The New York herald., 1871-12-09
FINANCIAL and COMMERCIAL.

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WALL STREET
FRIDAY. Dec. Sep. MI
On Change to-day wheat was hrmer IN answer to
the higher quotations for gold. The cotton market
was unchanged.
TIE DRY GOODS IMPORTS.
The imports Of dry goods at the port Of New York
for the week ending December I. 1871, were
81, ,0s3 3e8, and the amount thrown on the market
$l,096.dTe.
MONEY EASIER.
The money market was easier and the rate on
stocks declined to SIX per cent During the usual
hours for making engagements borrowers paid
seven currency ana seven gold, but the supply be-
came abundant toward the close 0r banking hours
when there was a pressure to lend, which resulted
IN loans on the general basis oi six per cent
although exceptional transactions were reported
to have been hurrlediy made at Ave and four per
cent.
Prime paper was quoted IA per cent, with
the business small IN amount at q 10 per cent.
Foreign exchange was lower for sterling in con-
sequence OF the ircer supply OF commercial bills
resulting from the advance In gold Commercial
bills we're quoted 10SA losA. and good to primo
bankers sterling 1881 100 for sixty days aud lo9
. 10asl for sight bills.
THk EErUNDISo OF THE DEBT.
The briei norlce IN the Washington news column
or the morning papers that the Secretary OF the
Treasury intended cancelllng further instalmsnt
OF $2o 900 of the five.twentes OF 1852 on ana
after nluety days from date DccemDcr u, ocoa-
stoned much surprise and no little discussion
In the street. At first 1t was thought by
some tnat the Syndicate hal probably over.
Issued the new lives, Or In other words
had received $50 900 subscriptions In excess OF
the $500 900. 900 TO which the first unconditional
subscriptions were confined the Impression exist
ing that unless furtp6f iustament OF the new
loan had been taken up Mr. Boutwell, could not
under the terms Of the Pubic Credit act propose TO
redeem any more OF the debt. Not that the pro-
ceeding Is objected 10. :. It is onlT a piry Mr..
Boutwell, did not come to his present
conclusion lou: ago, and use the idle
balances or the Treasury In cancelling the debit
Saving interest ana reducing taxation. The Public
Credit act says:sNoue Of the said interest- bear
ing obligations not already due Nhe 1928 are not
dtse until 1882, shall bc redeemed or paid before
maturity. unless at such time as United States notes
shalt be convertible into coin OF the option of the
holder, or unless at such time as bonds OF the
United States bearing lower rate OF interest than
the bonds to he redeemed can be sold OF par In
coilt" &c. Now, 1t Is said that Mr.. Boutwell,
derives his power to redeem the 1ve-twentles
nom the fact that he hos once accomplished the
negotiation OF o lower rated bond at par in coin.
This Is getting around the law IN very arbitrary
manner Such on Interpretation or his powers
w0 ala not hold good In any court OF law. The new
dves were selling In Wall street to-day at l099.
which, less the accrued interest, would be about
1887 when gold was selling at 1lo}I. Ia other words
they were Ia per cent below the par OF gold. Mr..
Boutwell, cannot therefore claim tie right to cancel
1ye-twenties on tho ground that he can
sell five per cents az par in goId Should he oner
moro Of his new loan for sale the market price
would 60 below the above figures. But his circular
says he Is acting by virtue OF The authority given
him" by the refuadlng act OF last summer. The
fourth section OF that act says:'Thc Secretary OF
The Treasury Is hcreoy authorized with any coin IN
the Treasury OF the United States, which he may
lawfully apply to such purpose,n to re-
deem nve-twenties, &C. The coin thus re-
ferred to as lawfully applicable to the OBJ
Ject Of redemption must have been meantime
received In special deposit for not less than thirty
days." subj eot TO notice OF not less than ten days
before the owner can withdraw It, &c. Doubtless
the real claim or Mr.. Boutwell, Will, however, be
found In the provision OF the act OF 1870. allowing
him to apply the annual interest OF the sinking fund
to the redemption or the debt. This amount
by the 1st or March next VIII be enough
to redeem what wiIl then remain or the
series OF bonds now "calied,u 1t Is q question
whether the Public Credit act does not here
intervene once more for 1t was not repealed by the
act Of 1870 It should all this time be understood
that NO objection Is made to tho reduction Of the
debt and the saving OF interest contemplated by the
present programme OF Mr.. Boutwell,; only. as he Is
q lawyer, there ought to be no question as to the
validity OF his acts. For the sake or those inter-
osed ne ought to be more explicit as to tho author.
ity conferred by the act OF 1870" The proposed
redemption was promulgated at the Sub.Treasury
this morning In the following n0tice:-
TREASURY DEPARTMENT., Dec. Z, 1871.
BY virtue OF the authority given by an act OF con
aulnorlze the rebuilding OF the national debt" !
hereby give notice that the principal and accrued
known as fve-twenty bonds, Will DO paid al the
Treasury o. tae United States IN the city Of WASH
that the interest on said bonds viii cease on that
day. That is to say, coupon bonds known as the
second SERIES act Of February 25. 1852, dated May
$50 from no. to No. .5,4eo. both inclusive.
500 from No. 70 40. 1908, both inclusive.
$1,000 from No. 1 TO No. 11,l2O, both inclusive.
Aud registered bonds OF the same act as fol-
500 from No. 500 to No. es7, both inclusive.
sioo from No. 4lol to No bo7o, both Inclusive.
$1,000 from No. s,9o7 to No. leoos both inclusive.
5000 from No. S5es to No. S.4o2 both Inclusive
Or the amount outstanding embraced in the num-
bers as above sixteen million 600 ooe! dollars
are r9aper aps Shas ama ods sour million
Coupon bonds q the oct Of February Is, 1882 were
issued In four distinct series a Of which have been
previously called for redenptlonl do not bear the
sores Designation upon them, while the second,
third and fourth series are distinctly marked on the
face OF the bonds,
United States securities forwarded for redemp.
tiOn should be addressed to the 'LOan DivlsoD,n
Secretary's office aud all registered bonds should DO
'.assgned TO the Secretary or the Treasury for
demDtion.n GEORGE ). BOUTWELL,, Secretary.
As there Is no bargain this time with the Syndi-
cate 1t is understood that the holders OF the above
bonds may surrender them at any time before the
expiration OF the ninety days and get the coin and
accrued interest.
GOVERNMENTS STRONG.
The government list was strong, In sympathy with