The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-01-17
MONEY MAKKET.
Sunday, Jan. 1876 p. M.

MONEY MARKET.
Sunday, Jan. 1916 r. M.
The stock market, during the past week, has been
exceedingly quist Prices remain about the same 90
those current tho week previous, and we
thing in the perspective calculated to elevate or de-
press prices to any extent The shipments Of specie do
not abate, but the drain steadily continues and the
amount taken from this city, within the past weeks
averages nearly hundred thousand dollars per day.
At this rate is very easy to calculate how soon our
banks will be upon the verge of suspension, and
at present probability of the foreign demand for
precious metals cessng In view Of these facts it is
not difficult to tell what will be the state Of the money
market and the state Of prices for stocks Of all kinds
for some time to come. There is no doubt, In the
minds Of all acquainted with financial and commercial
AFFAIRS but that the present Is unnatural state Of
things that every thing connected with trade and
mercs is deranged; and no one can tell where these
difficulties. are to end. II the drain Of specie was
merely to satisfy foreign demsnd growing out
Of the operations Of trade, there would be no cause
for alarm apprehension, the evil would work
out It's own remedy. We should, in that case
DO more benefited by transfer of the spsce from
the vaults of banks to those of the Bank Of England
by the improvement In the value Of our principal stapls
products in the markets of Great Britain and tbs ship
ments of specie would be rather beneficial than other
wise But the drain of specie Is not confined to that
demand alone; dan demand exists and as
is in way connected with commercial matters It is
not subject to the laws Of trade and Is therefore, be-
yond the control of the commercial classes We aude
to the demand growing out of the expenditures
OF the war; and the unlimited extent Of the drain
from that source We know not where these de-
lnands will stop II Ia at present likely to continue
for years, and unless something is done to stop
the drain Of specie by degrees We shall soon find
o sudden stoppage put to 1t by . suspension OF the
banks, at time when the government least expects
it, is prepared for it. It would not be good policy for
the to wait until the banks refused to pay
specie sny longer before make such changes In It's
1nsncal policy circumstances already point out Is
necessary may in that event be compelled to adopt
such which 1t might avoid fthe difficulty were
boldly met In the earlier stages. The government is all
powerful and in ordinary times its financial policy
guates the of the banks in every section Of
the country and establishes the value Of the currsncy
but the government is after ALL In the power OF the
banks far rs the movements of specie concerned
What would the government do for specie-what would
be the Of the specie clause in the independent trea
FURY aos-in the event of the banks throughout the
country suspending specie paymsnts The government
could neither collect its dues make its expenditures
in gold and silver and such notifications would have to
be made in the treasury act would meet the exigen
cies of the time Should suspension of specie pay
msnts be forced upon the banks there would be very
little movement in the precious metals held by the
banks and something not done at by the 60
vernment, the wheels Of commerce would to
volve and should be in the midst Of curious times
All this is by means improbable the times
tsioy pointing to such state Of things and would be
well 10 prepare for any emergency.
With all these things weighing upon the market
prices be otherwise than depressed
Although quotations range several per below points
they hsve reached a. any time within the past two years
and Of the stocks in the list selling much
below their real value there Is yet margin for fur
Their decline under the circumstances connected with
financial matters The most able nnancers have failed
in finding remedy for this state Of things and they
deem it most prudent to stand aloof and place them
selves Ia q position to look calmly upon the changes
which few months must produce. Securities of every
kind from treasury notes down to Morris Canal must
fall until the turning point is rsaohsd but whether
action will be produced by cessation Of the demand for
specie, by suspension Of specie payments is yet
matter Of much doubt and uncertainty The prospect
at present. is decidedly in favor Of suspension and
such event may be ut hand than is generally
imagined No one knows how much specie there il in
tie vaults the banks Of this city since the quar-
tery report four and half millions OF dollars in specie
have been shipped from this port being than
half the total amount they held the LIST Of Novsm
Der last aud If much should 60, within the next
two months and half, there would be considerable
shaking among the empty boxes In the stone palaces Of
Wall street.
We annex table exhibiting the quotations for stocks
In this market for each day Of the past week and 1T the
CLOSE Of the week previous. Prices have undergone
variation Of consequence -