The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-06-26
MONEY MARKET.

sunday, June 25-6 II. NJ.
The Csmptroer's sale of land for will
on Monday morning division 81, Great Lot ., of Har'
denburg Patent Sullivan county.
American gold in demand at per cent premium and
very little be procured at all This is owing to the
culpabe neglect Of the federal government and the mi
guilty ofpsltcians who, while wrangling about Ma
tonal Bank, have utterly neglected to regulate the
currency" presented by the constitution. Thequant-
ty specie in this country sufficient for all its wants.
and constantly increasing through the Industry OF
the people, and yet it is in form which renders it utterly
useless for currency, There in the city bankshere
$ls 900 in specie foreign money, and yet person
travelling cannot pick up $500 of national CON- He can
take foreign gold. because the people areunscquanted
with it, The specie in the banks is of than
for currency because Congress has neglected
to provide the of coming it. There is mint be
in Philadelphia but costs to per cent in trans
portaton and delay, to have money coined Who is to
lose that money To coin the foreign money now in this
city would cost $6sOOO whereas if the mint in this
city would cost nothing and national currency would
make its appearance This want OF mint is one OF tn
most powerful agents in forcing paper into circulation in
stead of gold. If starts for the West to buy pro-
duce he applies for American gold and cannot get it. for.
egn gold will not pass and he forced to take paper
ifhe will have gold he take it to Philadelphia and
stay there until it is csined ceremony destructive Of all
business All this forms powerful Support to banking,
because prevents the circulation of the uniform cur
rency" the constitution time that affords
knaves argum ent in favor Of a swndling bank.
The abundance Of money,s hourly becoming greater
with little prospect Of enhanced demand for bust
purposes equal to the increase Of funds seeking in
vestment Money is so low in price that il can be
obtained good security at rates before equaed
the proxmo will be poured into the market
$l2 in dividends treasury notes. redemptions, sc
All this money will be added to the amount seeking
employment. The Treasury notes ore held to q very
large amount by banks of this State. Over S3000000
reported in the Bank Commissioners returns in JAN
uary held in this city-since which time the
amount has been largely increased On the LIST OF May
the Bank Of Commerce held S5ooOOO All the banks
in the hold and the banks in neigh
boring nearly the balance These notes are 10 be
raid off in money aud the funds to be reinvested The
government Eve per cent stock is by no means the
most favorable investment at q premium. New York
banks which hold large proportion fhese six per cent
Treasury notes. they choose TO invest the proceeds in
stock will prefer the five per cents of their State at
discount rather than the government 6ves at FIVE per
cent difference. Tennessee and Kentucky skies can be
had under par. and sound any in the Union.
Many other stocks offer advantageous terms OF in
vesment Hence il is by means certain. even If the
prevailing belethat the loan taken abroad should
be disappointed that the stock will be taken
here In fact the nations character Of the stock and its
high credit abroad makes 1t valuable elsewhere
than here With the capitalists OF the West Indies it
stands high and is attracting capital from that quarter
After the LIST proxmo then many millions ofmoRey will DO
forced into channels Of nvertment end good West
stocks must into request The Ohio loan going
to that will spread large amount of money among
its citizens and give frmer basis to the whole debt by
imparting an impulse TO its agricultural wealth The
Illinois loan for nearly similar amount will complete the
great national work Of that State and throw sl6ooooo
among the farmers forming much capital wherewith to
stimulate their industry in feeding the canal with freight,
and accelerate the quantity of money be drawn from
Europe in future times There be very little doubt
Of the of the Illinois loan-in fact the law
had allowed ofsubscripon from the Improvement bonds
well the canal bonds it would long since have been
taken it is, nearly all the canal bonds here have been
subscribed at the American Exshange Bank where the
books open. The substance Of the agreement signed
subscribing bonds is the effect that the subscribers
agree to- and with the Governor to pay the specified
amount to the board Of Trustees such times and places
he may direct in New York city, after notice oil 30
days. condition that the whole amount Of 81 100000 IL
subscribed 10 he reimbursed principal and sir per cent
interest in the city OF New York, in United States cur
rency These terms been subscribed to by holders
of $780, 900 of bonds here The remainder oil the OUT
landing canal debt is nearly all held in Lohooh
whthers Commissioners have gone to complete
the loan. The holders Of the bonds are large capitalists
intimately acquainted with the affairs OF the ohneu
states and whose confidence In the ultimate payment OF
the debts has remained mistaken through all the vic
tades OF the past The security for the loan given
nv the law is undoubted and opens the way 80 clearly
to the accomplishment of the object for which the old
et wss created and consequently to the re'mourse-
ment Of that debt that there alternative but to
,ake the new loan. This will add si,oooooo to the
amount to be drawn from Europe to pass through this
city, and form the circulating medium Of Illinois, large
ctot uxpill SO 20 md
the enhancement Of prices OF American produce in Eng
land under the effect the abundance Of money there
will still further swell the amount due this country
The proceeds of produce will be the property of the
south and west being the returns for their industry and