New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1866-02-02

10 keep funds under easy CONTROL with little REGARD
to the rate of interest.
The business OF the Sub Treasury was: Receipts
81 lO9, 1893 SO; for Customs, $369, 900; Payments,
s743.3l4 IS; on account Of Loan, $lO6,OOo BAL
snee, 81, 9S6, $40 10; Coin Certificates, $so,ooo'
The following is the teyt Of the new Loan Dill IL
troduced by the Committee Of Ways Gnd Means
THAT the act entitled an act 10 provide ways ana
means to support the Government approved March y
1865 shall be extended and construed 70 hu'nole tno
Secretary OF the Treasury at bus W 49,
any act Of Congress whether bearing interest," OF
not in exchange for aBy description OF ponds author
lied by the act, to which thls Is an and
by said act either in the United States or elsewhere 10
such an amount in such manner and at such rates as ne
may think advisable for Lawful money OF the onited
States or tor any Treasury notes, certificates OF IN
deb:edness or certificates OF deposits. Or other repre-
sentatives Of value which have been may be issued
under any act of Congresshc proceeds thereof TO De
used only for retiring Treasury notes or other obhga
.OnC issued under any act of Congress. But nothing
herein contained shall be construed TO authorize any H.
crease of the public debt, provided that the ponos
which may be disposed Of swhere than IN the united
States may be made payable both principal and inter-
est in the coin and currency of the country In when
they are made payable but shall not bear rate OF
interest exceeding y centum y anDumj and pro-
vided further that the act 10 which this an amend
meDt shall continue In full force oil It's provisions ex-
cept modified 10y this act"
Under this act absolute 20 years y cent bonds
can be issued, and by this bill the Secretary can
steadily and eifectually move toward specie pay
ments.
Secretary McCuloch's bill, however amended,
will no doubt give a discretionary power to the
Secretary TO fund and retire legaltenders according
to circumstances. The Secretary cannot be ex'
pected to embarrass hisown operations in renewing
and funding other outstanding obligations OF Gov
eminent, but he must and will avail OF every
possible opportunity to reduce the volume OF paper
currency. return to specie payments is the great
and overwhelming desire of the people, not
through sudden and distressfnl process, out by
the gradual and healthy reduction of outstanding
bills. Values based upon paper, whether III STOCKS
or merchandise must como down accordingly, and
losses 10 the holders must be suffered; but while
the few meet loss, the great number will be bene-
flied in the corresponding decline in all the neces-
saries Of life, now ruling at extortionate
prices, though very much disturbed and shaken
in anticipation. Opinions differ as TO the time
required to bring the country back to speciepay-
! ing basis-to the time when we may jingle silver
in pockets, and pay our stage and car fares in
honest coin, instead of soed "shin-plasters;" but
no sane man disputes the necessity of such return
as soon as may be practicable, and as TO practical
bility, no doctors" ever disagreed more than the
writer's upon political economy. The Secretary has
plain course to pursue and that is, TO reduce the
volume of currency as soon as any reduction can
be accomplished, with due regard to tho negotia-
ton Of Government stocks. Congress will doubt.
less legisate to this effect, and the Secretary in
compliance with his own foreshadowings, must
keep steady look toward contraction. Business
men should keep this constantly in view, and it
will =. be wise for them and beneficial to
the country if they refrain from extended
engagements and hazardous speculations while
the process is going on. II should be
fixed rule in business circles, that progressing as
fast as possible toward specie payments, we are
moving at the same time toward specie as basis
81 value. which movement is toward @ shrinkage Of
paper valuations. We shall no doubt meet with
occasional interruptioas-rallie IL the price OF
gold, and rallies in the prices Of stocks and
merchandise; but unless the resumption of specie
payments is impossibility or unless 1t is TO be
fixed at period protracted beyond any reasonable
expectation, these rallies will prove profitable only
to the spectators ard holders Of stocks ant
merchandise.
Exchange is not active, and rates are barely sup
| ported. Bankers Sterling, sixty days los! 1854
Bankers Sterling three days, l093 2lo9ti Com
mercial, I070IO73; Francs long date 5.22i $50;
Francs, short date, 5Hla5.l5.
The Atlantic, from Aslinvall, brings $685. "A
in treasure.
The Manhattan Company have declared half.
yearly dividend Of five per cent.
The Boston Trareller says:
There is an increased number Of notes for SALE but
there buyers fol names of the hrsi-eass at "a pei
cent and for other mercantile paper. having three o.
four months to at and per cent while very htte
is being done IN the lower grades
The Cincinnati Commercial says:
Exchange is frmer, though the business in II is be-
ing conducted mostly without profit namely buying
and selling at par. In the sales were al y
cents premium and some Of the purchases were made
at 20 cents of: table is consequently lef. without
change except as 10 gold. There seems in the agere
gate 70 be something Of falling off in the discount de
for money The market. however does not rea,
from closenes and rates Of interest are 1rmy main
tanned. The demand for 7.30s again improved. and
appears TO be In excess Of the street offerings. The
S Quotations, however, undergo no change.
0 The Chicago Tribune OF Tuesday says:
Business Is very quiet aud wholesale merchants
doing light but safe business Money Is unusually
close and IL Is out for any but frstrete customers
to get liberal accom- modatioDs at the balls The re
cepls Of hogs are st heavy and this at present Ii
heavy strain on the market for the movement East
d. ward has scarcely commenced yet. The bank rate
discount steady st 10 q cent per annum but stree
rates are firm at lla2 cent per month. Eastern
change is in feir demand and We report tie marke
frIner OF par buying and ITO prernirm selling. Roun(
lots were sold by the bankers each other ut 20 pre-
MUM. The lower hall OF the Stock Exchange wa
opened for outside operators In stocks this morning
Two hundred subscribers cf 800 each have alread,
Q been enrolled The lessees pny the Stock Exchang
. corporation s2j.0C0 year rent.
> N. Y. Wholesale Prices OF Country Prodsce