The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-01-07
FINANCIAL AND CONNER lAL.

/ HNAN6iAL Nis1 SS""s-'eS'0@'
| ~r~--~~-~~~~-~~~-----
- sUxpAr, Jan g. 1857.
mor - - ono OF marked animation OF
the Stock Exchange. and pm es esnio"eo ssons Up
ward tendency especially towa dsthe close, notwith
standing the increased activity 81 tho money marke
consequent or the largo demand fross bull clique ID
sold. and desire on The part Of the Nssstd Banks
increase their preparatory to makneGp thei
quarterly returnR These having boon conpistsd II b
reasonable infer that the banks will BE- anxious ts
duce their BY loans and that hcnccforwd thA
supply OF money wlbe gradually on the increase. The
drains Of currency from the West towards this ocntre
| continues and Is likely - Increase, and tnat
to the South u about 70 givs place 10 return
| dow. whilo money at the East, u We may sccep,
Boston the criterion, u superintendent At six
per cent With abundant supply Of money there
Is but way for socka and especially railway shares
60 and that ID upward The panic Of November was
induced BY artificial causes and, like all pancs was an
insane movement shrewd capitalists, Of conservative
opinions. arc buyers at present prces and although
capitalists esteemed 70 DO shrowd have generally
money than brainA II Ia hardly possible that they arc
mistaken In the present instance they buyers
rise Al the same ams certain degree Of discrmina-
ton must be ussa order 70 sin the wheat from the
chiG Of the speculative securities The railway shsrs
market closed very Arm q helfpss Ave saurdAyat
tho following quotatidnsNew York Central, III 1l2x
Erie. SIX y; ResdiAg lo5x V: Michigan Southern.
SAX y; Cleveland apd Pusbure, 90 0ok: North
western - 4SH do prefarred s2yS 80; Rock Island,
1887 l04; Fort Wayne 1o;x 1o5 Among the mis-
celaneous shares Union Navigation Company In
active demand and advanced TO 1857, and Mauposa
preferred nrm .: the close at s2ss u. Govern
mens securities dun but firm. and during the last
two DAYS OF the week ,hoy advanced slightly.
UA~ r.
out, and the fluctuations wider than usuanamoy
from 1921 1854, the tossing quotation on Saturday
being 134 but under the reported proceedings Of the
republican caucus relative to impeachment at WASH
ington last evening" II probable that the market will
open at an advance on Monday morning. Impeachment;
however, Is contrary to the spirit OF the nation, and
those who buy gold under the that any Con
gresonal resolution Of inquiry into the conduct Of the
President II such Is offered, will become anything
than dead letter. after being referred to the Judiciary
Committee matter OF fortnality, mistaken.
Apart from this however, the largo 'short" interest
Constitutes active support to the Market and the bull
clique doubtless like all cliques inscriptions enough
make the best Of the hopes and fears Of the grand
army OF outsiders Gold s cheap but not the theory
Of impeachment
The foreign exchange markct was firm and mode.
rately active Bankers bills England at sixty days
were quoted at tho close .: 100 l0oX: commercial
bills, los 10o francs at sixty days, t15 $50; at
three days. $40 ABBY; bills Bcrtin. 1914 72k;
on Bremen, 7sx 70; on Frankfort Az Az: on
Amsterdam, Ak AK; on Hamburg, 36,1 a Il; on
Antwerp, 5.17k at.1S
Tho report Of Mr.. Wells tho Special Commissioner Of
the Revenue which was published few days ago. -
attracting considerable attention by Of its elabor
survey and criticism Of present system OF
on and the writer's advocacy of reduction OF some
- y~-l~l
lava He argues that ali experience shows that every
extensively high tar contains within itself the elements
Of is snnuiasnt and, Of the In point
he says that tho consumption OF distilled spirits in tho
United States In 1896 about forty mions OF gall
Ions, from which, with tax Of 50 per gallon, there
shoald accrue IN annual revenue at eighty mil
Hons OF dollars but the entire receipts from this
source during tho last fiscal year less than thirty
millions o. dollars. showing that for every three gal
Ions that paid the tax Ave evaded IL payment More
over. the tax Of two dollars per gallon distilled
spirits yielded in the same year only t76c, $50
more than II did ddnng tho fiscal year
Of 1861 when the tax was from twenty
to sixty cents per gallon The Commissioner therefore
recommends . reduction Of tho tax to ono dollar
per gallon. On the other hand, he Ia In favor
OF the present tax Of three cents per pound
on raw cotton, and believes that tho tax may DO
collected for two years. until the aggregate
crop Of the world sha yield surplus with less injury
tho production Of cotton the United States than the
collection OF equal amount Of would II
imposed upon other branches Of industry The burden
Of the Is admitted, and reason Why II should be
levied Mr. Wells sngulary enough says tbs tar 10 col
lectcd in section OF the country from which only
small proportion OF can q present be collected
insany other This Is reason against rather
than for such tax and however desirable may have
tbor ~ fha~
we're inadequate to meet It's expenditures tho enforce
ment Of such sn imposswhen the revenues largely
coed the expenditures ID clsarly unadvisabe. This,
therefore, Of the which should be reduced
or entirely repealed, the especially tho South
s recovering very slowly from the prosratng effects
Of the war.
Mr. Wells, we may remark, Ia . protectionis,, with
very crude ideas the effect OF his own doctrines II
carried into practice, and he has evidently boon in.
ueDced in some instances by the sinister views OF
ufactures and others with whom he has been brought
in contact Here and there he Is, uuconsoously or
Otherwise FREQ trader and the whole his mind APP
pesrs 10 be full OF problems which LIE finds difficult TO
solve. Ho has collected largo amount Of statistical
Information, which he to have but imperfccty
dgestcd and although he Is clear and correct at times
hc nearly often speaks under mistaken judgment
or in other words deduces differences from facts which
arc not warranted He not only sustains the present
high tariff hut recommends increase Of the duties
csrts.n articles OF temporary oxpedency.
although in his opinion such increase should be
rc,aey moderate He advocate OF contraction
means Of returning to specie payments, and from his
manner Of dealing with this subject cannot but
think that he boon guided by the Secretary OF the
Treasury.
The Commissioners estimates that tho income Of the
government. during the current fiscal year will be
$455,oo0, 000 namcfy:-Fron internal revenue,
s275 600; from customs $3.50 0oo and miscsI-
aneous sources, $40, ooo Tho expenditures Of the
country during this period estimated by the Secretary