The New York herald., 1866-07-12
FINANCIAL AND coMMERc clAL


until the next session OF Congress- but this is unlikely
rhe House having passed it by vote Of ninaty-four
10 llty-three 1t is fair to infer that the other
branch OF Congress will adopt 1t although by
smaller majority in which 1t win be the duty OF
the President it, and give his for so doing
in his veto message He can in that administer scan-
ing rebuke the present party Congress and dsset the
financial mismanagemen. of the country since tho COM
menccment OF the late war, in q manner which VIII
elicit q response from the entire nation. Tue people
who paid five hundred and fifty millions OF revenue 10
the government for the fiscal year just ended or re
ducing that portion Of II received for customs duties
into currency at tho present price OF gold about
six hundred and twenty millions, viii not submit nden
nitey to q ike oppressive burden. The paper money
imitation which enabled the people to pay this enormous
with constitutes exceptional feature, when
cannot be rolled upon to produce like result, win
equal facility, in the future and the tendency OF tne
popular mind is decidedly favor of critical examina
ton of the policy Of the government and reduc
ton The financial question VIII DO the ab
sorbng one at the Congressional elections and the
sentiment OF people with regard thereto Is be
mistaken Rotrenchment or reputation viii then be
the wachword of the hour. Du, even supposing the
Int rna Revenue bill, Which has alresdy passed both
houses OF Congress- and tho arif to yield much
larger the gross OF last year. they
only do by imposing burdens upon the
peopo for which there Is necessity. Tne
undcr the old laws is more than ample to sup y Tic
wants OF the government and far in excess o, q .
Treasury estimates and this suggests reduction instead
OF increase Of taxation Yet IL Is proposed by the
sent Infamous Congress farther spur that willing horse,
the public TO carry burdens which win yield perhaps sX
hundred and fifty millions more Of revenue -
ono3 it may bc well asked, and an angry na'on may
we'll rise up against its legislators when such abuses ol
power arc committed The President will DO only dong
his duty if ne the Internal bill wei -
tho new tariff leaving The taxes as they are low, me
Increase of which outrage upon the people al lafg
Tho stock market has been strong and active ,olay,
will continued excitement in Erie the transactions IN
which very large II supposed that the present
is il part designed TO euecs change ilc
management Of the company by oustng It's speculative
director who Is understood TO he 'shor Of tho stock
hypothecatod With him. although lis more obvious Object
is of of p rely Wall street character, suy-
gested by The largely oyersod condition OF the narfct
for he stock. TIE conduct OF The director referred to
in deprecatipg value and mIairng the credit Of tho
road during the last few months is severely anirrad
vertcd upon, and the Damaging statements which have
been rcuatcd relative its affairs directly ccntga
dicted by the president Of tho road in icccut
letter published London journal to mir
Evans, tie English director, rcpy to in
quiries the of the RAPID decline
in the price of the shares Tho recovery has, however
been great as to have carried the stock somewhat
above It's real value at the present umc but opiuons
still divided It's future course the general bres
being that tho movement has not yet eliminated.
Michigan Southern, North western and Fort Wayne
the next strongest Of the railway shares.
Al the early OF the open board Erie sold at
74< rs Michigan Central lO5A. Michigan Southern
sOk, Rock Island s61S, Northwestern 331z 3Ai&-pre
fsred 63A 63
At the first regular board closed az higher than
at tho halfr board yesterday, Hudson River ~
Reading u, Michigan Southern 3H, tlevcland and PITS
burg n. Cleveland Toledo u, Rock Island ~ North
western 2H-prcicrrod, TX, Fort Wayne !, Ohio and
Mississippi certificates ~ Quicksilver x Western Unicn
Telegraph ,s. Government securities were steady and
active. The sacs Of coupon vewentiss Of 1865 agere
gated 81 600 000 at l0j tho quotation current yecr-
day Coupon ve-tweniies OF 1892 Ia demand at
advance Of n.
Al tho ono O'Clock sessions the market strong
Erie sold at 76haH Atthe hafpast two board Erie
declined 70 7S, closing IN lower than at the first rcgu
lar board New York Central was u lower Michigan
Southern Il, Cleveland and Toledo l, Northwestern *,
Fort Wayne Il, Ohio aud Mississippi certificates u, Can
ton I, Missouri sres u. Reading was ). higher.
Illinois Central u, Cleveland and Pittsburg "a,
Rock Island , Northwestern preferred , Quicksilver
1K, Marirosa preferred " Government securities were
nrn bu, quiet Coupon Gve.lwcncs Of 1855 advanc, d
u, ten-fortics u, ssventhlry OF the second
series u.
Al the half-past thre open board Eric sold az 7{r
AZ, Hudson River llt,s, Reading 107, Cleveland ani
Pittsbug SIS, Michigan Southern TO- 81 Sly, Cleveland
and Toledo d. 81 no. Rock Island eoss, North.
wcgtcrn S4s, Canton So. Cumberland 20. The
market finally closed nrm tho quotations at halcpast
i've being under: New York Central 1914 " Erie
TAX H. Hudson River HAN u. Reading lo7 ~
Michigan Southern 81 u, Cleveland and Ptsburg s4,i
SO. Rock Island 98A u, Northwestern SO h-pre-
rcrrcd 63 y, Fort Wayne os y, Cumberland 40 4,
Quicksilver 62 a ", Western Union Telegraph 52.
Tho money market remains easy AT per cent on
call; hut owing to the Increased volume OF business
the Stock Exchaugc, tho exceptional transactions at
per cent very few. Some OF the lending inst tut
outside OF lc banks asking per cent, but trans
actions a. this ratio generally for small amounts only
The discount line Is quiet, and first class comm rcia
paper In request 5 6k per cent, with exceptions
at for long da,ca
Gold has upward iis sncy without mate
rally rising, and the passage OF the Tariff bin In the
House exorcd lees influence than expected, owing
20 doubts to its ultimate fate Tie opening price
Isok, followed BY slow but steady advance to 15O
subsequently however the market reacted closed
iuIi atise The borrowing dema nd was freely supplied
and loans made wi hout interest and 3pcr Cent
n favor OF the lender or tho CON. The shipncut Ui
,old and s BY tho Java amountcd TO 192 SEE chiefly
N bars Tho domand for customs duties rs slightly on
&c increase The receipts at the Custom House to.ca,
having bcen ss5eooo. II IL probable that tho market
viii rcnnin firl even In tho event Of American sc-u
u,cs advancing rcai, for tho export Of the latter
supply the foreign demand is not likely to equal ,hc
balance Of trade against us and consequently specie ~
be required g p7y differences.
The foreign exchange market Is daily becomin !
stronger and ariiye, and the tendency or rates
decidedly upward, feature which favors Increased OK
ports spece. Al the close OF bus ness bankers Oils
on England a, sixty days quoted at 100 " tLt,c
SIXTY days 81 loc. n 5E i5c.. slorl sight 81. sIc
The business trensate ted n, the btreasury In I'M,
city 10 day folows-
Reccpls 81. 10 I'll For cnstoms ssaG COO