The Sun.
London, England, 1866-06-02 00:00:00

COMMERCIAL INTELLIGENCE.

NEW YORK, May 24 (Evening).—Money tight.
Gold, 1391. Exchange on London, 153 ;on Paris,
3.66. Stock slightly firmer. New York Centrals,
93i. Illinois, 117. Erie, 681. 5-20 Bonds,
1001.
Cotton firm and active. M. Upland, 40c. Three
days' receipts of 'cotton at New York, 3000. -Three
days' sales, 8,000 bales. Five days' export, 6,000
bales. Flour, wheat, and corn slightly firmer.
Provisions heavy. Coffee steady. Sugar and
molasses quiet. Petroleum quiet. Crude, 271.
Refined, 421.
ORLEANS, May 22.—Cotton firm. Middling
38c. to 40c. Five days' receipts 3,000 bales ; four
days' export, 7,000. Three days' sales, 5,000 bales.
Stock, 154,000 bales.
MOBILE, May 18.—Receipts in two weeks, 5,000
bales. Export of the week, 4,000 bales. Stock,
42,000 bales.

There has been little or no change in the Money-market
during the past week, though exchange has advanced to a
rate which has caused large shipments of gold—tbe imme-
diate effect of the financial and political news from Europe
received by the last steamer. Large quantities of Govern-
ment and other stocks have been received for sale from
Europe, and more may be expected, as the general impres-
sion is that the excitement in the London Exchange and
Paris Bourse is only the commencement of a panic.
Gold opened at 130, and, after selling at 1294, closed at
1291 to 130. It is understood that the Treasury is ready
to part with its surplus gold, at about these rates, to an
amount sufficient to supply the export demand. '
Money is abundant at 4 to 5 per cent. on call, and good
borrowers are able to make their own forms as to time.
For Commercial bills the rates are 5 to 51, and 5} to 61 for
three or four months' notes. Low as the rate of interest is
no advance therein is looked for by financial people. A
European war may send back some national stocks, but
not a larger amount than can readily be paid for iu.gold if
necessary. The prices realised to-day show that the last
mail did not bring any extraordinary quantity—not
enough to affect the market one per cent.
Exchange is Arm e.t the following quotatious :—Loudon,

prime bankers', 60 days, 109; to 1091 ; London, prime
bankers', sight, 1104; Paris, bankers', long, 5.121 to 5.111,
Paris, bankers', short, 5.081; Antwerp, 5.12/ to 5.114 ;
Swiss, 5.121 to 5.111: Hamburg, 37 ; Amsterdam, 42 ;
Frankfort,' 414 to 42 ; Bremen, 80 to 801; Berlin, 731.
Government Securities were sold in very moderate
amounts to-day, and at better prices for gold-bearing
issues. The following were the quotations :
Compound int. notes of 1861, Juno dates llll 112
Do. do. do. July „
no. do. do. Aug. „
D. do. do. Oct. „
Do. do. do. Dec. „
.1)o. do. of 1865, May „
Do. do. 105
Do.
Do. de,. do. Sept. „ „
5-20 do. do. Oct. „
s, 1865 dates lOl/ 1011
„ 1864
101 101/
, 1862 ::
1012 101/
10-40 s .......
.........
7-30 notes, Aug. 1864 dates
:, June 1865 ,
6395,000 ; 1021 102
%, July 1865 ,',
Reading, 107/ to 1071: Michigan'
Mariposa Preferred, 21 to 211; N. Y. Central, 94/ to
911; Erie, 74/ to 7
• 4i, ; Hudson River, 1101 to 1101;
Michigan Southern, 79/ to 80 ; Illinois Central Scrip, 120
Central, 1091 to 109/ ;
to 120/ ; Cleveland and Pittsburg, 85/ to 851 ; Cleveland
and Toledo, 1011 to 104/ ; Rock Island, 93; to 931 ; North
Western, 281 to 281; do. Preferred, 58: to 581 ; Fort
Payments,
Wayne, 99 to 991.
The businessof the Sub-Treasuy to-day %vas—Receipts,
$7,485,206. 54; Balance, $102,257,303 65 ; Gold Notes,
$373,000.
$i,732,958 84 ; for Customs,
The following is a comparative statement of the condi-
tion of banks in New York city, for weeks ending May 5
and May 12 :
May 5. May. qil,7 Inc.
Loans $252,974,134 $257,G31,
Inc. $3,647183
Specie 10,914,997 13,970,402 -13,9,?),400
Cir • culation 25,415, ,<7 ' 24,693,259 Dec.-ue , '
12,418
i i 9 50
- 'O3 217,552,853 Inc. , ,5
Deposits 210,3‘ 3,a
40 659 Inc. 3,836,210
Legal tenders 81,204,447 83,0 , .

The Pacific Mail Steamship Company has made a call of
$5O per share upon its scrip stock, payable on or before
August 1, but interest at 7 per cent. will be charged on all
payments delayed beyond Juno 1.
The railroad running from St. Louis to Springfield was
sold on the 13th inst. to Gen. John C. Freemont for
$1,300,000. Seventy-seven miles of this road have already
been completed. Its owners claim it will be worth
$12,000,000 when completed. Four or five millions will
be necessary to finish it. It passes through the heart of
the agricultural and mineral lands of the State of Mis-
souri, and the celebrated Granby lead mines in Newton
County are a part of its "realty." This line is intended to
be a part of the route provided for in the Southern Pacific
Railroad in the Senate Bill, reported by Senator Brown, of
Missouri. Freemont obligates himself to finish it within
four years of the purchase.

The editor of Thompson's Bank-note Reporter says :
During a period of 100 years, from 1750 to 1850, the
average annual product of precious metals (gold and silver)
for the whole world, was certainly short of $40,000,000.
It is fair to estimate that three-fourths of this passed into
manufrctured articles and the arts, leaving something less
than ten millions of dollars per annum increase to the
specie money of the world. After making a fair allowance
for lost money and abrasion, the amount of precious metals
that was added to the money of the world during the one
hundred years was probably not over $750,000,000.
From 1850 to the present time, only 15 years, the pro-
duct of the precious metals has been on an average
$120,000,000. Allowing that fifty millions per annum
have passed into manufactured articles and the arts, it
leaves an aggregate of hard money increase, in the 15
years, of more than $1,000,000,000.

The time occupied in transmission from place to place
and from country, to country has been diminished more
than one-half during the past 50 years. This diminishes
the amount of money necessary to carry on a business, as
it is so much the oftener repeated in its action.
The science of Exchange and letters of credit has been
brought to such practical perfection that the real money
is wanted for only occasional balances.
The system of a secured paper currency, like the issues
of the Bank of England (based on its investment in Con-
sols), and our national currency (based on Government
bonds deposited with the U. 3. Treasurer), is a powerful
element in the augmentation or expansion of money. Ten
dollars of this secured money to only $1 of specie is easier
and safer managed than were three to one of the old State
Bank currency.
Drawing our conclusions from these facts, we say the
hard money of the world has doubled in 15 years; inven-
tions and science have doubled its efficacy in 50 years ;
double the amount of paper currency can be issued on a
given amount of specie.

The logical and mathematical ded•ictiotrz are, that prices
of everything that money buys, excel, interest-bearing
obligations, should be about quadruple the prices paid dur-
ing the first half of this century.

The conviction left on our mind is that this country can
drift to a specie basis in three years without contracting
the currency at all, and that, in the meantime, the largest
half of our debt can be consolidated into a long five per
cent. stock, and that, during the succeeding five years, the
balance, or at least all that matures, can be consolidated
into a four per cent. stock.
The success of a new process for separating gold has
been worked for some time past on the Mariposa estate,
California, and the results are said to be so astonishing as
to warrant the statement that four times the usual amount
of gold will be extracted by this process.

(From E. F. Satterthwaite and Co.'s Weekly Circular,
May 30.)

Our advices from New York to the 13th inst. by the
"Scotia" report a good market for Government Securi-
ties, especially for the 7-30 or Currency Bonds. More dis-
position was also shown to invest in Railroad Securities,
and, although no important advance was established, the
aspect of the market was decidedly more buoyant than for
somo time past. This was much helped by the easy state
of the money market, large balances being employed at
even 4 or 5 per cent.

Via " Qtieenstowu " we have received the following
quotations, being to the 19th May :

United States 5-20's • 101 - Erie, Common
Illinois Centrals 120§ I Gold l3Ol

The following is the return of the New York Banks :

Discounts. Specie. Circulation. Deposits.
May 5, 253,94,134 10,914,997 25,415,677 210,33,303
May 12, 257,621,317 13,970,402 24,693,250 217,552,853

TRAFFIC RETURNS FOR APRIL.
Miles open. 1866. 1865. Decrease.
Atlan. and (It. 'iVest 507... 388,480.... 399,8 8 70— 10,390
Erie 797...1,153,'195.!1,538,314...385,019
Illinois Central 706... 406,773... 490,939... 84,166
Pittsburgh, Ft. Wayne,
and Chicago 468... 606,078... 733,866...127,788
* Both including Buffalo Division.