The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-03-05


The movement Of specie has been in favor Of the
bank average. The total receipt from California
has been 81 ne 079-sl ,393,579 on Sunday, in the
North Atlantic Company's steamer, and 1892 500
on Tuesday, in vanderbilts steamer; besides which
the banks have gained about $4,000 from the
Sub-Treasury. in which institution the balance
stood yesterday at IS 20s, against $9O55 1903 at
the close of last week. The last bank average of
coin was 800 ,773 1896, and the export last week
1907 ,2s2, as above; SO that it may not be unrea-
sonable to look for average of $22 900, 900 to-
morrow. Judging from the way foreign exchange
is working, there seems every reason to believe
that the bank balance will, ere long, run above
twenty-five millions. This time last year the banks
bad twenty-sx millions and half of specie.
The sub-Treasury has paid out since last week
nearly three millions of dollars, chiefly account
of the overdue Post Office debt; but as 81 900 900
OF Treasury notes have been negotiated, three
fourths of which have already been taken and paid
for, the balance does not show as large a decline
as was anticipated. Next week it is expected that
the disbursements will be heavy; the whole six
millions appropriated to pay the overdue Post Office
debt have been placed to the credit of the Post
master General, and it is to be presumed that he
ment. The whole twenty millions of treasury notes
are now in circulation, and unless Congress should
authorize new issues, it will be reasonable to ex-
pect that the government balance at this point will
run down to three to four millions before very
long. The receipts from duties continue handsome;
they were last month 50 ia O6, against s. 1928 6ss
same month last year.
We have at length to report decline in the
value of money. Money was offered on call on Sa.
turoay at 5 81 per cent, and good . months
paper went at 6 6t per cent. The amount of
money Offering since last Monday has been far in
excess OF the wants of the community, and though
strenuous efforts have been made by lenders to
maintain rates, they gave way, as we said, at the
close of the week. Lenders may consider them
selves fortunate if they continue to maintain money
at per cent on call throughout the current month
Several large banks have been and are very anxious
to lend their means, in order to earn dividends;
unless business should become more active than i,
is, we shall probably see the rate decline to A
per cent before midsummer. All the reasoning in
the world, and all the warnings of experience, will
not prevent the banks expanding when specie &C
cumuates in their vaults.
Foreign exchange showed some strength at the
bcbihp'uS VI INC Neeh, DuJ loSt IL AT the Close
Some bankers managed to sell bills on London at
1854 for sixty days and l0ss for short sight; but
on Friday and yesterday the rates declined fully 4
per cent, and at the close of the week the au
thorzed quotations were l0ss / for sterling, and
5.l5 5l7l for francs. The course of the market
has been sad disappointment to specie exporters,
who are doing little or nothing. Usually, at this
season, specie flows outward freely enough, and
bills Use to point which leaves profit on specie
shipments. This year the supply of cotton and
produce bills has been sufficient to supply the de
maDd from the importers; and it is likewise sur.
missed the debt of the country to the foreign world
is not as large as it was. The shipment OF yes.
terday-$ 662, 209-was the largest, thus far,
by single steamer, since January /. Most
of this amount was, however bullion received
here from California in transitu for Europe; some
parcels were likewise shipped on account of bills
to be drawn hereafter. Bills on London must adj
vance per cent here, or bullion must advance
very considerably in Europe before it will be profit
able to ship gold to the other side.
The following table will show the movement Cd