The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-12-19

gold psrs.. ~, ~, ~
aoia :.,c,,.a s 9os az az
since Jan. = .sS7 SccS 50!
sahe aa.e - ~ sis
The OF specie is in favor the bank average
There has been export since the last average made
up excep. that Of yesterday, which, usual will not A.
feet the statement to be made Tomorrow and Monday
the banks received 81 SOS ,429 from California. Some
small parcels OF coin have gone South In anticipation Of
fall in exchange there but enough to affect banks
The last specie average $685. The Sub Treasu
ny balance does not vary materiaiiy stood yesterday
evening at against $609o040 at the close OF
last week The Sub Treasurer at this point has ceased 10
negotiate Treasury notes. In view Of the call for tenders
for three millions the 9th He could not have dis
posed Of so large an amount at 5 per cent No disturb
ance in the money market win proceed from the negota
tons Of these Treasury notes. the money received
for them will immediately be dsbursed in payment Of the
due postal bills, for which appropriation bill
will probably be passed as soon Congress
organizes. The amount of Treasury notes
aGoat Is between $l4,0o000o and SIS o0o, 900.
The award will still leave the Secretary
from so, 900 900 to So, 900, 600 available from this
source, besides million Of the loan Of 1885, which
in dispute between the Department and Messrs Sweeny
Rttenhouse, FAINT Company, Of Washington, the lat
ter claiming that, under the terms Of the Secretarys
advertisement they entitled to pay the amount AZ
San Francisco the former refusing receive the money
except at Of the treasures depositares in the
Atlantic States
We have taken some pains to ascertain the feeling
among leading merchants with regard the of the
banks in expanding their loans they have been doing
lately The universal opinion is that they pursuing
solely q O for
their stockholders, and not from any pressing wants
the part OF their customers The natural consequence Of
their expansion will be to stimulate excessive importa
ton OF foreign goods next spring II might be supposed
that, after the severe lesson the importers have had
this year, they would become cautious next spring.
But experience proves that the rule works otherwise
The very houses which have sold the goods loss
this year will be the TO import most heavily next
spring. in order, they say to retrieve their losses
None but the most sagacous and far sighted among
merchants resist the temptation OF money offered
them at bank at a low rate Of interest and often sin
gle name Taking a contracted view of trade, closing
their eyes to the unerrng statistics which published
for their guidance, and abusing the press which faithfully
them Of the danger Of the importers of New
York will readily avail themselves Of the facilities oepcd
them at bank and the money would otherwise be
less, will order foreign goods without stint Next year,
when the time comes for remittance gold will flow to
EuTopethrce four millions week. After time this
VIII tell upon the banks and compel them 70 contract
just at the period when the nporierswhom they ured
into excessive purchases abroad-requre the most aid
Those. who desire to know what must be the result
should read the history Of 1857 In the fall OF 1866
and the spring of 1857 the banks expanded freely and
encouraged the importers buy foreign goods
the country needed In the summer OF 1857 when those
goods being paid for the exports Of produce were
4 drau
against gold, and specie shipped until the bank
tell lower than deemed safe. Then the banks
ceased TO discount and sought contract just at the
time when every importer in the country wanted assist
to make his remittnces. The consequence that
in their rage against the banks the merchants combined
TO break them, and some heavy failures taking place
simultaneously, panic arose and a terrible commercial
revuson swept the country. This Is the time to
| turn this Lesson TO good account
Money has not varied much last week. rates were
yesterday about what they the Saturday pre-
vtous. The brokers have more money offered them a
six than they USE and loans on call being made
s5i per cent At bank the offerings moderate, ant
the supply Of desirable short paper limited A
the discount houses first class short acceptance,
go al per cent; good business paper, a 8 months
with two lanes at per cent less known, 1(
~ according to standing, &c. The uneasincss in the
money market reported in Of late weekly re-
views appears TO have subsidized capitalists look for
| an ample supply Of money after the holidays.
Exchange Europe has fallen since last week: the
quotation yesterday was l0ei u for sterling and Is
57 for francs, the leading drawers asking the higher
figures with the usual difference for short sight drafts
these rates specie cannot be shipped Europe The ship
ments which now being made account Of bills
| drawn when exchange ruled u a 4 per cent higher.
Heavy purchases Of cotton bills being made ut the
South by the foreign banking houses this CITY, These
sent 10 Europe to exchange sold here to the
| importers.
Bills on New York have fallen at Chicago In consc-
qneDce OF local canses and also said from the pros
pect Of heavy shipments Of The system Of
tho Illinois banks imparts rregularity the working
the exchanges at that point which somewhat confusing
At New Orleans decline in the price of New York ex
change has yet taken place. but gold already beginning
to low soa,ward In anticipation Of fall The price Of
sight bills on New York at the cities mentioned as fol.
lows, the price being expressed the currency Of the
| cies where the bills are drawn
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| CO., ....'.'.'.'. .s...................h
| Savannah ACKNOWLEDGEMENTS. IL a i.
1 - 10 "a discount.