The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-04-30

Il will DO perceived that there has been an improve.
msnt in the quotations Of many stocks in this list while
others have fallen Of several per cent
Inc huctuations in the quotations for these securi
ties have been caused principally by the contracted
state OF the money market. Within the past month,
money has been very tight and the rate Of interest out
OF the banks has ranged from to one and half psr
cent per month"; for the best busnes paper Offering The
demand for money has been greater than the supply
and the quotations for stocks particularly those Of
fancy nature, have been very much depressed.
Several weeks since, the lower house Of Congress
passed. by very large VOTE the independent treasury
BILL requiring the immediate enforcement OF the specie
clause Upon the announcement of this fact panic
seized the banks and upon stock spscutors and
curtailing commenced in the money market, which
threatened to be more than any experienced fer
long time The banks not only rapidly called In their
stock loans, but refused to discount business paper
to any extent and a. fast payments due them
made, the supply Of money in the market became 70
duced. Considerable embarrassmsnt among the com.
msrcal classes was, therefore, produced, and large
amount OF stocks forced upon the market by thoae
unable to hold to meet the calls from the banks For
several weeks the screws steadily ghtsnsd and
money became very scarce several failures took place
and the worst anticipations were formed q
The in the Senate that the Independent
Treasury Bill would be materially modA Cd in it, specie
provisions 30 far a. the period for enforcement
csrned and that several alsvating measures were In
contemplation, such a. the warshousing bill. (which
would take precedence Of the Treasury billy and the
Enlistment Of Mint In this city, had very favorable
effect upon prices Of fancy stocks. and upon commercial
matters generally but particular eject upon the
money market.
The banks have been compelled 10 contract their
movements by variety Of causes most Of which stil
exist All immediate fears in regard to the Independent
Treasury bill are removed but the banks are afraid to
let out their accumulated funds the face Of the anc
psted demand for foreign exchange The quotations for
prime bills on London range at ten per cent premium
and very extensive demand would carry the rates
close up to specie point There must be large b.
lance against US on foreign trade Of the past
months, which must be hquidstsd In some way. The
scarcity Of money ON the other side, makes more i'm.
Portan that rsmittancss should be uads Immediately
than otherwise would be nscsssary and should q very
large amount DO Immediately required for remittance
We see no possible chance Of preventing large ship
msnt Of specie II 10 anticipated that large shipments Of
specie will be made by the Great Western leaving on the
7h Of May This WILL with the necessity Of maintaining
very limited movement until after the quarterly ~
turns made. keep the money market very tight for
some time We cannot expect any very great improve
msnt IN quotations for stocks presents al events
not until money gets be much less than twelve cent
per annum Under existing circumsancss quotations for
most Of the fancss range full high can expec ted
When money was worth four and I've per cent many Of
the fancy stocks ruled but ten to nsdn par cent above
present prices There IL mot, therefore, improving
margin of moo than fifteen per cent In any stock to be
realized by red lotion in the value Of money of at least
eight per cent or, in other words the rate interest
for money mrs be reduced eight per cent rom twelve
to FOUR before We can expect to rsslzs former hgh
prices for fancy stocks II can hardly be expected that
the banks will to extend their operations in the
face Of the establishment Of the treasury At
no very remote psriod They will hardly dare produce
IN expansion, when 10 generally understood that the
extension contemplated In the enforcement Of the specie
provisions Of the independent treasury vas proposed
simply Tor the purpose Of giving the banks an
opportunity to contract their operations. 90 sradu
ally a. TO prevent any material change In the
msrcisl snairs Of the country, from the change
10 the haancal policy OF the government II 10 In the
power oil the banks to make the operation Of the indie
pendent treasury bill moderate be hardly real
nsd while on the other hand, they have II In their
power to produce, BY ths enforcement Of the specie
clause OF that act commercial rsvusion extensive
and a. runous in its Effects any sxpsrisDcsd within
tne history Of this government BY bringing about the
hrs they not only preserve their existence but
produce much more favorable and healthy state Of
things and By bringing about the latter they not only
seal their ts for they ell would Be dsstroysdbut
sAsy wsuld bring evils uPoa ths country Which would