The New York Herald Newspaper, November 25, 1865, Page 2

FINANCIAL, AND COMMERCIAL. ry Paroay, Noy. 24—6 P. M. ‘The stock market was strong and active at the early Bession of the open board this morning. Erie sold at 923, Hudson River 11014, Reading 117%, Michigan Cen- tral 117, Michigup Southera 7734, Cleveland and Pitts- burg 9435, Rock Island 10914, Northwestern 934, Fort ‘Wayne 106%, Mariposa 14% aX. At the first regular board the volume of business was large, the market freely taking all the stocks offered. The transactions ‘were well distributed over the entire list, and the Speculative, feeling was strong. New York Cen- tral closed 3¢ higher than at the second board yesterday, Erié %, Hudson River %, Cleveland and Pittsburg 3, Northwestern 34, preferred 346; Rock Istand 3, Fort Wayne 1%. Reading and Mich- gan Southern were unchanged, Olio and Mississippi cer- tificates were 3 lower. Mariposa preferred sold at 19; Pacific Mall, stock and scrip, 230; Atlantic Mail 138, ‘Marietta and Cincinnati first: preferred 513. Govern- ment socurities were without improvement, Coupon, ‘ve-twenties of the old issue were }{ lower; second and ‘third serics steady. Seven-thirty notes of the third ae- 19s declined 36, ‘At the opem board at one o'clock the market was firm, out sligntly a Feseto 93%, and North- western declined to 38%. At the second regular board there was an apparently preconcerted rush to sell, under which @ general decline took place. Erie closed! 3{ lower than at the frst board, Hud- son River 4, Reading 34, Michigan Southern %, Cleveland and Pittsburg 1X, Northwestern 34, preferred 5%; Rook Island 34, New York Central 3, Obio and Mis- sippl certificates 3, Fort Wayne %. Coupon five-twen- ‘tes of the old issue were steady ; issue of 1864 3 higher. ‘Bovon-thirty notes of the second series were % lower. “4 false rumor was circulated by the raiding party to the ‘Sffect that Mr. McCulloch was about to place a new loan ‘upon the market, and, absurdly improbable as this was, ‘It had some effect in inducing sales to realize. The attack on the market apparently came from parties on the bull side, who, having realized largely yesterday and) this morping, were anxious to load up again at lower fgureaand at the same time cr.ate a fresh “short” interest. Some of the sales of the cash stock are sup- posed to have been preceded by sales at sellers’ options by the holders of the former, their object being to sell their long stock ata profit and to cover their “‘shorts’? immediately afterwards also at a profit under the decline produced by their cash stock being thrown upon the market. A speedy reaction seems therefore probable in the absence of any special cause to depress the market. . At the open board at half-past three a steadier feeling prevailed, New York Central closed on the call at 97, Erie 92%, Hudson River (b. 8) 110, Read- ing 11635 a 11634, Michigan Southern 763g, Cleveland and Pittsburg 9254 a 34, Rock Island 108%, Northwestern 3834, preierred 663; Fort Wayne 10534, Obio and Missis- sippi certificates 29, Quicksilver 4734, Canton 4534. Afterwards, on the street, the market was a fraction Jowerons portion of the list, but it quickly recovered, and at the close there was an active demand for stocks. Mow York Central was quoted at five P. M. at 973, ‘Oleveland and Pittsburg 9234, Michigan Southern 7644, Erie 0254, Northwestern 3835 a 3. The supply of Money continues abundant at seven per cent to the Stock Exchange, and the return flow of cur- rency from the South, East and West more than offsets the drain outward. The Sub-Treasury is at thesame vthme in €n’ensy position, in preparation for the redemp- SOP. of the five per cent notes on the Ist of December, ite Valance in’ mixed currency being this afternoon $66,671,141. The notes in question, to the amount of about eighteen millions, will be cashed promptly on and immediately after the date of maturity, and at the same ‘time the interest on the five per cent temporary loan, including Clearing House certificates, will bo pay- able. It is the desire of the Secretary of the Treasury to keep the money market easy, avoiding such spasms as that produced just after the recent funding loan was closed, and to provent, as far as possible, the undue de- cline of national securities, It is stated that he will re- commend, in his forthcoming report to Congress, an increage of the amount of rational bank capital and cir- culation to meet the wants of the South, and there is little doubt that Congress will authorize the required fesues, to enable the Southern country to share equally in the national banking system with the other sections of the republic, He wiil at the same time, probably, ask for discrotionary power to fund interest bearing legal tenders to a corresponding extent, The talk of the radi- cal contractionist# about a sudden return to specie pay- ments has only the effect of exciting the fears of the timid, and is, therefore, worse than useless. We are not yet prepared for further contraction, and the return to specio payments on a sound basis will be impossible for probably ten years 10 come, The discount line continues firm at 10 a 15 per cent for second class signatures, and 8 a9 for prime, with excep- tions at 7. Petroleum stocks were active. At the first board Pit- hole Creek closed 70c. higher than at the same time yes- terday, United States $1 45, New York and Newark 2c., ‘Oceanic 12¢., Oil Creck 27¢., Buchanan Farm &c., Gun- moll Gold 35c,, Quartz Hill 10c, Bennehoff Run was ‘Bc. “lower, First National 7c., Waikill 6c. The rest of the list was steady. At the second board Pithole. Creck closed 25c. lower, solling at $15 25; BonnchoiT Run Sc. selling at 90. United states was 300, higher, selling at $26; Gunnell Gold: 10c., selling. at $1 50; Oil Creck 16c., selling at $1.96; First National 2c., selling at 42c. ; Excelsior 4c., solling at $1; Manhattan 6c., selling at 44c, Bradiey sold at 95c., Cherry Run 27e., Oceanic 60c., Rynd Farm 60c., Shade River 30c., United Petroleum Farms 502. Gold bas been dull and steady. The market opened at 146%, declined to 146%, advanced to 147 and closed ‘at the opening price. Loans were made at 2 a 4 per cont i favor of the borrower, Foreign’ exchange was dull at 100@ 1 for bankers’ Dills at sixty days, Some transactions, second hand, ‘were reported at 108%. ‘Tho argument fu the Prairie du Chien injunction case took place fn the Supreme Court, before Judge Clerke, to-day. | The company prayed for a dissoluiion of the tn- function obtained by” Henry Stimson, restraining the company from issuing any of their common stock, and contended that they bad, under the amended statutes, full Powor to increase their common stock. The Judge took the papers and reserved h's decision. A perusal of the full report of Chief Justice Chase's ‘Opinion in the case of Jackson vs. the Northern Ra‘lroad ‘@ompany of Vonnsylvania lesyens the importance which ‘was attached to it under the imperfect telegram an- nowncing the decision. The plaintiff is @ Brit'sh subject, residing out Of the United States, holding coupons of the bonds of the railway company referred to, from which the latter deducted five per cent under the 1224 ‘section of the Internal Revenue ‘ct of March 3, 1865, which subjects certain corporations to a tax of five per cent on all dividenas de- ‘Clared, and authorizes them to withhold the tax from @ookholders, The Court ruied that the tax in question was, constrnod in connection with other rections of the fsame’act, a tax on incomes, and levied in the form pre- scribed’not as @ new tax, but as a means of en:orcing ond already imposed. Consequently, that as for- eigners residing out of the United States were not liable to the tax on incomes, foreign subjects wore entitled to reoct¥e thé umount of their coupons in full, and railway companies are not required or entitled to deduct any government tax. This is a common sense view of the onse'nnd good law. American citizens and foreign resi- dents here, Noga be seen, are in no wise affected by the docision. ‘The dry goods movement at this port for the week entling November 23 was as follows :— Entered for consumption. Withdrawn from warehouse. ‘Wareho..ed. a. NEW YORK H¥RALD, SATURDAY, NOVEMBER ‘The payments during the same period, by 31,866 drafts tseued on 28,810 warrants, were $1000 036s, '3000U 86's, 158000 do. SSSeSRSEgesssssesseee SSSSsESs 8 2a 17% ‘Mich Contral RR 1163 do 24 call.. 117 Mich 8 & NI 11%, do 11% 100 do 1 200. do 100 Cleve & 3000 (642 500 500 100 2 lo 66 Rk 10 100 Mariposa prof... 19 Clov, Col eR 1205 100 Atlantic Mi SS Co 137 Chic & Rk Is RR 1093¢ 100 do—2d cal! 138 do, . 2d call 10034 100 AshburtonCoalCo 18 100 GchuvikillCoalCo 11 Pit, FeWa& Chi RR 106% 100 do 11% 10634 % do... 106% 100 New York Guano 14 600 Mar& Cin, Istpref 513¢ 500 Leheigh&SusCoal 11 100 do... .. .b80 75 Pacitlc Mail S Co 230 25 Pacific Mail Scrip 230 SECOND BOARD. Hatr-rast Two o'Chock P, M, $30000U?6s,5-20,c'62 101%; 400 shs Reading RR. 11674 5000 US6's,5-20,c,64 997% 200 do,.....810 116% 17 Chi, Bur &Qu RR 115 S8Se8Sun8Sa 5 100 Mar&Uin,2pr.b30 30 56000 US6'slycni 975, 200 do. oe LI 1000 Tr n 73-10,2ds, 96% 100 Michigan Cen RR 11634 30000 GO..... 0000 200 do... ». 116% 10000 Missouri 6 100 do -880 116 5000 do... + 16% 100MichSo& NIRR 177 10000 Ohio & Misscer 29 600 do, see 16% 800 shs NYCen RR. 97 2400 Clove &Pitts RR 92 100 5 800 do. 1500 do. 500 Chio & N 600 . 300 a 3 500 Chik NWRR pre 66%; 1000 Clove’& Tol RR. 10335 200 Bt i 1% 100 CITY COMMERCIAL REPORT. + Fripay, Nov. 24—6 P. M. Asnes.—Receipts, ‘59 packages. The market was very firm, at provious figures, for pot, with a small business, owing to an insufficient supply. No stock of pearl. A1oouoL was dull, lower and ‘nominal, the market closing at $4 65. Brxanstorrs.—Receipts, 29,017 bbls, flour, 165 bags corn meal, 61,784 bushels whoat, 61,650 do. corn, 67,000 do. oats, 4,000 do. rye, 5,025 do. malt and 27,803 do. Darley. The market for State and Western flour was ‘without special variation, though an advance of 5c. per bbl. was obtained for extra State. | The sales embraced 13,000 bbis. at our revised quotations an- néxed. Southern flour was in improved demand, at full prices, with sales of 1,500 bbls. Canada flour was 6c. higher for the choice brands, while under grades were without noticeablo alteration; the sales were 350 bbls. Rye flour was in moderate demand and prices were stendy, Corn meal was in fair domand and full prices were realized. We note further salos of 650 bbis. Brandywine at ‘We quote :— 487 80 0 $8 15 +8850 8 50 8550 8 00 8400 880 Extra round hoop Ohio. 9 00a 920 Western trade brands. +925 all 50 Common Southern. +9 2% a 10 25 Fancy and extra do. +10 30 a 16 00 Common Canadian +8400 8 ® 8 % git iets a 24 50\n 24 75 —The demand for wheat continued moderate, and prices were drooping, though no material change was notice- able. The sales were about 53,000 bushels at $2 44 for new ambor State, $1 83a $1 85 for amber Milwaukee, $1 75 a $1 81 for Mgraukeo club, and $1 600 $1 81 for Chicago spring. The corn market was steady, with a fair demand. The sales embraced 90,000 bushols at 93c. a 9c. for unsound, and 9530, a 97c. for sound mixed Western. The transactions in oats were tom fair extent, and prices ruled in seller's fayor, with sales at 49c. a 56c. for unsound | and at 62c. @ 66c. for sound. Rye was in moderate ro- quest, but prices were somewhit weaker; the sales cover 12,000 bushels at $1 for prime State, $116 for good State and $117 for prime ada. Malt remained dull and nominal. Barloy was in moderate request, with sales 5.000 bushels, mostly old State, at $1, Corton] bales, The market was },276 steady under a fair shipment and good home demand. The niles wore 3,109 bales, at, our quotations, as fe- 8 ove Upland, Florida, Mobile. N. 0. @ 7. Ordinary. 3u 39 40 40 Middiing, . 62 52 53 53 Good mda 54 55 5 —Also by auction, for government account, 1,490 bai Mobile cotton, 377 bales Now Orleans dy,, and 73 bales Florida do., at the following prices: — Florida, Middling fair. _ -_ pas Strictly middl _ 51% Sate Low middling. 50 50 61% Good ordinary. wee 43; 48% Low ordi a ee ete yw ordinary. 1 Ans Rebaled “4 as at Packing’ — 16 a — 12% —The order of the above cotton was reported to be somo- what better than that of recent oroenee. sales, and the prices obtained were in many instances considerably above the market, while some ‘went off below their market value. attendance at the sale was large, and the bidding was quite spirited. Corres.—Prices were firm at our quotations, under a steady demand, both for cargoes and in the jobbit way, We note nalon’of 6, ,000 bags Rio, in bond, ex aye den, at 143¢0.. gold, uote :—Rio, in4, 20360. a 21c.’; , 193¢c, 0 20c.; fair, 1830. & 19c. ; ordinary, 8c. talr to good cai 1ske. a 1940.5 Sava, mats and ‘280. a 30c.; Maracaibo, 220. a ‘Laguayra, 220. a 23340. ; St. Domingo, 17340. a 18}¢¢., all gold, net cash, duty pald. Corrm«.—New seething and yellow metal were very firm, with a fair business doing in a jobbing way, Ingot ‘was active, with a rising market. Tho sales embrace 100,000 Ibs.’ | altimore at 38c. a 383Z0., 160,000 Ibs. Bal- timore at 390, 200,000 Ibs, do., for January delivery, at 400. ; 169,000 tba. Lake at 38ic¢. a 38%¢,, 100,000 Ibs, Detrolt at 30c., and 35,000 Ibs. Minnosota, for export, at 40c., the market closing with more buyers than sel- lers anda upward tendeucy. Canpias.—Adamantine were firm with a fair jobbing demand at 27¢, a 28c, French and German wax were steady at 30c, for box, and Sle. for case, Patent and sperm wore jobbing at’ 60c, and 40c., with some asking 52c. and 4g. ‘Cocoa was inactive, but a firm market was noticcablo, with small sales, Caracas at 280, a 30c,; Marica.bo a 50c., and Guay: ‘at 200. a 21c., gold, in bond. oopa. —" Dusiness was principally in lots to of descrip- arrive, as the market continues almost tions most wanted. Considerable has beon done for fature ee, m. fustic, but the particulars have not transpired. We log’ ln if not all, at $27. Th n ‘REIGHTE wore irregular. engagements were: To ‘Liverpool 38,000 bushels corn at 634d. @ 74., 1,500 bales cues aly 3¢4,, 30 tons divi divi, in casks, 30s. jour bbis 1a. 108d. ; per steamer, 21,000 bushels corn at 63d. x ‘cotton at 34d. a $4d., 2,000 boxes cheese tobacco at 308, Private. Frorrs.—The demand was rather limited for almost all nate pian Saree Pease erm ieoat 86 for banch and sardines for sealed, and 620. a 050. for No. 1. Wickled ickird codfish were scarce, and with a mod- inquiry prices wore very firm, at §9 50 for 52 The ral at 60c. a G5c. for shi ee a 0 Rales were a . for an ‘Toe, 2 80, for eity bale. sil cially for lots wanted for consumption, as the concent! In few hands. Small sales Americas at $8 20.2 $8 75. Rough was sold at nominal. Woe quote:—Ben- gol, Bt 00 98; Madras, $116 a $120; 75c. m $116 for inatemala, 90c, a $120 for Manila, and 70c. a 90c, for , Bold. Leatuer.—-The demand continued active for both hemlock and oak sole, and ice were very firm. Tho receipts were limited and badly assorted, moh and American calfakins were without noticeable change. Leap was quict but firm, with sales of 300 tons Ger- man, on the spot, at 104¢¢., currency, and 50 tons Span- ish, to arrive, at 6%¢., gold. Galena was firm at 103¢0. Mouasevs was quiet and nnchanged, with sales in lots to the trado embracing 65 bbls, Porto Rico, at 86c. a 95c., and 20 hhds, Cuba muscovado at 45r, a Bie. Navex Srorne.—The offer'ngs of common rosins were somewhat limited, while, with a large stock of the better qualities, holdera ‘wore generally anxious to realize, and prices for the latter were samowha' lower. The sales ‘wore 380 bbls, prime palo at $20 2 $21, 240 bbls No, 1 at $12.0 $16, 400 bbls. strained No.2 at $8a $11, and 700 bbls. common at $7 25, the market closing firmer. Spirits turpentine were quiet, with sales of 145 bbls. at $1 02% a $1 05 for wholesale lots, and as high as $1 11 for retail parcels. Tar was active, with sales 400 bbls, regular Newbern at $5, the market closing with no buy- ers above $4 50, which was offered for another lot of 500 Dole. Pitch was quiet, but steady, at $70 $8, a3 to and, Nais.—The demand continued brisk for all sorts cnt, and prices were firm at 8c. a 8%e., astos'ze. We quote: 86c, for 84. forged horse shoe, 55c. for copper, 35c. for yellow metal, and 20c. for zinc, cash. Or8.—The market was rather quiet, but prices re- mained firm, with sales of 180 bbls. crude whale, in jobbing lots, at $1 65; manufactured do, was held at $1 80, with small sales; bleached winter sperm was higher, with atew small sales at $265; natural do. was held at $2 We note sales of 250 barrels in New Bedford, for home use, at $2 42, and 300 do. to exporters at $2 40. $2 45 is now asked there and here, The stock in the country comprises 3,600 bbls, sperm and 20,735 bbls. whale, including about 2.000 bbls. coast ofl in New York. Bank was dull al $120. A moderate trade demand prevailed for Straita at $125. Lard oft continued nominal, with a very small business to consumers at $130 a $195 for grease, and $2.0 $240 for prime winter and summer. Linseed oil was less active, thongh a fair trade was done, The larve arrivals of oil from England have caused a slight weak- ness in prices, bt crushers wore unwilling to sell under $1 48 per cask, and $149.2 $150 per bbl., at which the market closes somewhat stronger. .Provistoxs.—Recetpts, 69 bbls pork, 201 do. beef, 101 packages cut meats, 3,282 do. butter, 2.819 do. cherse, and 71 kegs lard, A more active demand prevailed for rk, but.the market was unsettled and prices were very irregular. closing somewhat lower. The sales were 12,000 bbis., for prosent delivery, at $3031 a $31 for moss, closing at $20 87, cash, and $2650 a $2675 for prime mss, We note further sales of 1.200 bbls. mess, deliverable in the balance of this year, sofler's option, at $30 12% a $30 26. The ' demand for beef continued modorate, but wices wero without decided change. Tho sales were 650 bbs. at $11 a $14 for plan mere and $14 a $17 for extra mess. We notice sales 700 tes. India mess beef, part if not all ut $44. Beef hams were without noticeable change. The sales were 300 bbis. at $41 9 $41 25. Bacon was dull and nominal, Cut meats were in fair domand, but prices favored the buyer. Thesales were 250 pkgs. at 14c. a 160. for shoulders and 184c, a 220, for hams. Lard was dull and 3c. lower, with sales of 750 pkgs. af 230. # 283¢0., the market closing with no Duyors above 28c. Wé note salos 1,500 pkgs, January delivery, sellers option, at 21 ic. Butter was dul} and deciining, with heavy rec ipts. Tho sales wore Af 28c. a 42. for Western and 360. a $80. for State.. Cheese was inactive and heavy at 1c. a 19¢. for common dairy“to prime for factory made. Prrrotevy—Receipts, 1,469 bbls.—continued in active domand at full prices, Tho sales were about 22,000 bbis. here and in Ihiladelphia, at 1c. a 413¢c. for crude on the spot and forall next month, ‘ic, for refined, in bond; 661. 2 67%c, for December, 65c, a 65340. for Jannary, 63\c. a 65340. in Philadelphia, and deliverable there in all December and January. Free was quiet, at Ro.n 8! Resides the above sales, which were mostly resales of contracts, a hoary pone, was done in “calla,"* comprising 20 000’ te 30,000 bbis., many of which wore reported ash na fd: sales, oe KY was, en and paepaned. sree special sal 'e quote Rangoon at Cay c. ant CUrotmna at 1270. atdiee., with 14c. demanded. Svuar was rather more active, but prices continned almost nominal, The sales were 330 bhds, Cuba musco- vado at 13%c. a 1e,, and 80 boxes white Havana at 176. ; also by anction’ 634 boxes Havana, slightly dam aged, at from 10%. to 16c. Refined sugars were some. ith adull market, Stuart's prevent prices ary as follows :—Best crashed sugar, 19%. ; granulated, Hei ground, 19c,; white A, 184%¢.; and yellow © ‘Me. 3 Sriow.—The market was vory quict, with ales of 1,000 mata casa roported at 87\e. a ec, The trans- attions we heard of outside the above were not notices 230. n 23%e.; pimento, 20c., and cloves Ji B Sreurer wre without special business. 50 tons foreign sold, to arrive, at Tc., guid. Lots for present de- livery were offered at '6%e. Season. —We noto antes of 40,000 Iba, at 280. a ic. ; also 30,000 Ibs. grease at 120. a 16%c. Soma wus only called wor by consmmerss who bought rather sparingly at previous prices. Holdors were vei firm for both foreign and domestic. 4 Sexns.—A fair demand prevailed for most descriptions of grass seed. We note sales of 1,000 baga clover at 1c. a 1dc., and 560 bags timothy at. $3 ‘Smail sates of rough flax were made at $2.95 10. Linseed was in fair demand, with i ets, ex Christopher Hall, sold on day of arrival (Thurs. day) at a private price, nnd about 600 bags Bombay sold in Beaten, at $2.57, gold. a i ‘Lt.—The market was firm at Icom, wit! @ good demand for sack, while Vines want somewhat leqted. A cargo of Lisbon sold at'a private Price. "2A. —All descriptions except greens been rather quiet, Considerable activity for 8 was noticeable, Dat at prices somewhat in’ bn: favor. The sales were 1,820 half chesta.on private terms, mostly from first bands. 1.326 half chests oolongs were taken, part from second hands, on private terms. Tix.—Moro inquiry was noticeable for pig, and prices were rising. We note further sales of 1,200 slabs Straits, at 26 4c. ; 300 do, at 2603/6. ; 800 sinbs Banca, nt 27 \c. ; 2,500 do. Straits to arrive East India, ut a private Price; and 1,000 do, Straits to arrive, at 2A3¢c. Also 60 tons. English, on the at 2436. a 25%¢0., an! 600 slabs Billeton, at 270. Plates, &c., wore firm and in fair demand, with an adv Bales wore made at $14 75 for I. C. charcoal; $12 26.8 $12 50 for LC. coke; $10 60 « $11 for coke 0, and $14 .5a $14 50 for charcoal Terne. ‘TALLOW. —The market was rather weaker, Tho sales een ‘a moderate extent, comprising 95,000 Ibs. at 14c, e ic, Tovacon.—Receipts, 164 hhds. and $29 | oy ad The market was rather quiet generally for all descriptions, but prices were very firm, About 85 hhds. Kentucky leaf sold at from 7c. a 26c. Manufactured was dull, but unchanged. We heard of no sales of seed leaf. Foreign was firm, with sales of 60 bales Havana at a private ice. ‘Woot continues very dull; there is no life in the trade, and very little doing among consumers. Prices of domestic are lower by 6.08 per cont, in also in favor of the buyer. At auction bales California, ‘from the Great ie, sold at 18c, a 36c.; on the 23d, damaged, at 20%c. #2340, ; on the 24th, 87 bales an: 23 bags Buonos Ayres and Montevido at’ 1c. for bags and 52c. for bales, Private sale of 60 bales Cape at 300, a41ie., part in bond; 70 bales Mestiza, private sale; 126,000 Ibs, fleeces at ‘but mostly 70c., for Ohio, and Canada at 720, @ 780, ; 40,000 Tbs, California at he aime 66,000 Ibs. pulled at & 68. ; 3,000 Ibe, at 700. ‘Woisxry.—Receipts, 81 bbls. The market was dull, but prices were nominally unchanged. We note sales 150 bbls, refilled at $2 Ff & $2 3414, and 60 bbls, Wost- ern at $2 360 $2 36, the market closing heavy. Zaxc.—We note sales of 26 casks to arrive at 1c, cost ree in ‘eatlcpation of & Turiber advance, eo rat ‘An! ion a vance. Lite or no stock here. £0! Family Market Review. Owing to the inclemency of the weather during tho past week, bueiness has been extremely irregular and not quite as brisk as usual, Thore is a large supply of celery, 800, each ; cranberrien, 186, to 200. a quart. Borrar.-—Choice Oras county tb, iz" ime State butter, to 500, ; cooking butter, 300, to 850, ; cheese, 200. to 220, SPECIE PAYMENTS. Financial Lecture by Silas M. Stilwell. The Law ef Supply and Demand Ap- plied te Gold and Currency. Important Facts for the Consideration of the Secretary of the Tregsury and Congress. INFLATION AND FLUCTUATION. WHAT CONTROLS THE PRICE OF GOLD. &e. &e. &e. ‘Why Must the Business of Our Country be Orushed by Contraction!—Report of a Lecture Delivered by Silas M. Stil- well on the Evening of the 13th of No- vember, 1865, Guvnueaex—I propose to lay before you such facts and conclusions as long research and careful analysis have convinced me may be valuable tothe public, We will confine our examination at this time toa fow points or propositions that appear to embrace the whole subject, viz:—What is the cause of high prices? Isthe price of gold ruled by tho balance of trade in our foreign imports and exports, or by the volume of our soundly secured banking currency and legal tender or “‘coined paper?” In our great and expanding country, filling rapidly with an industrious, intelligent and trading people, can wo establish a fixed volume of currency? Shall the quantity be limited or be governed, lke the produce of the farmer, merchant and manufacturer, by the price it will bring in the market? Is there any measure of valuo for money in our market but thé rate of interest ? Can money be high in price and still abundant? Can money be cheap and yet scarco? Is the low price of money in Europe evidence of abundance or scarcity, or depreciated currency? Are low or high rates of nter- est beneficial to trade and government loans? Shall Congress continue to stultify itself by making a mon- opoly out of the Free Banking law? Can the country bo injured by allowing the people to deposit government bonds in the Treasury, for which cash at par has been paid, and receive ninety per cent in notes which the bank must pay? Can credits, better securod than any. other, be too numerous? CONDITION OF THE COUNTRY. ‘What are the causes that have produced the prosent high prices in our country? This question can be an- swored in detail, but at this time a more general state- ment must suffice, The commencement of the late war found the poople of the United States rich in all the pro- duco of industry, Farmers, mochanics, merchants, traders and all other industrious classes, in every part of our common country, wore increasing in wealth. The industrious were recompensed beyond the example or hopes of any other people. In this happy condition war camo in all its fearful reality, The demand for soldiers, sailors and all the accessories of war produced a drain upon the resources of the North and South that was never before realized on this continent, Nearly two mil- lions of the producing classes were withdrawn from their daily pursuits and arrayed against each other in deadly strife. Powerful armies devastated the country and dostroyed everything of value for thousands of mils, leaving great tracts of country uninhabi'cd. The North was drawn upon for men nd means beyond any precod- ent. This dovastating strife continued four years, and suddenly terminated by the total exhaustion of the South, This'collapne destroyed negro property, and las actually annihilated two thousand millions of personal property represented by State and Confederate bonds. These bonds represented actual personal labor and property consumed in tho war, and the Southern States are left without organized labor or personal property, while their popu- lation hag boon depleted by the loss of more than four hundred thousand of the most active inhabitants, and the surviving populations are in want of all the neces. sarics and comforts that pertain to civilized life, As tho confiict was unprecedentod in the magnitude of the armies engaged and the loss of life and limbs, so was the destruction of property and the disorganization of labor without a parallcl in history. As wonderful as was the conflict of arms, it was entirely eclipsed by the extraordinary olroumstances that have attended upon the toriniuation of the rebellion. A scene is presented to us of two great sectious of one nation, after a protracted aud exhausting war, extending over a period of four yoars, and’ marked by a bitterness of feeling during the contest Uthat can hardly be paralleled, mectisg again upon the common ground of constitutional rights, ben- angry feelings, and the victors in the struggle tely offeriug and extending pecuniary ad in every c vablo form to the vanquished. ?his adda return to peace, under such c'rcumstances, has, within the last six months, crcated a greater dra nipon the resourees of the North than would baye occur- ree by a protongation of the war, LABOR AND PROUUCTS OF LABOR. The great vacuum that a dosolating war produced in puthern States is now being filled by # trade in that tion carried down the Missiseippi and on the ocean a thousand steamers and sailing craft The drain of manifa tured goods, wares and merchand!g:, of Hour, grain, beef, pork, and all the ather necossaros required by such a people, under such circumstances, ih such a country, upon Northern supplies and Norttern cup'tal ¢an be counted only by tons of milous of dollars, W might pause bero to inqure whether all this is no faint and imperfect statoment of the actual condi- tion of the country at ths time in relaton fo tho grout Iaw of supply and demand; but we pass on to continue our enumeration of causes of high pricos, A large proportion of the laborers North «nd South that were withdrawn from industrial pnrsuits by the war were elthor ktiled, died by accidents and diseases, or aro acatiered throughout the country, 60 that out of the two millions of men that were employed in the two rections bofore the wart not more than one-fifth have returned to their former occupations as producers, Can such an immense abstraction of laborers and sach a destruction of property fail to. prod ce a poweriul in- fluence upon the price of labor and the remain: pro- duce of labor? Is it not plain that these caus s have disturbed the labor market? Tho great law of “supply ‘and d:inand,” which governs pr.ces in the open market, cannot iail to note the great loss of the produce of labor ‘and the absouce of the laborers. Every person that Lays or sells i familiar with this law. Ii a market is over- sto ked with beef, flour,’ pork, merchandise or any other articie- of daily usc or éale, the prices of these articles wil fall, If, on the contrary, there are more buyers than sellers, and there ix a short supply, prices will rise; and this iaw we wi know cannot be violated with impunity, Two years from the commencement of the war cot~ ton in bags was scarce, and advanced in price to one doilar per pound, Manufactured colton was plenty, and did not advance bali as much, Atthe cloee of the war co'tun in bags became more ple and fell more than Aifty per cent, while manufac cotton, being scarce after a short dopreasion, suddenly rose to a greater price than heretofore. fore is a remarkable iilus- tration of the eilect of the great law of supply and demand, irrespective of the value of currency, The effect of this iaw was shown in a still more re- markabic manner, several years since, in Califurnia, when the currency was pure old. The price of labor and every article of productive industry, in consequence of the demand and short supply, rove far above any prices we aro now paying here in currency. This fact shows that gold docs not control prices, At this time our market is not filled with labor or the pose of labor, and, of course, we have a rising war. ot, Again, our country has not only stripped of laborers and the produce of labor, but it has lost none of its Consumers or non-producers that existed among us when the war commenced. We ‘also the maimed and sick soldiers, widows, orphans and idlers. Many of those will earn nothing, but remain a charge upon the country, This addition to the list 0 non-pro- ducers is @ matural consequence of such @ war. In waking up a summary of our losses as a people we can only approximate the great result, We may not count the value of the negro as a slaye to a Southern mastor, but we may estimate tho loss of his labor in tha, cultivation of cotton during the last four years, which cannot be estimated at lens than one thousand millions of lars, If the production of cotton did not entirel; the effect upon in the of slik, woo}, flax and other articles which Kare Peounte sebetlouten'for cotton our people, LABOR AND PROPRRTY CONAUNED BY THAR, ‘The Confenarase dat, and the debts incl govoral rebel Siates while the war lasted, siete te Coe sentatives of the labor and property consumed stroyed in the prosecution of this war, Aith ware that private losscr and private nn enrwees in this enumeration, still we will not esti destruction rly at more than nen et eaten the prosecution of the war, and not one-t + rere ‘and labor purchased by this dobt is now of the joant valu 10 in the hands of ment for the payment of {te obligations, Those fiautes show that the war las actaal. destroyed five thonsand millions of property that was 6 direct produotion of the working classes of this Couns -fornia, a demend for gold will cease, and it will fall be- with Peng y - such yy of penton, ‘and Lommverting em lestrovera perty for four an, offect upen the price | . i li iH bait, Hay lel Hi i i ert 4 5 nae EGE Hiviiiet flour, pork, Beef, cheese, butter, lard or any other thing. ‘Where the shipper from here paid $9 per barre! for flour, he could afford to sell the same in Liverpool for $6 a barrel, and the rate of exchange would, upon that dif- ference in price, give him $12 per barrel when gold was ‘at two hnndred per cent; and #0 of every article in our markets that can be sold in Europe. This {3 a cause for the advance of all domestic pro- dnee full one hundred per cent during the war. Two or throo years of peace and rity, and the country will agai be full of the fruits of industry, rich in the possession of all the necessaries of life, and then this great law of supply and demand will so far influ- ‘ence prices that the market values of all retnrn to the condition that existed before the war. ‘This resutt is @ natural one, and will certainly follow a short period of peace and prosperity, if the Inws that now exist on the subject of trade and credit shall not be altered or repealed. : BALANOR OF TRADE, In the months of September and October, 1864, when gold was advancing and selling at 230 per.cent, there was received, in gold, from California.......-.+-..¥1,502,906 Gold bought and sent to Europe fr Decrease of gold in New York.,..++« During the same months we imported ly $1,256,084 of dry goods, Therhigh prive of gold checked imp while it increased exports and advanced the prices of produce, Durng last. spring, or six months from the above date, peace was proclaimed by the submission of the insurgent armies. ‘This was followed by the sale of government bonds and other sec rities—in Germany and other parts of Europe, to the extent of more than three hi ndred millions—which chécked the demand for gold, and tho price fell until it reached 182 per cont. Imme- diately after the price of gold fell the export of produce was also checked, and the trade with the South opened by n greater demand for foreign goods than our market could supnly. Consequently there was sent to Eu- rope orders for goods to an t never before With these orders gold advanced to 145, and would have continued to advance but for’ our greatly increased receipt from California. In the months of Septomber and October, 1865, when gold was selline at 145 per cent, there was received from California $6,248,598: was bought and sent to Enropo, at 145 per rent, $5,200,000. During the same months in 1866 we have imported dry goods. for home consumption over $10,203,995, or nine times as much as was imported inthe same months of 1864, when gold was at 280 per cent. There facts appear to prove that th» price of gold ts increased or decreased by the supply and demand. When we sent to Europe in Soptomber and October, 1864, $3,960,763 more gold than we were receiving from our only source of eeeai--Relinraier—the price of gold rose to 200; and when in the same months in 1866 we re- ceived from California upwards of one miilion more than we sent to Europe, gold was selling at half the price, or 148. It is logical to'say that whon our exports shall exoved our imports, and onr debts shall be’ paid, the balance of trade will bring bark gold. Tt has done this heretofore. Then, with the constantly Increasing supply from Call- low bank credit, because our good government and good Jawa make food crodit better than gold. Imports must be diminished, exports must be increased, and we shall soon be ont of debt. FAR THE RROREEANE. OF HR SORABERE. QOERCH, ES BEALS Gor: A New York paper says:—“Everybody knows who thinks that gold would, in this country. be 180 or 200 if the Sovretary of the Treasury had not ordered the highost price for it to be 147, and thus forced it down by Trossury sa'es.”” Can this be true? The Sec- rotary bas informed na that he 1s anxious to return to specie payments, Why does he not do it, if he haa the Raret ‘by the sale of gold? 45 percent moro will bri about" If it is he who has brought down the price gold 145 per cent, why does he stop at 46? If the Secre- tary forces down the price of gold to par will not that be ‘a return to specic payments, and will not all our paper be ona par with specie? If he can do this why destroy the country yw Teduolng the currency? But is it not gion y the prices Of provisions and other articles are ned by the market value of that these prices have not varied. with the price of gold? If beef was worth twenty-four cents per pound. when gold was worth it should now be worth twelve cents per ponnd when gold ts one-half or 145? Did not this sume press, ne well as many others, pre- dict that the fallin the price Id would pe, Age. crease in the price of all far! juée? and is not i tho reason they now assign for wishing to force down the price of gold 45 cent more? It is a plain mathe- matical problem. If a reduction of 145 per cent in the price of gold docs not decrease the price of provisions in our markets how much decrease will the further reduction of 45 per cent produce? If we look at fncts and logical conclusions we must admit that gold now, in our country, like all osher metals. is subject to the same law of supply and demand, and that the foreign demand upon our merchants for gold is in consequence of an excess of im ports; and the Mate to reduce the price ts to pa sod debts abroad satisfy the demands of our creditors, : GOLD AND PAPER, Perhaps there fa no case recorded where so grent unanimity has been Sonera ae public press as the desire for a speedy resumption of specie payments. To dif_vr with so powerful an institutton, and expect to be tolerated in the oxy of an adverse opinion, { a prosumption that few will be guilty of. And yet a sago bas eaid “that error is not to | as be renson fs left free cre a. Jo parpose of this paper is to 8 fow facte, the naiural conclusions that Tollow, deat Doth sides of the question may be seen before any action shall be taken in the councils of the nation. It is the more fae now, berau © the Secretary of the Treasury has n engaged in converting ‘legal tender notes” —a valuabie convertible security that has taken the place of gold by common consent—into bonds that are not 80 convertible and usefvl, and has destroyed the notes, There are im this country two kinds of money—one paper, the other specie. peculiarly applies to busl- ness transacted in this Union m our domestic trade, and the other in our bosiness with foreign populations. We nevor have, and until we become the creditors of all the business world cannot rely upon the universal or gpecie monoy for ovr domestic trade, and wo hat dom been able to provide spec'e enough for and, It is a fact patent to the whole country that w! called “bogus” specie payments is a ‘delusion and a snare.’’ While the current of exchange sote in our favor, of there is no demand for specie to pay balances abroad, this fio- lion amuses and pleases us; but when, by the loss of = crop or an excess of imporiation, gold {s demanded in pr ye te for export, distress les our commer. cial communities, and, asa natural consequence, the local banks suxpend specie payments. This not only inflicts great evil upon the importers, who have been Instrrmental in producing this result, but it di- rectly interferes with all our inland interests and trade, wi has in deen instrumental in bringing about this result. Thia is a gricvance wi should remedied. Thar the grece volume Sr eurrengy vank notes? Clatly that the great volumo of currency i toca Wo enol because these notes are more carried and concealed about the person, and remitted with little risk by mail. So long a8 no one wants specio . ‘the although the the fiction can be poaioteines Wy, have ox the fetion of paying notes In epecte that sustains the credit of our banks, jusion would be to aswert that the ro unable to de- cide m, na "8 notice, two hund: Hions of J rat stuotn are tly considered Filece any unbinaed mind ous oma Beni wbjoct isan ated tion upon ves, Surely wo wi fc. tion now pe en & great banks they ‘porsiee, and take" the rik of Hxing pg Pe es on a) therefore, fully 7 ‘under our ‘mm, arsuaniye been a ‘Sonu. this Retion eeu upon the country, Rave’ not ‘well and carefully considered this subject. (To the wo may this 1) bo. Fequired to settle balanc™s you cannot cet it at par, be- ‘cause the banks suspend and cold rises im market value, ‘This protence ts injurious, because it creates a large ¢ mend | for gold in domestic trade and causes individuals an rare nd oa relative value of each. mre should, a pertee nt ferns save the risks of Pe sw = Treated wi convenionce of trade has caused: plaa deposits to be very tale pee en Resto eurtonbotoators ener, ton of me this ven to it for the purpose so pan betta cave No can CA ant, and chee se camry $i ,tan cocinteys an thle Roly afoltrary rules must inBict ‘and serious evile upon trade, commerce and res. It must be al- Jowed to increase and diminish to suit the wants of the and: itis for this reason that no legislation ed any individual 1 should be and has: very, much directed to making the cure safe and sound, but much |} lation “has firected to limiting the quantity. The value ae = eereeny should be well and sat'sfacto- Tily eecured, an alloyed gold and silver coins; patie oer should left to the law of supply and demand, t! This view of a domestia, wes o Secretary of the Treasury at the commencement of the late war, was successfully urged upon his attention, The plan of banking and: currency now in force Was them adopted. What is the present systont of currency? It te a purely American system—s ‘‘coined paper,” based upon American honor and American credit, and ex- pressly devised for our American trade, to take the place that gold and silver coin has heretofore occupied. Is makes our business truly and certainly lncependeanee foreign control, whether that control shall be attem by bank action or the fluctuations of trade and exchange This coindd paper, or “legal tender notes,” unlike our alloyed coin, will not pass out of our country upon Or4 demand to pay the balances inst our merchants’ Enrope. In this particular it accomplish what the alloy in our coin was intended to do, and in which it has’ @iirely failet. SUSPENSION OF SPECIE PAYMENTS IN RNGLAND. Much has been said and written about the long sam sion of specie ents in England. Wo think @ few facts connected with the it law of su} va and de- mand will enlighten us, England was prvte!s s ins grees foreign war for thirty years. She subsidized many na tions by loans and gifts of gold, her armies wero ia id while in foreign countries, and in this’ way Great ritain was drained of gold during her long wars as we have been for our tmports of goods during ovr: war. After the epee hr 1815 ‘he Lage ring and nd brought back gold very slowly, 6 balance in iver of that nation did not give back the control of specie to the Bank of England until 1825, In the moam- tim» trade demanded facilities, and Parliament ity ow the priviloge of banking and issuing unsecured. bills te, several hundred associations. The same scenes followed there that we have witnessed here undor our old bogus’ stem of unsound notes. The banks failed because their capitals were squandered and nothirig was left to. pay their currency notes. About the year 1825 the trade and mannfactures of Great Britain 80 jt that London became the centre of the world’s,ex- changes, and her merchants and bankers have continued to loan ‘and credit every trading seaport on the globe, Gold and silver are not to be relied on in this:country ag’ a base for our domestic trade, because thesc metals are, not subject to anycontrol by us, London is the great money centre of the world, and the merchants and other capitalists aro loaners or creditors of every commercial? country. Consequently they have an exclusive’ or credftor's power of calling for (es ya at pleasure, ‘These creditors in England are controlied in eae by the action of the Bank of England, and the oe England is subject to tho diroction of the English Chancellor of the Exchoquer, ‘THE POWRR OF THE RANK OF ENGLAND OVER GOLD AND OUR ‘RUNOY, ‘ The Bank of England has the Eight to alter she retags interest to its customers at pleasure, Tho rate terest, when advanced to a Lapa goa the’ bank, ‘al. ways induces the merchants to curtall credits and call in deots through all their agencies, |. pow'r ai (tires and Kal ae ’. or under the pretence ing the bank with gold, and Ai rolal world ‘trol the flow see ¢° ecals, its power to control the mi thie nower the governors of the Bank of ‘Eogined always controlled the apecte of commerce, and held banking institutions subject to their pleasure, The power over the merchants and capitalists of England an@ the Bank of England by the Cabinet of Groat Britain hag year the tlate a loan of twelve millions ster! any declaration of war had taken p! to prevent it, and when thore wag no and the vaults of ‘The .Engiand wes instructed or requested by the Chancellor iH inn ame ctarenaie Bank of Ragan orkstond ier ave. e anood the rate redempt.on. Who ever heard of the redemption ar Gola mn coined and paper is coined for ther of the people in their exchange of pow so and it mass exist, in some form, in every civ’ These legal tenders or coined are. an dition to, not a substitute for Any bank oF debtor if provided with the legal moans of ‘pay- ment when possessed of gold and silver or legal ten- for notea, Both of those. are by force of law, ‘This plan not only creat property at homo, but it releases gold and silver for exportation. by the custom of merchants all countries must be paid by then, Js it honest.in us to: uit of the country to foreign debts? Leave gold free. t0 “+ er? an the 4 and tho law of and demand shall tate. fe cannot controMits quantity or value any more =. & iu f Hu and col rites iil ia the value of ‘AS ROOm at the ascendant, aro in direct antagonism. Tho last is iiteral pay their debts in when it is required by creditors? Why should we call upon in their domestic business when we allow it to