The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-08-13
$l,735,l09
213,327
2,4e3 1856 144,sOs

Decrease. 81 ,735,l69 - 213 1927
Increase. 2,4o3 1856 144, 906
The large increase In the specie reserve shows
hat the statement Of Sd August was very de-
septive 1t is probable that the banks hold fully
80, 600 900 in coin to-day, and as California
steamer will arrive shortly with the usual remit
lance, it may be expected that the fifty million
point will be turned this week. unless the pay
nents into the Sub Treasury should prove heavier
than is anticipated. The discounts continue to nll
down under the influence Of the general lquidatiol
and contraction in business, the evidences of which
surround MS on every side. Unless our banks con
trive to take pretty large supply Of government
paper they will not pay very heavy dividends this
year.
The money market continues dull, without change
Il quotations. Brokers are borrowing at per
sent and first class paper-which Is very scarce,
would be eagerly taken at S. No failures are re
ported, though the street is full of rumors.
In foreign exchange little or nothing is doing
Bates seem to be dropping slowly downward
Some bankers bills are selling at LOT, and GOO
mercantile bills at 1867. When rates fall still
further the market will become more active, Us
spectators will be tempted to buy in order to i'm
port specie.
Irregular. There was a sale Of the new govern
nent skies at an advance of 70, and the Western
railway shares we're generally 4 q 70 better. BIT
Mssouris and Tennessees both declined 4; nie
Iell of "A, Central a, Reading "A, Pacific
Mall "A, and the Michigan shares "a each. Aitei
ths Board the market was weak; in the at
tsrnoon very little business was done, and tn,
quotations Of the morning were barely maintained
The market closed very dull the following being til,
hast prce8-United States 6's,' registered, 1881
S7h IS; do. 6's, coupons, 1881, s7% sS; dc. SIS
1874, sou "a; Indiana SIS, 76 II; Virginia o's
1874 81; Tennessee 6's, 45K a 46; North Carolii.
6's, 81 So; Aissouri 6's, 40 u; Pacific Mail
76H 1914; New York Central, 74sS q "A; Erie,
261s "a; Hudson River, 3a1l q 84A; Harlem
10 q IL; do. preferred, 25s4 a 2G24; Reading
3614 q; Michigan Central, 40 a Az; Michigan
Southern and Northern Indiana, 1917 . IA; do
guaranteed, 20 1914; Panama, 107 a los; Illinois
Central 641a 70; Galena and Chicago, 66 te114
Cleveland and Toledo, 30H "a; Chicago and RoeA
Island, 40la u; Chicago, Burlington and Curry,
S7H a IS; Delaware, Lackawana ande Western
G5 a 20; Milwaukee and Prairie du Chen. ] 4 L.
Illinois Central bonds. rs, $50 a 80; Delaware
snd Hudson Canal, 81 s4%.
The bankers met az ain this morning to receive
HE report of their committee the subject OF tie
government loan; but the committee, through then
chairman, Mr.. Stevens. stated that they would re,
be prepared to report till Wednesday, and Tic
bankers meeting adjourned to that day. In the
course of conversation with the bankers on Satur
day Mr.. Chase stated that the government cxpen
iiiures at the present Tim: were not lees tkan
million dollars per day, aud that ne aeemea II lqL
the interest of the banks Of every Other cass
the community, that this sum should be provided.
The practical question therefore, which Mr. Ste
vens' committee have in hand, is how to raise one
hundred and twenty million dollars between this
and the meeting of Congress. 1t is evident that The
banks cannot take government bonds or notes
to this amount, unless the public will take
them off their hands. The entire loans 81
the New York banks at the present time are less
than sI20 900; to double them, without pro
portionate increase in specie capital and deposits
would ultimately compel the banks to suspend
specie payments. If it cond be made plain that
people will take Treasury notes and United States
bonds off the hands Of the banks, then there would
be no difficulty in Coating more than sl20 000 900.
Busethe trouble ia that, by the Loan act OF last
session, the notes aud bonds cannot be sold BY
government UuucF par. ASe''S ''A''i'7-~-'~ 800"
FORE banks subscribing 10 goyefnnspt Aoahs re-
s1ire to resell 10 the public 1t par, and, TO make
my profit, at premium This is not clscclated
b. tempt bankers to subscribe literally. Ih9y afe
ea.nected to lend money, and to incur spe'
e;dc risk, without any corresponding
reraton or prospect of profit We trust
that Mr.. Stevens and his committee may
ne successful in devising a scheme Tor supplying
he government with money. The bankers Of New
York are, as a body, afdehtly attached to the
government, and zealons in support Of the policy
u the present administration. II is their heartfelt
iasre, as well as their obvious interest, that
government should get all tie moneylt needs.
But it is due to truth to say that the ignorant men
vho framed and adopted the Loan pct OF last ses-
a.. "a undertook to borrow money without paying
g., ~ Their ignorance was 80 enormous that
.h,, Ala not know that the value Of money auctu.
49,, lilo - vt of any other commodity; aud their
ohstnscv 40 ,uonstrous that they would POT cor
rot their err>w, though they were repeat
saIv warned Of jis fetal consequences in
time. Had they str,'eh OUT the clause in the
&C. prohibiting Nj. oha~ from accepting bids
below par for per c~nt, he would now
have got all the money he needs, at arate which