The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-01-16

Steamer E'na, Liverpool, aid bars. ........ Is 800
Bark Teresa St. Thomas American gold 1900
Steamer KANGAROO Live pOol silver and gold bars lss
- si'ver bars. l,t64
" gold Coin. ......... $500
Total for the week .sss ,4s2
since jan L.. sl73 500
To same date Is 3D. 800 900
The banks should show an increase OF specie to-
morrow, as a sum of 81 1884, $3.50 was received on
Sannary from California, and there has been no
export Fnt most of the gold having been sent on
to Philadelphia to be coined, and the assay fund
here basing been unable TO cash the mint certif
Gates es usual, 1t is doubtful whether the whole
benefit of the remittance has been reaped by the
banks this week. Their last average was $l7,s63,
734. The Sub.Treasury held yesterday 81, 729 ,647
agfinst 1886 at the close of last week. But
foY the heavy importations it might be safe to cal
culate that the bank had reached its lowest
point for the present; but while we go on import,
ing four millions worth of foreign dry goods in a
week, it is very evident that any suspension of
the export of specie can be but temporary.
It is argued by many fnanciers that twenty
millions in specie is far more than the New
York city banks need to carry in ordinary
times. This may be so. What proportion should
exist between the liabilities and the specie re-
serve of bank is one of those undetermined points
about which every man forms his own opinion, and
never can give reason for. It is plain, how
ever, that that proportion should vary with the
public temper and the general condition of trade.
In anxious times, when the political horizon Is
clouded, and business is not generally prosperous,
banks should keep stronger in coin than they need
do 10 fair weather, when troubles impend, and
commerce thrives, and confidence is general In
1856, ten to twelve millions of coin was consi
dered an ample reserve for our banks In 1859
the community became uneasy when the
reserve fell below twenty. II in 1850 commerce
is generally prosperous, and the present political
anxieties are dispelledi is quite likely that the
banks may find q reserve Of fifteen millions suffi.
cent for their purposes. But if merchants do no
better this year than last and if political disturb
ances continue, twenty millions will be found
little enough. It is well to note in this connection
that we begin the year with an unexampled inpor
tation of dry goods, and that the canvass for the
Presidential election in November is not likely to
pass over without some hot words
Money was easier at the close OF the week than
at the beginning, though rates did not fall We
quote, as before, call floans, at per cent COM
mission being sometimes paid in additions
the best short acceptances, very prime, at 4 first
class paper, two names, three six months, a 0;
very good paper, not strictly first class, 10 IL;
names not generally known, II and upwards The
three millions which taken out of general cir
culaton at the end of Dece nber to be locked up in
the Sub Treasury, and which, through the factious
delay in the organization of Congress, have re-
I'd 11a in <ho
missed by broker. Had the street been as full Of
borrowers as it used to be before 1857, when all
the railroad corporations were in the market car
rying floating debts, there would have been some
heavy failures since New Year. As it is, the pres
sure has been pretty sharp among the brokers, bnt
has not yet been felt with great severity among the
merchants.
Mr.. Cisco, the b-Treasurer at this port, made
on Thursday suggestion to the Secretary of the
Treasury which, If adopted, would ease the money
market considerably. He proposed to pay mil
lion out of the Sub Treasury into the Assay Fund,
from whence it would be disbursed to the owners
Of the gold bars which have gone to PHILADELPHIA
to be coined. Before 1857, the assay fund ALWAYS
kept million or so on hand for this purpose, so
that the owners Of gold bars not kept waiting
month for their gold ceins; since that date, the
Sub-Treasury has needed all the money it could
get, and the assay fund has been abolished Up
to yesterday evening, Mr.. Cobb had not given his
consent to the scheme. People in Wall street.
judging from his late financial operations seemed
TO doubt whether he could be got to understand it
Foreign exchange has been unusually depressed
since last week Large amounts Of Southern bills
have been thrown on our market and sold TO cover
sight drafts from the South banking houses here
Thus sales of undoubted bills ON London we're made
on Friday % low as 1919 quotation so low that
if it was likely to last, specie might be imported
tram Europe at profit Many OF TIRE leading
bankers refuse to draw at current rates. those who
are in the market are selling 60 day bills on Lon
don at 1854 ], and sight bills at 1857 100; flames
at slss 52l for long bills and Is III for short
sight Some Southern bills on Paris have been sold
as low as 5.23. These rates. OF course, will check
the remittances Of Southern bills, while on the
other hand the necessities Of the importers are
pretty sure to cause reaction in the market before
long.
The domestic exchanges have turned still more
decidedly in favor Of the city since last week,
Sight drafts on New York have risen at CHICAGO to
"a per cent premium for currency, and at St Louis
to II per cent; while at Cincinnati the exchange il
stationary at over ! per cent Al the South the
course Of the exchanges has been similar. There
has been no rally from the advance in sight bills on
New York at New Orleans; they are still quoted I
discount, while, at least for day last week, the
quotation 6. Mobile was only per cent discount.
This Of cousse will only be temporary For the
time helps us as il prevents shipments Of specie
10 the South.
The following has been THO conrse of the stock
market during tie past month -
Dec u. De- "A Dc Al IAN Z IAN Il