The New York herald., 1865-01-02

October 3. 10 notes. la0 10 III Il6
Government securities have been depressed by the
scarcity of money and the large speculative lots which
hang the market well doubts relative to fur
ther issues Of gold stock The withdrawal of the ten
forty loan not announced till after national
securities had received shock by the disappointment
of the public expectation that it would have been made
the first hundred millions was absorbed
Lcss than eighty millions Of tho loan said un
taken
Foreign exchange has been dull and rather weak.
Bankers sterling at three days has been quoted at loH
x, and at sixty days i09H u; merchants bills loS
100
The for money cali has been strictly per
cent and very little first class commercial paper has been
discounted less than eight per cent while the
mon rate has been sk TO-
Tho subscriptions the thirty loan at the First
National Bank during the week amounted to Sa45, ,000
and 10 the ten-forty loan 100000
Tho New Year dawns upon military situation full Of
bright promlss, and upon financial calculated TO
arouse gloomy forebodinss, much TO suggest
not iaapt comparison between this country and
France during tho grrat Revolution, when she rose
In tho scale OF military glory IN about the
same proportion that she declined liz that Of her public
credit Such parallel, however, ought not thus early
in the at least 70 have suggested ITSELF for the
OF the two nations at the respective periods
trast strongly While those Of France narrowed
within certain limits and unreplenisled by external
agencies, ours have been almost limtess, and we
have had all the world open TO CON-
moros But tho government has failed TO
develop and employ those vast resources Of
population, industry land and properly Taxation hav
Ing been overlooked for p0puatys saba in the nrst
instance, and . false Idea entertained that the
would be Of only brief duration, make-shifs and
hap p-haxzard 'penny wise and pound foolish" policy
adopted the effect Of which 10 best seen
In tho amount OF the present gold premium.
Congress- however, has yet the power 70 do much to
wards remedyng existing OWLS and trust that II will
lose ic time ser reasscmbllns before ventures to
dsos and legislass upon the important subject Of the
national finances In 20 doing Il should have in view
mainly che appreciation Of the currency and to this end
further issues Of IL must be stopped, while
should be adopted for gradually diminishing the out
standing volume by relying upon loans bearing interest
In currency the to DO sold at thor market price,
according 70 the ordinary principles on which trade is
conducted Judicous and heavy taxation must ai the
same time be levied meot far possible, the
rent expenses OF the government
The more the value Of tho currency Is In this
appreciated tho will be the way the resumption
OF specie payments, which Is end dcvoutly TO be
wished BY skiful Of It's credit, taking for ex-
ample the New York banks their relations with each
the Treasury, together with It's balances in England and
the rcmances from California specie payments might
be very early resumed, and thus . check 10 the
evils Of dcprecsting currency would be Afforded The
large Of gold boarded throughout the country
aggrogating probably hundred and hfty millions would
be gradually released under such system for confidence
In the public credit would naturally revive with the
adoption Of the best adapted 70 strengthen
~; and tho great enemy Of that credit now Is
che fear Of the indefinite depreciation Of our paper
money And, unfortunately for the nation Mr..
Chase Mr. Feacnden and Congress have by their acts
a well a. their expressed views done much foster dis
trust and weaken the public credit while II was their
duty 70 have sustained H. and the country guided by g
norance and temcty the rst instance aud ignorance
and umIdty In the second has dfted into It's present
unsatisfactory and needlessy embarrassed condition
II 10 commonplace to say that with the opening Of the
new year we hope better things but unless we have
m able pilot In the Treasury Department and wises
financial legislation than hitherto the monetary condition
into which we shall fall before the blessings OF peace
again smile upon us will be such this country has
never experienced since the time Of the war Of Inde
pendcnce when Continental money pursued the down h
course which the French assgnats followed ten years
later and In relation 70 which, when tho question OF the
French assignas nrst debated in the French Assem-
bly. Dupont dc Nemours said There was few years
ago, In the united ctatos vi h"et'o", "so'"'e' p"p
currency secured IKE the you PROPOSE on the honor
and loyalty OF tho whole republic and an enormous
amount Of landed property supported also by sovereign
ccrees eloquent speeches and tho safety Of tho state
Yet 10 sptc - all that Congress- Washington and Frank
lin could do, pair Of boots sold for one hundred and
eighty thousand dollars and supper for four persons
which ordinarily cos, ten dollars, priced as two hun
red and afsy thousand dollars In United States govern
ment paper money"
Tho immediate future Is pregnant with very important
events In our history and whether they be for veal Of
Tor wo depends TO great extent upon the use mak'
OF our cpporunes and those great natural and acquires
resources with which the country endowed And mo-
Che least part OF depends upon tho proper ad
ngraon Of the national finances and the value OF ou
currency, upon which last ell the rest depends