The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-08-01
MONEY MARKET.
Friday, July 3I-6 p. MI.

ANeie was SOME acuvity IN the stock market to-day
ana prices improved Harlem went up ~ per cent;
Norwich Worcester Nj Reading "; Farmers Loan "
At the second board prices improved fraction. with
very moderate saes. There appears to be movement
going on in Harlem which is rapidly initiating the mar
ket price OF that stock has already reached the level
OF Norwich& Worcester and WILL without doubt pass
beyond it. is controlled by small clique Of operators
and we look for smash may suit their pur
poses to let 1t would be well for the outsiders
to watch the market closely and slip as soon as the
turning point has been made 1t is far ahead and at
the rapid rate this stock has advanced during the r.st
week or two, it will soon be reached
There was only moderate demand for foreign ex-
change for remittance by the Boston steamer Prime
oiis on London sold at ~ AK per cent premium but
mere were good bills Offering at per cent premium
we quote bills on Paris $40 81 s7 Amsterdam ssk
Ss's; Hamburg SAX 3a% Bremen tex 7ex
The passage of the ad vaorem tariff bill has created
considerable activity at the custom house. and every
one appears to be in great hurry get their goods
throu'h and into the market The cash entries have
been unusually large We have no doubt but that the
month OF August will be very busy month at the Gus
tom house. in the way ofentres for mporaon and after
that the principal business will be entries for expora
tion' as an immense quantity of foreign merchandise
VIII be exported during the months October and No
vember for the benefit of drawback and reimportaton
under the reduced rate of duty.
The importation of foreign merchandise after the LIST
OF October until the tariff goes into operation will
be extremely limited and only the extent of the actual
ana immediate demand for consumption, and only in
instances where there will be, after the LIST of Decem-
Der, an screased duty The from customs from
this to the LIST of December. will be very small while
the expenditures are going at the rate of several
hundred thousand dollars per day. The ten millions
surplus and the ten millions treasury notes. will
be expended long before that time The expendi-
ture of that amount has already been incurred but
as yet the payments have not been made; when
the drafts come for the money the deposits the credit
of the governmental banks will be swept away very
rapidly We have not yet begun to feel the effect of
the Mexican upon the finances of the government
or the influence upon the money market of the with
drawal OF such large sum from banks II true
that the treasury notes WILL if they pass into general
circulation I'LL the vacuum to certain extent but not
otherwise Atpresent therefore, all is doubt uncer
tanty in relation to financial policy
ceps and expenditures of the are concerned
The Senate have under consider the Indepe
Treasury bill 1t will not pass that body came
the House OF Representatives, and we have impress
sion that the House will not with the Senate in
the amendments proposed in the event of their passing
that body, There appears to be very serious divi-
sion in the democratic ranks in the Senate upon
this question, a division great and important as
that in relation to the tariff The result of this
division will probably be the adoption of more liberal
and less restrictive bill than would under other circum
Stances have been carried through number of very
important alterations and endments have been made
and proposed to this bill it from the lower house.
but as yet it is in very imperfect shape; it would
therefore, be difficult to point its features or to tell
what will be the complexion of the bill when perfected
There has been desperate attempt made by the Chair
man ofhe Financed to attach clause the bill
giving the government unlimited power drafts
In other words authorsng the Treasury department
become department Of issue The object of this is to
iavor in every way at almost any sacrifice by de-
rangemen of currency the favorable operation of the
new tariff act The chairman of this committee knows that
under restricted currency, currency regula
ted upon specie basis the new tariff would
moi produce net revenue Of twenty millions
OF dollars; and it becomes, therefore, in his OPT
non actually necessary that the currency should be in
Mated in some way. II is astonishing what a vast differ
ence name has upon the minds of politicians The idea
ola government bank" is perfectly horrible to modern
democrat, but department Of issue" attached to the
treasury another name and s not therefore, OBJ
jectionabe to the opponents Of the old bank
The proposition made by the chairman of tie Commit
tee on Finance in the Senate to give the Secretary Of
the Treasury unlimited power treasury notes,r
drafts sums Of fifty dollars hundred tw hundred
and fifty, of the trous measures that ever
emanated from the democratic party Of the present day
one that would have damned the wing party at once
had 1t been in power and been guilty Of such an net
The democratic party have just passed new tariff if
that tariff is defective and VIII not under the operation
Of proper regulaed currency, produce sufficient re-
venue let the odium fall where she uld If IL requires
an inflated and deprecated currency stimulate mpor
sons Tor the purpose OF forcing low tariff produce
large revenue, il is proof positive that such tariff
detective and sooner or later must be repealed.
We
duce, &c. at St Louis from January LIST to July lst In
each of the past two years.