The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-12-16


then current at q discount would be redeemed at
par.
Yet the government occupies just thas position
and suspends specie payments because 1t has not
coin enough In Its possession for the redemption Of
~ It's notes, which have deprecated In conse-
quence. With proper management In the conduct Of
srs affairs and fair degree OF prosperity 1t Is safe
presumption that before many years it will have
secured this power Of redemption but II surely is
not sound business policy to force 1t into. present
liquidation and compel 1t to purchase coin with
ats own deprecated paper for the redemption Of
that paper. The TACT of naming a day In
the future as that which specie payments shall be
Assumed does not alter the prncip lie In the least
The United States government cannot afford and
Should not be expected to give more til an the
ket price for its paper nd that paper will always be
worth less than coin until the government Is in q
position to exchange every dollar OF II for specie.
When 1t is prepared to do that it will be matter Of
Indifference whether it resumes specie payment or
not; the values being the same, the tokens become
n matter Of indifference. Congress can legislato
money into the Treasury by providing for larger
revenue and reducing the expenses OF the govern
ment, and thereby hasten this desired end; but it
cannot otherwise obtain money except by borrow
ding, the very attempt to do which would render
more difficult Of accomplishment that which 1t pro-
poses, by still further advancing the premium on
gold. thus increasing the pecunary sacrifice twould
be called upon to make in exchanging it for its
paper. When first some Of the Congressional
Hnanciers proposed as q sovereign remedy for the
Ills Of trade the imme date resumption OF specie
payments there was a nutter in wall street, and
gold dropped. This was over year ago. Now the
dealers simply look on and wonder II the expert
ment viii be tried while gold remains steady. II
the bill passes gold will naturally 90 up.
Money was tribe easier to-day at seven per
cent, with supply greater than the demand.
Loans on governments were made at six.
nhe shipments OF currency hence, it is said,
still continue, and In view Of this de-
mand 1t is not likely that any less rate
will rule for some weeks. There Is an improved de-
mand for the best grades OF commercial paper and
quotations are:-Sixty days, So per cent; three
20 four months, 81 10 per cent. Foreign exchange
was dun to-day, without much change rates.
Prime bankers quoted 1925 for sixty days short
sight 1lO,f. Other rates are:-SterlIng sixty days,
commercial, 1854 a 1929; Paris sixty days. $40
618k; short sight, 5.13,l o 5.121S; Antwerp $40
516k; Switzerland, s. 30 a 5.1614; Hamburg 35S
ASK; Amsterdam, 4oss Az; Frankfort, 4o5s 4itSS
Bremen, 1873 a 70; Prusslan thalers Tx a 70.
Governments opened strong this morning, under
che renewal OF confidence occasioned by tine action
of the House yesterday upon the subject OF repuda-
tion. At the first call '84's sold at 1919 and 'e5s
20,7G sis were 111s bid. '62's 11oS Cousols 40;
se7's, 11Oh; 1854 11oh; lo4os 1885, Pacics, os3s.
Up to the poon call the market was Inactive with
Oigas OF weakness, and at the second board sales
were made q or the morning quotations. The last
board witnessed Improvement through most OF the
sist ON morning prices and the market closed
firm but excited, with buoyant feeling, induced BY
private advices from washington that tho Senate
Finance Committee would report IN favor OF the
payment Of all tina nve-twenty bonds principal and
interest In gold. The following were the quota
rous SC dve o'cock:-unted states os, 1851, regis
fered, I09K 109H; do. do, coupon 114ss 114Z;
United States 5-2o's, registered, 1867 loex; do,
coupon, 1882, 1lo1s o 1lo.s: DO. do, 1894, Io7
k0yk; do do, 1885, 1914 los; do. do, new, 1855,
HOY q 11O4; do. do, 1867, 1loh lloh; DO. do,
asos, HOY 1lo. do, 1o-4o's. registered, 1o3
zosk; DO. do- coupon, 1855 1o6h; United States
1's, Pacific Railroad, so,s s9h.
!, There was moth ing noticeable In State bonds
to-day and prices were generally steady, with mod.
crate inquiry. Tie action Of the Tennessee Lcgisla-
tuee on the Omnibus bill Is looked for anxiously by
the dealers In the bonds of that State In the mean
time Tcnnessees were dropping to-day. North Caro-.
1iras were firm on the announcement that the Janu-
airy interest would be paid. The latest quotations
vere:-Tennessee 6's, ex coupon 65 o 81; do, new,
a5K q 85k; Virginia SIS, ex coupon, 55x Sc;
do. new, 6eE q SIX; North Carolina 6s, ex
coupon. Ga 645s; do, new, 60 60kj Missouri es,
S9S ssx.
The stock market opened strong this morning,
with good show OF activity. Shortly after the FIRST
call New. York Central and Erie exhibited signs Of
weakness and fell or from the morning quotations.
The western roads renamed firm, with the principal
interest In Northwest Rock Island and St. Paul. In
the afternoon the market exhibited more activity,
and New York Central advanced TO l26li, and
Northwest common to TN; DO. preferred, TO
SeI ST. Paul also rose TO 66k o 66k for
common and s5Is for preferred. The princi-
nal feature Of the stock market to-day was
the continued decline OF Pacific Mall The story OF
n suit In san Francisco for 5000, 900 damages for
violation OF the Emigrant law, pronounced by the
company q agents here 10 be condrd Is altogether
too thin to account for this drop" some say It was
caused by too heavy sales Others that IL was bear
movement in the interest Of certain parties pos.
sessed with the Information that dividend Of five
Der cent was about to be declared who desired 10 30
cure the benefit OF such while Is further asserted
that the dividend story Is only ruse to bull the
etock and enable those who purchased when the
stock was falling 10 realize.
Tne market closed duh but steady, the following
penr the prices IN the last open board:-Wells,
Fargo & Co.'s Express, rs; Adams Express, 471s;
Merchants Union Express, 15S 10; Quicksilver,
.o1ka2A; Canton, All q IS; Marposa, s; do. pre-
ferred. 1ssf 1914; Pacific Mail, l1l1i 1l2h; West
crp Union telegraph, seI q 36-s; New York Cen.
,tral l25X 1850; Erie, so1 so5.; Hudson River,
jasl. i27,<; Reading, s1H s7ji; Alton and Tcrrc
1tautc. 90; do. do preferred co. Wabash, 55S Ssa;
Mlwsugec and St. Paul, 63ss 81; do. preferred, So
sa1.; Fo,t wayne, 1903 liox; Ohio and MISSISSIPPI
pi 2ss. 2o5:; Michigan Southern, so4 seh; III
nYjs Central 14a ii5 Pl.tsburg So q 81; Toledo
loe 4 1927; Rock Island, 1917 lo7a; North
western 7eX; do. preferred, rs 7s!s
subseape ~,tIy the following changes were made 10
the Long Ro, u:--Paciac Mail 1llli lli;s; NO"
York Central 1876 $ai25&; Fort wayne. iio1 NV.
Pittsburg, sSk; M, 'awesteru, 7oS; DO. preferred
TN ~; and later .'ee following ou . ~. cocs
wak;-Ndfthwestern pref, 'fred' 49,. ''s' 'V''
Island, 107l. fo-.x