The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-02-20

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The banks will show no gain of.specie to-nor-
row, though there has been no great export OF
coin, and the California remittance which arrived
on Friday of last week will count SIX times in the
averages-the Sub Treasury having taken a million
from them. The last specie average, which a
rising one, was $40, 1877 567. The sub Treasury has
continued to gain largely, the receipts tor duties
having been heavy aud the disbursements light; the
balance yesterday stood at sl00l2,573 against
$90l05G9 at the close Of last week. Next week
the Post Office certificates will begin to be re-
deemed, and the government balance at tins point
will run down rapidly TO three or four millions.
This tune last year the banks held SIG 600 900 in
coin, and the Sup-Treasury about s. 900 ,00o SO
that there was then about si,000,0O0 more coin in
the city bar there is now. At that time, ho~.
ever, foreign exchange was nearly Que per cent
higher than it j. at present and conse ently there
was fair demand for gold for export
The tendency to increased eass in the money
market, which we noted week ago, and which
was based np0n the prospect OF large disbursc-
ments by the Sub Treasury and large Accommodations
Of coin in the banks has been partially checked by
the advices of sort of panic in Tue London money
market, growing out of the heavy shipments of sill
ed both editorially aud in this column. 1t is only
necessary TO add here that endorsements which
may overtake British capitalists in consequence of
the peculiar condition and wants of India may af
feet this country in regard to the payment of our
Indebtedness to Great Britain. The United States
must pay for the goods they purchase from abroad;
and if money rises in London to any exorbitant
value as compared with merchandise, large pro.
portion Of such payments will have to be
made in specie. Heavy and continued shipments
Of coin from this port would naturally induce a
contraction on the part of our banks, and conse-
quent advance in the value Of money here Thus
far there has been no evidence of any such move
ment Our shipments of domestic produce. es-
pecially cotton have been SO liberal, and with the
exception Of dry goods, our imports of foreign
goods SO moderate, that exchange has not risen to
the specie shipping point, and the rates of money
have not been disturbed. The only change from
last week which we note is a slight disincnatiOn
on the part OF some lenders TO buy long paper
We quote, as before short first class accepances at
per cent; loans on call, 6, with occasional excep-
tons at 81; first class months paper. with
two good names, IA per cent; single names, -
s; second class, and names less known, 8 10 IL
per cent.
Foreign exchange Is higher than was 1t the
close Of last week The leading bankers ask 100
for GO day sterling bills and 5l3i for francs There
is less demand for the former than the latter
Owing to the advance in money in England. the
bankers are getting 1891 for their sight bills. This
rate ia not quite high enough to permit shipments
Of coin to cover bills, but very small advance
would cause the drain to begin. At this season Of
the year, exchange is usually higher than it Is at
present; the heavy imports of dry goods insure an
active demand for bills before long. The supply of
mercantile bills il not large.
Some little. disappointment is felt at the delay
which has occurred in the redemption of the Post
Office certificates The government Is paying
large amount for interest money borrowed, while
ten millions are lying idle in the Sub Treasury at