The New York herald., 1867-04-24

sippi certificates, 2s i.rss.mca
At the first regular board the market was dull and
somewhat declining New York Central closed u lower
than at the same time yesterday; Erie ~ Cleveland and
Pittsburg u, Rock Island " Northwestern preferred
X. Fort Wayne y. Reading was Il higher, Michigan
Southern u, Ohio and Mississippi certificates ~ Mil
waukee and St. Paul preferred III Canton X, Western
Union Telegraph 4. Government securities mod
erately active and arm Coupon ive-twentes Of 1865
advanced 4, while the issue steady and that
Of 1862 sold at ITO a u. Teniorties advanced X.
Tennessee slxes Of the old and issues declined ",
Missouri SKIES y, .~.rsaf. etiere rns erseev
Al the one o'clock open board the market was steady
IN tone although in instances fractional decline
took place. New York Central sold at e55S 1s; Erie,
56A; Reading 1867; Michigan Southern, 657s GO;
Cleveland and PttsDurg, e7X; Cleveland and Toledo,
MS Rock Island s6 Northwestern, 81 do preferred,
SIX a y; Fort Wayne, slaS; Atlantic Mail, ss14
At the half-pas two O'Clock regular board the market
was stronger but inactive Erie was u higher than at
the first regular board, Michigan Southern q, Illinois
Central u. Rock Island 4, Northwestern u, Fort Wayne
u, Milwaukee 81. Paul preferred ~ Pacific Mail q.
Northwestern preferred was u lower Ohio aud Mssis
sppi certificates Il. Government securities were with
out change. Tennessee skies were Il lower, new
issue ~
At the halfpast three open board the market expe-
New York Central sold at 9s u; Erie 81; Reading,
1907; Michigan Southern, 5oS Cleveland and Pitts
burg, 6s III Rock Island, $685. Northwestern, 3l1<
u; do preferred, IS u; Atlantic Mail. Ss $50;
Western Union Telegraph, 36S. Subsequently the
market continued to improve, and at hapast five It
firm at the subjoned pricesNew York Central, 96as
III Erie, 81 h; Reading, 1915 n; Michigan
Southern, 667S u; Cleveland and Pittsburg, 6SI ~;
Rock Island, s6ss y; Fort Wayne, s2H a u; North.
western 3l2s u; do. preferred; 5Sl4 y Pacific Mall
125h 1861; Atlantic Mail, ss II; Western Union
Telegraph 36S aS7; Ohio and Mississippi certificates
234aH, -
There not much speculative activity in tho Gold
Room. notwithstanding the more threatening news from
Europe published this morning The opening price was
1852 followed by an immediate advance to 1884 and
decline to 3S The during the greater part Of the
afternoon was from this figure to 1884,, and the closing
transactions at four p NJ at l3S Thare good
supply Of coin for delivery, and loans made with
out interest and at "a 1.s2 per cent per diem.
The foreign exchange market was firm, but the amount
Of business transacted rather light Bankers bills
England at sixty days quoted at 109lS sS at
the close; at three days, 1I04 9s commercial bills,
los 100; francs a. sixty days, 80 l3A at three
days. 517A $40; bills on Berlin 7ll 72x en- Brc-
men, 7s19 7s4; Frankfort, 4osl 4lA on Amster-
DAM 4056 4lss on Hamburg, sc 385s on Antwerp,
$40 5l7h
1t is TO be hoped that the Secretary Of the Treasury
who in a recent debate in the Housc OF Commons, was
styled by Mr. Gladstone Aniser Of Finance, will
not allow himself be deceived by the questionable
compliments with which that gentleman coupled auson
him in referring the rapid reduction OF the debt Of
the United States Mr. Gladstone said, slot us not be
ashamed to the Atlantic and render tribute
of admiration the courage and forethought with
the American people are at this moment bearing a
burden Of taxation which both in amount and n kind
makes their conduct marvel because they think that
the Of their future power lies in the steady
and rapid reduction OF their deb.r Mr. Gladstone
labors under an erroneous impression He deduccs in
ferences from figures which warranted by the
facts and the rapid reduction of the debt since the ter
mnaton OF the has not been due to the will Of the
people, but on the contrary against IL. This
reduction Of the debt Is the result OF oppressive
taxation which they submitted to willingly at rst but
which nevertheless serious burden to them, and
which they will refuse to permanently bear The revenue
receipts large TO leave heavy surplus after
paying all expenditures Of the government
ard there ready Of disbursing this except
by buying up and cancelling portions OF the public
Indebtedness. II would have been far better
for the country il the deot had been
reduced less rapidly at all and the people had
been less oppressed with taxation. We may its
which has prevailed ali country FOR than
half yea past The insdous OF the iaxsa,hcrer
has indirectly abstracted money from every mans
pocket, and impoverished the whole community from
Maine to rexas and thus the Treasury has been built up
at tho expense Of the nation The sources OF
national wealth are being partially dried up by
this drag upon the wheels Of enterprise and squaor Is
rapidly usurpins the place Of opulencs Cx boao2 We
may ask or what use is IL for the government. to tax
everything death when 1t get all the revenue
IL requires without resorting TO excessive taxation
Does Tho far reaching vision Of the Secretary Of
the Treasury recognize grand triumph OF fnan-
| ciai skill in the liquidation OF tho national deb;
q, railway speed Is he the lightning calculator OF
| modern finance, who believes that the mi',rn,urn
will be ushered In the iasi daar the gov
ernmenf owes is paid to iE cred.ors II he Is like
mistaken man who pictures to himself parsaise whca
he can never reach What the Interest 81 this coanry
demand il a reduction OF taxation rapid redac
tion of the debt for abundantly able paw the
interest," but not the principal al the rate at which {.
been reduced during the last year and half. Mr..
Gladstone will therefore do well 70 correct his views
The fact the Comptroller Of this State has written
letter 10 the Chairman OF the Assembly Committee Of
WAYS and Means showing that stlse tar OF than
one per cent will be necessary this year tho
now before the Legislature adopted. cAcased 70
direct the attention ., tax payers 10 serious considers
t,ou OF the local finances The amount OF State taxe In
| cludpr those OF counties and towns levied In
| lsce was $40 SOS. 245, against tls.ssso2i in
| 1890 The internal revenue receipts IN this
| state during ths year ending June %, 1868.
were s4s o4o5 500 making aggregate OF taxation for
say one year, SIS 500 Tais for . population Of
little more than four millions Of souls Is enormous,
amounting II does to e22 IS per capita, whereas the
general and local taxation or Great Britain and Ire
land only 90 80 In coin per oopaa The total national
taxation OF Great Britain and Ireland with population
| Of say thirty millions was $50 05o 900 IN 1866, or
slos 900 S. to the pound sterling while the coun-
try and other local ,axaons estimated a els
600 in CON- making total or s2s7, ,7so ooo
The political corruption which underles our present
system Of city Of course al the root Of
this growing evof onerous taxation, and unforunaely
there will be little prospect OF relief till tho respectable
potion Of the community tAkes 4 morn active part In