The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-12-18


7oK, on rtankfors az x: on Amsterdau Il X on
Hamburg $50 36I on Antwerp Slsk abIs
American securities we're quoted thus In London On
the dates mentioned - s.
Dscs- Dee. IA Dec II.
United States tvs-twsnsiss. 10Y T. r.
Erie .45x AIA 90W
| Mining stocks are nrmer and more active At the
nrst board Consolidated Gregory Gold closed 7sc higher
than at the same tims on Saturday, selling At % Is;
Corydon Soc, selling 1t % %; Quarts HUI &c., selling
at 50 TO- AT the second board Consolidated Gregory
Gold closed eo. higher, selling at % 80; Corydon l0c,
selling at - o.; Quartz Hill 500, selling ct % CO. y
The earnings Of the Ptsburs Fort Wayne and Chica-
go Railway for November were $esl.552 against
$722 096 for the month in 1894 showing decrease
Of SSo, $40
involving the rights OF pedgor and Pledge in
gold commission transaction has been Just decided
the Superior Court q Baltimore after trial Of three
weeks the verdict Of the jury being against tho broker
employed. The particulars are thus rspored:--
About October 1854, . man named Boyle employed
Thomas Carson broker and banker In Baltimore TO
purchase gold coin 70 be carried margin for Boyle
that he had purchased for him b. Il. a., brokers in
New York, 5000 American gold coin the OF 252
S x so snS /. ~ s s
gins and after his death his widow made other deposits
OF gold and railroad bonds In April 1885, Carson made
responded to. He therefore caused sale to be made 0f
gold coin TO the amount Of hi purchase for Bogs and
40, showing loss therefore, tho speculation Of
After fun argument Of the cass, IN which prominent
counsel were engaged the Judge instructed the Jury
folows:--
l. That by the general law Carson was bound to have
paid tho purchase money for the gold purchased for
count Of Boyle add 70 have taken that gold into his
possession and that unless he could show that by s,c.
ciaI agreement between himself ana Boyle the money
70 remain In the hands Of bis agents ia New York
subject 70 their lien for the money expended in the pur
chase thereof and for any balance which might appear
70 be due on general account the execnrx Of Boyle had
right 10 repudiae the purchase, and ciaima
o. me margins or Of their ssaues atths respective times
2. That BY the general law. and indepeuden. Of
S bound Is rs. usage broker o. Ssr a,r y
for account oil his principal In the Case Of gold
CON, which has in itself nothing 70 distinguish its value
fuhls his duty by keeping hand clear OF all other
contracts amount Of gold coin q equivalent value
taken into his actual the gold coin which he
had 0stensbly purchased for Boyle and subsequently
the Same 70 his own usc the plaintiff would
~. Stled 10 recover, unless Carson could the
.ns usage s'unform, definite, general and well
nv Ssch authorized broker to sell or otherwise
account Of soia com which no had purchased Tor
the psIn for The sss instructions, found verdict zoe
'"c P""''' io' NV ~ value Of her demand
The business transacss :, me s.n Yrs.srv :, ,,,.
city to-day AZ follows->
Receipts $3.50. 81, 26s, 1S2 Fl. 100 49,
Psymens.... 6O45.lll Goides. .s y" o 600
Balance. l07sl2,2a6 ''' 800
10 THE EDITOR or THE Hss,,A
NEW YORK Dec =. 80
The course advocated by the HERALD in relation :.
national finances much in advance Of tho pressa
majority OF which st peerng into the dark ages Of
the pas-that the writer feels impsllsd TO submit few
suggestions for your consideration.
Frst--Hs submits that legal tender paper Is the
best circulating medium DEVISED and that this will
sooner or later be universally recognized FACT whom,
instead Of curaing and destroying for Of inferior
character the pubic will demand It's beng psrpstus,ed.
In Mr. McCuoch's annual report FOR 1885, he gave the
amount Of circulation u dinsrcut periods embracing
some forty years. an examination OF which will show
thirty years It will smouns 10 equal TO the present
Then does IL not follow, II Congress should adopt
system Of paying dsb& with legal tenders just fssl
enough meet The increased wants Of the public that
in thirty year the whole debt would be paid on without
ts costing the people any thing by taxation, aud at the
same time furnish circulating medium superior to any
| heretofore known 10 many n
Query IL IL practicabs for Congress 70 sdopt such
Answsr--Yss; BY simply authorizing the Treasury 70
pay the debt falls due with legal tender paper and
poss u BE- received BY tbs departments % deposit =
low Of insersssy perhaps three per osni return.
would not such simple pspcssu no, only prevent any
undue nnaon but by having such deposif fund 70 ia
back upon, avoid any panic or monetary rsvulson "a
futurer
Il may bs olscsed II large amount should accumu.
Lite on deposit call that Tho Treasury might be sud
denly called upon for more than prepared 10 meet
aud thus government become embsrassc In reply 10
winch II ~ believed that experience has already dem0n-
ssratsd such would not DO the result The Assistant
Treasurer Mr. Van pyck and Mr. Cisco, both say thai
Of the temporary loan subject TO be drawn ncr thirty
days and ten days notice. only trihing amount
sudden disturbance OF the money market such alb
sorbing tue nfty millions funded By Mr. McCulloch and
the panic In Great ritsncreAfed by the Bank OF Eng
lsud-caasng removal Of thirty millions Of gold from
wall street. In the withdrawal of few mil.
| lions from the Treasury relieved the pressure
Thus n believed 10 be already demonstrated that 20
long the Treasury receives legal tender deposit
cali o. short notice, At low rate Of interest,
| financial panic or revulsion could be produced.
A. the want OF currency caused the panic in England
the Bank having issued 70 its understanding 70 su
| Robert Peei's famous Bank sct-so the moment IL be
came known that the restriction had bsep removed the
| panic ceased.
! With . suuhcient amount Of legal tender On depo.
with government, at low rate Of interest returnabls
ON presentation OF the certificates. would be rsc
ticsy impossible FOR any combustion earth to pro
would mot such deposit sys,sm with goscrnm-n, be
double acting safety valve canning finsneis unifor
nifty that al the Jews Chrissendom could disturb
| except temporarily.
| should this theory be correct does il not follow
Congress resolve ray he debt - falls de viii
legal tcuder PAPER and slso " perpefuss such system
Of deposit With the Treasury, that the debt would N
paid without lmpos srshng the people and circulating
medium established based upon the IAws Of vaturs,
| The foregoing sugs.siions are submitted 70 be mad
FELLOW CITIZEN.
| silfs AT the NEW yum sTscx txcasst
4 u..a., Der I1eO,aO A. N.