The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-08-15
FmAHc1AL AND COMMERCIAL.

SUNDAY, August l4-6P M
1t has been stated that the Loados Of
the Erie Rsiread Company have not directly given at
nation that the bonds Of tbs compsay held ia hypothe
cation, should be Immediately redeem ID bat in what
does ta disagree With tho statement
nAsuuch the boads net negotiable the holders
look to the pany for early settlement 1t il
not the Eio Railroad Company alone, which has large
amounts Of bonds hypothecatoa The by call loana
to this company do not exceed q SOC 0cO while ths
gregste Of bonds lying In London which draft
BET made. Is $50 600 O00 the demand for money
shoud increase, which tho best London authorities think
inevitable with without war; the rate OF money, in
London they state could not be loss than Eve per cent
Thus have every to Apprehend that tho bonds
to which have referred will DO returned 10 this
Try for SALE Coupling with this state o. facts have
the pros pectvs probability that the money to be thus
will BE- ordered homo in the shape Of specie
meet the extraordinary depletion Of the Bank of England
which everJ successive arrival gives notice Of.
1t Ia raid that the contraction which the banks ara
malirg has kept down exchange but il ID equally
that By doing they have given check to the general
expectation Of tbs country and thus while specie is
temporarily retained almost ceasng to BE- article Of
through these artificial means our imports
incHeasng to alarming extent To practical mer
chaLs the pros poet presents of cul
tes they we'll that In tho absence Of the
expectation Of the produce Of the country there
exchange, except such Is drawn the RESPONSE
bi iy and edit Of bankers This Is OF course source
of accommodation In its nature very limited and
only be temporary to be made good b. In
specie The contraction Is beyond doubt necessary Aad
bcpe timely but II also shows to what extraya-
gait extent the banks must have been expanded have
produced distress through the whole country. Ths
tire trade and financial operations virtually sus
pended.
If vii, reflect for . moment cannot fail to como
to the conclusion that buying forega goods
expanded paper currency, while selling pro-
duce abroad limited specis bssis The spece ounda
ton OF our tculA ion dos not exceed to twenty
while that of England Il equalt5-dolar for dol
taxpayer beil used merely convenience, and not
inherent of value. Tit not for this
irregular shorteghted scheme Of fnanc sring, the bs
lance Of trade would draw precious metals to Us
instead Of . constant forced export 70 Europe.
But to come back to the $50. o. 0 00O OF loans
resting in London the hypotnecaon Of railroad bonds
thin justified in tbs conclusion that mus.
Ard that speedily, have to encounter the withero
effects Of return Of the b1nds market-A result
certain and inevitable shouid the price cause, is
feared the mpor aton from the continent Of unusually
large amounts Il grain,
The stock market rallied Saturday by the purchases
OF eser sve operators for delivery and again reacted
this esaes for further fall in tbs market These specu
stise movements based tbs continual contraction
Of the moLey market and the belief that the future in
Formation from Europe viii prove Of wa-ke character
The expectation Of specie last week not 20 large
usual when two European steamers leave. We annex
the shipp ents:-