The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-05-18

both by the purchase OF six per cent ponds ana
the funding operations. The customs receipts Tor
this wear are also larger than the previous
wear but all these advantages are onset by the re-
dpced tariff prepared for next year. especially the
repeal of the duty tea and coffee the probabili
ties being that in view Of these revenue reforms the
customs receipts will bear even q less proportion
n the interest account in 1878 than they did in 1871
II is certainly matter Of surprise that In great
assembly like the Congress OF the United States,
composed OF men, many Of them OF unquestionable
talent and ability, there are so few who understand
the simplest arthmetical principles which govern
finance, and a majority whose ignorance of the
commonest rules OF business leads them into such
absurd plumbers when dealing with broad 1nan-
cia subjects. Many of these men are wealthy,
have large invested interests in various forms
of securities, which they manage with consummate
tact but once they reach the floor of the House they
seem to lose all sense OF the conservatism of prop
erty and support the most absurd propositions at
the mere mention Of which Wall street stands
aghast, and II IL had any confidence of their per-
sistent purpose would run into a panic at once.
Take this recent matter about customs for instance
The effect OF this would be, II 1t became a law
which is very unlikely, for the President would
doubtless veto 1t anyhow on the ground that the
customs duties of the country are pledged for the
payment of the interest on the public debt and the
redemption OF one per cent OF the princpal-t0
compel the government to come into the market as
bidder to meet its coin obligations, thus placing
II In the hands of the bull spectators gold ut
any time they saw ut to operate.
GOVERNMENTS HEAVY.
The effect of these tariff amendments upon the
government market was to produce decline Of X
per cent in '67s and generally depressed tone
tbrNrl rI,nut tha OF Mo Tho
ture in the market which left Off feverish. The
German bankers were unusually exercised In the
matter and feared it would be regarded the first
step towards repudiation thus-that II the govern
ment was compelled to receive paper for
customs, 1t might soon be required to
pay paper for interest Prices left or
unsettled follows limited States currency skies,
ll61 116}s; do. do 1881, registered 1863 118T;
do. do, coupon, 1885 a 1881; do. nve-twenties.
registered, May and November, 113A 1131s; do,
1862 coupon, do 1884 1877; do. do 1864, do do,
11SA 113h; do do, 1885, do. do 1888 ia;
do. do, registered, January and July, 1857 1852;
do. do 1865, coupon, do, 1861 1856 do. do, 1867,
do, do, 1865 1161 do do, 1868, 90. do, 116H
1l6I; do. fves of 1881, funded, registered, 111A
11l7s; do. DO. coupon 1l15s 112; do. tenforties,
registered, 11oh HOY.
SOUTHERN SECURITIES
are firm In Tennessces and heavy In South Caro-
linas, with the rest of the list quiet. Prices are:-
Tennessee, ex coupon, TN TN; do, new, Tx
7l3; Virginia. ex coupon, As a so; do, registered
stock, old, 40 q As; do, skies, consolidated bonds,
56A SIS do, skies, deferred scrip, II q Is; Geor-
ga skies, rs rs; do, sevcns 80 n 92 North Caro-
lima, ex coupon "a 49, do funding, 1865, "a a 20;
do. do, 1858, 20 %; do, new, 2O1 2l; do,
special tax, IA a 10; Missouri sizes, e8
9614; do, Hannibal and ST. Joseph, 9Ssl 95;
Louisiana sxes SO a IS; do. new, IS a 90; do.
evee skies, 65 70; do do. Fights, so SO; do, do.
Fights, 1875, SO 81; do. Pcnitentary sevens, 60
20; do. railroad cights 70 So Alabama Aves, 90 O
65; do. Fights, So 90; do. Fights Montgomery and
Eufaula Railroad, IS 30; South Carolina sixes As a
So; do, new, January and July, 32a SO; do, do,
April and October, 80 81; Arkansas skies, funded,
So 90; MobileOho Railroad, sterling, OIL 02; do,
interest eights, SIS a 81; do, second mortgage
Fights, rs q SO; Mississippi Central Railroad, first
mortgage sevens, SO Sc; do, do. second mortgage
Fights, 80 81; New Orleans and Jackson, first, 81
90; do, do second, rs a 50; Memphis and
Charleston Railroad first, IS 81; do, do, second
80 a SO; Greenville and Columbia Railroad, guaran-
teedb by South Carolina, as so Macon and Brunswick
guaranteed by Georgia, e5 10; wilmington, Char
lotte and Rutherford Fights, 43 a IS; Memphis city
skies, IS a 81; Savannah city sevens, 81 Sc; New
Orleans consos, old "a 70; do, issued railroads,
skies, u a rs; do, sevens, "a a ".
RAILWAY MORTGAGES.
The following were the bids for railway mort