The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-12-09
daily range Of The marke, during the week is thus

The daily range Of the market during the week thus
showp;-
Highest Lo,o.s.
Monday. ............ ........... 1871 1917
Tuesday OBSERVATION-DISCLOSURES. l3lH 1868
wednesday .............,....... loI& lJI
Thursday ........................ 1917 1857
1rioAy. OBSERVATION-DISCLOSURES. 1914 l31H
SATURDAY ........................ 1874 I30S
The statement OF tho public deb, the month end
sng on tho LIST inst published to-day and it shows
that United States contracted 10 the
Of only $685., s7i in November Compound interest
notes unmatured) reduced however, to the amount
Of 5000 $50 and the maured compound interest notes
10 the amount OF 81 $50 $50 In payment Of portion
OF these g. 95 900 OF three per legal tender
tifcates issued the remainder being apparently
redeemed In currency or the authorized dfty mil
lions Of three certificates only $l2 900 have
a. yet boen issued There still outstanding
$e2 24o 200 OF unmatured aud $7065,750 Of matured
compound interest notes. and Congress should provide
for tho substitution Of greenbacks for all OF these in
excess OF the amount Of certificates, as well for
the redemption Of the certificates In loyal tenders,
that the volume Of the currency may Kept steady
- Ito present point There OF &c. 301
~ the amount debt the and currency the
Treasury, during the month. The amount OF coin was
sduced from Sill 81 to 500 CAS- and the
ysncy was increased from $22 $50 to sat- IT'S so
that tho balance hand the LIST inst was, neverhe
asss more than four millions larger than ct the begin
ming Of the previous month. The funding operations
were larger than usual about forty-n,ns millions Of
ssvsnthiry notes having been cancelled and than
sixsy-twe millions OF fve-twenties and ten-forties
issued This raises the aggregate Of the gold bearing
Indebtedness to ST. $751; sum which makes tho
government dependent upon large customs II
bsomewhat remarkable that Mr. McCulloch In his recent
report. should have omitted alusion 70 the funding
and the effect OF rapid conversion or tho
floating debt into i've upon the or
10 the Treasury. BY the time the whole Of the
thirty notes are funded the gold bearing debt will
amount 70 not far from $780, ooo and the annual in
tsrsst will exceed 1921 O0o o0o that may provo
DO In OF the receipts Il is true
that the customs yielded si7o417,slo during the fiscal
year ending June 30 1857. but Il would be unwise 10
calculate upon such amount In the next or any sub
ssqusnt year during the decade at least The total
amount Of the public debt 81, $50, as2672 against
which must be SET the sl3s. l76, $50 Of gold and
paper money In the Treasury. leaving balance Of
32601, 2OS, ISL.
The money market throughout easy st seven per
70 borrowers stock coateras but tho numerous
mercantile failures OF late caused lenders 70 be very dis
trusfu Of commercial paper and only the best grade
readily salable the street. the rate for this being
eight ten per cent The banks showed disposition
20 discount for their customers TO the best Of their
ability and they conhned themselves TO selections from
shs offerings Of the the legal rate The prospect
Ia favorable to abundant supply Of money available
for employment the Stock Exchange, during the 70
mander Of the winter and are at present receiving
more currency from tho West than we are sending
that The statement Of the associated banks
Of this city for the week ending Saturday reflects
still easier movement Of capital than the previous
The legal tender show increase OF tssT 31s and
MI the other items adecease--namely In the loans OF
$685. as in the specie OF S767636 IN the deposits OF
s750s7s and in the circulation OF $lalo. In point Of
tho banks stand 10 nearly ths same position NJ
thoy stood week ago, the decrease being trihng while
they stronger the active reserve By the amount OF
legal tender notes they have gained II remains for
Congress guard the money market against the rregu.
lar movements 10 which t has been subjected at
intervals BY an excessive boarding Of currency
on the Treasury, resulting from undue sales
" gold and bonds Tho duties OF the Secrs-
sary Of che Treasury with regard 70 The
hitter should bs clearly defined, and the fullest
publicity should be simultaneously given 10 ali the
purchases sales Of the Department The power Of
combinations create monetary rngsncy BY artificial
means for stock iobOng purposes would shua be do
ssrsysd
Speculation was langoid on the stock Exchange dur
ing me week. but prices vol sustained. and North
western experienced further advance 70 ask under
me naspuiauen Of the clique controlling The sus.
psnss with which the action Of Congress was await
I'd with respect 10 the impeachment report
aAd the currency was relieved on Saiur-
day by the vote Of the House Of Repre-
ssutssivss o. both questions and the spscua-
ave feeling Immediately became stronger and prices
sdvaased. while the indications favorable 70 .
stronger market for Securities With Erie leading the
upward movement A. the close Of business railway
shares wore buoy.nt n the following quotatsns;Ne
York Central, 1i4H lax; Erie, nix 7is: Hudson
River l2ak 100; Reading o5h; Michigan Soui horn.
SIX SIX; Cleveland and Pssburs sax So; Rock
Island sek eek; Northwestern, 64T . IS; do pre-
.fsrsd, e6k 66I, Pacific Man, ia l24k; Western
Union Telegraph. 80 33A; Quicksilver, COX 2ok.
Government securities were duh and depressed dur
ing tho week, mainly 10 consequence Of the lover
range Of tho gold premium. and the failure
OF The forsign market for nvs.twsntss 70 respond
fully to the decline IN the former The evident dlsn-
cinaon Of Congress to anrmatively upon Mr. Ed-
muuds resolution in the Senate, and General Banks
proposition In the House 20 pay The principal Of the
whole OF the funded debt CON- has not been without
sdsct upon the minds Of bondhodsrs abroad while Mr..
McCuoch's plan, embodied Ia his report TO convert
che outstanding SIX Dor csss gold bearing bonds into
consolidated stock 70 be called the Consolidated Debt Of
me United States Of character calculated disturb
ecnndsncs in the psrmaneAt value 81 nvstwentes he
advocates such . loan bscasss government bonds
are a present non.saxabs BY the States. and this
n consdsrs odious - the great nass Of the
csop,e vho are mot bondnoldsrs but who are
heavily ourdsnsd with taxAison. He b In sym
psshy With this sentiment, ssd weaid mako the new
stock taxable In . singular nanasf-namsiy. b. the
government rsssrvng cnsixh part 81 the interest," ~
each payment the amount thss reserved 70
- aid ever 70 the respective easss IN proporen -
snels pe,ulss,o. We maintain, however, thss there
vsul - No ssssli,y In sh aad shas The asrangsmsss
vsu,l ses wsvk we'll Moreover thsrs = no good rss-
- ~ Ne sovsnssss sbsslA give We ssasss s.sss