The Sun.
London, England, 1868-08-01 00:00:00

MONEY AND B USIA' ES,.

(From Me Springlichi Republican.)
FRIDAY EVENING, July 17.

Money continues everywhere easy, without any pre-
monitions of a change, or any discoverable reason for it.
The condition of the market at New York amounts to ab-
solute plethora, and even the slight improvement in rates
results as much from speculation engendered by this excess
as from any actual quickening of the demand for legitimate
business purposes. It will probably be found this year
that no such tremendous amount of money is required
to move the crops" from the West, as it has been cus-
tomary to make allowance for. There was always a
great deal of humbug about this cry. Moving the
crops has generally meant not moving them; and cur-
rency has been wanted, not to carry them to market, but
to " carry " them for a rise. Every addition to its volume
has played into the hands of speculators and monopolists,
and has defeated the natural movement of the crops. IG
isn't likely, however, that there will be much grain bought
up to hold over for the next three months, and we shall
probably find the demand from the West very moderate
which, considering that the bulk of grain to be moved is
uncommonly large, ought to be enough to convince any
man that the supposed necessity of a periodical expansion
of the dreading medium to meet the wants of trade is a
perfect delusion.

Gold has risen in a very marked manner during the
week, and though it does not quite hold up to its highest
figures at the close, it has made a very decided advance,
which there is every reason to believe it will make good.
The rise cannot justly be attributed to the manipulations
of the secretary, nor to the completion of the Alaska pur-
chase, but to the heavy and long continued drain of specie
in the past, the export for the year thus far having
been nearly double that of the same period of 1867. The
balance against this country is constantly increasing,
notwithstanding the reduction in the aggregate amount,
of imports. This indebtedness we are paying cff in
specie, which is a legitimate product and export of the
United States, to be sure, but is not so to such an extent,
nor indeed at this time at all. The absolute loss of gold
and silver to the country by export, above receipts, has
boon 30 millions since January 1. This, it must be con-
fessed, does not look much like resuming specie payments.
Cash gold remains easy. Double eagles still continue in
demand for export, and bear a premium of to 3-16 per
cent. Bills on London rule 110: for 60 days and 1101
short sight.
Governments have profited by the rise in gold and by
the discredit attaching to railways from the discovery of
the Broad-street forgeries, and have made a decided ad-
vance during the week, on a large business done. In
London our bonds have not yet recovered from the evil
effects of the domocrati,; denunciations, and remain at their
lowest figures, nearly down to 72, whereas a week ago
they stood above 75 ; but at home the action of the Con-
vention has already ceased to affect the public confidence
in the national credit. The " manifest destiny" of the
democracy leaves no terror in their threats. It Yet re-
mains to bo seen how the funding bill will influence the
premium on the six per cents. AL New York the im-
port duties for the week have been $4,363,244 against
$5,412,576 same week last year. The export clear-
ances of domestic produce, $2,452,598 against $3,075,579.
The export of specie, $3,947,891 against $4,659,935.
Since January 1, 1868, the gold values of import. entries
at New York amount t 0.5131,284,836 against $141,413,565
same period 1867 ; currency value of exports for the same
time, $90,941,760 against $102,352,598. Exports of
specie, $55,378,860 against $30,964,569. Deliveries of
California gold and silver, $23,295,754 against $14,793,540.
Customs receipts, $59,457,862 against $64,118,511. Gold
interest paid, $54,077,367 against $35,993,329.
_

Wall and Broad-streets have hada decidedly unpleasant
panic in those sober and discreet localities. On Friday last
there were rumours that Certificates had been altered, which
grew on Saturday to certainty, and gave the whole line of
stocks "a turn," such as the holders will not soon forgot.
The forgery was not a skilful one, and its success has ex-
posed the weakness of the present safeguards of this species
of property. A few weeks ago a new firm, "C. W. White
and C 0.," put out their shingle on Broad- street. Being mo-
dest, these new comers contented themselves with buying
in very small quantities, mostly Certificates, f)r one, two,
or five shares. This was every way commendable for
young dealers. But what followed does not call for such
unqualified praise. .From over-eagerness to realise largo
and immediate profits, C. W. White and Co., by a judicious
application of lemon juice and the judicious manipulation
of a pen, turned these all into certificates for olio hundred
shares each, cashed them readily, put out a card that their
house was closed "on account of the death of Mr. White,"
who had indeed "gone to a better land," and left inconi,
tinontly for elsewhere, with a hundred and fifty thousand
dollars in gold For a while on the first discovery of this
frauds there was a general stampede in the srreet and at
the boards, an•i immense stocks were sacrificed from fear
that they might be affected, though foolishly enough, since
if so the transfers Would not have helped the sellers a