The New York herald., 1866-07-09


Saturday .1547s 1881
Loans made at the close without interest,"
and at per cent for carrying, in view
Of which the premium shows great 1rmness-a
feature which will probably characterize It for q long
time TO considering the limited coin that
remains in the country During the ten weeks ending
yesterday shipped to Europe 50 ss2 301 In specie
ceptng trie Of gold and silver In bars and this
with the exchanges still heavily against and the cot
ton exports dwindng into nsgnihcance, is sum which
We cannot quickly replace. Moreover the next cotton
crop promises 70 be very light one say from million
and half TO two million bales.
Tho receipts OF cotton all the ports last week aggrc
gated about 10 500 bales and the exports less than
bales. Tho stocks at all tho ports estimated at
354. .026 bales Of which New Orleans held June 90
1l3, $50 Mobile, IS 095 Charleston, $3.50; Savannah.
IL 554; Toxas, June e. 1888; Florida, juno 1885,
New York. July 139 00O and other ports about 80 000
The almost total cessation Of exports Is mainly due 70
the quiet market and largo stock at Liverpool and II is
therefore surprising that the market hcre continues
dull and dropping
The drygoods trade has been inactive but prices
steady There have been loud and prolonged complaints
Of the dulne OF this department Of trade at frequent
intervals since tho OF tho year. but tho
import show that the business in foreign fabrics
has been unpreccdently large, and there is yet
sign OF failing on in those importations Tho value OF
the latter In gold including manufactures Of WOOL COT
con, silk fax aud miscellaneous fabrics for the year
ending Juno 80 last ut this port $187 05s s34
agsnst only $4es5393s in the previous year, and
$50, "a, ,068 In 1864
Tho foreign exchange market dull but rm. Draw.
ndsposed mako concessions and confidence In
sixty days bills Ii almost enIreIy restored Tho closing
quotations ;-BankeB' bills on England Qons date
sos q 10sX. short date ITO l1oh, commercial lo1
sly dava II n n thrpo
SIX $50
There appears be little probability OF tho passage or
the proteconist tariff bill framed for tho bcnens q the
very few manufacturers and holders OF certain cassos
OF goods who have been "lobbyng" In Warrington at
the expense Of all tho rest of the community
Of those Congress who before ts exposure
in lis favor rrsying themselves agAinss IT,
ashamed any association with such disgaccful piece
OF jobbery But should by possibility pass In any
thing like It's present form. call upon tho Prcsi
don't TO veto IL without hesitation; and there can
be little doubt that he will do His veto
message viii sGord him . Gne opportunity
for reviewing the financial msmanagcment Of tho last
i've years. He therein expose the blunders and
show the Ignorance OF tho who managed and legis
lated upon the finances OF the country The estimates
OF Mr. Fcssenden regarding have proved ludi
crousiy false; the narrow banking theories which Mr.
Mccuioch apphes To the affairs Of great nation
unworthy OF Secretary Of the Treasury and the make
shin policy OF the author Of tho national banking sys
tom has inflicted upon US evils the full extent
or which can only be developed by ilo Our finances
conducted during the war on no recognized prnc
pie and without the slightest regard TO consequences
Tho government willing to borrow any tsrms. ns
if II looked forward TO ultimate repudiaton for relief
Neither in the Cabinet In Congress there any
display OF foresight wise fiscal policy, and so we
drifted into cmbarrassments which would have reduced
the country TO bankruptcy had the lasted
another year. But In tho heat OF the contest
the people made complaint. They supported the
administration through right and wrong and all for tho
sake OF that political unity FOR which fought hard
and long. Now. however, the case Is different Tho
over, the people are burdened with tax.
aiion and they arc becoming critical Of the 6nan-
cal policy OF the nation Thoy viii no longer toler.
ate the abuses and ignorance which wcrc before
submitted TO, but insist upon reduction Of expcndi.
sure and taxation, and, in short, entire change
for better In our financial system There strong
and growing public sentiment upon this subject, for Il Is
one that appeals TO every mans pocket Hcrc, thcn
the President w I tho event OF the passage OF this
tariff bl have opportunity to ens, the sympathes
OF the people such rarely offers and for him not 10
take advantage Of would be 10 commit little less than
political suicide.
We are glad o ilnd that the military commission sp
pointed 10 Try laymaster fauluinR nave not peen 80
rcmlss Of their duty as wss rst reported In cen.
icncng that unnehng supporter Of the fortunes OF tho
Merchants National Bank Washington one years
imprisonment ana TO pay fine Of 5000, an example
has been which at this late day no, likely to
be without It's uses.
The Committee Of the London Stock Exchange have
for the second ume given attention TO speculative deal
ings In bank stocks with the Wow Of enforcing resrc
lions upon the same and thereby diminishing tho fac-
sies which now exist for "bcarng" tho market and
their decision that any alteration In the manner OF
dealing inexpedlent They, however, reduced the
time allowed between tho issue Of the ticket purchas.
ers transfer note and the signature OF the transfers TO
seven days. by which future purchasers Of shares may
exact their delivery the seventh day following each
settling Of the Stock Exchange The measure win no,
Interfere with the ordinary legitimate operations Of the
market
Government securities quoted on each Saturday