The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-11-09

Tho general markets were quiet yeSeruay, anu sno
volume OF trade smalh Prices were seneraiiy In
favor or the buyer and at the close commercial values
were generally nominal Groceries were quiet steady
Cotton ruled lower Dry goods dull Naval stores
| moro active On Chsnge -four was 16c. SOC. lower.
/ Wheat &C. &c. lower Corn So lower. Oats 1c. %.
! lover Pork easier Beef unsettled Bacon lower.
/ Lard lower whskey nominal
NIscELLANx0Us.
Monsieur RsssIsnier Hsximian chamberlain, arrived
recently in Havana, on the Manhattan, from Mexico.
His attention seems TO be devoted to inspection Of
untenansd houses In that city General Manzano the
newly appointed Captain General Of Cuba arrived at
Havana on last Saturday 70 relieve General Lsundi
Patrick 0Neil one OF the Toronto prisoners was
brought into the Court yesterday but tho plea or his
counsel that he required time determine the
to be pursued in the defence the trial postponed
Patrick Magrath was then placed in the DOCK but the
Judge informed tho Jury that he had evidence to show
that Magrath was British subject and could not there
fore be tried under the present indictment He ordered
them TO return verdict acquttng him. The Toronto
Globe has dispatch from Montreal saying that Cabinet
meeting had decided committing the sentence Of
Lynch and McMahon and the Leader has editorial ad
vising Ieniency
Ensign A. J. Kane, Of the navy, has arrived in wash
ngton In order TO charges preferred against him
BY Mr. Peck, Minister to Hayu It is alleged that
Kane gave up certain papers entrusted 10 him BY pro-
mnent Hayden rebel to President Gefrard, thereby
posing plan to assassnae the latter and his Cabinet by
blowing mp the principal arsenas in Port Prince aud
burning the CITY, The charge is that Kane received
| $25, 600 in gold for this service.
The habeas corpus Of the Police Commissioners,
in Baltimore was brought before the courts yesterday
Argument the admissibty OF evidence took up the
most the day, and the adjourned till this
morning.
The directors Of the New York Central Railroad Com
pany held meeting at Albany last evening 1t was de-
termined elect President od interim the rogu-
lar election month Conjccturcs rife
to the successful candidates for the Office but nothing
| was determined upon in that connection.
A gang OF robbers threw train of the Louisville and
Nashville Railroad yesterday. near Franklin, KY, and
robbed the passengers Of $1,000.
Or National Finances-Thc Forthcoming Re-
port Of the Secretary of the Treasury.
We have been informed through our Wash
ington correspondence that Mr. McCulloch is so
intently engaged in preparing his annual re-
port to Congress that he has transferred his
other duties TO his assistant, MI. Chandler, who
will be Acting Secretary of the Treasury for
the time being We are glad to see Mr.. Nc
Culloch engaged so earnestly; for there never
L
Of any other, such important labor for q man in
his position to perform; that is If he compre-
bends the duties Of his situation. He has made
mistakes heretofore through not having a COM
prehensive, statesmanlike view of national
finance, and through conducting the business
4 Of his department as il he were simply man
aging a bank for the benefit Of small cor
poration. He began by proclaiming the theory
Of the old British bullionists-the speedy re-
sumption Of specie payments, without any re-
gard to the disastrous experience Of England
under the application of that theory or to our
own peculiar circumstances. Whether infu-
enced or not by the bondholders, whose power
lies mainly in the national banks and whose
active agents are such money traders and
speculators as Jay Cooke Il Co., we cannot
say; but IL is certain his financial policy was
In favor of that class, while its tendency was to
ruin everybody else. Fortunately, however,
he learned afterwards that the views he enun-
ciated in public were not practicable, and
In time he ceased to urge them. Another mis-
| take he made was in allowing himself to be
controlled or humbugged by the gold speou-
lators, when he foollshly attempted to reduce
the premium on gold by selling large amount
out of the Treasury. This, as every one
knows, caused for time great fluctuations in
the market, stimulated gold and stock gam
bling and seriously disarranged the business Of
the country, and then, at last, the premium
rose again to the old rate, after the bullion
traders Of Europe had drawn away the amount
he threw upon the market. We have reason
to hope, however, that he learned wisdom by
this experience; for he has not repeated the
| foolish act since.
But we have something against Mr.. McCul-
loch for his sins Of omission as well as blame
for those he has committed. As the finance
minister Of the republic it was his duty to in
augurate measures to raise the credit of the
government, to give us uniform and steady
currency, TO break up the infamous and
dangerous national bank monopoly estab-
lished by Mr.. Chase and to provide for per-
manent sinking fund TO liquidate the national
debt in progressive and safe manner These
things he has not done. Still he may DO edu-
eating himselfup to these great statesmanlkc
measures. II is not too late to commence
upon them, and we hope his next report win
give MS higher opinion Of his ability than his
previous official acts have given.
First, the Secretary ought to ajssipate all
fsl.s views and YpEsssQnShis expectations
about imhedlSts NSumption Of specie pay
menis. The con TO Richmond" cry Of our
contemporEiss and the politicians in Washing
ton 10 The early part 81 the Var was not bit
more ridiculous and impracticablc than the
cry Of on to speedy resumption made now BY
the same class Of visionary theorists. The at
tempt to carry out their theories about specie
payments would be as disastrous al were
those with regard 70 the war. The unparalleled