The New York herald., 1868-03-08

Government securities were In improved demand
and prices advanced fraction. At the close the
market was firm at the following quotatons:-Regis-
tered, 1881, Ill o 111z; coupon, 1881, Ill ILL "a
520's registered, 1862, 1867 107h 5-20's coupon,
1862 1103S 1101s; do, 1854, 1917 los; do 1865
1855 1os'i; do, 1885, January and July lO7 107,S
do, 1867, 107 1O7A; 1O4o's, registered lo1 1oI,!
1040s coupon, 10ll4 10lsS; June 1905, 1o6 108A;
July 7.3O's, 100 106iz; May compounds 1854, 11s;
August do, lit; September do, 116n; October
do, 116.
Although the Sherman funding bill is regarded as
already killed. the speech OF Mr. Morrill, against it in
the Senate Tuesday has formed a topic OF
sation in Wall street. and the views OF that gentle
man meet with approval albeit much stronger ar
gument than his might have been presented against
It. He very properly condemned the bill on several
grounds-the first, because 1t authorizes increase
Of forty -four millions In the amount Of currency in
circulation; the second, because 1t authorizes in
Of hundred and fifty millions in the amount
Of national bank notes and provides for the reduction
OF the aggregate OF United States notes to two hun
dred and fifty millions, although the former
deemable in the latter; the third and most fatal
objection being the obvious erect OF the blu,
II 1t becomes a law, In reducing the value
Of United States bonds to par and keeping them per-
manently there the bonds being exchangeable for
legal tenders and the legal tenders for bonds par
.'To thus strike down the value OF property to the
extent OF from q hundred to q hundred and fifty
millions would be felt to be severe productive OF
possible benefit either to the government people,
and justified by no adequate excuse. redemption
OF legal tender notes In paper is no redemption,
because they are not to stay redeemed.r The ex-
change Of bonds for paper money and rice versa, at
par, is to go on indefinitely, and the inducements
which at present exist for the investment OF
capital in government securities would cease.
Mr. Morrill, included Mr.. Henderson's COM
panion currency bill In his criticism, and
condemned 1t equally with the other. The
strongest argument against the blll-namely, its
breach OF faith towards the bondhoders and its
sequently damaging eject upon the public credit
was touched upon too lightly by Mr. Morrill,. The
bill In this respect Ia penny wise and pound foolish,
and suggests It's face the rejection that honesty
IL the best policy, although dishonest In ITSELF The
mere saving Of per cent per annum In the inter-
est on the nve-twenties after the expiration OF i've
years from the date Of their issue would not CON-
pensate this government for the disadvantages and
loss OF credit involved in the reduction Of the rate OF
interest in the manner proposed; and this feature
alone ought to defeat It. That 1t will fail to pass
either House may be regarded as certain, and Mr..
Sherman in advocating 1t has been trying to make
political capital In the West rather than to promote
the financial interests OF the nation.
The statement OF the associated banks for the
week ending to-day shows an increase OF 81 o5s
In loans when compared with the return for the
previous week, and OF se7 7s4 in circulation, while
the other items have decreased-namely, the specie
s1s774oo, the deposits ss1a4ss and the legal tender
notes g. $685. The totals OF the present and last
preceding statements are as subjoined:-
FEB. 20. March I.
Loans .e267, ,2406Ts f269 156,630
Specie .............. 22,0g1.642 20T14,23S
Circulation. ............. 40s6, 223 34153,957
Deposits ............... 20s,651,57S 20T T37, ,0S0
Legal tenders. ............ 5s,653,601 570l5,044
At the commencement Of business the stock mar
ket was strong, especially for Erie, and at the
early session Of the open board this stock
was buoyant and excited, the sales aggregating
$4,000 shares and the price advancing from 75x to
Tx on the CALL while the remainder Of the railway
list was quiet but nrm. At the first regular board