubt arises 1t is not in accord with
the genius Of the American people TO submit TO in
qustoral system Of taxation and the next Presidential
election will be likely to manifest this in very
striking manner. We have thus far aoated
upon the tide Of fictitious prosperity, GREY
ated by the expenditures of the government;
but that the Is this phase Of our fiscal
affairs must necessarily disappear We have vast and
expansive future before us, but meanwhile problems
have be solved which, in their solutien may entirely
revslutionize opinions upon the important SUBJ
iect Of the finances.
The fluctuations in the price Of gold each month since
The period OF the suspension in December 1861, have
been follows