The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-02-15
FINANCIAL AND COMMERCIAL,
MONEY MAR X EFT.

SUNDAY, Feb. lLS Pm.
The money market has experience. no change.
The supply is far in excess of tn" ....a IA ~
mites for call or temporary w." --s,,"s.
ceding. Inside the b" -. NM. 90 nsro,,s,.a ..
four ard six rer C. a, ,shs,. .sS ....s r,,s
s'a, .,r ne impression in the best posted fnan-
a, ~ss II that the bulk of our specie exports for
We ~tas6n has betn made, and that we may look for
, steady ircease in The specie reserve of our banks
for the next six months For some time past the
importatons have bese exceedingly limited, while
the experts from IONS and all the Southern ports
have been in exces o those for the corresponding
period the preveas year Our foreign trade is rapid
ly settling dows upon a favorable and satisfactory
basis, and the experience of the past six months has
beyond dorir, been sufficient to prevent dangerous
expansion for Some years The great masscsof this
country are not, and are not likely to be for long
time, in position to consume so extravagantly Of
toreigu Injuries The abundance of money in the
great financial centres is not calculated to give mzch
niyetus To general business and SO long as the &C
commissioned specie goes on in the leading mar
kets the condition of the agricultural interests is not
! likely to improve. The country at large has been
much Impoverished by the contraction of trade. The
enormous reduction in prices for all our staple pro-
ducts, IN advance of general liquidation, has taken
| away from many the means of payment and they
must look to future industry and new production to
| provide the wherewitnai TO close outstanding in
debSedness. The agricultural classes, as general
thing, poor. Their crops were not large enough
last year at the prices current after harvest pay
their debts; and the country merchant has, there
fore, found it difficult to make his usual remi.tances.
There probably is class of claims 10 good in the
long those against farmers and they will uti
matey redeem every cent of their Indebtedness but
it is matter ftime and for that we must wait. Until
old debts are cleared off, no new will be formed
except for actual necessities and this will materially
restrict consumption We cannot therefore, look for
revival of business until after another harvest In
the spring of 1859 the wheels of commerce will,
without doubt, move again with some rapidity; and
hardly until that time we look for much activity
in the money market Speculation in stocks may
in the meantime be carried to very great extent,
and dangerous point of imitation may be reached
but it will be confined to Wall street and its imme-
date vicinity, and will not, we trust, operate in
juriousy upon any great general interest.
The steamship Niagara, at Halifax from Liver
pool, brings three days later news The financial
advices are highly favorable. The Bank of England
has reduced the rate of interest to four per cent
Outside the bank the rates ruled at q a per cent
and on the Stock Exchange the rates ruled at l
per cent. The supply of money so great that it
was with the utmost difficulty that loans could be
made on government securities. The reduction In
the rate by the bank had no effect on stocks in con-
sequence OF the low rates previously ruling outside.
Consols were steady at previous quotations II was
the impression in the financial circles of London that
the present ease in the money market would con-
tnue for long period. The commercial advices
generally satisfactory.
The outward r'ovement of specie from this port
last week was quite limited as will be seen by the
annexed statement