The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-06-28

k-anee 40 90 ................ l,oIo,ogo ~
Paid on dabrrsing checks 80 587 OF
Tie payments include AT 900 on ali!ornia drafts
and the receipts include 100000 from the West.
For some days pas. there has besa considerable
speculation among certain cques of inauciers rela
tive to the probable esc. Of the high premium paid
and demanded for New York State stocks, upon ths
banking Interest of this State. II is well mo IN
that but for the demand likely to exist for the stock
ust issued by the State, TO displaee the old canal
revenue ce ticates, for the purpose Of banking,
thing like the premium paid would have been rsa.
hzed by the State Treasury. II was in anticipation
OF such demand Ihat certain parties, through their
broker, put in high bids and secured the loan. II
was certainly fortunate coincidence that their
bids f,r the whole loan were just exactly at rates
required to secure it. Had the bids put In by other
parties been before them, the J er cent and ffao
tiors per cent could not have bsen more nicely
adjusted. This Of course must be attributed to su-
peIior financial skin and foresight and their SUCCESS
mo more thsn the possession Of such tact and
tslent deserve. The parties who obtained thsse
loans hold q large amount of securities which
oher parties engaged in banking require to fll
the vacuum created by the withdrawal Of about
three millions OF canal revenue certificates. We
have here both the seller and TIE buye and II now
becomes Necessary to adjust prices 50 as not to inter-
pt tia present banking operations Of the State. It
not, however, imperatively necessary thai the pre-
sent volume Of psper currency should be continued
Holders OF tie rev loan cannot compel bankers to
take certificates at any price they may FIX for there
ia an alternative, and the probability is thai the al
tentative win be adopted. Bankers holding canal
revenue certificates will doubtless return to the
Banking Department currency to the proper amount,
withdraw their securities apd present them for pay
ment at the State treasury. It certainly would be
wiser to do that than to pay twenty per cent pre-.
MUM on State bond, to use a. basis for Circu.
latisg notes. The community at large certainly
cannot object to cur.aiment of the paper curren-
cy, and We consider it blessing that the fnsnciers
controlling the new loan are likely to force upon
. bankers contraction, by Withholding the required
securities, which otherwise might not have been
realizsd. Banking in this State, at such cost,
must be losing business. Free banking laws in
other States hold ont greater inducements, and
the probability 10 thai banking capital will
be transferred from New York 10 Indiana
or Illinois, and currency be provided in those States
fer circulation in this ion to the partial exclu
sion OF our local issues. II would be much bet
ter If tsese extrayagant rates for public securities
ness puri uits, SO that the paper currency Of the
country could be reduced to proper limits. State
stocks merely form basis for circulation; they do
not furnish actual capital for legitimate bankiDy !.
They are used for NO other purpose than to flood
the country with paper promises to pay, which
eive to deprecate the currency, initiate prices be-
You'd proper limit and send all our gold to Ed
rope to pay for art,es Of luxury, most Of which we
would be much better of without It would be ad-
ysptageous to the public to have such State stocks
as the laws require for the basis Of bank crcula-
ton, selling as high as ono hundred per cent pre-
MUM, 30 a. TO put II entirely out OF the pow
er Of banking fnanciers 10 make tho issuing
OF paper notes profitable. II the holders
Of the new State bonds only adhere to the price do
handed, We shall without doubs have an important
reduction 10 our paper currency, bus We have fears
as to their ability to hold. Toe bids we're doubtless
entirely on speculation and Il they cannot wait the
movements Of the banking interest, lower prices
must be submitted to. This would be unfortunate,
for such shrewd and liberal fnanciers should be re-
| wsrded. II they have paid the State high pre-
MUM higher than was paid before-it Is no more
than ght that the BANKERS requiring 50 h securi
| ty should take it of their hands. When the Legs
lasue of the State restricted the class Of sccurte
to be received for ban king purposes II
| knew that it would tend to tho advance o. Stase
stocks, ard materially ali the treasury In the nego-
| tiation Of new loans.
The warrants entered at the Treasury Depart
ment, Washington, ON the 18th inst, were as fol-
lows:-
For the Treasury Department. ~ %
W Ear Ss,ssnts r...,sa and ss 81
War repay warrants reserved and entered. 5000 SO
Fer the Interior Department. S,bS2 10
The semi. annual coupons of the City OF Columbus
(Ga bonds due lss prox., will be paid at the Com.
mercisl Exchange Bank, In this city.
Stock Exchange.
WEDNESDAY, June "a, 1865.
$4,000 6's ,6S en- 40 30 abs NY RR. b30 l01 Y
a a,n E-ia kQK