New-York tribune., 1867-09-14

A. ,.,i .o,dor notes AS they were issued thoy
Tho nprrency inflated prices, and dem0r-
allied all business They the splintere causing
fostering wounds which paTalyze the arms Oh hOhc9
industry Nor can tho financial system DO sounu
nntjI they are removed. Every sham paper oonal
cancelled by payment or funding INTO goloCoearlhe
debt. bastens the term when the industry OF the
country will DO turned TO lOug and permanent en-
gagements, instead Of working from hand TO mouth.
AS affairs stand the Treasury from the customs ana
internal fevenue is in position to move toward
Specie, with speed which will attract universal az
enton and force the people to arrange their private
affairs in harmony with Ethe Treasury moving 10
sOlvency and specie payments NO hhahclai minister
had the opportunity which now presents itse 10
Secretary McCulloch to make reputation as perma-
nent as the history of the Rebellion, which caused
the enormous debt he is now restoring to order Nor
has the Treasury Department ever been moro ably
filled. 1t is now the Secretary's imperative duty 10
shut his ears to the lamentations of Overaders upon
paper money and destroy it fast possible anu
Congress should, without delay. authorize Nun 70
destroy not 100000 per month but every uolii "0
can get by selling god-bearing bonds at par
A London financial letter in The Times says
The collapse of English railway RrGReS R%Sc hat passes
slowly but surely Win me enc Nopthern msnufacurng
districts il would seem hard 10 run. Mdiand fhe two
the case OF the great Norneh ,ha North decreasing dvi
SIta tcS % 20 teII their tale 1t seems strange tmns
that densey pGPndSG dCutcs Se great bulk Of 0
rev gT gnerfT should have sunk Tuinousy IN value
IN law expenses rash competition and tho con
struction of improbable branches inc laot 10 @ ei
NV stated that the classes which thrive upon tue con-
iffiicfion and mismanagcment of railways, are more
powerful. energetic anu aOer than tlose ~iilt mi
leph IN income from the legitimate carrying on Ol ia
way business Contractors engineers, surveyors iahu
agents yaluers lawyers, Pariamentaly agents, aiu tc
nv railway making in general powerful enough 70
Influence any Board of Directors 10 lend themselves 10
expenscs Tho London and Brighton Company, WIN
double the capital had ten years ago scaICe M ois i
has zone mainly entirely into the pockets OF INC con
tractors and their satellites. Then again, the mass O
railway shareholders poor, dear, innocent country
peOpe clergymcn widows, retired trade smell ana Otr
who are utterly unable TO unrayel the c2npe1Scu nc @
accounts which Directors know so cunnngy now 10 pro
duce II the truth could ever he fairly SOt a WIZ
to some Of leading lines fear II would turn OUT sa
there are many means by which Director not troubled
with scruples feather his nest much more lalaly
than by devotng his time and trouble TO the
working of the ne the interests of the shaiehOues.
There arc many strange stories told by people VINO are III
the secret that never reach the ear OF the uneky sDae
holder who finds his property graduaiy nelll,s awa3
before his eyes There nice snug little lots OF surplus
land TO be annexed by an enterprsg &c % hnu
through which an extension" has already been planned
with to the Company at ten times the original value
Some day other shareholders may POSSIBLY Iect anI
want of business knowledge have to great extent III
vited. ,. -..,..-o,.. =
unite as bad. The stock list is full of instances OF
roads which make their directors rich while the
holders 60 without dividends and of roads pay
inr dividends from borrowed money. Among the
moro familiar instances may be named the New
York Central, Hudson River, Erie, Fort Wayne
tbe Chicago and Northwestern, and Michigan
Central Chiefly old and finished roads by ther
statements show that dividends are paid from Dor
rowed money and the sales of new shares
The Western Union Railroad Company earned the
week ending Sept.7: ...
1861 ..... s27,Os9 3j 1906. ti9,37i %
The Cincinnati Gazette of Wednesday remarks
There is still an active demand are ipr m and
though deposits increasing checking CONTINUES
Of Interest are Arm at per cent between bankers and
depOstOrs and 1O02 per cent for good paper IN tne
market The demand from outside parties finds little "a,
vo There il n good demand for exchange, and about all
the current receipts are absorbed ny the wants VI nc
chants Il taken depostors at 5oc discount and
from outside parties at discount the drawing rate Is
uniformly par.
The CHICAGO Tribune of Wednesday remarks:
eefa peRsX Uaaf last sue The SifeThgs @ " Gd d,et nls
class paper comparatively light and the loan ma mrxes ~
rules easy at 10 per cent for 80 and 60 days D ana az
peSoteres The exchange market is steady and without
material alteration sight drafts on Snr Ss cur h
| counter at sai discount buying and par selling.
The Boston 7rareeI of last evening says:
In the money market there are no percePtloe niiTa a.
tOns of consequence either in the supply OF capital OF
the demand for its The rates OF interest or iqon
and discounts quite irregular, and vary but little
from recent quotations On new engagements with ap
proved pledges, the common charge to-day was sM per
cent for temporary accommodation, with few e&cep-
ons reported above and below that reasonable figure
but many Of the previous loans TO snDsahi9
on prime cOaterals still outstanding at four ana nvc
per cent although liable 10 be recalled at any moment
The principal changes In the Boston banks are the IN
crease in loans of s707 0OD followed usual by de-
crease IN legal tenders s622OOO The country banks
have withdrawn deposits the amount OF $OOOO while
individual deposits have increased s5j,o0O.
Sept @ Sept -