The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-09-03

VeioperJent Of steam navigation, keep TIE
Yet supplied az fast as the demand arises u
seems quite probable that even should the worst
fears be realized and the British harvest prove an
absolute failure, the supply from abroad viii De
copious enough throughout the winter 70 keep
prices down 70 a moderate standard This IS
greatly to be desired. A few grain growers, whose
greed is only equalled by their want Of foresight
ere eagerly looking for the famine prices Of s55-6
But every merchant knows that nothing could be
more injurious TO this country than famine in
England; that it would injure our trade almost as
much as that Of Great Britain, and that our trae
interest is to sell large quantities OF breadstys p
our foreign customers az low prices. The super
abundant harvest Of the West, which, thanks %
our splendid railway system. will come to market
In good season. viii probably enable US TO realize
this most desirable result.
ONE anxiety has been caused lately by political
| rumors. A newspaper story 20 the eject that Aus
tris was about 20 interfere in Italy If Garibaldi
landed in Calabria, together with some sensation
articles in the London Times, caused decline Of
I a in consols, and reacted to some extent upon
our market The financial condition of Austria
does not render It very probable that she VIII
undertake another foreign war at present. The
empire has never been able to re-establish its
credit; and. independently OF the difficulty Of find
ing money 20 carry on war, II is presunahle that
an Austrian invasion of Italy would involve
French invasion on the o. ar side in which event
Austria would probably be beaten again. That
the Italian question will be settled this year, and
that that settlement will involve the expulsion Of
the Bourbons from Naples, and some reorganization
Of the Papal government, there every reason
70 expect but It does not appear likely that these
changes will involve any events calculated 70 in
teriere with the commerce Of the world.
The banks viii probably show further decrease
Of specie tomorrow. Their last average was
so llc 7,9-a decrease Of tsss ,o22 from the pre-
vious statement. Since then they have lost about
g. $50 600 by export, including the shipment Of
AUGUST ?5, and exclusive Of that Of yesterday.
The SubTreasury lost money last week. the balance
standing yesterday at 50, GO7 627 against
at the close OF the previous week, and 81 .ses 16i
| al the corresponding date last year. AT this tine
last year the banks held s2l ,s7s, 29s in CON- The
smallness of yesterdays shipment appears to have
led 10 fancy that the flow Of specie to Europe
had been checked for the season. This, of course,
| is not the case. Until cotton begins to come
forward freely, which will not be for sixty
ped But the largeness Of our produce exports
viii naturally tend TO reduce the specie shipments,
which are already very considerably below last
year, and also below the average for the pas, i've
or six years. There is no TO expect thasour
specie h pments this fall win exceed receipts
from California to an extent that will Inconvenience
the banks. Opinions are divided as to the psoba.
BILE nature Of to- mouow's bank statement in re-
Al -. 49, 49, -.
applications for discount from the Western banks
and parties concerned in the movement Of produce
have been very numerous and have been literally
responded to. Other banks have cur'aled their
loans. II Is impossible to find fault with banks
which are assisting in the necessary movcmen. of
the crops; they are fulfilling the object for which
they were established, and would be fairly open
TO blame If they acted otherwise than
they are doing. The mistake all the banks
| committed was to expand instead Of curtailing
three months ago, when commerce did not need as
| sistancc, and when money only worth a
per cent. Had they then fortified themselves
by reducing their loans TO sl2o 600 900, therea-
| bouts as all prudent men advised, they would
now have been enabled to expand ten millions 10
| aid the West. and no alarm would have cnsued.
The last loans average was $50 SIS ,sa7, against
sl2a $50 3i6 the week previous, and Sis ,lsi ass
al the corresponding date last year.
! Money advanced about one per cent on call
loans las, week. The rate at the close Of the week
was about per cent, though there are many
loans out ut 6; and governments, which are ex-
| tremely scarce, money II lent at quite readily.
In the discount market the advance is less marked.
Rhor. first class acccptanccs still current at q
q per cent, the former being, perhaps, extreme
rste; months paper goes at 4 first class single
names, short, Z; names less generally known. q
ioal2. There was more movement in the money
market last week than at any other time since last
January. Not that there was anything like strngen
| cy. Money was not scarce al the advance; no well
known broker driven 10 sell his stocks bo.a use
Lo could not get money, ns happens when the mar
ket u really stringent. But the necessities Of the
West compelled The banks 10 curtail their call oans
the private banker taking advantage Of this called
in their loans, In order TO disturb borrowers and
obtain higher rates; and thus an appearance Of
great activity was impaired to the market. which,
for tho time. reminded one Of the Gil fashioned
money spasms' which used 10 be periodical be-
fore the crisis. The public and especially borrow
cfs. must remember. however. that for tic pas,
three years tho country has been producing
more than II Las Consumed, receiving more
gold than Il has exported, and incuuing
no new obligations 20 foreigners. Our money mar
K, cannot become dis,Tesslngly tight until shesc
ysr;o, conditions undergo change. and cur debts
bsuin q. CO more to exceed our income There
can be no permanent or severe striDgency n our
Nom, marke. .~atl new generation q borrower.
appear n he sirse,, until our railroads have Goat
- a,s.. go, ,r,-o d until our imports in.
go :. .,u,n. 80. g.. = former years, a.
they do at present, expand In g grtss.. ''V '''h
tho increase Of cur production.
We u.. ~ advance in foreign bills since our las,
weekly Eeriea, w quOle, al present, bankers
-. -. - Mills. and ll0i
a,tfhhg az lilo a for sixty o.,