The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-05-10

gree OF attention. To come quarters dsposton ID shS xn
wepsie against .he contingency OF an advance 10 INC
faits OF discount The money dealers avail themselves or
Ms M prs hepei5p ~ deGlaDd somewhat qAhaocaJ /,
especially for paper having more than two months ., '
e ksa favorauro .s-----. - oauk accounts has not
s m 81 nys seeSs bs sse
CmG sd Banking -essrs Of
Week endiBg bultssa. Totss aed cola.
Aweh 16.............. .9l9 92a782 GA ,o66 AT
March 23............... 1ys64,535 l4,O07 $3.50
March 30................ 1963047O l3,ll7,26O
April e.................. ls95047S II e33, ais
April l3................. lS,686,b3 n.2o6,4S4
Facts patent to every body indicate the probability Of
steady oemand for money In the first place. governments
are committed TO large remances Of bullion 10 lnda IN
dspenGeDty Of the usual shipments 90 mercantile 40.
ount The Secretary Of State for India bias sens Out
during the last four weeks about million aud three quar-
fs sarhpR IN silver and has promised 10 SEND ID addl-
tsD another million and quarter Silver we have none,
hey ond what is Teoured for our pur poses We
therefore the needfa supply abroad and any con
Of the must rected oy
pay mems In gold Hence, chiefly the recent flow OF gold
from the bank. The next important element Is the de-
nand connection with the nalAn loan Of seven millions
In far the effect upon The money MARKET
concerned this loan s only worthy OF attention
the current OF the precious metals The Indian
Isses loan Of 1000 000t In En2 and,
81 COL. Of amount away in silver, and reserves
ht say, the remaining 1000 O0Ol for expenditure at
home. IL obvious that The arst portion OF the liability
10 alone invested with al and IN more than
sse hall of the bullion mtance at present contem-
plated bas already been despatched Il Is difficult be-
Iese sos The slghtest pressure arse Tue extent of
on, commitments in tue shape specie for the Of
the State IN inda outstanding all the certainty at
tscbog t. Indian hnaDce is assuredIy limited TO aei
tate the money market ~ time when the supply OF CAPT
AL B REDUNDANT The portion OF the loan expended
home with merely in o circle. Frsty, it will be de-
POSTED in the bank, which win be very Glad to lend
portion Of IL. should the mercantile community stand In
need Of The accommodation Toe entire amount however,
viii coubties be speedily disbursed by the government
e., WIN return into the ordioary channels.
OF The other demands upon the market much has
not Jet formally iaunehsd. Even ia the event
Of three or four millions Of the stock being
emily t~o and three quarter mlons sterling and who
w@i say that payments 70 this extent, spread over
period OF eight months, disturb the Market
pecjay having regard 10 the very position
relation TO this country Of the Russian exchanges Only
tie diffusion Of the precious metal Turkey Cor the
redenpnon of the paper currency Is already causing
sonsc able Ienx TO this SIDE The came will probably
DO the case with the Russian loan.
Nest important feature Of all; there is remark
able absence of the speculative element In tho
rent trade Of the country. The immense mass Of
fictitious paper, representing bona .fde oonsidera
son, which WAS SGT saost during the year or two
Immediately preceding tho crisis Of 1867 has been cleared
away and It's dlsappearanoe involves that Of the who
were uL foTmy The highest and most eager bidders for
mccoy 70 the prejudice Of the legitimate ader The prices
son The disposition 10 buy waly allow, sugar silk,
and to pleege" it, matter how tho price be
crushed The value most articles Of produce being
thss low, vastly less am punt OF money s required TO
woeh are ssoeS every Ssy Fac savnS O the ea amount
money abso bed In the every day intern trade Of the
counry mnht be enormous.
In many quarters there is lingering impression that
war on the Continent would st once deermne drain Of
70 ana tighten the money market There is however,
good deal OF fAiacy in this superstition Let glance
back Ut period when the circumstances Of the times
were In respects analogous In the years lS4S and
ls49, when had bat recently emerged from . Coz
mefc,al crisis, there was surely s0iciest pooa, and
Revolutionary agitation the Continent yet The average
value Of money in This country oaly about az per
cent In the event OF France add Austria meeting in
armed and prolonged conflict the plains Of
aiy, specie would Of course be required, fur always
euvof In aaft 4.
begerent countries would be destroyed or materially
checked, the result being ceuuteracng influence the
tries gong 20 war could not maze Eogsnd their debtor
and she be not in their debt how capital be attracted
henceg War might stimulate boarding, occasion drain
gold from the banks OF France and Ausris some
what raise the value of money 10 those countries thus a
tectrg to certain extent the exchanges With Eogland
but may safely be predcated tna unless England her.
self stoad take a,tive part In the ste, CONT
mental would not have effect upon our moaey
ket under present circumstances
then, there be no ground for anxiety either ia the
nver DRAIN Ia the commitments for the Indian and Rus
loans IN the posoa Of the general II AIDE Of the couu
|Ny or even in the extreme contingency OF saDguinary
on The Continent what becomes OF the apprehensons
respecting tue future course of the
|keu Al tine when the bullion In the bank still amounts
" eight and half Millions and the idle
eleven and quarter millions, exaggerated degree Of
Importance must not be attached TO variation Of million
swo, arising ON requiring explanation. 10
appreh the market rarely set.
lea or satisfactory appearance than at present It Is,
soubuess within the range possibility that with con
uasnce Of the silver dram and with temporary withhold
OF supplies OF gold from australia the Withdrawals
ii bullion from the bank might induce the directors
consider the proprtty OF raising their minimum
per ceot But, this being the extent of the pros
peoye a'seI alton, what man Of business feel
hesitation at entering into any legitimate transAc
presented hims Ii the difference between 2H and
uree per cent the difference between profit and
Dss, be had better remain idle. What merchants
the safe conduct Of their business is
Die degree of that there will be sudden and
VioeDt changes III the MARKET and ID they
ave After each commercial collapse there Is a
prolonged pause in the Of speculation and easy
money market. For nearly i've years after the crisis Of
SAT the bank ale Of discount did not exceed three per
lent
Err1J, A 4