The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-01-28

1907 7 M..........2lt 4:loR M........Si4,
The closing Price shows advance that Of ycster-
day OF on and thanks to the financial policy Of the
government gold, which, under proper management OF
our finances might have been kept within thirty per
cent II par is likely to continue In the ndant. We
warned readers, when the premium dropped to 9s3l
on Tuesday last. that The fall wod be only temporary
unless tho government resolved to change its
course WITH view 70 tho appreciation Of
the rrcnsy and the resumption OF specie payments
We reminded the people and Congress that the premium
then criterion or What il would be in six
months year two hence and already VIC see tho
returning tide OF depreciation swelling up towards its
former limits The government, with blind indilicr-
% danger has gone on increasing It's goldbearns
debt il Ii, face tito depreciation Of its currency III
prom.sds 20 reach point where grave cmbarras ment
may arise On the lst Of March next the interest on
tho ten forty loan will absorb four millions of dollars and
on the st 81 May tho interest the vctwenty loan
will amount L,te less than nineteen millions, and In
tho future these scmannua payments viii DO sweiied
BY conversions OF abot three hundred and thirty mil
lions OF seven thirty notes MO six per cent bonds
The preacu Secretary OF the Treasury done nothing
to mitigate lie evils bequcahcd to tho country by his
predcoe and Congress- by its apathy has practically
approved bis line of conduct and is likely to adjourn
without onatting any of those alutary and radical
the nat on impeIatvey demand Yesterday, indeed, a
bill abrdgng to limited extent the power Of the
national circulating notes reported in
tho House Of REPRESENTATIVES, bu. il is n drop in
..s or rsform which tho occasion requires. II
proposes TO sslo to each whose subscribed eaIal
shall not exceed 100000 ninety per cent OF the par
OF bonds to that amount deposited with
tho Comptroller of tho Currency In Giro latng
notes: where Il exceeds that, but Is less than
q million, eighty pr cent where II exceeds
that but not three millions, seventy i've per cent; and
where d. that sixty per OF such capital is to
be tho maximum or circulation allowed On the Same
day bill was introduced by Mr. spaulding, Of Oh 0,
which was referred TO the Committee ON Ways and
Means proposing tax national bank issues and
after the lit OF Nay next
These in ONES contrast strangely In their trivial i'm
poranoo with he magnitude OF the interests involved in
present IuIous policy Eo seem to be sadly in nccd
Of statesmen who capable or npprecating the
situation, and Of rising, 70 a proper conception
Of its responsibilities. We have mapped out over
and again the proper course for tho governments
TO pursue but the representatives OF the people, in tho
Cabinet and Congress- fearful OF mourning ten
po-ary unpopuaity adopt suggestions and the
evil Of their ways has already progressed far, they
have disposition back, to restore to the nErm
body healthy circulation and tho adm thinks
with tho old provcrb that cit is well to be hung Tor
sheep rs q lamb" These serious reflections. They
affect the future solvcncy OF our government,
and tho welfare OF the whole community, and
cannot DO disrcgardcd with impulty. We are
threatened with scarcity of gold and an in
definite expansion Of our rarer money system
In FUTURE and under The circumstances In Will We
live pcrsi-tcnec in present Will lead to u
mate and widespread disaster
The money market IL moderately easy at sevcn per
atnu r0fk
l. per cent,
Foreign exchange is quiet at loo'S " for bankers
sterling sixty days, and IIcii q At three days.
committee rcprcs, ming the banks u this city, has
gore Washington TO protest nst the inclusion o.
certified checks under the head Of circulation, and 70 con-
f,r with tho Commissioner OF Internal Revenue on tho
subject The only effect OF the mission, however, will
be TO nprcss upon tho government tho ACCESSIBILITY OF
the peal Of Tie clause referring 70 certified checks Ito
Commissioner powcrcss 70 do more than represent the
case 10 the Treasury and through IL 70 Congress- Tho
ic,tcr u b, Law Is explicit enough but the tax orerous
and nju dicCu+
The reduction OF tho ratio Of discount Of tho Bank OF
ENGLAND to per indicates revival Of confidence
IN financial and commercial circles and aow Of
the hank Golfers; but the inarcal system Of
Great Britain rests upon credit basis more than that o.
any other country In the world, In proportion TO tho
extent OF its commerce. aud therefore IL Ia sngulary
susceptible 10 the influences Of monetary arrangement
and ips inherent weakness viii expose II to severe
shock the OF the In this country and
the roopenng OF the Southern trade Meanwhile, how
ever il Is to the interest OF commerce in this country
that there should he interruption VI tho prosperity q
trade n the Cnited Kingdom.
The highest cash prices OF the leading railroad and
miscellaneous shares at the first OF the Board Of
Brokers to-day compare with the quotations Friday
Of last week az foilnMa-