The New York herald., 1865-02-18


quotations were-
1879 A M......".2osh 20 20 M......2 2osN
i45 p M...........204 $40 p. M......... .203X
The improved aspect of the military situation together
with the very light demand for customs duties and ex
port has deprived the gold speculation OF its strength
There is therefore, ull in the gold room, while the
premium lower to-day than it has been since the 18th
Of October last and fifty per cent par lower than
IL the 1st Of July last This stagnation
cannot, however, prove lasting; for in the
midst Of great war, with suspension Of
specie payments and rapidly augmentng national
debt, speculation neither remain long dormant nor
circumstances fail which will materially affect
the premium. The main cause OF the present steady
u in the market Is the fact that military successes
have been discounted to very great extent and that
any further decline which may take place necessar
ly be limited in the existing state OF finances Hence
while under the promising aspect of military affairs
and the encouraging condition of export trade there
is nothing to favor rise, the opposite conditions in
voved in national finances and the still uncertain
duration of the constitute strong counterpoise to
these favorable influences If legislators be wise,
therefore they will be led away from the path of
wholesome reformation and udicious development and
economy Of by false of security;
for experience has already taught us the price of
gold day is criterion of what 1t may be six months
year henca.
In the absence therefore, of a return to specie pay
ments by which the expenditures of the government
would he reduced from onehaf to two-thirds below the
present scale the most thorough and evenly distributed
taxation should be enforced for 1t must be borne In
mind the longer the lasts and the the pub
lie debt increases, the greater will be the difficulty
OF raising money in large amounts by loans
and heavy taxation with is only alternative II we
avoid national bankruptcy. 1t Is therefore, q
favorable sign of the gradual awakening Of Congress to
the necessities of the time that the subject Of increased
taxation is receiving Its attention, although its debora
tons thereupon have thus far elected any profound
knowledge Of fiscal matters any sage reflections upon
the ways and for providing for the Of the
nation.
To-day the long talked of tax on sales adopted by
the House by majority OF two which shows the strong
opposition which encountered 1t is safe to say that
If the press had discussed this measure, and with
very few EXCEPTIONS strongly advocated it, there would
have been hope of its becoming law in this coun
try Our legislators for the part frankly confess
that they know nothing about fiscal questions and poti
cal economy and they guided in great measure by
the Of the leading journals in casting their votes
for against proposed measure.
The tax sales is half OF per cent and IT Is
intended dispace any other tax with the excep
ton Of the additional tax manufactures An internal
Of eight cents per pound has been also levied
cotton while Mr. Morrils proposition to tax State
bank circulation Of has been very properly
rejected.
Who is to be the next Secretary Of the Treasury rs still
leading question In political and financial circles, but
no reliable can yed be given The name OF Go
Andrew OF Massachusetts, Is being urged upon
the President but the appointment would be unadvis-
able the ground OF his unftness for the position,
which properly requires siderable especial knowledge
OF finance; and the President at critical period
like this should attach less importance TO polite al
influence than real ability to handle the great trust
reposed in the head Of the Treasury with credit to him
self and benefit to his country No merely local bank
ing experiences will suffice. No mere honesty Of pur
pose will sufficient extricate the nation from the
moshes in which mismanagement has involved its
finances and, therefore, mind accustomed TO
convcrsant with the principles Of political
economy and wthal widely familiar with the
OF the country and practically acquainted with the
money markets and methods Of doing business at the
great centres of which this city the greatest Com
bned with this must be strict integrity, cool, independ
ent judgment, untrng industry aud no lack Of moral
courage. Men combining within themselves all
these qualifications few in number in this coun-
try; but they are, nevertheless, to be found,
although not perhaps in the first ranks Of political life;
and 1t Is the duty Of the Executive to weigh well his
choice for this important position.
The money market continues easy, with capital largely
in excess Of the demands OF borrowers Call loans
six with exceptional transactions at fve per
cent Commercial paper is in limited supply at ~
10 per cent.
Foreign exchange Is inactive at 10Sk x for bankers
sterling at sixty days, and 1921 x at three days
The recommendations of the committee appointed to
investigate and report the affairs OF the Marposa Min
ing Company stated to include the organization Of
company, with capital of 5000, 600 In shares Of
hundred dollars each the transfer to the new
pany OF all the personal property Of the present one to-
gcthcr with lease Of the Marposa estate for nve
more and the payment of the floating debt including
the overdue interest the first mortgage bonds by the
company provided also that the latter shall operate
such mines only as win be likely prove remuneratve
avoiding the risks and expenses OF exploring and that
the old company may redeem the property at any time
during the OF the lease by paying 5000 600 with in
tcrest TO the date OF redemption
These propositions have been endorsed BY the bond
holders but further action has been yet taken in
tho matter.
Tho subscriptions 70 the seven thirty loan by Jay
Cookies agents in this city to-day were
First National Bank, $500, 900; Ninth National Bank
s27o 600; Livermore, Ccws Co. $3.50, 600; Fisk a
Hatch, $500 600; Robinson Ogden, $500 600 The
Treasury drafts on the former bank amounted 70
81, $50 900.
The lmporiaons OF dry goods this port during the
week ending February 10 compare follows with those
OF the previous week.
#'ek e.; e"si"s Wesk =, ending ,s
Enteredf far Consun'p'n Pigs ralne. Pigs yalae
Manufactures ~ wool. sos $lp6, ,203 7S2 $2S7 40S
Manufactures Of cotton. 2s6 7T758 2l4 I0,iT
Manufactures of silk. l04 sl.J62 53 4l,322
Manufactures Of ilax... 5s6 l35,09S 263 5000
Miscellaneous. ......... 80 Jl,325 l8 Az3i