The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-08-10


were lower compared with those of yesterday morn
ing, Webster excepted which advanced &C. per share.
Buchanan Farm declined Sc, Oil Creek loc. At the
second board there further advance in Webster of
I2c but the rest Of tho list lower. Fee Simple
closed ct I2c, Pit Hole Crock SO co. Montauk 50 20,
Buchanan &C., OIL Creek 81 95 united States $40 go
First National 17c
Tho money market has been Q little more
active than IL yesterday, and there have been
no exceptions to the current rate Of seven
per for call loans But the supply Is, nevertheless
in excess of the demand which Is light owing to the
limited volume Of business the Stock Exchange
First class commercial paper is quoted at per cent
and the second grade at 10a12
Tho gold market showed yielding tendency under
further sales Of gold the and the advces
by the Cuba that ve-twenties selling at 69H in
London on the Goth ult. Tho opening quotation was
l4l1 followed by decline to 143a, and q subsequent
rally TO 143X IA, at which it closed The steamer
Costa Rica from Aspinwall brought $72l, o34 in gold
" Foreign exchange has been very dull but steady.
Banken sterling at sixty days quoted at 1854 100,
and 1881 109H at short sight; but sales through
brokers have been made at fractional recession from
these rates. and have heard Of transaction above
lOSk for long sight bills The advance the Bank Of
England of discount 10 81 per cent and the pros
pecve advance of this rate ndsposes bankers this
between sixty days and sight at the present English
OF interest the event of advance they would
be losers thereby There is q the street Of
demand for Erie in London but have been unable to
trace IL 10 any reliable source, and regard it os mere
invention stimulate advance the market price of
the stock. fA
The Stock Exchange the open board and the Gold FIX
change have respectively passed resolutions the effect
that theyw resist all attempts the part Of the Inter
nal Revsnue officers to collect the brokers' sales
made on their own account. The brokers, ''bg and
ltie" unanimously In favor Of this course their
pockets will be seriously affected in the event OF their
bsing ultimately compelled to pay the They are
naturally very sensitive the Interpretation of the law
and hey shut their eyes everything anterior Judge
Nelson's decision in which they fully coincide. They
entirely Of opinion that their customers ought to
pay tho tar, and they mulct them for the government
In II accordingly but when comes to themselves they
say, 'We not other men, and fall back upon the
barren ground Of their skilled labor reason Why
their customers should pay the tax and they should not
They argue that II they not BROKERS they might
sell their securities gold exchange without being
liable for tho tax and therein they expose point
In the law. But that clause in the law intended
To apply TO sales by investors which would necessarily
be comparatively few Nevertheless it should exist
tax sales of securities and gold should apply 10 al
sales ndiscrminatey; for to tax brokers' customer
and exempt the broker himself is inequable rs it
would be the broker upon sales his
and exempt those his customers account, There Is
equality about the law itself, and there is
still glarng inequality displayed Judge Nelson's
recent Interpretation Of It, And whic say this we
admit there Is much in the condemn for the
nrst place, II Is entirely too heavy, and in the next
che exceptions which II makes without equity.
Moreover, It taxes government securities, which
ahould, under all circumstances, be entirely ex
empted from taxation, their taxation tends d.
recty TO lower their market value. But notwth.
standing all this tho action Of the Internal Revenue
Department is open grave In Attempting the
objection Of tax In defiance Of decision of the United
Ststs Circuit Court which legally holds good until
ruled by the Supreme Court OF the United states Such
course brings about direct conflict between tn
at Washington and the Judiciary and such
Is subversive OF law and order But the revenue
&, officers that II the government suspended
the collection Of the tax till the Supreme Court finally
decided the matter the amounts due by the brokers
would accumulate such extent that many Of them
would prove defaulters, and the Treasury would lose
heavily in consequence This however, constitutes
excuse for Ignoring Judge Nelson's decision and be
right or wrong not respect It is TO turn the United
States Circuit Court into "a nockery and n show"
Tho receipts Of gold at this port from California this
v..r compare with the amour, received during the same
timo in 1854 as foows:-
January o - s241, 72s January .....sl, las $50
january ill.,. 3G5, COS January A.. 3S3 $40
january 28...... 324, sos January 27..... oil 0ss
February ...... ,g3s February 3d.. $50 il3
X Fol a