The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-12-04
FINANCE AND COMMEROE.
OFFICE OF THE EVENING TELneRAPH,l
Wednesday,. Dec A. 1857.


The principal subject of discussion on the
street to-day is the Presidents Message and the
Report of the Secretary of the Treasury on the
condition Of the finances and the probability
Of resumption, although we are at a loss to see
how that end can be Immediately accomplished.
The plan of Mr.. Walker, ofborrowin $3.50, 600 600
in gold from Europe, might render this result
feasible If we could but borrow the gold, But the
Presidents plan does not embrace the idea OF
q foreign loan but considers the object can be
secured without resort to foreign market. The
Secretary also assents to the views OF the Presi-
dent, but his arguments have most of them been
anticipated. 1t is the old story of the desirable
ness Of resumption-a matter on which there
can be but one opinion-H the result could be
attained without producing a general crash.
The condition of the debt, Mr.. McCulloch tells
as, has improved. The present year shows
decrease OF $59 800 sos but from both the Message
and the Reports is clear that the authorities do
not expect the present receipts from taxation to
continue. Thus we are told that the excess on
the present year, ending June, 1868, will amount
to $l49, ,9O4, $50; for the next year will be but
$23, 892, 702; while the third year Will nave but
So, 600, 600 in favor of the Government. 1t is
probable that me al a9tSSipaSLeS tS S decrease He n VIII
the imperative demand for q reformation of our
system of taxation essential to safety. The
Secretary is very earnest In favor OF funding
the interest-bearing notes, and lays down as
cardinal principle that it is essential to pros
perity that we fund or pay the balance of the
interest-bearing notes, and continue the CON
traction OF the currency. The views of the Sc
cretary are generally discussed, but 1t seems
that opinion is still widely divided. One
party maintains with zeal that expansion Is
necessary to continued security, while the other,
with equal fervor, calls for contraction. when
doctors disagree"
There seems to be a very prevalent and very
proper feeling on the part of the House against
hasty action on the subject of the finances, and
general desire not to rashly commit itself to
any particular expression of opinion. The
usual course of all resolutions should be re-
ference to the appropriate committees, and 1t is
against sound policy to second the previous
question without such an examination as a
committee only can give. We are glad, there
fore, that the two propositions offered in the
House upon the subject of finances were sent
20 the Ways and MeRns Committee; one by Mr.
Banks in favor OF paying the debt In gold-a
motion in which we heartily concur-Was
denied immediate consideration, and referred.
And the other of Mr.. Brooks, against further
contraction, met a like fate. However proper
the spirit of the motion may be, we consider
mature examination into its merits, by we'll
'SSSnued committee, an essential prerequisite
70 It's passage.
Inere was very little disposition to operate in
SSToas '9ls morning, but prices were rather
1t,tIs HIeI' IN government loans there was very
-nttle -I movement. '64 5-2Os sold az 1861, no
SSS SSnEs 9Sv sGs! 1Ss was 9sa for io0 l June
-~o5Os; lVS4 LOT go b-2os; and lO7s for July ,65,
Issue sold at 90, and old So SSacGaSged M the neT
kailToad shares were the most active ON the Hm,
llst. Catawissa preferred sold al SshSo9n S 'ne
advance Of 8; Pennsylvania Railroad g. an
change; Little Schuylki at rs, no oba, 5os, no
Aehjgh Valley at 60l no change; aud CsnI5i Csangei
and AmbOy at 1861, decline OF l. 64I Was 4ga hJa
for NOrristOwn; 563 for Miuehill; 32k for NoS,H
Pennsylvania; and So for Philadelphia and
Wilmington.
City Passenger Railroad shares were firmly
held. Tenth and Eleventh sold at sc, no
-ohaDge. 263 was bid for Spruce and Pine; 45
for Chestnut and Walnut; lOS for Hestonville; 80
for Green and Coates; and 26s for Glrard
ASOllege.
Bank shares were in good demand for invest
~ Nnt at full prices. Mechanics sold at 80; and
Cttv ct III, no change 236 was bid for North
Inssr, ga; l24 Tor Farmers and Mechanics; 81 /
fnr Con 'mercial; 65 for Consolidation; and so for
Go,N"oon wealth.
OV% mon ., NaTes were dull. sehuylkin NayiEa-
49, nSsEsrrs Z sold at 2ll, no change; IS was
SSd iSS schIO Gin Navigation e0@nOEi 90 tor