The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-07-15

General merchandise s,sSSseS 5sss,Ss l4ai sss
Total for the week sl,g3o,si7 5llo,25i 1851 ,Toa
Previously reported I2s osSSS1 llslasos5 7sll2sa6
Since January l$lsi ol6,aO4 IA 2sass6 7s,soo,lss
EXPORTS OF PRODUCE AND MERCHANDISE
1859 1850 1881
yor the week . sio5S,o,a 1,a7r'a3l a,s54,sla
Previously reported. 81 as eo2 436f342o eo,I92 los
Since January 1855 4s3 es5 45loi a5l 90 24o e24
EXPORTS OF srac,s
1850 1850 1881.
For the week ........ 81 1913 s55 ll66,1I2 5ss
Previously reported 80, S7e 2274TR5s 1850
Since January 90. So. ,22,7s4 2S,sl4,1oo a,l47l2s
The banks viii probably show decrease Of spe
Gle Tomorrow, as five millions In gold have been
transferred from them TO the Sub Treasury since
last Monday They continue. however, to receive
coin from the Mint and from California-the North
Star arrived last evening with 81 ,24i 000-and the
reduction will consequently be less than the
amount actually paid into the Sub Treasury. Last
Monday the banks showed the enormous average
OF st5 $50 OPS being an increase Of over three NIL
lions and half on the previous week. AT the cor
responding date last year their specie reserve
stood at s22, 75l ,69i. II is probable that last Mon
days average was the highest that will be seen for
the present The necessities of the Treasury
win deplete the banks faster than they
can draw coin from Europe The loans
will naturally show an increase correspond
ing 10 the 5000 600 of GO day Treasury notes
which were casted by the banks last week. The
loans had fallen last Monday TO an average OF
SIP, l34 ,66s. We're it not for the public loans
they would continue to decline, in Consequence Of
! the general liquidation and contraction which are
going on in every branch Of business The recent
revival of speculation in tea and sugar has not
teriay increased the value OF good paper in the
| market. People are generally operating for cash
and, though prices have risen very considerably,
with remarkable moderation At this time last
year the loans stood at 1927 Pa ,2ll.
No change took place in the money market last
week. Cali loans are offered to the brokers, on
approved securities, at u per cent, and choice
paper is wanted at the discount houses at :
| according to length. A heavy failure in the pro
vision trade is reported. There is not much doing
in money; both banks and capitalists are reserving
themselves for the public loans which are about
come into the market. With regard to the nature OF
these nothing is yet certain. The House of Repre-
sentatives, by nearly unanimous vote has passed
a loan bill in such exact compliance with the re
concentrations of the Secretary of the Treasury
that Mr.. Chase might have drawn it himself. ],
authorizes him to borrow $3.50 ,OOO, 00O and
leaves him the option of giving, in exchange
for the money, either United States per cent
bonds, redeemable after twenty years; or Treasury
notes for $50 and upwards, with three years 70
run. and bearing $40 per cent interest; or T,ca
sury notes for less than $50, bearing no interest
bat redeemabe in coin on demand or Treas:;,
notes for less than $50, bearing 65loO per cent
| ipfnr ~ nd int ~,
bearing Z $40 per cent interest or into United
States stock. He may borrow 800 coo 600 Of the
$3.50 900 900 abroad, if he deems ill., and make the
| interest payable anywhere in Europe. He ma :;
also it would seem, besides tie above $3.50. 900 900
dispose of 100000 o0 worth Of Treasury notes for
$50 and upwards in exchange for coin Or
| in payment of public debts, or in redemption
OF outstanding Treasury notes. These
! the leading features of the Loan
| bin which passed the House on Wednesday las
and went forthwith to the Senate, in whose hand
! il sill remains. In the main, inanciers appro,c
! the bill. general confidence is felt in Mr.. Chase :
honesty; and, az he will have the benefit of expe.
| rienced financial advisers. the public seem vel
| pleased that Congress has given him SO wide (,
| latitude for action, Some persons, whose opinions
are entitled to great respect, urge that $40 per
cent is too low rate of interest to insure the ne
gotiation of the popular Treasury notes, and tina
! niue per cent would be nearer the mark The
! say that il viii not do 10 rua any risk
J this matter, and that as people get yer,
nearly $40 per cent for their money in averaa
times in New York. Mr.. Chase does not offer tenn
| tation enough to insure the success Of his LOAF
| They argue that if the people to pny the co.
/ Of this war it ought to be made an object 10 Their
10 do so. They quote British example, ANA obeerva
that, whereas England only pays per cent on be-.
! funded debt, she pays 5-iwo-thirds Dore-wht u
! she borrows on exchcquer bills. The Unite.
| states pay per cent on the ouik OF the.
! funded debt; two.thirds more would give ~
! per cent as the natural rate, according I"
| British precedent, for Treasury notes W
| publish these views because they are e..
| tertaned by some OF shrewde-t moneyct
! men, not meaning To endorse them. The p
! are some points in the House Loan bill howeyc,
which should without question be altered in III
Senate. One is the proviso STIMULATING that no bid
| shall be received below par What mons ense ,A.>
is. II people won't give par FOR United Stat,
sevens an act OF Congress can't make ,hcn.: al
| in this case, is the government to DO withol,
money! II public confidence and the state Of III.
4
! bonds there is need Of the provi-o. !; want 81
confidence and turn in the money market pr
vent the public from giving 90 OF o5 this pre-
gieo will defeat the object of the bill and Congre,+
will have to be summoned again in the autuna
| 10 pass another loan bill. Senators must remembcr
that the value of money, like everything else. =
regulated simply by supply and demand. and thai
! attempts TO tx its worth by legislative acts a.
simply ridiculous They should also beware t..
! imagining that there is any antagonism between
| Wall street and the government, or that the bank
are trying TO overreach Mr. Chase. Bank pres +.
dents are Gduciary trustees Of certain none, :
| entrusted TO their management. They have pa
right to allow their patriotic impulses to lead theta
| 10 neglect the interests Of their stockholders
While, therefore, competition will prevent the. =
| taking undue advantage OF the necessities o.
the government. their duty viii not permit them O
lend money to the Treasury below the mark,
value or TO violate in any way the laws Of trad.
II Mr. Chase needs the aid OF the banks il must De
| made al object to them TO extend It. Another
clause in the Loan bill which the Senate should