The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-03-08
FINANCIAL AND COMMERCIAL.

FINANCIAL AND COMMERCIAL.
a TuEspxy, March 5-sP.M
NJ stock market showed increasing weakness = the
~ board stocks pressed for sAls with avdity
I, she close Erie ~ lower than u the same time
sserdsy New York Central 1, Hudson river ~. Read
pc M, Rock Island X, Fort Wayne q Ohio and hsss-
appi certificates ~ Cumberland was steady.
Government securities were active and higher under
purchases Of old ystwentes European account the
kds for which received by the last two steamers
s1vstwenties advanced x, issue y, skies OF 1881
Sen fores " The rise the three last was In sym
nAny with the former and afterwards on the street,
shsre the parcels Wednesday steamer were made up
- market reacted y.
Asr the call prices were lower and At the open board
Ae.s o'clock there was q decline Of Y per cent
throughout the railway lists
A the second regular board the market was fraction
6gher New York Central was, nevertheless, Ia lower
haa the close OF the morning board Erie u, Hudson
tavsr u. Reading y, Michigan Southern y, Cleveland
~ Pitisburg X, Rock Island y, Marposa ~, Cumber
md u.
Government securities were steady. There was de-
ene Of the cid issue Of fyetwenties, and an adj
ance Of u on the new. Ten-fortes werc u lower
Al the open board, halfp three there de-
hdsd improvement the whole list New York Central
bpsed 1854 Erie e7z, Hudson River 1l4S, Reading
"a Cleveland and Pittsburg 49, Rock Island o., Fort
Wayne So Cumberland TN, Ohio and Mississippi certd-
ln1ss 2sH
In the gold room alike with the Stock Exchange there
only brokers' market, In which short turns OF u
Cper cent are made To-day has sunk under Its own
freight The difficulty Of carrying gold, owing to the
sarty OF money has forced Of 1t TO change hands,
ind this process nearly stagnant market like the
present depressing In the absence OF any considera
- demand for remittance abroad, arising from the
preponderance Of exports over our imports, and
With q more or less constant drain Of government
Securities to Europe, the premium cannot experience
any material RISE except in the event Of unfavor-
sblo military news, the recognition of tho rebel
ssnfederacy by Macmillan of Mexico, other
disturbing causes At the time a further marked
asslne improbable just now and there speculative
Influences always ready to promote recovery after
every depression, while nearly the whole mercantile COM
nunity feel sympathy with rise In gold because 1t
directly tends TO enhance the currency value Of their
socks hand and mpars buoyancy to the markets for
nerchandise. Contraction is invariably unpopular with
Traders and capitalists and imitation once begun requires
% be continued like opium to the opiumeatcr, II pain
sul experiences to DO temporarily avoided. But
long continued imitation. like the persistent OF
auctve but perncious opiate later leads to
ruin How far the national banking system and the
sevenhry notes may add TO the injurious effects OF the
present excessive issues Of paper money IN the future
remains to be seen, and as yet uncertain The late
Congress passed amendments to the former which
calculated rather TO stimulate the increase of capital
the part Of existing organizations and to induce State
banks to reorganzc under the national law than to
oourage the formation Of institutions; but they
place restriction the issue Of the three hundred
hions Of currency authorized by the original act they
are practically OF very little importance Moreover
OF them provides for the due apporonment Of the
sirculaon In each State and Territory, which rather
obnoxious feature nasmuch 1t measures the banking
necessities Of the people in the different sections Of the
country by the rule without regard to trade or
situation, pretty much If tailor were 10 Ill all his
orders by supplying clothes Of one particular size,
regardless OF the variety Of his customers proportions
The Comptroller Of the Currency, therefore, gives
notice to all persons who contemplate the organi-
saGion Of national banks, other than those whose
papers have been fled whose applications have
Asen approved suspend operations until the necessary
Data be collected and the required apporonmen can
De made State banks he at the same time observes,
can proceed without interruption, Congress having ex
smpted them from this restriction
Now it is perfectly obvious that the remaining two
hundred millions OF national currency cannot be added at
The rate Of three four millions week. 10 the volume
new afoat without injurious consequences, and the
worst feature Of tho system is that IL not
che governments that s issuing this currency,
purchase Of bonds tho extent OF only ten per cent
more than the currency they receive In return Con-
ucss has however, adjourned without amending the
INV in the important particular Of the aggregate ISSUE
Ind remains for the Secretary Of the Urea
y to carry It's provisions II stands with much
sircumspection as possible.
The nomination Of Mr. Hugh NcCulloch, which was
ssnt to the Senate yesterday and usual under the
rules referred to the Finance Committee confirmed
to-day and therefore we have now at the head !
q the Treasury Department who is prac-
IDEALLY conversant with the working OF the |
naronal currency law and whose duty will be make
mch suggestions the next Congress with regard |
thereto may Judge be for the best interests OF
the country, regardless Of personal prejudice Mr.. |
NcCuoch has entered upon the admins raton u i'm
poant trust at critical period and herculcan task
lies before him which will call for the exeron OF |
whatever financial knowledge and powers Of application
no may possess His education In monetary affairs has
boon chiefly OF O local and practical charac lcr and
~ President OF the State Bank OF Indiana II |
b fair 10 say that he stood we'll But |
he will be required TO dvest himself Of his local
ideas preudices and accusom himself to generalza
hon and If he enters into full OF his responsible
Ties he viii end II he has not already learned, that
administering tho finances OF great nation In time Of
is very different to managing a Western State
bank Every allowance Is OF TO be mado him for
the dsorganized state OF the finances and th6egslaon
which must control his action; but much remains
sor him to devise, arrange and recommend and
he avoids, as far possible, aggravatiog
she evil consequences Of past msmanagemcn and paves
The way TO future amelioraton he will achieve
He has succeeded worthy gentleman who returns TO
the Senate with tho respect Of the country for honesty Of
purpose, and whose unGtncss for tho ONCE his only
sAnlt but this unfortunate and important one,
and In the course Of remarks from time 10 time
have felt called upon 70 creise him In his Official capacity
BAT the modesty and selfabnegaton Of his parting i'd
cross 10 his coabcrers In the Treasury Department docs
Him credit and almost disarns further critrism and
entities him TO that financial oblivion which he is no
aDubt DESTROYS Of enjoying
The gold quotations during the day wcre:--
an A Q.10 Jo7n