The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-12-04


Of the holders o. nyetwenties to the Payment Of the
principal in coin the ground that they were peso-
tiated with that understand Il but certainly both
uncaed for and unwise to promise now than was
promised whom the bonds wero put on the market
With respect TO the injurious effects OF the contraction
which has been pracsed he Affects singular blindness
Tho apprehension that this policy win smbarrass healthy
trade is, in his judgment, unfounded What does no
consider healthy irado be- and what but contrac
ton does he attribute the mercantile failures be-
fore referred to- not only in this city, but
all over the country He positively says
that legitimate business has suffered by curtA
ment which has takcn place during tho last two years.
be really believes what no says BIO is snguarIy III
informed. and any business man in any city Of this
Union could undeceive him from his personal
knov.s.Sa We have not time space this occasion
to entcr fully into the details Of the report but have
said enough to show 10 those who have not read 1t has
1t jus what was expected, namely, reeration or MS
previously expressed views on the topics discussed.
The Presidents Message says that the time has come
when the government and the national banks should DO
required take efficient steps and make all neces-
sary arrang mcnts for resumption OF specie payments
the earliest practicable period, and specie payments
having been once by the government and the
banks issued BY other Of less denomination
than $40 should b excluded from circulation 80 that
from this and the whole OF that portion OF the
Message bearing upon finances that the views Of the
President and Mr. McCuloch nearly identical on the
subject; and from this II would that Mr. johnson
has been taking lessons from his Secretary OF the
Treasury since he last expressed himself In relation
thereto his argument then being, like own that
the country should b. allowed to grow up
to the currency, that contraction should be
avoided and that there should DO haste in ~
Stunning specie payments In inquIring the value OF
our paper money issues compared with gold.
no says that probably not more than $4,000 600
OF gold could b bought with the $500, 0O0.0 600 Of
currency now anoat. Considering that the gold pro-
MUM Is undor 40 we cannot by what process the
President this conclusion He to say that
tho obvious duty Of the Is as early as poss
BILE TO take such will enable the holders OF
IL notes and those Of the national banks 70 convert
Thorn into specie and that reduction Of the circuat-
ing medium need necessarily place. Mark that
he previously spoke OF all tho notes OF denominations
loss than twenty dollars being Withdrawn from circua
ton in order to assist resumption. He remarks that
by making legal tender and national bank notes con-
vertble into coin their present specie value in the
hands OF their holders would DO enhanced ono hundred
per cent Thirty -ssven por cont would b about
correct to-day. He speaks OF tine amount Of paper
money In circulation being "neary" $7oo,0oo0oo.
whereas exceeds that sum- the exact figures the LIST
Of November having been $72o 275oso, exclusive Of
fractional currency and three per cent certificates 1t Ii
perhaps hypercritcal 10 dwell upon these points, but
thoy 90 to show the President neither strictly
accurate nor consistent in this portion Of his message In
other words his information has not been exact 10 every
particular and his financial views crude and some-
what confused, although the document u IN other
respects very able State paper.
Thore was very limited business transacted in gov
~ ~ Aaal
era and during the early part Of tho day they were
dropping but In the afternoon the market had better
tone and 1t closed arm at the following quotatons:
Registered, 1881, los 1osH; coupon, 1881. 1123S
Il2K; eos, registered. 1862. 1o4k 1o41i 5.2o's.
COUPON 1862, l077s 10S1I; do, 1874 loAH l0s1s;
do. 1896, 1864 100; do, 1865, January and July,
1o7K q 1o7T; do, 1867, 1919 1o75<; 10 4os regis
tered, 1909 1907 lo-4o's, coupon, 1olK loi7S;
juno 1905 1919 1861; July, 7s3os, lo41s 1861;
December compounds. 1894, 1ish 11oH: May do.
1865. ll7h 1l7ss; August do, 1i6h ll6h; septem
bsr do, ll5Z ZIG; October DO, 1151l 1l5s4.
At the commencement OF business this morning the
railway share market dull, aud barely steady, and
at the carly session OF the open board II lower bat
inactive except Northwestern the sales Of which
greeated 600 shares Now York Central sold at ll3%
Erie, II; Reading, o5k; Michigan Southern. SO; Rock
Island s5x; Northwestern, 5sX COX; do preferred,
C6,< 66JS, Milwaukee and St. Paul, 4ok.
At tho first regular board prices were
fraction higher for railway shares but dull,
while tho express shares were firm and
moderately active Atlantic Mail was sold OK dividend
New York Central closed u than at the time
70 terday, Reading u, Rock Island " Northwestern
preferred X Pacific Nail ~ Atlantic mail 2,.. Erie
X higher Cleveland and rttsburg ~ Northwestern u,
Fort Wayne u, Milwaukee and -. Paul preferred 4,
Western Union Telegraph ~ Government securities
heavy Coupon ve-twentcs Of 1862 closed lower issue
Of 1865 u skies Of 1881 u, sevcnthres, second series,
X Tennessee sixss declined u and Missouri skies adj
vanccd ~
Al the open board II ono o'clock the market 10
active but stead and Now York Central sold at 1917;
Erio 71l<; Hudson River ia Reading e5ssi Michigan
Southern SOY; Cleveland and Ptsburg, 3d. Northwest
ern, bp1< do preferred ooH; Pacific MAIL 1z71s; Fort
Wayne, Elk.
Al tho second regular board the market lrmor
and somewhat more animated New York Central
closed higher than al the Grst regular board Eric
u, Cleveland and Pittsburg ", Rock Island u, North
western preferred ~ Western Union Telegraph r. Fort
Wayne was Y lower. Government securities were
nrmcr; sizes OF 1881 closed V higher; coupon nve-
twen.Iss Of 1859, Y; issue OF 1885. y. Tennessee
sixss advanced n, and Missouri sixes declined ".
At the open board u half-pas. three the market
tinuod nrm, and prices advanced slightly, but tho
volume OF business light Now York Central sold
at lllX; Eric, Tlk; Reading, osX 90; Michigan
Southern. S0x; Illinois Central. 134 f3i5s; North
western 6ox 5ok; DO. preferred, 67< Pacific Mail,
l2s; Western Union Telegraph. sax 80. Daring the
rest OF the afternoon tho market remained firm, and
there was rather brisk business transacted In Erie,
which advanced fraction Al tho close the tendency
was upward ut tho following quotations:--Nsw York
Central, 113h 1i3h; Erie. ny Tx; Reading. 90
pek; Michigan Southern, sok 81: Cleveland and
Pittsburg ss,l SAX Rock Island, os% eeSi North
western, soT . 80; do. preferred, e1< se7x Pacific
Mail, 127k l2s; Ohio and Mississippi certificates, 2SH
. COX; western Union Telegraph, 32K a33.
The foregn exchange market was very Arm, the de-
rnand for bils having been stimulated by tho recent
decline In gold The advance in rates was marked and
at the close banksn bills England At sixty days were
quoted al 10eK . 1ooH; At three days, ITO i1ok;
commercial BILLS 100 l0ek; bills Paris at sixty