The Sun.
London, England, 1867-10-26 00:00:00

(From L. P. Morton and Co.'s Circular.)

New York, Oct. 12, 1867.
Tho money market retains the features of stringency
noted in our last advices, with but HUI° alleviation.
Tho preparations of the Banks for their Quarterly State-
ment, made up on Monday last produced at the close of
last week a stringency scarcely equalled since 1857 ;
but during the present week money has boon more easily
obtained, although in no case below 7 per cent. on the
strongest collaterals. At present the pressure for accom-
modation from the West shows a partial abatement, as the
currency distributed among the farmers is beginning to

return to the grain centres and is again available for the

banks; but the hog crop and the cotton crop have yet to
be moved, and it is not apparent how the demand for thess
purposes can fail to produce a prolonged stringency in

the New York loan market This demand comes imme;
diately after a contraction of $55,750,000 of legal
tender circulation, effected within four months. Since
the demand for moving tho grain crops set in the
banks of the City have lost $21,000,000 in deposits and
$19,000,000 in legal tenders, while their loans have been
reduced only $5,500,000. The prospect of the Southern
and Western demand for currency, under the circum-
stances of such a heavy curtailment in the national circn-

lation and such a diminution of the means of the banks, is
naturally viewed with some anxiety.
The condition of the money market has not been with-
out its effect upon business generally. Since the middle
of September trade has boon dull, and merchants have
shown a disposition to realise upon their stocks, with a con-
sequent decline in prices; and, as a rule, anticipations as
to the course of business during the remainder of the year
are the reverse of sanguine.

United States Securities have fluctuated widely, in
sympathy with speculative operations, but tho predomi-
nant tendency has favoured lower prices. The protracted
montary pressure compels a considerable amouLt of realis-

ing, while the demand for the tonvorary employment of
balances has almost entirely disappeared. Last month
_ _

the market was sustained by Government purchases of
Seven-Thirty Notes to the extent of 85;600,000 in excess
of its sales of new Bonds, but the currency balance of
the Treasury having been reduced to an unusually low
point, these operations are now suspended, and the market
is left to sustain its own weight. The statement of the
Public Debt for October Ist presents the unusual feature
of an increase in the net debt, amounting to $2,494,081.
This change is due to the fact of the disbursements of
the War and Interior Departments having been specially
heavy, while the receipts from Internal Revenue have
proved exceptionally light. It is intimated in official
quarters, however, that this course of the finances is not
likely to be continued.

The agitation of the proposal to pay the Five-Twenty
Bonds in currency is confined to a few demagogues, who
are by no moans to be regarded as representing even a
respectable minority of the public upon that question.
The largely predominant sentiment is, that the bonds
were issued upon a fair under-tanding that the principal
should be paid in coin ; and it may be safely affirmed
that the people are prepared to stand to this implied
contract. The Secretary of the Treasury presents a
fair reflection of public opinion upon this question in a
communication given below, and which reiterates the
view expressed in a letter addressed by the Secretary to
ourselves and given in our circular of November 17, 18G6.
Measures aro in c...urse of preparation for the introduction
into Congress of a declaratory resolution, affirming the
purpose of the Government to pay all its bonds in coin of
the United States; so that this question, which creates
much more distrust abroad than at home, will not much
longer be allowed to remain in doubt.

At present, the predominant tendercy on the gold
premium is toward lower quotations. The result of the
State elections, showing a decided change in tho current
of political opinion, is construed as against the proba-
bilities of impeachment; which, together with the antici-
pation of the payment of the November coupons and the
more pacific aspect of affairs in Italy, produce an indispo-
sition to buy on speculation.
Foreign Exchange is dull and rates weak, at 1091 to I,
for GO days Bankers' Sterling, 1091 to 1 for 3 days' sight ;
and for Francs 5.181, GO days' and 5.16 i sight.

(From Messrs. Belding, Keith, and Co.'s Circular.)

FRIDAY EVENING, Oct. 25.

American Securities have shown on the whole a steady
advance upon the closing prices of last week, which is to
be attributed to reports from the Continent being more
peaceable and gold in New York not having diminished to
a corresponding extent.
United States 5-20 Bonds of both 1862 and 1865 issdes
have risen 1 par cent., closin respectively at 691 to 69/
and 671 to 67}.
Illinois Central shares close 79 to 791, and Eries 451 c
to 46, both showing an advance of from 1 to 2 per cent.
Atlantic and Great Western Consolidated Mortgage
Bor ds have improved and close at 21i to 22.

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