New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1859-06-15
The profits on hand amour; to $j36,332 6l.


The present state Of the money market proves the
accuracy of our views expressed several weeks since
The higher rates in Europe, and the free shipments.
Of coin, have at length had their satura effect the
Banks startled by the outgo of specie aud the hreat-
enipg appearance Of monetary affairs in Europe, have
commenced moderate contraction, and confidence
has been somewhat disturbed in the open market, by
several large failures in this city and Boston The
drain upon Bank reserves has been partially made
good by drafts upon the South and West, but the cali
ing in of these balances il our favor has not been
without its effect upon those sections of the country
the West especially feeling the demand al period
when the supply of specie is at best but a scanty
one. Thus, while city Bank returns show no
diminution at al commensurate with the spe-
Gle exports they are kept thus fortified
by the contributors of other parts of the country,
and although We are able in this way to maintain
about the appearance Of strength we are sctu-
ally weakened indirectly in the ratio Of loss suffered
by the contributing portions of the country, although
the effect is not immediate. So long n undergo
material specie less in the whole country the result is
precisely the in its ultimate operations although
temporarily the central point which the figures are
made up gives true indication of the real state OF
things. We have never been disposed to look for
scarcity of money during the present year. whether
from the increased volume OF business or the dis
turbance Of \ Europe; do We anticipate
such result now but the gradual turning Of the
tide 10 higher rates Of interest has been fore
Swallowed TOO clearly TO be dsregarded. Looking
q, the money markets Of Europe according 10 recent
accounts we find that the losses of coin sustained
by the Bank Of England have beeo serious but that
in the contributions of Australia the United S.ates,
and other debtor countries flowing ike water into the
great reservoir a, the commercial center Of the world
the vacuum is beginning TO be filed again and at the
same time the advance in rates Of interest has fer
the time, partly checked the drain 10 the Continent
turning exchanges more in favor OF England by cres-
ting stronger attraction for capital a. home than
abroad This more favorable condition of the
ke in England is likely TO continue for time, 81
large in specie yet in transtu for tha, COUNTRY
from various quarters and the reports how from week
TO week will probably represent greater abundance in
the supply of capital, partial restoration Of coni
derce, and possibly reduction of the bank minimum.
The next phase of the marke, depends greatly upon
the progress character, and extent Of the war.
Nothing spproImatirg 10 settled morey market can
be e,ps c,ed while such gigantic elements of disturb
snce exist in the heart of Europe, threatening the
peace ard prosperity Of every country within the
limits Of their fearful attraction. The utter mpossi
bty of any calculation as to the course, duration,
cult 10 form an idea OF the course OF money ma,ters
the influences, for good or evil, which viii control
them, hrgpg closely upon the ISOLATION Of the rs;