The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-12-24


Sssc SsrG n;i;hands, $50 ss 2 sssi
Total for the week 81 a22 900 4esa, sos 3,o3o3ls
Previously reported III o79 225 2a3 1881 2l6,o35ls
Since January lslis iol 234 227 $3.50 1882 $50
Exrogrs or MERCHANDISE AND PRoDrcE.
1868. 1859 1850.
previously reported. ssai72al e3,5e4e7a ea,7a5,2l9
since Janury / ss9,557 e24 o5,o77,52s 9s,2e7 on
EFFORTS srEaE
1853. 1859. 1850
Previously reporcd2i ,s23,7s4 692o7,576 43,3s6s23
since january / s25, 555 200 ss,26O,oss As SOS i23
The specie reserve in the New York city banks
will probably show an increase tomorrow. Last
Monday the banks showed $ls, 34s, 1893 in coin.
being decrease of s2l4,345 from the week pre-
yous; the loans stood at sl3l 740l72, an increase
of 81 ,525 500. Since then over - 900 900 have
arrived from Europe in the Etna, Atlantic.
Borussia and Persia; California steamer is due
with 81 600 more. The only loss has been
about 5000 0e0 to the South. The Sub-Treasury
balance ran down all the week, until yesterday,
when the payments on account Of the remaining
balance due the loan of 1860 carried the amount
in hand up TO 81 $3.50 300 against ~ 563 $50 AT the
close OF the week previous. The increase shown
tomorrow would be very large but for the fact
that the gold arrived from England j. in the shape
of sovereigns. which are not legal tender and are
not received coin at the banks. Until they can
be recoined, or some alteration made in the law,
they will not swell the bank average, though of
course they constitute an element Of strength and
public confidence. II seems TO be generally un-
dcrstood that Tor the present, the banks have
passed the point OF danger. In month TO come
specie must continue tn arrive from Europe, and
there is no prospect of our losing any portion of
the gold which comes from California
II j. therefore expected that in the month
of January the bank reserve in this
city will up 10 twenty-five millions Of
dollars or more. No drain IL expected except To
Mobile and New Orleans, and the gold sent South
l. already finding its way back, via the West, TO
which section IL is flowing to pay for the food
needed in the Gulf States. The event has thus in
dicatc the wisdom Of the step taken by the banks
on the 2lst ult. and has established the principle
that the way 10 stop panic j. for the banks TO ex
pand. OF course this principle only apply to
eases where the foreign exchanges are in our ia
vor Had the banks expanded instead Of contract
ing in October, 1857, they might. indeed, have gone
down with the good will instead of the Indignation,
Of the mercantile community, but they would none
the less have broken. and that speedily. Every
dollar at their coin would have been shipped 10
Europe In November last. on the contrary they
ran no risk If losing coin by shipment, a. the eN.
changes were in our favor, and by expanding they
ohviated the only real danger which menaccd
them namely. run upon them for gold based
on pauic aud mercantile frenzy. The experiment
will doubtless be Of u.se hereafter.
II must not be supposed. however, that, because
our banks have been saved the disgrace which has
bcalen the bank Of Philadelphia, Baltimore.
Virginia the Carolinas. Georgia and Alabama the
danger TO our mercantile interests l. past IL II, un
happii only too certain thst. unless soms miracle
should occur. January end February will witness
more mes, antc failures than any months since
s,rptember and October, ls51. The fall in the
riarkut value 81 oil kinds Of merchandise. the
want 81 confidence ia mercantile paper, and the
quasi nnpo~sibtlity Of ofe,tiug collections in the
~,utth'aIi parts Of the West. must interposc in.
sup4rAblc obstacles TO the paymcn; Of the bulk Of
the notcs uow under discount in our banks. II
will .,olhiles- bc the policy Of the banks and Of
prlyE.a hoders 81 this paper 10 nurse II a. long
they cam by extensions. time l. not far
distant when Tie actual necessities Of con
.um,rs miu compel recovery In the price
Of meF la.andk.e Already -four Las re-
covered 0uy cents barrel from the
N~s.t rr..,- - the season, and cotton aud other
ar1h.lcs II sserchani~c are also higher than they
haze bccn. In tle course ~ few months the
,gt -tucs trcs.bles which now impede collections
IA M, West uni naturally be alle,istcd. As %
l,c ,ufh. everything "a that section depends on
Il. ~ orr,ss n political events. Though threats
AZ rcp,,diatou continue ., be- heard in some quar-.
t... the leading houses at Charleston savannah.
Ne,,s al New Orleans profess their perfect will.
in>ns.. to way their dcbts e. the North a. soon a.
th.s - al~ To- do 49, That capacity will. &c
conras i,ainly depend the recovery q financial
affairs glf On tho ,ricc and The movement q cot.
tom IN tie meantime the country at large : be-
ginning 10 yl,r the + n effects Of The panic, which
We. ~ Il. Dsiglt here q fortnight ago. Most u
the country ~, * are loa ded with produce paper,
ami tpubc on.,jc verge Of bankruptcy. Country
dcalcrs have NO fa,hcy. Tho 1rmer can only gct
good--nct money u1d good., a 'usual-for his pro
lncc: Tie atotckeepcs cannot tn rn produce INTO
money. and cannot 10. his debts. Not only busi'
lesa but the csmloti. = lfr are. - -iously inter
cred with: "a the West especially. whe Z the pco.
De saw a fair prospect Il prosperity this winter.
hn suffering Is severe. and the indignation against
hc authors 81 Tie trouble must be- great
The money market closed yesterday easier nm
i Wa a wc,k ago. ON call. on TIC pledge -
.tucks. money l. Very easy at Ga per vent, aud
uuud p8pcr l. wanted 10 tho di.c cunt house. at
rsr cont q month. The banks and 40 griyste
hatler, have plenty ot money 10 lend paag.c ,
arc however very my ~ s.eo.d r.1.- s1#gt. ~
% pare connected wib U4l SouGcm G1le, w.