The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-07-02

con MRRCIAL APPAIRS.

Sunday, July 10 r. N.
z The stock market yesterday closed heavy and the
tendency Of prices for all the fspcies was downward
Government securities we're BY firmly sus-
tanned and the indications decidedly In favor Of
depreciation In quotations for stocks generally. The
money market continues easy that IL IL dfhcut to
make loans at more than I've per cent interest Bust
paper Of the right Kind Is scarce we doubt II
there has been period within the past years,
vbsn the commercial classes have been more o w
tracted in their operations n limited demand
Cor money existing We doubt II there has been within
the above named period little disposition exhibited
10 engage In any financial mercantile TRANSACTION Of
speculative character aud the policy Of all classes ap-
pesrsts be Of caution aud contraction There has
been great revolution In the system OF doing bust
In this country and In Europe since the great reu
sion Of 1887 In political affairs and the result
not but be Of the most satisfactory nature How long
the present In financial affairs will continue Is
question Of much importance and Of difficult solution
In this country wher. th.r. l. such demand usually,
for capital; where there many public works Ian
gushing for the want u means TO carry them on;
where resources remain to such extent unde.
veoped for the want Of money TO command lsbor-ths
present supply Of capital cannot continue for any
length o. time The plethora Is purely artificial IL s
the result Of the absence % confidence in individual
credit Of apprehension relative to the progress Of the
cholers on Antcipatons OF depreciation In prices fof
principal exporting products In consequence Of the
arrangement In the commercial affairs OF Europe and
Of an accumulation Of capital at this point to guard
against such stringsncy a. was experienced t~o or
three months since So long business remsns In its
present quiet state there will be material change In
the money market; but there must soon be re-
action. The fall trade will soon commence and our
mportations increase Soon after the sent annual in
terest the government debt h paid the deposits will
accumulate In the subressury and the supply Of spe
ole in the banks be reduced The drains made
by banks upon those Ia other parts Of the country
viii be reversed, and they will have TO disgorge The
shipments OF produce 90 this pJut without return
trade Of any importance must soon run up Balance
against us to be lquida,.d by remittsaces Of Specie
We have, for more than three months, been draining
specie all parts Of the interior aud the trade
soon turn against These things will tend to .
stringent money market and the events which usually
accompany such state Of things
Az for the California movement, the actual re-
suits WILL without doubt vary materially from those
which have been almost universally anticipated. Ad.
vices recently received from San Francisco rels-
tive Ia the government ~ that portion OF our
rtory, and the difficulties hAey 10 grow out Of the
incresss Of foreign population w The mining district
are calculated to sirest o. great extent the pro-
duet % gold Independent ~ this u is stated tbs,
the physical labor requid o. pfocate the precious
rspt, ~ hsrs l~it the Aiisniic states viii be sbe T.