The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-07-19

Pittsburg. July 49,. . feet inches
cincinnati. .....J July TO-. q feet falling
MONEY MARKET.
Sunday, July 1915 r. M.
The stock market during the past week has been ex-
oeedingy inactive and quotations have been unusually
steady We attribute this principally to the absence of
many o. orators both great and small and to the
duness Of the season Money continues plenty enough
and the banks, notwithstanding the proximity Of the
period for the next quarterly reports continue discount
very literally Nothing wanting but operators and the
cool weather Of September will bring them along in
swsrms The principal subject of Importance now be.
fore the nancisrs of Wall street. Is that relative to the
probable supply Of money during the six months
There appears to be great difference Of opinion among
the stock spectators Of that vicinity upon this question
and we wish to record predictions for future re-
ference.
About four months SINCE when the Bank % England
was 80 much embarrassed In Its movements when every
steamer from Liverpool and every packet from Europe
came freghted with specie in payment for bread
stufs, 1t predicted by several of the shrewdsst
and most experienced hnanciers in Wall street. that
thirty days would not slapse before should expe-
rsnoe depression In the money markets Of this
try, equal to that then In existence In Europe Not
outstanding the odds against this point, We DIFF
fered from them in toto and stated at the time,
much to the surprise of those who took different view
Of things 1t is now clearly to be who right
The present position of things in the financial and
mersial world, compared with what anticipated by
the individuals alluded to above is the best evidence in
the world Of the ncorrecness Of their calculations and
shows how little they actually knew about It, of what
little value all their experience was to them.
Had we been 80 intimately connected with Great Britain
In all our commercial relations in times past had
been largely indebted the other sde the effect Of
Of Europe would have been very different upon own
to what they have been There would have the
first place. those immense shipments specie to the Uni
ted States in the other words had been largely In
debted to Great Britain there would not have been
much difficulty In the money markets Of Europe for
should have given breadstus in liquidation Of
indebtedness, and there would not have been that
movement In specie which the Of the nsn
ciAl embarrassment in England than the high price of
hraadstus The trade between the two countries
States and Great Britainprevous to the first short
harvest in Europe had been much in favor that
when the importation Of breadstus into England from
America commenced, there nothing but gold and
silver to pay for it, and the result large shipments
of bullion.
Those who argued that the embarrassmsnts in the
finances of Europe would produce corresponding embar
rassments In this country governed by the effect
former times when the commercial relations of the
countries were totally differentiation the great reguls
ton Of money matters located in London-whsn the
Bank of England could advance deprsss the price
cotton and every other Important staple Of this country
at will when, In fact the whole fabric ofou commercial
pospertyrested upon the will ofs money corporations
They did not take into consideration the fact that we
become the creditors of the whole world that in
dependent not only Of the Bank Of England but Of all
other banksthatw had become the holders and regu
ator NJ afa fhatw
draining Europe Of large amount of bullion All these
things must have been lost sight Of by these financial
philosophers they would have arrived at different
conclusion relative to financial prospects The time
Is past when the POLITICAL financial and commercial diff
fcuties of Europe will exert that influence upon the
POLITICAL financial and commercial affairs Of this
try they did. We shall hold in our own
hands that immense money power, which has for ages
been conferred in Europe We already hold, and shall
be able to control the great staple upon which the
industry of millions in the old world depends and there
issvery probability Of becoming the granary Of the
world-hodiug and controlling the current price
Of the staff Of life.
1t is impossible to form the vague idea of the
ultimate financial and commercial position Of this coun-
ry With all the wealth Europe possesses destn-
cd to surpss her and in much loss time than many ina
gue would believe shall stand the highest In the
list ocommercia nations Our progress rapid thatt
Is not astonishing that cannot keep with 1t In
calculations the changes great in such short
periods that impossible to draw any inference from
the influence effect Of any movement, at one time
upon things another We must from things
find them Every year in this countryis almost distinct
of ITSELF hat would produce endorsements this
year. would perhaps have contrary effect next Whiewe
are progressing rapidly in wealth and resources
prosperity Is becoming established upon soud solid
and healthy foundation. We have such yAriety Of
interests within limits, that they vii IN few
years support each other placing all indpend ut Of any
foreign aid and comfort All have to do 10 secure
all these blessings Is to maintain sound currency to
keep up to strict specie standard to maintain the
divorce between bank and State to establish local
State banks upon State stock security and place them
under rigid restrictions and all other things will follow
In the natural course, and shall in few years
hibt to the world nation not only prosperous and hap
py with all the elements Of greatness fully developed
what the monarchs Of Europe before dreamed
Of republic In the world, powerful than all
their governments combined.
The annexed table exhibits the quotations In this
market for the principal speculative stocks for each day
Of the past week. and at the close Of the week previous
II will be perceived that prices have been very uniform
QrorArioSs ron THE PRINeHAL sTocxs IN THE New
Sat. Mon: Tus. Wed. T1'v FIJI Sat
Treasury Notes 6s... 1854 1861 ~ log ms