The Sun.
London, England, 1870-01-10 00:00:00

not been sustained by speculation. The September panto
came, did away with speculation and left no support for
gold above a certain low figure. Meantime the same
causes which should have operated during that interval
have been in efficient operation ever since. The improved
national credit has not only appreciated the greenbacke,
but, by stimulating the foreign bond market, has removed
all temptation to buy gold for export. Within the last
two months it is estimated that $15,000,000 of bonds have
gone abroad, paying a debt on the other side of $13,500,000..
Again, the excess of exports for the last five mouths, has
been larger than the excess of imports, over the same time
last year, operating to reduce not only the foreign demand
for bullion, bat the demand of the importers here who
have to pay their duties in coin. The shipments of gold
have therefore been less than half what they were
last year ($30,00,000 against $69,000,000), the New York
banks hold $29,716,000 against $19,100,000 at this time
in 1868, and the United States Treasury for private de-
positors $36,000,000 against 917,100,000, and $..12,000,000
will directly be thrown upon the market as January inte-
rest. Powerful as is this coil of interlinked causes to
depress the premium on gold, it is augmented by the in-
stinctive sentiment of the people, who have a faith or
perhaps a dread that specie payment is at heed, and, on
the whole, will submit to it with the grace of the ailing
IriShman who protested his anxiety to have tho medicinal
gin-sling forced down him, "whether he would or no."
The causes above enumerated are moreover not merely
permanent, but they are also cumulative. The Loudon
papers attribute the rise in American -beads to pur-
chases of them by permanent investors and not
for speculation, a fact that indicates a steady de-
mand for them through the winter. The immense
export for breadstuffs has as yet received no check,
but seems to have become steady. The demand for
cotton also is such that the prices at our ports have
not receded with the premium in gold, notwith-
standing heavy receipts from inland and heavy ship-
ments. The Liverpool market is bare, and it is thought
that prices will average from lid to 12d for the cotton year,
which, supposing that we can spare only 1,500,04.0 bales,
would bring us $170,000,000 iu gold, about what we got
for the last two years in currency. The indications are
that we will not have to compete with cotton via Suez
immediately. Considering all these data, the specie pay-
ment question may provide its own solution, the discern-
' fort of which will be somewhat mitigated by its thorough
anticipation.
Government bonds in the Lome market have set led
slightly with the gold premium, on which their quotations
rest. State Bonds are without important change, Leuisiauas
being in good demand and scarce, and new South Carolinas
appreciating on assurances of the payment of the January
interest. The stock marker suffered a decline of about 1
per cent., when Mr. Boutwell kicked the legs from under
goad on Friday. Erie had a panic on its own hook, occa-
sioned by the large sales of its stock by a German banker,
who was unloading it for foreign holders. It fell from
25 to 214, and has not recovered. The failure of the dry
goods commission house of Schepeler and Co., Boston and
New York, is attributed to speculation in Boston, Hart-
ford, and Erie, which is down again, selling for 91 in Bos-
ton on Saturday. The consolidation of the Lake Shore
and the Toledo and Wabash roads is "off," on account of
the unwillingness of the Lake Shore stockholders to put
in their stock at less than the htbest market quotations,
in which unwillingness they are protected by the laws of
Ohio. Their stock rose and the other fell off when the
result was known.

(from the Wall-street Journal.)

NEW YORK, THURSDAY EVENING, Dec. 23.

Heavy failures continue in all parts of the country--
collections are difficult and business is generally slow.
Money on call is offered at 6 to 7 per cent., and borrowers
aro readily supplied. Discounts are difficult at Bto 12 per
cent. for prime double signatures and at 12 to 20 per gent.
for first-class single names.

QUOTATIONS FOR SPECIE.
Amer. silver... 971 to 98 I Eng-. sous 4BB to 490
Mex. d011ar5...104 „ 104 20 francs 386 „ 888
Eng. silver 470 , 480 I Tinders
Five francs .... 96 „ 97
Foreign Exchange is rather firmer but the variations in
price are slight.