The New York herald., 1869-12-26
r FINANCIAL AND COMMERCIAL.

SATURDAY Dec. Is, 1852
The Christmas holiday has been strictly observed
Ia Wall street, where business OF every kind was
wholly suspended.
The week had not been remarkable for activity or
animation In the Stock Exchange or Goid Room. the
adjournment of Congress contributing to the natural
dulncss OF The market Much speculation IS INDUCED
In as to what will be the upsho of the financial ques
ton now pending before tnat body 80 far little has
been done. Last year the members were Drlmful OF
measures OF all kinds even during the earlier stages
OF the session. This year there seems to be more
conservative feeling and disposition to approach
the matter very carefully. Up 70 this time the
friends OF contraction see little to encourage them
The only bills OF any importance so far
have been rather the other way. II IS to be
hoped we shall have none OF the tinKering
which has been 30 often on the point OF disturbing
the country BY the threatened enactment OF Ill
digested and practicabe plans to better the situa
ton. The steady appreciation OF greenbacks ana
the growing abundance OF specie In the banks and
In the national Treasury are the best argument
against any interference with = system which Is
working very WELL The greenDacks arc the best cur
rency ever given the people, who VIII desire
the system which prevailed before the war; with the
dlnusion and decentralization OF the immense busi.
ness OF The country. Uniform currency IL neces-
sary. Who does not remembeg the annoyances
attending the old system OF State banks, when it was
necessary to pass from one State to anothers bill
of credit had to be obtained II the traveller were
going to Paris instead OF 70 Charleston Chicago,
or else 1t was necessary to submit to an unjust
shave" In the way OF discount TO procure
bank notes current IN another quarter OF the
country. "it Is an Ill wind that blows no
body good.n the war has given us a
uniform currency. and the people will not readily
exchange 1t for another. ON this point Congress
will only obey the public will by refusing to alter It.
The question OF contraction Is one which IL gradu-
ally solving itself. by the way, would II be well
to wait until the census OF 1870 s taken, when it
Will be more easy TO determine whether this topic
should be broaehed Mt all. We have the statistics of
the currency and population OF 1850. 1t will be easy,
then to find guide by which to regulate the volume
OF tue circulating medium. Those who ore SO
anxious to get back to specie payments are only
kicking away the ladder when brdged the terrible
crisis Of the war. II we would ascertain the re-
sources OF the country let US take into consldera-
tion what we expended during the war.
With our greenback currency we stimulated every
branch OF manufacture aud produced more than
we consumed during the period from the beginning
OF the war to the present Time; otherwise should
not have been able 10 reduce the national debt we
have been doing FOR nearly year. Those who nave
read the report OF the Commissioner OF the Land
ONCE should recur to his summing up of facts. He
SAYS that the completion OF our Pacific Railroad,
with the increasing advantage OF railway commu.
nicaton over every other, Is making this country
the highway of the worlds commerce. The growth
OF resources IS startling. The gold value of
personal and real property Is $a0,ooo 900. Our
gross annual earnings amount TO $4,000 000. .000 OF
which not less than ten per cent or $1,000 600
is surplus for investment Our civilization, being
Sna, Ito ta( cha ro,tn
broader sweep OF original production and hence our
accumulation OF wealth will be more rapid than
that OF any past age.
The strength or the gold market since the gold
sales by the government this week has created some
surprise IN presence OF the large deposits Of
the city banks wen as In yiew OF the forthcoming
large disbursements OF the Treasury. The reason
lies IN the speculative spirit which discounts these
facts in advance. Let the government sell gold and
the Spectators will sell twenty times much.
Hence they create an unnatural demand for the pre-
cous metal and, the quantity for delivery being less
than the real amount within reach q reaction sets
in. ANY one who has studied the history OF Wall
knows that It Ii easter 70 frighten "bear''
than .'bu." Tue former will cover on Q rise Of
one or two per cent, while ''bui' will hang on
even II the market goes against him ten to fifteen
per cent aud gives In then only because he cannot
advance more margin. The cliques know this, ana
hence the skill with which they play the outside
public.
Reference was made yesterday to the action Of
holders OF the Tennessee bonds IN connection with
plan for redress Of their grievances The CON-
mittee who were instructed to devise such plan
for the protection OF the interests OF the bond
holders VIII submit the following to them at their
next meeting, which will be held on Monday
The authorities OF the State OF Tennessee shall
~
that the Governor Treasurer and Secretary or STATE
snail he members, and that three be named by a
majority OF the asserting bondholders, and these
shall elect the seventh.
Tins commission shall receive from the State
transfer OF ali the Indebtedness OF all the various
railroads, TWO to be hereafter named, to the
state, to he ned IN trust for the following pur
p0seS-
They shall collect promptly when DUE and In law.
fui money, from all solvent roads. the amount
tue State as interest, sinking iund and principal.
The insolvent roads they shall foreclose and sell at
public auction, and II the amount bid for the road
not equal 20 the amount due the State the commits
sion snail have power to purchase, and 1t shall be
their duty to purchase saia road for any amount not
exceeding the amount due the State.
Whenever bondhoIders shall surrender their bonds
TO the commission to be held property OF the state
the bonds and coupons shall be duly cancelled anu
they shall be entitled TO receive from the comms-
receipt and certificate stating that they have
surrendered said bonds, and that they nave un.
divided pro rata interest in the property held by the
| them bear to the amount OF bonds required TO be
asscned 10 acquire the propre!y.
And until the amount OF said bonds assented TO
said commission and purchased by said commission
shall equal the amount SAID roads are Indebted to
the stale, the commission shall appropriate such
money as they shall receive from interest sinking
| fund and principal, to purchase Tennessee state
bonds the market price, until the bonds purchased
aud assented to the commissioners shall equal the
| sum due the State, at which time the asserting
oondholders shall own the whole property held by
| the commission.
Any road defautiDg and purchased by the COM
mission may be resOld on such terms as at least nve
OF said commissioners ana majority OF assent
| ing bondholders may consent to.
the amount realized by sucn sale Shall be paid to
| the commission and be used by them IN tue pur-
| chase OF bonds In the same manner US money re-
| celved from Interest, sinking fund and principal
Any defauitiug road purchased and resod by the
com lnlssIoners shall have all The chartered rights
and privileges originally granted IL by the Legsia-
ture and the purchaser snail have the right 10 alter
or amend It's corporate name, and to SELL lease, con-
sOdate or join stock with amp road or roads IN or