The New York herald., 1870-11-25
FINANCIAL and COMMERCIAL.
WALL STREET. !
THURSDAY. Nov. 2i-6 z. M. (

THURSDAY. Nov 2i-6P. NJ
THANKSGIVING.
Wall street and the precincts or the Stock Ex-
change to-day exhibited the quiet and silence OF
Sabbath day. Even tho usual congregation OF
curbstone brokers failed to make their appearance
IN the early morning. being probably engaged in
Offering devout thanksgiving for the Denedcence
which 50 often during the past year enabled them TO
cover their short contracts without loss and guided
them TO profitable investments on the long side OF
the market. The noon London quotation was re-
ceived In due course, showing an advance In bonds
10 90 oSts lor o2s, put as no one was on hand to
take advantage OF the news we have no new quota
tion for geld to report IN consequence We repeat
THE CLOSING PRICES OF STOCKS WEDNESDAY,.
Western Union Telegraph, 42y. a 43; Pacific Mail,
AZ Az; New York Central consolidated, o2X
90; do scrip, S7< s7s; Erie, 20 25M;
Reading, 1OlA 10lA; Lake Shore 93sS 93h;
Northwestern. 794 79zs; do. preferred, s9ys
90; Rock Island, l12 l124; ST. Paul, COS eoA;
do. preferred. SIX SIX; Wabash, 521. s24s;
Ohio ana Mississippi, 3256 q s2,s.
FUNDING THE NATIONAL DEBT.
II will be remembered that at the last session OF
Congress an act was passed authorizing the Secre-
tary OF the Treasury to destroy all the bonds then
held in the Sinking and so-caed Special funds, and
In accordance herewith the national debt was
summarily reduced about $4,000, 900. The opera.
tions OF the Treasury Department have meantime
accumulated another large amount OF bonds.
Should not Congress, ut Its next session, again
thorize their destruction also2 The wisdom of such
course Is ardently supported by so distinguished a
writer as Adam Smith, who, in his famous book ON
the "Wealth OF NeLions,r says
The practice OF funding has gradually enfeebled
every State which has adopted IL. The Italian re-
pubhcs seem to have begun IT. Genoa and Venice
the only Two remaining which can pretend to an IN
dependent existence, nave both pecn enfeepled by
It. Spain seems 10 have learned the practice from
the Italian republics and IL has in proportion to its
natural strength been stiIl more cnreebed rhe
debts or Spain are OF very Obj standing. 1t was
deeply in debt before the end OF the sixteenth century
about one hundred years before England owed shil
ling France Notwithstanding all its natural resources
iangSlsnes under an oppressive load OF the same
much enlecbed by their debts either Greece or
Venice.
1t will be remembered that Van Sittart, the sue.
cessor OF the Earl OF Chatham In the Chancelorshlp
OF the English Exchequer, brought England to spe-
Gle payments by policy OF cancelling the debt in
stead OF maintaining sinking fund.- Tie important
result OF such policy is that enables the refund
ing OF the debt at lower of interest-he great
desideratum with the United States government at
the present time.
DEVELOPMENT OF COMMERCE IN THE PACIFIC OCEAN.
The revolution In the commerce Of the world to
be effected by the completion OF the Pacific Railroad
is thus foreshadowed by the Boston Conan.src,aI
Bulletin:-
tolerably well authenticated rumor comes to us
from san Francisco to the effect that grand
hdatlon Is about to be formed between the Pacific
Railroad ana It's eastern connections, on the one
hand, and the China and Australian steamship lines
on the othar-t0 the end or controlling and develop
Ing the commerce OF tue Pacific Ocean. For this
purpose new company is to be formed, embracing
The stockholders both the railroad ana steamshl1
lines, and placed under the Official management of
several well known English and American capital.
lists who are concerned Ia railroad and navigation
n Cnpft Tho
existing steamship lines Will be continued
under this new combination, with increased
1acuites more frequent trips and addi-
nonal termini on the other side OF the Pacific.
The overland lines VIII cooperate ana freight can
from any shipping point upon the Atlantic sea-
board TO the Sandwich Islands, to any port In
Eastern Asia end Australia or oce cerso. II strikes
us That this Is q good movement, and n the plan
Is carried out in liberal spirit OF accommodation
TO the commercial public, It Will not only serve to
develop the resources Of the Pacific coast but vastly
beneht all who interested In the Oriental trade.
large portion or that trade Is bound TO change
| direction, and hereafter come TO eastward In
| stead OF westward around the semi-circumference
Of the globe. II our rans-continental railroads and
| Pacific steamship lines can make arrangements tc
''pu together" they VIII easily secure the bulk o
TINS valuable carrying trade, besides greatly simpl
| Tying and economizIng the through Business All
that is wanted to insure success TO this enterprise
Is more capital and greater facilities; and both OF
these conditions VIII probably be Obtained IN the
! new combination which has been projected. Our
| transcontinental railroad system has opened up q
vast leid OF commercial enterprise on the Pacific
seaboard which Is susceptible OF indefinite expan-
sion. But If these gentlemen, who have associated
themselves together for the purpose OF controlling
tns enterprise, expect to build up monopoly OF
the Pacific and overland trarrlc they WIZ nnd them
selves laboring under great mistake. Both the
northern and southern routes to the Pacific VIII
soon be opened, and their respective termini
VIII necessarily divide this trade with san Fran
cisco. THIS VIII lead to the organization OF new
steamship lines, having for their objective points
the same Oriental ports that visited by the ships
OF the existing American Mall Company. New com
Dlnatl0ns Tor the acco slmodation OF through trafc
mi
the public Will be benefited aud business stimulated
In proportion.