Year: 1865

sensational rumors on tho street. The following were
the quotations.


1880 A. M......... .22sk 2:26 P. M.......... .229K
Ass Mas M.........ass s:aSP ASP Ma2sx M........... .a2sx
1:SO 7. .22sk SHOP M........... .2272t
The stringency the money market s of sur
prise to many who expected the payment Of dividends
and tho disbursements Of the about this time
to result in monetary II is 70 be remembered how
ever that the Treasury payments to the army and navy
and otherwise have not yet had time TO DO felt at the
financial centres while the large Withdrawals Of
cy from the hands of deposors usual at the end of the
year have not yet been replaccd-the amount Of float
ing currency in the pockets Of the people being far in
Of the average But for the indisposton
OF dealers in government securities to subscribe further
to the ten-forty loan the present stringency would
be aggravated AS 1t the latter including the national
banks merely receive the subscriptions Of the public to
the loan These larger however, today than they
have been since the OF Its intended with
drawal the 7th inst and during tomorrow and Saur
day the subscriptions will doubtless be active Tho
supply OF first class commercial paper continues light
and the discount rate remains at q 10 per cent


The demand for foreign exchange s limited, at 1096
1923 for bankers sterling at sixty days. and 1l0k
1l0K at three Merchants bills are offered at 108 a
1857.


meeting OF the stockholders Of the Mariposa
Mining Company will be summoned to take place
within the next fifteen days. when the mem
bers OF the present directory will tender their
designations. The only resignation from the man
agement thus far accepted s that OF Mr. Edward Ketch
am, whose place has been already filed


The subscriptions the thirty loan received TO-
day at the First National Bank amounted to $123 900,
and to the ten forty loan S2l0, 900.


The Erie Railroad Company declared dividend TO- day
Of four per tho and three and half on
the preferred stock Notwithstanding that an effort was
by portion of the directors 70 omit the common
stock dividend That the money At present devoted 70
dividends not only the Erie but on nearly every
other American railroad ought TO be diverted to re-
pairs improvements the several lines, one
intimately acquainted with their condition will feel
vinccd But the seeming prosperity OF the roads Is .
matter much TO be desired in the estimation OF
directors than either the safety Of passengers the
manent welfare Of the property.


The resolution which Mr. Thaddeus Stevens offered in
che House Of Representatives day nstructng the Com
mtee OF Ways Means 70 inquire into the expedency
OF reporting bill to prevent combinations being formed
to the price Of coin, and thereby deprecate the
lawful money the United States Is fresh instance or
the OF Legislators upon the subject Of finance
The resolution in question prudently withdrawn
after some discussion and the mere fact of
its having been introduced TO show that the expert
ence Of past legislation on subject Of traffic gold





not many since the author Of this resolution pre-
pared an absurd gold bill which ordered to be print
ed and only tabled after its hurtui effect upon the
national credit been in sharp rise the specie
premium


Unfortunately for the country 10 has bad Secretary
OF the Treasury acquainted the laws OF finance by
which 10 policy and hldc.stes OF official igno
rance having obeyed by Congress- the public credit
has been gradually impaired and every day is bringing
those pitfalls which the past and present policy
Of temporary expedcns will inevitably plunge into
II longer persisted in The evil has already spread
30 far only vigorous and radical change in our ex
isting system avert the disasters which
threaten us in the future Unless plan is devised
for the gradual resumption OF specie payments we can
sec no limit the depreciation Of the currency that
must ensuc and there seems TO be no more practical
way Of returning a specie basis than by making set
Elements coin allowing for the current rate Of depre-
caion estimated OF course by the market price Of gold
with tho latter premium Of l27 the currency dollar
Is worth exactly forty four cents and there Is specie
enough In the country for the return TO coin payments
The held by the banks and the government is
probably hundred aud thirty millions and more than a
hundred millions IL boarded by the people in the
loyal States That this Is amply sufficient for all the
wants OF commerce. the fact that the coin
In circulation these States Immediately prior TO the
suspension Of specie payments only about hun





dred and forty millions and this with equal amount
In bank notes. constituted the whole circulating me-
dum


The people and the government have failed TO fully
appreciate the fact that greater the amount Of
rency there ia in circulation, the greater win be the ad
vance in prices for everything be bought with paper
money and that the tendency of imitation is 70 create
constant and Increasing necessity for further issues till
the entire mass becomes worthless and epudaied by the
To af Font al of 10
country and the French asignats Those who favor in
naon court their own ana ruin well that Of the
public credit Our only salvation now lies in contraction,
painful process doubt in the beginning but very
saluary one nevertheless


Those who object 10 rcsuming specie payments on the
basis Of the market value OF gold and the currency fail
70 reflect that n the holders the currency wished "
buy gold-the standard OF yalueswith It, they could
get than the market price specie would allow,
and that II IL better for the TO be placed 10
position 10 liqudatc its liabilities such an equitable
scalo than to zee currency panic set in which would
precipate legal tender notes down the steep bill Of
depreciation into the gulf OF reputation.


Moreover there u prospect that the war win tcrmi
nate within much shorter period than generally sup.
posed The indications from Richmond, Georgia and
elsewhere are strongly favor OF political Influences be.
iur about 10 aid the work. which be vigorously pro-
secuted with the sword the vital points Of tho
rebellion. A return TO specie payments would In any
even. follow closely upon the termination Of the
war and why cannot Congress anticipate the
return Of peaco ~ adopting without delay the nitaory
measures tending return TO specie payments, and at
the samc time make sweeping change in the form OF
the public loans by consolidating the heterogeneous mass
Of securities now aaoa according to their respective
values into one great common stock like the consols Of
Great Britain, which perpetual annutes. The time
fcr haar ifa t.
tsinsd


The business at the subTrcasury In this city, to-day
wns al follows:-


Receipts for customs. ................... :. 500, 900
Total receipts. 5000, 12b
Payments 248 TO
HaaDco. 0a7 a