Year: 1862

Stocks rose last week, and, on the news Of the
passage of the Treasury Note bill through the
House. the market became quite buoyant. But .
reaction took place yesterday, and decline Of
lL per cent occurred. The argument Of the
bulls is that the forthcoming issue of paper money
must cause an imitation of prices, and that stocks
must rise in consequence. The bears believe. on
the other hand, that the imitation has are ady been
discounted; that the prices of railway shares are
already high enough, considering the earnings Of
the roads and their future prospects; and that
neither our foreign relations nor our prospects
at home are calculated to produce SUM-
ciently hopeful temper Of the public mind to
warrant expectations of healthy upward move
ment. II is urged by operators for the de-
cline that the new policy of the Sub-Treasury u
likely to increase the difficulty ofborrowing money
on stocks, as large proportion of the capital
heretofore used by stock operators will naturally
find its way into the vaults of the Sub Treasury
Opinions are unsettled with regard to the effect
which will be produced abroad by the new finan.
cial policy Of government. Judging from the un-
friendly articles in the London papers, that effect
will not be satisfactory, and it is feared that when
it is known that we are launched upon the sea Of
paper money large amounts of our securities
may be sent home for sale. Foreigners do not
understand the position of affairs here, and do not
seem to want to understand them. Letters from
England by the last mail predict that if we resort
to issues Of paper money-in other words, If We
persevere in attempting to put down the rebel
lion-we shall be set down as hopelessly bank
rupt and our foreign creditors will proceed, with
out delay, to rescue what they can from the
wreck.


The Finance Committee of the Senate devoted
the day yesterday to an examination Of the Trea-
sury Note bill, as passed by the House, and will
report to the Senate tomorrow morning. It is
confidently believed by the admnistratonthat the
bill will pass in day or two. Efforts continue TO
be made by the opposition to work upon the fears
of the country members by exaggerated pictures
of the evils of paper issues. But il is believed that
a large majority Of the Senate are too thoroughly
loyal to break down the administration at the
present crisis by defeating the only scheme by
which money can be obtained for the prosecution
of the war. 1t should be remembered that to re-
fuse to vote for the Treasury Note bill is to pora-
lyze the government and to afford aid and comfort
to the rebels. The offence for which Mr.. Bright
was so Justly expelled from the Senate last week
was light and trivial, in practical point Of view,
in comparison with the conduct of Mr.. Mornll Of
Vermont, and Mr.. Roscoe Conkling, of New York,
in trying to defeat the Treasury Note bilh Had
these members succeeded in seducing majority
of the members Of Congress from their allegiance
and killing the bill, the wheels Of govern
ment would now have stopped, Mr.. Chase
| could not have paid the interest on the
| public debt due on the 10th, gil military prepara-
| lions would have come TO o stand still, IL would
| have been impossible TO procure any more sup
plies for the army navy, and Congress would, in
a short time, have been brought face to face with
On infuriated army Of eco 900 unpaid troops. From
such picture az this She patriotic pand recoils IN
horror Yet this is the state Of things which tina


efforts Of Msssrs Morrill,, Conklins, Erastus Corn


Tag and tho other members who voted with Val
landigham and May were calculated to produce


Il is to be hoped that they will find few imtators
! in the Senate. A unanimous vote in favor OF the


measure ia not to be expected, especially as the


senats contains several members whose loyalty Il


at least suspected But IL ia to be hopsd that the


majority will be so large TO satisfy the country


that the Senate like the House, is generally sound


on tho great question at issue, and that the adrni


nistrntion need apprebend no FIRE in the rear


II is obvious, at the same time, that the amount


of Treasury notes which the Department 10 author


ized TO issue by the act now before Congress vii


be wholly insufficient 10 relieve the Necessities o


government if time 10 lost in maturing and passinl


the necessary tax bills, In order to pay is way