The Sun.
London, England, 1868-06-30 00:00:00

310NEY AND BUSINESS.

(From the Springfield Republican.) •
FRIDAY EVENING, June 12.
The money market meets no change except a greater
accumulation of funds, greater ease, and a general reduc-
tion of rates of interest. The remittances to New York

'roam the country banks still continue large, and the

balances in the city bank vaults are steadily increasing.
Loans are readily obtained at New York at 3 to 4 per cent.
on call, and on Government security at a slightly lower

rate, while at B.)ston the current terms are about 1 per
cent. higher. The statement of the Now York banks
shows, with their paper accumulations, a large decrease of
specie, and in times of a stringent market and active busi-
ness the deficiency might create some uneasiness among
the ti•uid capitalists, but, in the present condition of

ings, specie is of no more value than so much mlrchan-

dise of any other sort, and if it is not hoarded and idle in
the banks the chances are that it is doing its proper ser-

vice in the commercial exchange of the country. The
financial doctors who are forever reprimanding Secretary
11.‘OuHoch, because he does not empty the Government

Treasury of its last dollar in hard money, will certainly
not complain to see the banks undergoing the process
which they advocate for the G3verament. It is sail that

Government has it in its power to strong, hen the money
market by freely selling gold or bonds, but it is not
likely to adopt this course. Its currency balance is already
unexpectedly large, from the receipts of the annual income

tax in May, and from the fact that the army disburse-
ments last month were $12,000,000 less than ware antici-

pated. Thera is no probability that any natural demand
for money will produce any stringency for smite time to
come ; not until the harvest is gathered, and the crops be-
gin to coma to market. The wool crop will soon come
forward for disposition, bat all the money that will ba re-
quired for its movement will make but slight difference

with the amount which now overburdens the market. At
the West the same stagnation rules as at the East, and it
seems not unlikely that Chicago, Milwaukee, Cincinnati,
and the other grain markets of the West, might almost
supply their own needs for the coining harvest.

iioVernment securities declined a little in London,
Wednesday, and the pricy at,New York fell off slightly
in consequence, but the demand is still strong, and
the business largo. The steadiness and uniformity
with which the market holds its own is considered a
good sign, and shows a strong under tone of confi-
dence in the securities, which will probably send

them up again as soon as the market manifests any acti-
vity. A large" speculative demand is already deireloping,
in anticipation of the payment of the July dividends, when
'he disbursements will amount to over $40,000,0110, and
the Government Bonds will be greater favourites than
ever. Only a small portion of this immense amount is
due in Europe ; and the only profitable and reliable invest-
ment at home seems to ba the Government Bonds. The
supply will be thou exhausted, and the only ones to be
procured, to satisfy the demand, will b 3 thos3 already.
upon the market, and the competition and the premium
will undoubtedly prove altogether unprecedented. The
security and convenience of the Government Bonds as a
permanent investment are altogether unsurpassed; and
those who hold the most of them will be the most fortu-
nate, whether they buy to sell again or to keep. Seven-
thirties are still chanced into 5-20's, as fast as possible,
by the United States Treasury ; but its printers are al-
ready about $3,030,000 behind in its deliveries of 1867
bonds, ou account of the rush of Seven-thirties before the
Ist of June, and it is not probable that any more deli-
veries of 67's will be made for at least a fortnight. Mean-
while the bonds of 1838 are in preparation and will be

ready for exchange, it is promised, by the 15th of this
month. The time for the exchange of all Seven-thirties
expires with the maturity of the issue of the last series,
July 15, 1863, and after that time the Government will

redeem them for their face value, and nothing more, un-
less it should extend the time thirty days for the

stragglers, which is quite probable. The debt statement
for June shows an increase in its total amount during May

of $9,717,059, owing to tho largo payments of interest and
the heavy isiues of bands to the Pacific Railroad coin-

panics. The coin balance in the Troas iry decre.a3ed
$16,681,098, and the currency iucraas3d W 1,101,983. The

decline in Seven-thirties during the month of May was

$58,003,030, and tha gold int3rest-bearing dab: increased
$57,119,550. The aggregate arn mat of debt, oa the first

thy of June, deducting th 3 coin and currency in the Trea-
sury, was $2,510,245,886. The drafts upon the Govern-
ment for the next two months will bo•very heavy, includ-
ing the paymAnt of the July interest, and no reduction of
the debt is expected.
Tha export of gold this week has been considerably

less than last, but the price has not materially changed.
On Wednesday the shipments were $972,000, making
about a million since Monday, to which $531,000 was
added, Thursday. The closing price, Thursday, was 140.
The Treasury of the United States paid out $69,000 in in-
terest of tho public debt on that day, but neither its dis-
bursements nor the recoipts from California, which have
been about a million for the week, are sufficient for the de-
mand for export and customs. The imports at New York
are very large, and the amount of gold daily paid at the
Custom House is a serious draft on the supply ahead, and

is almost the only element which keeps the market from
utter stagnation.. There will bo no difficulty, however,
after the first of July in furnishing the revonus officers and
all the speculators with any amount of specie which they
may wish. Basides the disbursements of Governmsnt
coin interest which will commeucs on that day, the

various railroad, steamship, and manufac uring companies'
half-yearly dividends will be payable at that time, and it is
estimated that the ageregate amount which will be thrown
upon the market will he over $73,000,000. The larger part of
this will be in coin, and will tend to depress the price of
gold, while it is upon the market. This is of little import-
ance, and the price of gold of less interest. The chief
consequence of the disbursement is the effect which it will
have on the Government Securities, and appreciation
which it will immediately cause in their market value.,
That the result will be of this character, and decided and
universal, there can be no doubt. A bill providing for a
uniform coinage of gold and silver among all the nations
was introduced into the Senate, on Tuesday, by Mr. Sher-
man, of Ohio, who does not seem to have very good suc-
cess with his financial schemes this season, and which he_
will allow to lie over until the December session. Tho bill
provides in detail for the weight of coin of gold and silver,
and if it beomes a law will take effect on the first of Jan.,
1869. There would be decided advantage to the com-
merce and exchange between the nations should a stan-
dard and uniform circulating medium be introduced, but
so long as our Legal Tender Act remains in full force, its
effect would probably be to stimulate the export of coin.
This slight disadvantage, 'however, should not prevent
our Government from taking its share in the great and
important movement which will advantage and facilitate
the commerce of the whole world.
The Jerome Park Races, which have been struggling
with most unpropitious weather, have diminished the at-
tendance and the interest of the New York speculators in
their usual haunts, and the stock market has been rather
deserted and decidedly dull. The standard and leading
railroad shares, however, maintain a good degree of
strength, and the Juno business, with its first run of sum—
mer travel, is opening with remarkable promise. New
York Central developed an unexpected strength, Wednes-
day, advancing nearly 1j per cent., and it is rumoured
that arrangements are in progress which will force the
price to very high figures, and that the Erie will share is
the advance. The two roads, which were lately at swords'
points, and the rival bands of directors, which were lately
standing with their hands on mile other's throats, and
the strong hand of the law on both, have quietly laid aside
all their little unpleasantness, and everything is extremely
lovely between them. The reduced rates have been re-
stored to their original attitude, and the prospect for
anotherhonntiful harvest from patrons seems excellent.
An occasional Port Jervis disaster—only one this week—
disturbs the equanimity of the Erie managers, and they
are pushing as rapidly as possible the proces s of steeling the
rails of their treacherous and perilous real. After their
great theft of funds and flight to Jersey City, any-
thing in the Dick Turpiu line becomes perfectly
easy to them. The great railroad war of the West,
of the Chicago, and North-Western against the Chicago,
Rock Island andyacific, is also ended, and the price of the
latter's stock is rapidly advancing in the market. Presi-
dent John F. Tracy still holds command of the situation ;
and his extension of the line to Omaha is going forward
at the rate of half-a-mile per day. The road will imme-
diately step into powerful and successful competition for
the through traffic, by any of the Pacific railroads, to "all
points west" and beyond, and will become one of the most
important of all the main lines radiating from Chicago.
A weak injunction or two has been obtained at New York,
simply for speculative purposes, on the further progress of
the road, but they will be disregarded, and the progress of
the enterprise unimpeded. Pacific Mail Steamship Cone-
pany's stock continues dull, and but very little is doing, in
it. The company hold steadily to their policy of exter-
minating the opposition ; but the opposition dies hard,
and it wouldn't be surprising if it didn't die at all. The
Pacific is the older and stronger corporation, awl can stand
the strain the longer; but difficulties of this sort are not
usually s -ttled in that way. Consolidation, purchase, or
surrender is cheaper, awl, in the end, more satisfactory.
Border State Bowls, particularly those of Missouri, are in
good demand at high prices, except those of Virginia,
which, under the -postponement of the payment of the
July interest, have declined 5 or 6 per cent.
The spring business is dry goods, which the late and
backward season protracted to unusual length, is about
ended, and the transactions before the fall trade comes on
will necessarily be limited. The interval will be at least
two months, but trade in the meantime will be moderately
Active in preparation for the fall. Merchants and business
men generally are looking forward to autumn with a good
deal of confidence.; the crops of all kinds promise well,
end, as a consequence, a sound and reliable basis for trade
is indicated. The flour and wheat markets at Now York
and Albany have been dull during the week, and the
transactions have been only front hand to mouth; sufficient
to satisfy the immediate needs of the purchasers, mostly
for the local trade. At the Cambridge and Brighton cattle
markets all kinds of meats and stock, beef, mutton, pork,
and poultry, are lower, and the supply is in excess of the
demand. The cotton markets and mills are not active,