The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-07-22

tAe poit'-
Fr II: week, 1859 1862 lscl
G ey s Merchandise 'sssSs gss
Total for the week ses,2s,s e,76s,7ol 2,4lo42l
Previously reported ls4 Ol6 4O4 49, $50 $50 7Osoo 1873
Since January sl4c ssS s22 1871 OS0,5S7 s22lo 600
FxroRcs or PHopro MERCHANDISE.
For the wecko.... ssc2 2nl 2O74 ,4ss 2,76s7lo
Previously reported. SO as3,ss6 4Sl2l 1851 6s,24692s
Since January l.. sa4 ,2soiss 47,ls5,rA 72,ol5o 4S
ExPOnrs ur SPECIE,
1889 1850 lsel
Previously reported. Si,722,'a4 2a9i4,7so 3l47l2S
Since January l.. ss7,2io,ps4 252l4,7so Sl4s,s78
It is probable that the New York banks will
show further decrease ofspecie tomorrow, though
the receipts from the Mint have been liberal and
the Sub-Treasury disbursements have been in ex-
cess Of the receipts. Last Monday, notwithstand.
ing that s. 900 900 in coin mad been transferred
from the banks to the Sub-Treasury the statement
only showed decrease of s6l3, ls9, the average
standing at $45 $50, against $45 $50 025 at the
close of the previous week. The average at the
time this statement made must, therefore, have
been declining one. and the one to be made up
tomorrow will feel the effect of the decline For
the present apprehension need be felt about the
ton of the gold disburssd by the government in
the payment Of troops and contractors is hoard
cd III the section where it is paid out,
and does not return to the banks, at least
for come time. But enough comes back in the
ordinary course of trade TO render it certain that
the will be maintained At point far above
the actual necessities Of the banks. The only
thing which can endanger our specie reserve is
advance in exchange to the specie shipping point,
coupled with sudden Developments Of the import
ing trade. The bank loans only increased $3lO,s74
last week. the average shown on Monday being
$ll2 445 542 against tll2, lo4 ,68s the previous
Monday. This small increase would TO indi-
cate either that of the banks did not include
their loan TO government among their loans or that
the curtailment in business paper that week WAS
unusually large The average, however, was un-
doubtedy o rising one, and tomorrow we shall
doubtless witness large increase. There 10 no
increase of business paper in the market, most of
the new business that is springng up being done
for cash; but the banks will find ample employment
for their means In the public loaos.
Money continues very abundant and cheap On
call the brokers can borrow all they at
S per cent on approved security. Prime short
acceptances are wanted at the discount houses at
per cent, and the same quality of longer paper
at a. Names less generally known or suspected of
implication in the Southern trade are passed with
difficulty. and cannot be quoted at any fixed rate.
1t seems ~ be generally expected that the money
market will continue easy until the commerce
of the country begins to improve, and that
the forthcoming government loans will not quicken
the demand for money. This, of course, remains
to. be proved. The solution depends in great
measure on the rapdity with which the specie dis
bursed by the government will find its way back
into bank. If it is boarded in any quantity the
banks will be crippled, and the negotiation Of 60
vcrnment loans will become proportonatey diff
cult The Senate has passed the $3.50 600 900 Loan
BILL with some unimportant amendments, but the
Secretary has not yet made public his intention of
avsiling himself Of its provisions.
Foreign exchange is nrmsr again Bankers are
selling moderately At l07, and cannot buy first
class commercial bills below 1861 Il. Even at
these high rates bills are scarce. Our market is
feeling the want Of the cotton bills which used to
supply the demands of the trade at this season. and
for which there used to be such competition among
bankers. Fortunately for the banks there is little
or demand for bills from. the importers. Hence
exchange is kept down to the point at which bank
ers will buy for the purpose of importing specie.
Francs range from 5.27H a.371I
The speech Of Hon. Alexander II. Stephens Vice
President Of the rebel cohiederacy, which pub
iished in yesterdays HERALD, sheds some light on
the financial condition of the insurgents. We know
that the SIS goo 900 loan was partial failure Mr..
Stephens says that the rebel government want
loan of $50 900 900, to be increased hereafter to
800 600 000 and that they will take bids for it in
produce--cottOn, rice, corn, turpentinc, tobacco,
-four or provisions The bonds to be given in re-
turn for the produce are per cents, with
interest, payable semannualy. AS, however,
Mr.. Stephens distinctly states that the rebel
government will not resort TO taxation, no provi-
sion can have been made for the interest, and it
can only be paid out of the proceeds Of further
loans. There several objections to this system
of finance The Shareholders Of the rebel States
constitute body Of about 800 600 individuals, out
of white population of about 600, 600. 1t is fair
to presume that these Shareholders the only
people in that section who have any cotton or rice
or tobacco or food to bestOw on their government
The scheme Of the produce loan, therefore, pro-
poses, IN plain words, TO make the shareholders
pay the expenses OF the war-a method which will
probably DC very well relished by the poor whites,
but which, judging from the uproar created by a
similar proposal when made to the South Carolina
Convention in December last will not prove equally
popular among the Southern arstocracy. If, how
ever, the government should get its loan taken,
what will be the use of III What JEFF. Davis needs
money for ID to clotne, feed, arm, equip and pay
his soldiers. Cotton will do none Of these things,
neither will tobacco nor turpenne. Rice, corn and
-four may be useful articles OF commissariat; but
| the other articles Of produce-which will consti-
| ,nte rne-tenths of the contributions expected
will be as useless to him gold TO starving ma
rincr on 1. desert island Nor will the Confederate
bonds answ CT any better; for as Mr. Stephens lucdy
proves, they are not intended TO take the place OF
money, and not calculated .or circulation.
Judging from Mr. Stephens speech, the financial
| condition of the rebels would seem to be very
| gloomy indeed.
| The following table shows the course of the
stock market during the past week and MONTH