The New York herald., 1871-09-09

| ene close OF the year OF l04,s14 bales.
The total receipts at the Atlantic and Gulf ship
ping ports this year have been 4,os2,l64 bales,
against 29l1 12l bales last year. Adding the ship
ments from Tennessee ana elsewhere direct to
manufacturers. we have the following as the crop
statement for the two years.
Itr1f r ,f1rrrf Hg 1see-7o. 1901.
Bales. Bdes.
Receipts at shipping porrs... ..29l1, ,121 4.o32154
Shipments from Tepnessee &C.,
direct 70 manufacturers. 153,825 228923
Manufactured South, not incinded' -
apoVe........ ................... sV,oOo eL240
Total CROP. ..3ls4,s48 4S623l7
- THE IMPORTS OF DRY GOODS.
the imports OF foreign dry goods at this port for
the week ending September Z. 1871, were $s l55.s5l
The amount thrown on the market was $685., ,053.
i FOREIGN ExCnANGE STEADY. aG
The foreign exchanges were steadler to-day, and
Q moderate business was done for Saturdays
mails. The following were the closing qu0tations:-
Sterling sixty days, commercial, los 1OS7<; good
to prime bankers, 10SH l0S14; short sight. 100
1osK; Paris. sixty days. 5.2sN S221S; short sight,
622K SIX; Antwerp 5.2sA 5.22>S; Swi zerland,
G27K 6.22k; Hamburg. S5x q s5X; Amsterdam,
40x Al; Frankfort, Al AK; Bremen, rs 7SI6;
Prusstan thaers, TX o Tx. e9aFlot
MONEY TWO TO For R PER CENT.
The money market was easier. although as on
| Thursday little furry occurred about half-past
| two O'Clock, during which some small firms paid
3K and per cent on stock colaterials Before the
| close OF banking hours the market became steady
| again, with per cent as the rate on miscellaneous
securities, and 2 per cent on government bonds.
Prime commercial paper was quoted OK q TX per
| cent discount. 1f4Eau .rr VI Ttrr
THE REFUNDING OF THE DEBT-A FRESH AND CURI-
.'tN OUs COMPLICATIONS
T. The European steamers have brought 1les OF the
| English and continental journals, containing the
advertisements which the Syndicate published
throughout Europe In introducing the 600 Of
| the new loan III these advertisements the Syndi.
cate distinctly offer TO receive subscriptions either
at par In coin or Dy surrender of any Of the 500 six
per cent bonds. In other words, the loan was
offered on the same terms as 1t had been in the
United States, although 1t was Inferred from the
statements OF the syndicate here tnat the
subscriptions had been made IN coin In
realty the Subscribers have had the op.
| tiOn OF paying cash or exchanylng six per cents
And that option Is now open to the extent OF largo
portion OF che 900 for the reason that the
bonds have been delivered In Europe only to o small
amount as yet. As the lve-twentles are selling in
Europe at less tnan par lp gold yery evident
| that the subscribers VIII avail themselves OF tn Q
opportunity 10 exchange But Mr. Boutwell, mean
time had been led to believe that the entire foreign
subscription in cola, and he accordingly issued
formal notice calling in for redemB-
ton, on December 1, $lO0,c9o,ooo Of the
1S62's. The rashness OF this proceeding
will now be seen. The foreign subscribers viii
doubtless turn In '6's, 1928 and 65s and probably
some '67s, IN exchange for the new ives. Even
making allowance for the chance that the 1925 SO
turned In will embrace some OF the nampers in the
| series advertised 60 be redeemed Mr. Boutwell, h as
committed himself to the sudden redemption OF
$7O,0Oo.0Oo Of the public debt, over and above the
$4,000 900 refunded by his own and the Syndi
Gates Efforts. There is no condition or Drovso In
the notice. lie thought that the foreign subscrip.
tlons would furnish the requisite coin to enable him
to carry out the promise, calculating at the same
time taat the Treasury here and the Syndicate in
Europe could silt the bonds in both markets so as
to allow OF the reminding Of the designated issues.
But he seems TO have acted without q knowledge Of
the fact that the European subscribers had the
power of rendering ive-twentes instead OF cash. He
has thus placed himself In the position OF calling In
one hundred millions Of the debt without allowing
himself means Of graceful withdrawal. His Cir.
cular OF September says:-'I heeby give notice
that the principal and accrued interest OF the bonds
hereinbelow designated, known as fye-twenty
bonds, viii be paid al the Treasury Of the United
STATES, In the city OF Washington, ana after the
LIST day OF December next. and that the interest
| on said bonds will cease on that day." Now
| the resources OF the Treasury are not capable
| OF meeting the obligation which Mr.. Boutwell, has
thus imposed on the United states. The cash in the
| Treasury, coin and currency, amounts TO about
$780, 900 900. The outstanding coin certificates are
about ST. OOO 900; the accrued and unpaid interest
on the public debt Is $34 900, and the matured
debt not paid Is $2,ooo,ooo making total Of
$50, 100000. In short, the Treasury Of the United
states muster up, at the best, only $4,000, 900
with which to pay the 500, 600 Mr.. Boutwell, has
called IN. What win be the result The
country must become bankrupt in Its promises
and undergo the disgrace OF aing to meet It's
iobll cations Mr. Boutwell, must numbly take back
his circular ana tell the holders OF the nve-twentes
that ne cannot pay but fifty cents on the dollar or
course the government viii oe really no worse OF
than before this humiau0n. Its credit Will be Just
rs good as ever. But the reract0n of the Treasury
Department, after "oficiai notice" to do thing
which they cannot do, Will make our national
financial system and management q laughing stock
for the world. te.t
'--- GOVERNMENTS LOWER. aa
The government list lower, IN sympathy with
othe decline In gold, but was hardly weak or even
heavy. and left OF strong at the following quota
tiOns:-Unitcd States currency skies, 1165 a 1l6l4
do 1881, registered 117f 117ss; do. do. coupon,
1lszs a 119x; do. hve-twenes, registered May and
November 1l5iS ll5t4; do. do, 1862, coupon, do,
1l5x ll5A; do. do, 1854, do do, 115h ll5H; do.
do, 1885, do. do., 15H 1l5l4 do. do, registered,
January and July, 1l4 q 114'4; do. do., 1866, cou.
pom ldo ia fl4s; do do. 1867, do. do, ia q
I14x; do do, 1865 do. do, 1145< ll4Js do. ten
iorties, registered, l11I a 1iill, do. do coupon,
l1l% 11Js. ,Glsy s. sr.a.a.a ,.
II .... .r GOLD LowER-113'1 113X. ~ t.4
The gold market was dun and lower, without the
| assignment OF any special reason other than the
Impression that the short interest has been largely
closed out although the rates for cash gold were
sharp enough at one portion OF the day to disabust
the markc, OF this opinion. Borrowers paid as higt
as s-S4 for the use OF gold, but later IN The day
obtained per cent interest on the currency col
lateral. After banking hours S-64 was bid Tor tht
lause OF gold to morrow. The course OF the market