The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-12-20
FINANCIAL AND COMMERCIAL
MONDAY, Dec. 1872. H.
The bank statement Of to-day compares as follows with
s97S,l60 670,3A


uecrease $4a40O
AS was feared, the banks pursuing their usual
course and steady expansion probably extending into
midsummer next must now be expected. Unable TO
sst the temptation Of lending other peoples money and
intent only earning large dividends for their stock
holders city bank presidents steadily pursuing
the which brought about the revuon Of 1857 and
which, unless provdentia accident should reverse
the natural order Of things may prove equally fatal
in 1860 If there was a time when caution
and prudence required in the adminsra-
ton Of our financial institutions 1t s now. None Of
us can tell what may DO the issue Of the
political controversy pending at Washington. There
is far lees buster and less vaporng in the menaces
Of Southern than generally supposed at the North.
The South fighting not only for its rights its indepen
dence and its honor, but for its property There in
the Southern States very nearly % invested
in slsves to say nothing Of sugar and rice plantations
and other properties whose value depends upon the
sence of slave labor must not be supposed that the
owners of all this property will submit 10 well
calculated to destroy impair its value without
struggle would be cheaper for the South TO 90 to
to carry cut dsunion than to lose its slaves and it's pana.
tons The fact should be well pondered at the North,
especially among that class Of moneyed men who live
the delusion that highly respectable Union meetings still
retain their virtue anodynes adapted the Southern
stomach and Who the strength OF rounded resolutions
encourage financial expansion which, in the event of
revolutionary movement would spread general ruin This
is no time for banks TO be lending millions. They
ought the contrary TO be curaing not only
gradual contraction appears TO be the only safeguard
against excessive importation of foreign goods next
spring. but also because the signs of the times should
them to be prepared for any political revolutionary
emergency
The increase Of specie is not quite great ex
pected and proves that the Southwark has fairly
Set in The deposits increasing usual this
Of the year, when money sent to New York from all
parts of the Union for the payment Of dividends inter
est, &c.
The money market is dull to-day, without change Of
rates. More money is offered to the brokers at 6per
cent than they use and there regns prospect that
good short paper win shortly pass below six At present
six the lowest figure fairly quotabe for short prime
accepances, and seven for quality Of business pa
per, four six months, with two good names.
Some Of the foreign bankers put up their rates for
foreign exchange to-day and some business done
the basis Of 1895 for sterling sixty day bills. But at
this rate the market left Off dull with indications that the
ruling rate to morrow might be 1907. Francs are
abundant at sos 517, the higher rate being asked
by A. Belmont Co.. who sure Of selling their bills,
whatever the rate may be outside. The steamer on
Wednesday is the Persia which will probably take out
from two to three hundred thousand dollars in specie
The price Of sight bills New York at the cities men,
toned is as follows the price being expressed in the
renoy Of the cities where the bills are drawn