The New York herald., 1868-02-29
FINANCIAL AND CONNER cIAL


FRIDAY Feb 2s-ePM
ne gold market has been nrm but quiet to-day and
one aac.uations ~srs from l4lh 10 lalk. VITA the
closing transactions st Hik. There was moderately
sstvs bssro~lns demand for a. and leans we're made
Ut rates varyns from i've to per for carry
tn4 The gross c srngs amounted 20 4SI l23 000 the
gold balances TO 81 62 sos and the currency balances
~ $3s 200 The speech OF Senator Sherman yester.
day had doubtless nnaencs lhan anything else
inpArtsg al upward tendency 10 the premium. or
rather N disturbing cnnnieucs the publ credit The
spesch In question has with criticism both
in and cut Of Wall street. and the Funding bill. which
Mr.. Sherman apparently anxious shou'd
become law. Is condemned by sn right
shinxtng men He claims that the plan hs
proposes IL In accordance with both Engiish
end American prceasut but he tails to show that any
@scsssity for such measure exists ~ present Ia our
case; and Il would sssrsdy be very sraaitous scs
on our part 10 sacrifice our credit and sell our good
aame for such mes, Of portage Mr.. Shsrmans bill
proposes That the latter was framsA for tho purpose
cs making political capital 10 the West 10 obvious and Il
al becomes Mr. sherman to advocate Il as measure 10
accordance with ona interests because IL may har
,nonizo with the Of tmall section OF the
huuai,y which he happens to represent He said that
Ms proposition with the puua-d
W England several occasoas between IT'S
and 1885, aud he erred 10 the debts
sunsd by tho Cuiled States whom the
.eoHsutution was formed Tho interest had then
been unpsid for \ long ume; but Alexander
HamIton made arrangements for fsndug the debt. hot
on the terms Of the deb. but By ssu ng six per
bonds Tor twohris OF Il, the remaining third oe ng
represented by thrce cens four per and pub
Tic lands. He c'ncnied that every who loaned
money scted 10 0c paid In deprecated curropcy
because the value OF gold and silver steadily depro
eating Thus 'h"us nj dollars. paysbs In tw,nty
years, would by that Hfth Of Its purobas
able power shoru from It by she a,dion made in The
meantime 10 the volume OF the precious mcas This
Is simply assertion without proof and tho theory OF
~ ohsvaler which based Is disputed one, and
not without good Moreover, II is straining at
Gnat argue in this Tho real question before
tho country s ths:-Is 1t to the advantage Of the
nauon to Oreak iDi with its creditors for tho
nike OF saving per per Annum the amount
of the fve-twonty bonds oustaadin;f We claim that
It is not, and. morsoy.r, that until tho whols or the
thirty into bonds the country
Il In need o, any funding scheme, and the fate
Of this mschiavoas ono OF Mr. Sherman Is certain.
Its own provisions viii cons gn II to = msritsd defeat
The money market easier than either Wsdnes.
day or Thursday. AMI the gen raj for cali
miscellaneous ceiatrr,ls was six per cent, whils the
teadiag dealers 10 government securities in
some Instances supplied Eve. There q few
eollaterais as per cent, Int this ratio was
wholly exceptional. Tho demand frem tho Stock
Exchange was iignt. owing to the reduced OF
business There Il change TO note in the discount
Tine, and first siass commercial paper passes the
street at soven per cent the stock market continues
dull, speculation for being held in check by Ers
further considsb. decline IN which 10 generally ex
psctcd before It takes fresh upward The appeal
from ho rsfusaI to dismiss the Erie Railway
called % before the General Term ef the Supreme
to-day. bus the considerable discussion de-
<ined TO hear the motion. hat Tho matter remains
within the jurisdiction OF Judge Barnard sitting In
shamSsrs Tho Work par,v say the suits asains,
Daniel Drew will DOT be Withdrawn IN which event
GENE stormy seonss The st t'sk Exchange and In
sourt are likely to b messed. Tho general
shars. list remains without any decided feature,
and the market has been far dsmora.i3el BY the
break 10 Erie that will bs fsrmsr
euoyancy, although efforts already bsiag made 70
rally the Vanderbilt stocks Western union Telegraph
u the heaviest Of tho mi c.iaaeeus shares Eotwh-
standing the efforts OF the company 70 strengthen it,
and foil back to SAX. Tho company has began to
publish It's weekly earnings: but returns may or
nay act be reliable, and without a s.asmsat Of sxpsa.
durcs they are Of no value 10 estimating the net earn
tsgs. The oppss,on lines are uudoabtsdiy doing much
70 undermins this power ui monopoly.
Govornnent secari,iss experienced farther declas
ssK BY common consent the Ostensb . cause being
the speech OF Mr. Ia the senate ysstsrday In
advocacy Of his msohisvous fuad ng scheme, which
will nevertheless, fan become . law. Al The
call the unussaly large but later ia day
pisss rallied frac'isu, and the close the market
lrm at the suojoined ACKNOWLEDGEMENTS 8S
1ss1 110is mex: coapon do. 1881, llox 1loX;
sos reg s,srsd 1852 lojKs Io7: 2o's coupon 1884,
ITO 1l0k; S2o's. coupon. 1884, l07K l071; sos
ssspon, 1895, 0s,s losx; A2os eoapoa, 1866, jan
aary and July 10oS loeX: s-2o's, coupon. 1857,
io1 1917; 10 4c> registered loex = loi; 1905
coupon. 1041 l0tk; juno 30s. 1osX 10sx; Jsly
t.ss'a, 100X losl; Dsceaabsr csmpounds, matursd;
Nay DO, 1l7x lis: August d., i1sX III: septsm-
ssr do, 1ls 1ls1; ostsssr as.. 1lsk 1lsx.
At the commencement Of bannsss the stsck market
~ss dull and rather heavy bst ~ the earv session Of
ths open board En. ter selling ~ s7A, advanced to
ssH while New York Csarai ssld at l2sk l2sx,
although there was very iisht vsluss Of business
transacted. Al the nrs rsssar board the
anuod dull but sssdy, whils the vanders stoeks
srn. New YORK Csn,nl closed lX hisssr tsaa ~ the
sane time yesterday. Hsdssn River AZ, Cleveland and
Telsds 4, Fer; Wayne 4. Mi-aukss and st. Paul y,
preferred !, 0his and AissssipPi \, faci6o had 2
Canton ~. Erie was lover aad Rssk lsIasd u.
Government securities weak, especial y ~ The
call. Coupoa n,st wsnliss Of 1ss7 Acsliaed 4,
fsue Of 1854 Y, issue lsss ~ Of lses Y,
taue of 1907 u The state stocks we're au sxosp for
shs sew Tennessee siss. ~hish esrtsaa parties are
''bulling" In order 70 make . market 10 sell On as1
shey that is pending 10 the
5snnsesss Legislature for the fsrthsr security Of the
sts debt and the paymsst Of the semi annual interest
thereon every july sod January, By which II 10 sssi-
mated thai income OF will bs iaerssssd
from half a Eiien TO tares quarters Of . miIisn
Ser annum. other parties are engaged IN ''bsliing"
Assoor, sres with q aim lar sbjsst 10 view: be,
for the time being thsy susl rhsy represent that