The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-06-26
r6e. $50 W67I

Decrease '69,632 e6u e17ysI1
The increase in the loans Is moderate considering
the efforts which have been made by the banks for
some time past to increase their discount line; the
decline in specie il just about what was expected
The principal change since last week Is in the Bank
of Commerce, which has increased lis discount line
about 900, and has lost ssls, 900 In specie
The amount of coin in the bank vaults is quite large
for the season of the year. In the course of day
or two the California steamer viii arrive with the
usual semimonthly remittance. At the cores
ponding date last year the banks held s2l 7sa ssl
in SPECIE and the discount line stood at sl2 IA 449
The heavy specie shipments of June had induced
pretty sharp contraction.
There is no change 70 report in money: the
amount offering ut call at per cent is In excess
OF the wants Of the street, and choice paper is
much wanted at y a5l. The banks cannot IN
crease their loans without putting the average
price Of money down to four per cent.
There is fair demand for foreign bills for the
Wednesdays steamer nom Boston; the current
rates are lo9i for sixty day bills on London,
and ll0l for short sight; for bills on Paris, 5l3t
for sixty day bills and 5.ll4 for short sight
Some gold-probaby about $500 .oOo-will 90 for
ward 10 Boston for shipment in the steamer. The
scheme for the establishment Of banks Of issue
in British India is calculated 10 exercise hereafter
considerable irauence on the flow of specie
from this country to Europe. During the past
ten years the United States have shipped over
500 0oo 600 in gold TO Europe almost every dollar
OF which has been converted into silver in France
and Germany, and the silver shipped 70 India and
China. In India alone, the annual coinage of sil.
yer rupees Is said TO amount to not less than sixty
millions of dollars-silver being the only circulating
medium in that country-as ii used TO be in many
parts of France. Mr.. Wilson, the head of the new
Department ofIndan Finance, proposes 10 establish
four banks, one at Bombay, one at Madras, one at
Calcutta. ard one in the northwestern Province.
all of which are to be allowed TO issue notes to
limited amount. These notes are TO be received an
the Bank Of England principle by deposits in the
bank vaults Of one-thrd their amount in specie and
another third in government bonds. Thus, in the
event Of arun npon the banks, they could only re-
deem onethrd Of their circulation in coin: another
third would be secured BY The government stocks;
bu, the value Of the remaining third would depend
ON the quality Of Tie bank assets. To one accus-
toned to safeguards in this country, such a
system seems loose: but II has worked satisfactorily
in Europe, and. with government projection. may
sent financial system Of British India will be revo-
lutcnized bank notes will take the place Of silver
as a circulating medium, and the Unsuitable demand
for silver, which has nearly drained continental
Europe Of that me'si. wiz decline. Upon the con-
sequences Of such change upon our export trade
in gold to England il il hardly necessary to enlarge
The drain n silver from London 70 the East could
not be checked without causing glut Of gold at
our financial centres.
The stock market was generally lower to-day, not
the favorable advices from Europe and
the activity on our corn exchange which resulted
hcrcfrom. The decline In prices r. IN part ascribcd
o The split In the democracy at Baltimore and the
approach Of purely sectional contest for the Pres
dency. A few days viii di<-ipste this ground Of
darn. Whoever be elected Of the various candi.
s,es now before the people. the Union will be
'rcservcd and the prosperity Of the country will
'ot be materially affected. Meanwhile, we note
iecine Of per cent in state stocks and rather more
n the speculative railway shares. Missooris fell |
NJ : per cent. All the Western shares were
a J per cent lower. with general dissemination /
0 buy them AZ the decline Toledo fell on I per I
ent, chiefly on the return for the third week Of
une, which shows a decrease Of ssss as compared
nth same week last year. The New York Central
old down to en- sesinst s2l on saturday Pacific
Is:l declined per cert. and Panama as much. the
rice at the close being ABOUT l25 exdividend
rnnx l3i On Saturday. The market closed
isady a; the following quotations: Virginia
a, osi ~; Missouri Sc. sii !. Canton. 10 20;
unberland Coal ~ a 10; Pacific Mail. o0k a 81;
lew York Central. siI 81; Erie, ls3 n I: Husson
liver, III ~, Harlem, IL a !; Harlem preferred,