The New York herald., 1865-02-06


Ihursaay ...............s -. 2OoX 2035S
rnday. ............,.......... 2OsH zoo
Oo'uiuas ...................... zl41s %osti
The closing price yesterday the call tho Evening
Exchange was 2lok. Had largo ''short'' interest ac
cumuatod during The week. the reaction on Friday ane
Saturday would have been much stronger than it
but the prevailing doubt that any important imme
date result would interview spectators
unwilling TO the risk Of selling the market down
largely The uncertainty which still shrouds the sub
ject operates against rise, but so soon as the public
mind Is satisfied by official announcement or otherwise
rs 70 what said and done during the conference
speculation will become active in parte direction
II the conference has given promise Of peace
by negotiation, then the both sides will
necessarily be prosecuted with renewed vgor and gold
will RISE II, tho other hand we to SEQ in the
tho harbinger peace then would the
watchword bc stand from under" and panic would
prcopitate the decline. host OF merchants and i'm
porte with stocks Of goods hand would enter the
gold market and sell sshor In the hope Of covering
the whole part OF their loss by depreciation In
the market value Of merchandise and the probable
sequence would be that the Market being thus largely
oversold would react violently; for long the
tonal finances remain in their present state while the
public expenditures two millions day. less
in excess OF the income, gold must continue to
mand high premium; for army cannot soon
be materially reduced after the return of peace,
the experience Of all nations leads expect
at least three years after the ends expenses win
be greater than for the three preceding the end
Meanwhile the financial policy of the government is not
favorable to an appreciation Of the currency The
tonal banls>hotes in circulation promise within long
time TO reach the full OF three hundred millions
authorized by the act less than ninety millions of which
have yet be issued And the greater tho depreca-
OF the currency the rapid the augmentation OF
the national debt
There disposition to economizo in public expendI-
tures either by process Of undoing gradually evil
work Of tho legal tender act and returning specie pay
men by which the disbursements would be reduced more
than one half at present prices, which lower
than they have for long time past yet in any
other way. The two proposed ship canals-one round
Niagara and the other to connect Lake Michigan with
the Missssppi-are estimated to cost twensy Millions
but will likely very much larger sum; and
Congress authorizes measures like these apparently
without consideration of the extra burden thereby
tailed upon the people, at time whom every dollar the
get by taxation borrowing is required
10 meet the current expenses Of the The whole
country to be acting the principle OF Sin for
penny, in for pound y regardless OF consequences
We talk Of our unlimited resources as II the Rocky |
Mountains were our bank vaults, from which could
draw any required in gold any given moment and
the rich prairie lands Of the far West ecming
with marketable products and only needed to sell our
corn In order to reap plentiful harvest OF coin 1t %
true that possess immense s'Tho gold |
bearing region Of the United States stretches through
nearly eighteen degrees Of latitude from British Colum
bis the north to Mexico the SOUTH and through
than twenty degrees of longitude from the
decvaies Of the Rocky Mountains to the Pacific Ocean
II includes the statos OF California and Oregon the
cntre Territories Of Utah, Nevada, New Mexico |
and Washington, and portions OF Colorado, |
Nebraska and Dakota. It forms OF than
million square miles the whole OF which, with COM
paratvey tring exceptions is the property Of the
ton tits rich not only in gold but silver "copper" iron
lead and many other valuable minerals" But in speak
Ing Of these vast apt TO overlook tho
time and labor necessary their development and TO
gard . source Of income what Is mainly
motey prospective
Something might however, be done in the way Of |
taxing the mineral ycd Of this region Immediately In
bis for 1852 70 Congress- Mr. Chase stated that its
ssroduc. Of gold and silver during the year
.vo,,a nrobably fall not much short OF hundred
millions and he suggested that II might DO subjected 70
reasonable segnorage, that the mineral lands mght
s and sold In convenient parcers with proper
o,ervations In favor OF the miners now In occupauon
Of narticular localities. Thst We derive 10 httio NJ
present however, from our mineral lands should DC
.uacient reason why We should not place aVefy hish
uta
sn,nre and IL Is that which particularly concerns us
Taxation is tho touchstone Of finance, and we are rs
90, o,v noyices In the art Under the existing policy Of
r.,ar monoy imitation the government will be com
a,,ad to resort TO a very thorough system o raising
onev by taxos and keep pace with the expenditures
these will require 10 much heavier than we have yet
experencod That the people are willing 10 submit W
b. further taxed the alncrty with which they nave hus
Gar responded affords sufficient evidence and they nave
invariably been In advance OF the government In pro-
posug taxation sincs the war began The intcrnai
revenue rec pts for 1884 aggregated $ios,zis'ioo,
esainst only S34, ,257 during the ten mouths
Of 1893 n which The act was in opeIr..Sn TN. SHOWS
n great Improvement cerainy but With atota expend-
sure OF not very far from three millions day something
more than the present schedule required to meet the
upon the Treasury and Congress ought to revise
tho Tax bill accordingly before Its adjournment Had
taxation been adopted equal half the expenses Of
tbe at the outset Of the rebellion the finances
Of tho country would be In tho plight they are 1T
IA never too late 10 mend however, and the best thing
Congress can do now 10 to with vgor and dscrmina
uon
The stock market has shown . tendency towards re-
from he severe depression OF the few weeks pre-
seding the last and considering the low prices at which
sho leading stocks quoted, there " room lot
v.se: but the unsettled feeling in the gold room has
operated as q check upon the upward movement The
public Is not an active participant in the business Of the
Stock Exchange just now and therefore, tho market Is
heavy load in The hands Of brokers and professional
speculators demand from Europe may, however, be
created by the Of prices which has taken place
Tho main feature Of the week In the department OF
securities has bcen tho transfer OF the seven
thirty loan 10 the agency Of Mr. Jay Cooke, Of Phila
delphia, who hes appointed sub-sgcnts all over the
cuntrv Mr. Fessenden hores 10 be able 10 derive suf
cicnt from the sale Of these notes and 10 moet tho
current demands upon the Treasury and the receipts
through Mr. Cookies agents Saturday are reported
have been about three millions this expectation MAY
not be disappointed.
Government securities quiet TIL the close OF th
week, when they showed an upward tendency.
The anotatlona for government securities and rawal