New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1859-05-26


The great problem which now engages the atten
tion of our political economists is embraced in con-
sideraton Of the effect of the great European war
upon our local money markets Our own Impressions
upon the subject given time since, before
the actual de oaration of war, well after. IL was
to Us qnite apparent that natural sequence oil the
immense pro parations Of the bslligerent powers,
the expansion Of Government credits, the hoard
inr of specie. and the fresh dcnand for 1t IN
the active prosecution of campaign In which
such immense bodies Of men are actively engaged,
would be rise in the market price for money IN
Europe, and sympshetically an advance ia discount
rates here. These views were not shared III BY many
Of our contemporaries, but thus far they have
proved entirely correct. Within fortnight from
the actual commencement of tie war, the
Bank Of England has raised its minimum
from 10 Al T. cent, aud core 'pondng advances have
been made in the rate of interest at Paris, Hamburg
and other great financial centcrsi and We have wit
messed in tho brief space o. time rapid increase
Of our -pecie export, exceeding in the magnitude 81
the shipments any thing witnessed before in the
specie tide acre-s the Atlantic Last week the aggre
gate export from New-icrk and Boston was over
a. 800 tOO. and this week the shipments will exceed
a. 500 600, the Persia alone taking to-day the enor-
nous amount Of $1,000 900. by far the largest ship.
This sudden demand for our specie Is easily accounted
for. London, Notwithstanding the growing import.
ancc Of New.York, is still the great money center
of the world, and any decided change in the
market price for money there is certain to be felt
in com tries holding intimate commercial relations
With England, a. the pusatons Of heart are to meet
wih response in the variOus arteries 81 the human
system. England il the creditor country, and in the
ratio of demand and supply there, are we called upon
to pay up. Large balances remaining here in times
Of abunc ard low rates there called in bank
ers are advised to rem, in coin, and credits again
mose restricted. The calls fer payment coming at &
time when we have crops to forward specie sup
plies the vacuum, and the cay condition Of our
money market offers unusual facilities for its
export. This must continue until an advance in
the rates Of money here equalizes the two
markets, and makes the use Of money here
more profitable than in England, or until
We have paid up a good portion Of the bsance
always largely against W.. There is no escape from
an advance in the rates Of money here unless the
war il brought to cry early conclusion, which does
not at present appear probable. The specie drain
has had 10 pcrceptibe effect yet, except in suggest
ing prudential measures the part Of some of our
most ntelgeLtly managed bal ks and in stimulating
none ylcnde r. to ask an advance in rates upon mere
anticipation Ct a more active demand for capital.
Money j. quite a. abundant heretofore, but pros
pectivey the market seems 70 favor lenders ana
hence the higher rat. demanded. II needs but little
calculation however to perceive hat at the present
rate # outgo We actually losing specie at the rate
Of from s. OoO 600 10 SO 600 600 ar month"; after de-
Quoting the suppies fGOtn California. The drafts upon
our aremade good partly by demands upon tho
specie Accommodations in various sections CT the coun
try and partly by depicting the United States Treas
ury; but eth ii II actual loss " much gold, and
we mutt presently feel it, effects decidedly. IL
is etimstei by gentlemen in the specie bus ness that
after this week the shipments will be on diminished
scalf--s result which appear probable; but we ap-
pretend that very accurate opinion can be iormei
% the subject nasnuch the extent OF our obiga-
lions cen hardly be determined sats.acto-
riIv. We find also that thus far, instead
If stimulating Investment in our securities,
the effect of war and Of higher price.
for money in England and Germany has been to sond
them her, for Gale, aud arc 10, only nut out Of
the English marke, sellers but are forced 10 buy
back portion Ct what we have already sold. How
long ana 10 what extent money market s TO be al
ected by tie war; il consequently knotty question to
solve. Under such circumstances, there be little
doubt 10 the intelligence and foresight OF policy
On the part Of our benks which suggests a gradual
but positive reduction in 0ars.
A lip from The Dolly Demoerat Of st. Iou;'
state that the Bcatmens Savings Institution and tho
State Saving rstitution have purchased of the STATE
Treasurer 500 oo of two year bonds for the purpose
of putting the State in funds to pay the july inlefc
on the State debt
Its thought that the sheets Of notes Of The MARKET
Bank, Brighton, and other banks, which have been
recently put 10 eirc Ation with forged signatures we
stolen lcm tn, premises Of the American Bank Sot~