The New York herald., 1869-07-06
FINANCIAL AND CONNER CIAL.


MONDAY July 8. 1869.
The dnv has been observed as a close holiday IN
Nau street. In fact there was general suspension
OF business at the close OF banking hours on Satur
day, ana the great majority of persons having busi-
ness IN Wall street lett town early Saturday after
nom There was but one session OF the Stock EX-
change at half-past ten O'Clock A. NJ. after which
an adjournment was taken TO Tuesday The Gold
Board dissolved at two O'Clock p. NJ, and even the
Long Room closed at that early hour
The steady reduction OF the national debt ny the
application Of the provisions OF the sinking fun
sci woald reduce II some twenty-five millions oi
9ollars during the ensuing fiscal year. Secfe'aD
Boutwell, seems determined, however, 10 iqnidate
tat much rate ID is said that he receny eX'
pressed the opinion mat he would be able 20 cancel
about seventyhve millions during the FIRST year OF
ais administration Probably 1t was IN pursuance
Of tins poncy that he ordered the purchase of the
three millions Of sohds made lay Assistant
Treasurer ButtefAeld at New YORK on Saturday.
lie Will not mutilate these bonds IS he does those
bought for the sinking fund, but VIII retain them
and await the directions OF Congress next winter
The matter suggests that IN view OF the usual fal
strlngency IN our local money market, which may
be looked tor after the 18Th Of September it would
be we'll II Mr.. Boutwell, would convert all or his
Treasury balance, except sufficient for current eX
penses, into bonds, and thus release TO general CIR
culation greatly needed quantity Of currency. As
10 the reduction OF the debt by the amount which he
has above specified it VIII be see that its cancellation
would be effected at the rate or three per cent per
aunum. If seventy-Gve millions can be thus applied
now, Ms large amount can be applied IN the id-
ture; for IL is hardly likely that the country will so
backward in the production OF the sources or In-
come Indeed those sources OF income VIII have bo-
come so extensive at our pr esent rate OF progress
that the individual taxation will be diminished to a
trifle. Thus while the debt ON the one hand is de-
creasng, the burden each citizen VIII gradually
grow lighter, until IL disappears altogether In this
connection it may be interesting 10 peruse the fol-
lowing The debt OF the United States, less cash in
she Treasury was as annexed at the undermen-
s1oned daies:-
Aarch4 1851. S66ls0 s55 Aprl 1858 o510 200 6s7
1nlg l. 1851. ss,4gS $40 May l. 1865. 500 52S, ,s2I
July l. 1852. 5O2 92l +04 June l. 1868. 245 SS5
July l. 1868 o93 464 900 July 1865 q sos 9l5 1872
Iuly l. 1864 l72l SAL 93i Aug /, 1858 523 534 4Se
July 81 1895 T5T 2Z5 Sept. l. 1865 1855, ,6l4S13
Sept, J. 1855 757 6s9571 Oct l. 1865 j34 648 rs
Jan. l. 1866 ,716 536 Nov l. 1868. 527 l2e 552
Aug J. 1856. 1858 oaa 276 Dec. l. 1906 539 e31 S44
Jan. 1857 ,2543325,l72 Jan. J. 1862 $40 70T, 20l
April J. 1857 2523 42S 07o Feb. l. 1862 $50 205 65s
July 1867 25ll, 500 0l3 March l. 1869 545 1885, 904
Oct i, 1852 495 2T443 Aprn 1869 5l2 744 500
0y J. 1867 249l, 504 450 May 1869 .2529 los, ,2Q5
IAN 1Ss. sos 125, $50 June l. 1862 52l S25 532
Feb l. IS6s az 315,373 Juiy ], 1S69 % 509 I60 1s
March 1865. , 6lS,S-.,s--
The t,s70 banks OF the Cl,..ted states represent
capital of little less than $500 900 4eS 600 900;
while the railroads in operation--43, ,ooD niles
represent capital Of nearly $4,000 000, 900
81, SOC, ,ooo 900. The earnings OF the banks may be
estimated at from $50 OOo to ooo. 600 annually;
!, w. ,ne earnings of the railr00@@da Of New YORK
alone last year were s4o,66l, 600 ana OF the whole
JHIted states, s4o0, 100000.
The State OF Iowa recently paid OF a large part OF
the outstanding loans, as soon as the holders are
ready 10 receive the money Indiana is pursuing
the same conrse: Five years 80 the debt Of that
state was so 600 900 and has now been reduced to
g. 900 900 OF which $500 O1O WIN be paid of On July
!, leaving only ST. 100000 stin due.
The Massachusetts, Legislature this year chartered
swolye new railroad companies Their names and
capital are as ioows:-Bedford, s15O,oo0; Taunton
ana Providence, 5000, ,OOo New Bedford and Taunton
s350,n0o; Taunton and Attleboro, 100000; Hopkn
ton Branch, s260,O0O; MonadnOck, $4,000; Athol
and Enfield, $500, 600; Amesbury 500 900; Salisbury
s100 $50; Essex Branch, 100000; Massachusetts
central $3 O00 0Oo with leave to increase to double
thai amount; Hoiyoke and Wes'feld, 5000, 900 to
e360,e ,eoa.
The Providence Journal says that the Boston,
Hartford and Erie Railroad Company have fled their
100000 bond, with 100000 in money as collateral
security, IN the olce OF the General Treasurer OF
Rhode Island conditioned to locate their new rail-
road from Providence TO the State line IN Cunher-
land by the lst OF January next, and to construct
and complete II within two years from that time.
The surveys Of the whole nne In both states have
peeu made.
The Chesapeake ana Ohio Railroad was completed
to White sulphur Springs on the 22d ult., ana re-
guar passenger trains commenced running to that
place on the 3Oth.
The earnings OF the Albany and Susquehanna Rail
road from october ], 1868, TO May 81, 1869 eight
pontns) were s430 $50 es; and for the correspond
ing period OF the previous year $685. 7oa e9-an in
crease OF sl0l,o15 CO.
The earnings of the railways OF Canada for the
month OF May 1sGs and 1862 were as follows;-