The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-11-15
MONEY MARKET.
Sunday, Nov. I4-6 p.

poncils ooiu pens repaired
MONEY MARKET.
Sunday, Nov. I4-6P III.
During the past week the stock market has been In
very excited state Prices have been steadily settling
down, and the appearance Of things at the close
very gloomy for holders of fancy stocks The money
market rapidly tightening and the banks are drawing
in their loans stock securities The decline In
Treasury notes to par, will relieve the banks from all
spprehensions to the drain of specie principal
payments into the Custom House. will hereafter be made
In Treasury notes. instead Of specie long Treasury
notes remain at par the banks will be purchasers, for
the purpose of supplying for payments into
the ub-Treasury This decline In these notes, will
reduce the receipts Of the government very materially
as 1t will receive to greater extent than usual its
notes in payment for dues, instead of specie The 60
vernment will the difference between issue Of
Treasury notes Of large denominations and those Of
smaller sums and the receipts into the Treasury will
soon show the limited availability of the former oom
pared with the latter.
The expenditures of the government during the past
year have been nearly fifty millions Of dollars than
the receipts Part this expenditure has
placed In stock and part In Treasury notes of large
denominations and issued from time to time, the 60
vernment required funds The bulk of these notes fell
into the hands Of capitalists who held them fer invest
ment and portion of them found their way into the
custom house In payment for duties So Had these notes
been Issued in smaller amounts bearing merely nomi-
nal rate Of interest the receipts of would
have been principally in its issues but the
penditures have been and will continue to be much
larger than the income, large amount of these notes
would have remained in the hands Of the public, and
served sound and safe circulating medium for all the
purposes oftrade They would have been purchased by
people Of small means who hoard up small sums In gold
and silver for the want of safer end profitable in
vestment The nominal rate of interest these notes
would BEAR would,make them desirable investments,
account of their availability, and the govern.
meat would bring out of their hdrg places millions OF
dollars Of specie, which might as well be In Mex
leo, or at the bottom of the sea- as where it is
People engaged in business prefer the bills of banks
they answer oil their necessary and immediate pur
poses but Thousands and Thousands of the producing
classes, who remotely situated from banks have
confidence in them and turn all their money into gold
sad silver before they pack 1t away In their chests and
old stockings. We want circulating medium to bring
out the immense amount of gold and silver withdrawn
from circulation In this way We have not now in
stance security of the right kindone that people in
every section of the country have the most implicit
dence inthat they will keep in the place of the pre-
cious metals; and nothing would I'LL the better
than Treasury notes of small denominations. We have
doubt but that Congress will take this matter into
consideration, immediately after its organization.
new loan to any amount could be contracted in this
way, without imposing burden upon the Treasury to
extent In the shape Of interest There would be
limit to the amount Of issues of this kind, unless
established by Congress, these notes would
into direct competition with those of banks and
compel those institutions to contract their circulation
large per cent Iwoud force the banks into contrsc
tion Of their operations and keep them within proper
limits, while there would be abundance Of specie
snoat and confidence would become firmly established
Within the past ten months, nearly thirty millions Of
dollars In specie have been imported into the United
States The bulk Of this immense amount has gone into
the hands Of the producing classes who have realised
such high prices for their products. within the past
three years that they rich enough to keep large
portion Of it, This amount has been withdrawn from
the channels Of commerce. and placed where 1t does
any good farther than ensuring those who hold 1t
exchangeable commodity, available at any moment
Whatever would tend to bring this gold and silver
would have very great influence upon prices for all
agricultural productions, and enable to ship large
Of precious metals to England without destroy
ing confidence at home. We in the midst Of revo.
luton in financial asirs which may lead to results
disastrous those realised in England. Unless
thing done to sustain prices in this country to annul
or Offset the effect of the revulsion in Europe, shall
be- In fact the losers by the recent crisis, the
manufacturers of England will make up their
/
c,ttoA dealers by the depreciation in prices
for our breadstu6s II we do not conduct our affairs
with great deal of caution, this country will be the
actual sufferer while Great Britain will in fact be gain
ers by the explosion in her credit system.
This is not the first time that such things have been
successfully carried out The Bank Of England the
pitasts and manufacturers Of Great Britain have
than once before combined to break down prices of
most important staple products and they have succeed
ed but not without sacrificing many of their caes
the ultimate advantage to those having extensive re-
sources being immense compared with the evils caused
in bringing about such result We are not 30 much
in the pewer Of Bank Of England and the large cap
taists of Great Britain times past they have not
80 much influence prices for products as when
depended upon their markets and were less able
to hold ourselves and have doubt butthat with
proper management finances and proper caution
on the part of commercial classes the principal ef
feet of the commercial revusion will be confined to the
country where 1t originated.
| The annexed statement exhibits the quotations for
stocks In this market for each day Of the past week.
at the close of the week previous 1t will be that
prices have steadily settling down throughout the
week
| YoRx MARKET. .
Sat Mon; Tas: Wed Ih'y. FIR. Sat
Treasury Notes .ioo loO% ooh lOok 1905 1905 100
| New fork state o.. % 90, 40 ooH 90 40