The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-04-02

The steamer City Of London SO 600 in specie
today, and the Bqrussia $500 making for the week
$lls,SoS s,sb.sssf,,fl rsis.rfsssst ~. :,
Tho stock market was wagering at the nt board but
prices remained steady Erie was TX higher than
.. the close Of !, yesterday mornings board,
Reading u, Michigan Southern Y, Cleveland
and Pittsburg K. Michigan Central and Cumber-
land and Ohio and Mississippi certificates were
steady. New York Central declined n, Hudson River
X Northwestern "; Government securities were firm
Skies Of 1881 sold 106 u, coupon hvewenties lo5,
forties 9lx Shrewd investors buying not only
governments but. other securities at present prices
believing not incorrectly, In the probable rise OF
the gold premimL During the panic greenbacks
were the best securities TO hold, but, the fail
having touched bottom, the case ID altered. Gold
bearing bonds better Investment than legal tender
notes. only they give six per cent interest In
gold per annum because the payment Of interest Is
entitled to priority the redemption Of he currency
Even when specie payments resumed it is not pro-
babie that legal tsudes notes win b accepted at
They will howevss b. no doubt fundable At par into
United States honda But the legal tender act II expos
ing us to such complications that al calculations based
upon the present prico gold - unreliable as the
wind OF legal tsadsg currency John Stuart Mil says in
his sPrincipies Of Political Economy" book 8, chap
ter 81 sr
All variations In the value Of the circulating medium
mchievous they disturb existing contracts and
pectations and the Liability to such changes renders
every pecunary engagement Of long date entirely pre-
carious The person who buys for himself gives TO
another annuity Of fl00 does not know whether 1t
will be equivalent to f20o $50 few years hence.
Great this il would be- II depended only on acci
dents IL is still greater when placed ut the arbitrary dis
posa Of vidual body OF individuals, who may
have kind degree OF interest to b. served by an
artificial nuctuation in fortun s and who have any
rate a strong interest in issuing much possible,
each issue be ng In itself of profit Not TO add
that the issues may have and in the case o. govern
ment paper always have, drect interest In lowering
the value of the currency because s the medium In
which their own de5ls are computed
He further says in the same Chapter
TIL, pr cious metals have been made in all civilized
countr the standard OK value FOR the circulating
medium and paper currency ought 70 exist II the
value be made o orm TO theirs Nor has this
fundamen kim ever been entirely lost sight OF even
BY the which have most abused the power
Of creating inconvertible paper
And he continues- y & IL :. Is A
There is way Ia which general and permanent rise
of prices or other words, depreciation OF money can
except at tho expense OF somebody elsa
The Substitution of paper for metallic currency is
gain any further increase OF paper beyond this
Is but form OF robbery. -ff.fs 4fsy .a at,t
The money market is easy at per cent, with oxcep-
tional transactions in governments stso Commercial
paper Is entirely of favor owing 10 the disrust OF
borrowers The grade OF commercial paper Is quoted
at q IL per cent
Fore On exchange is dun At 100 y for bankeu' stsr
ling at sixty days. and llox At three dsys
The First National Bank subscribed to-day $500 900 70
the seven thirty 1t must however, be remembered
that tn subscriptions those Of the agents and not
Or the people .. i. W, . IN tf
The business at the Cub Treasury to-day a fol-