The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-02-05
MONEY MARKET.
Friday, Feb. 4-6 II. M.

The stock market opened heavy this morning, and
prices fell of fraction all round There were large
raes of the ancies at the first board Long Island de-
clinsd "a per cent; Canton Z; Farmers Loan =; Nor
ris Canal "a; Erie Railroad Scrip IL Norwich and Wor
cester Illinois Sc, 4; Harlem Y; Pennsylvania So
closed firm at prices current yesterday
At the second board Harlem advanced u per cent;
Farmers Loan Il; and Long Island q.
counterfeit note on the Bank of the State of Mis-
souri, has been detected is of the denomination Of
$2O bad paperthought to be genuine plate of the
old United States Bank Acknowledgements we'll execu
ted-vignette o representation Of tbs United States
Banking Honse in Philadelphia which is not any Of
the notes Of the Missouri Bank.
Sterling exchange is in moderate request, with good
supply. Prime bills offered at OK per cent premium
Bills on Paris we quote at ST AK ST IS Amsterdam
assl 40; Hamburg s5,l a5'4 Bremen TX ais.
appears by the latest report from the Treasury De-
that there in the several dependencies to
the credit of the Secretary Of the Treasury subject
draft but little than ten million of dollars. This
reduces the balance which the Secretary considered Il
necessary to keep hand, about half and leaves
the funds in the Treasury at very low ebb. Various
plans have been proposed for raj ing money to repensh
the Treasury members of Congress and by the Com
mitte of Ways and Means none CT which have, as yet
been adopted, or are even, under the circumstances
considered feasible The Secretary Of the Treasury has
not yet given, officially, his views relative to the best
method Of rsi,ing money; but we have no knowledge
that his opinions have undergone any material altera
ton within the pact year With the present Of
at the command Of the government the issue
Treasury smsr to those issued for the last
would be the least and ths most feasble
but stock loan at six per cent be made at par,
without the slightest difficulty, If che of the
Treasury increased by the levy Of moderate duty
on tea and coffee Without this source of addi
tonal equal to it, the loan in that shape could
not be easily made at par.
There is no very important econ to the large Trea
sury note system but the operation of the Independent
Treasury act will be very much restricted Icing as
these not es in circulation. These notes being
ceivabe for all government dues, annus In greet de-
gree the specie clause Of that act and enables tbs banks
to meet Of the demands for specie to pay into tn"
custom house with these notes During the continuance
Of the 1t may be better policy carry out the nde
pendent Treasury act but partially, particularly when
panic exists in commercial circles and 1t may be that
the government make more favorable loan, by
waving for time the strict construction Of that act
but the administration would In the end find it for the
interest Of the country If it confined itself closely to the
provisions Of that act, and abandoned all attempts
to make its operation more favorable to financial circles,
by issuing Treasury notes of any denomination He'd
it 30 commenced, It could have continued
IL lie q matter of much Importance 10 al engaged In
trade as well as capitalists, when the government
intend Issuing proposals 70: loan, what amount
Of money It wants. and upon what basis 1t intend,
raising It, The disposal Of these questions would
have a very favorable effect upon money
kets we have doubt to such extent would place
the finances of the government in lattsring posi-
tion and enable 1t to make the loan upon much better
terms than appears probable. The government
must have money very soon; the two millions
ir the Treasury with the limited amount OF revenue
coming in, will not last long, 1t is but drop In the
bucket and unless the Golfers repenished they
will be empty The Committee Of Ways and Means
have notbeen backed by Congress in the proposition
introduced to authorize the Secretary to mako per
cent loan at par aud 1t is very doubtful ifhat body will
assume the responsibility in anything of the kind II is
very probable that the Secretary of the Treasury will be
permitted to raise money in any way hs may deem
proper, and Congress will be very glad TO get rid of
the matter in any way. The longer the loan
can be put Off The better the prospect for making 1t
upon favorable terms money markets daily get
ting easier and the rate Of interest lower Commercial
confidence Is becoming and thcre 10 every