The New York herald., 1865-01-08
FINANCIAL AND CONNER GAL

SATURDAY, Jan I'd y. M
fhs stock market steady at the frsl board, bu'
hoat spirit The closing sales showed light yaria
tions from those OF yesterdays second board. Erie
advanced u, Reading - Fort Wayne i, Cleveland aud
Ptsburg y, Rock Island a. Quicksilver i, ohio and
Mississippi certificates T. Michigan southern declined 7s,
Michigan Central a. Marposa i. Cleveland ana Toledo,
Hudson River and Northwestern steady.
Government securities steady. Coupon nVe-
twentes were moderately active 10s3S p, tenforties
l025S ixes 1851, 1loA a ILL.,
i At the open board at one o'clock the market was
stronger and quotations advanced Z ~ Erie closed
at SAL, New York Central llsh, Hudson River 1884,
Reading III Michigan Southern 73sa, Cleveland and
Pitss6urg so,l, Rock Island 1884, Fort Wayne loI 4,
Cumberland Coal 40, Ohio aud Mississippi certificates
s34, Quicksilver ss Marposa l69S
Later the street. the market lower and closed
heavy. Erie was quoted at sSss, Michigan Southern
Tsk Cleveland and Pittsburg s6%, Fort Wayne lOl ~
Chicago and Northwestern 37h
The military, political and financial situations afford
indications OF important changes to transpire
which will in all probability, make the next six months
the most momentous period history Of the war;
and therefore, with inflated currency Of
the financial operations of the country Is unnatu-
raj that capitalists and Of business should be
70 secure themselves much possible from the risks
OF inordinate speculation depreciation. general,
Of ordinary Investments stocks has induced many
sell their securities, and the numbeS Of out
side buyers has increased in the proportion Of the
sellers, the market has OF been unfavorably
affected and is likely to be still more so, although the
hopes Of most of the brokers and those who make bust
ness Of speculation incline the contrary direction
they pray for rise, sailors, when becamed
times whistle for the wind
The great enemy of railway and miscellaneous stocks
others by high rates of interest they oer More
the people feel that the fiscal system of the
country, mistaken and ruinous though it is far
underlies the monetary affairs of the whole com
munty that the prosperity of every financial
institution and trading and carrying company
IN the States open to currency great
dependent upon the strength of the government credit
and the real value Of the currency dollar They are,
therefore, quite willing TO invest national other
securities the extent to which they have already done
80, and still continuing to do So abundany testies
They do this much more from interest than patriot
ism; and those who regard financial position
most perious do not hesitate to invest in federal bonds
but trust bndy to the future knowing that the faith of
the nation pledged to the payment of the interest and
their final redemption. They keen enough also to
that the greater the future depreciation of the
rency may be the larger will the currency Of
interest on their gold bonds
At every stage In the progress OF depreciation, how
ever the government credit il impaired and the prin-
cpai becomes less valuable and secure while the
payment of the interest is proporionatey endangered
This exercises, OF course, corresponding effect upon
the market price of the securities On the hand
tho gradual appreciation Of the currency with view
the return TO specie payments would, by imparting
greater security TO the principal than neutrass
the effect Of tho nominaly reduced interest
culated in currency
Tho people have yet to learn that policy Of indefinite
imitation, such that which the government has
been pursuing, must IL indefinitely continued,
cording TO the suggestion Of the present Secre-
taxy OF the Treasury, when he asked In his
report for unlimited power increase paper money
issues, lead TO ultimate collapse. The only remedy,
therefore, for the fiscal evils which press upon is
tho substitution Of policy of contraction for that which
has thus far been pursued II fail to make effort
check the evil before the disasters which 1t threatens
upon US, shall then nnd ourselves powersss to
the tide and the history Of tho currency which
the war Of Independence gave birth, as also Of the
assgnsY which owed their origin to the French Revolu
tion, will not unlikely be repeated here In time
Tho value of the currency ID the great indicator Of the
state Of the national credit and should be jeaousy
guarded To this end the taxation OF the country should
be heavy az It's resources will permit without hin
drsnce TO industry and the government credit through
the entire banking Of the country the plan
OF the New York Clearing House, explained
former occasion should be made to dispense fs
possible with the of currency while organ
lied system, TO be originated by the govern.
ment and followed BY the people, whose inter.
est is to have IL adopted, should be sim
ultaneously carried into execution for paying and
ceiving In coin at its market price, instead Of lis equva
lent In currency There is gold enough in the country
with which this saluary change could be made but it is
probably much TO expect that either the admins
raiion Congress will adopt any policy radical and
beneficial. Nevertheless we deem IL duty TO
the people OF the dangers which lie before and to urge
Legislators TO prompt and vigorous action upon this
great question Of the national finances.
The gold market steady, and the speculative feel