The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-08-12

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There is very little doing in the Stock Exchange
August is always dull month among the brokers'
but this season it is quieter than usual. Judging
from the operations Of the past day or two, we
should say that the bull party gained while the
bears lost adherents last week. The idea that the
new Treasury notes are going to create imitation
seems to have frightened some Of the more cautious
operators for the fall and induced them to cover
their contracts. We see no traces, as yet, Of out
side business, or even of any vigorous buying on
speculation; these may, perhaps come hereafter.
1t must be admitted, however, that the railroads
are not making money, and the slave States are
not paying their interest to Northern hold
ers These facts are not encouraging to
bull operators, or calculated to tempt the
public to buy stocks. The civil war, however,
introduces new element into our stock opera
tions and for the time will override all other infu
ences Successes in the field are sure to cause
an advance in prices, while military reverses are
as certain to produce q decline. Operators will,
therefore, speculate according to their opinions Of
the military prospect, and in some degree in ac-
cordance with their political predictions. Re-
pnblicans will naturally be buyers of stocks,
rebellion will as naturally be found among
the bears. We do not of course, mean to imply
that all bulls are republicans, or all bears
sympathisers with jeff, Davis; but it is obvious
that warm politicians will be guided in some de-
gree by their political afinties in taking their side
| in the operations of the Stock Exchange.
The Secretary of the Treasury arrived in town
| on Friday morning for the purpose of comforting
! with the leading city bankers on the subject of the
| forthcoming war loans. He will remain until Tues
| day. Several conferences have been held between
him and the bankers, but a. yet nothing has been
| determined. 1t is understood that Mr.. Chase wants
our banks TO take SIS eco eco of $40 per cent
| Treasury notes at par, New England TO take
10000 600 and Philadelphia IS 600 eco of the same;
he also desires the banks to receive on deposit as
cash. his small Treasury notes, which bear no in
tcrost, but are redeenable in coin, on demand. A
rumor prevailed yesterday to the chcct that the
banks had agreed to these terms 1t was, how
ever, without foundation. Nothing was done at
the adjourned meeting beyond the appointment OF
a committee OF bankers, who are to report to-
morrow morning. The members of the committee
are Messrs. Stevens Taylor. Punnett Tilcston
Howe, Gaatin, Vcrmilye, Morrison, Jones and
Coe. Mr.. Chase has, probably, by this time, seen
the justice Of our structures upon the
limits placed upon his action by the
Loan act. We trust that The defects OF
that measure may not prevent his getting The mo-
ney he needs, though we lack words to express
adequately our sense of the ignorance and obsti
macy which induced Congress, in the teeth Of the
most solemn warnings TO place the government il
its present predicanent. AT worst, we suppose
Mr.. Chase may pay contractors liz Treasury notes
We notice, by an advertisement Of Messrs. White
house, Son & Morrison, in another column. tia
they are prepared to deal in thcfc notes and nc
doubt TO give holders the money for them al a Ger
tain discount; the two year six Per cents and ikC
old ten and twelve per cent notes are freely
dealt in at the Stock Exchange. In course
of time they will be generally bought and
sold by bankers and brokers' and if the go
vernment is moderately successful in the field
those which bear interest viii undoubtedly pass
current at par, and the demand notes will en-
ter into general circulation currency. The
country is quite ripe for the introduction Of new
and uniform currency. Our internal commerce has
always suffered from the variety and uncertainty Of
the paper currencies which have been issued by
the banks Of each locality. Just now, especially
that commerce is gravcy embarrassed by the de-
probation of the Western currency occasoned
by the heavy decline in the slave State
stocks which were lodged 10 secure it
The West will gladly take and absorb twenty t.
thirty millions of Treasury notes. redeemable il
coin, and, in course of time, as many more can bt
foated in this section Of the country. 1t would b,
the greatest boon imaginable if the government
could distribute one hundred millions Of thes
Treasury notes throughout the country, and s.
drive out of circulation the uncertain and variou
bank notes which are now used in trade, and b
means of which bank fnancicrs levy tax fror
one to five per cent on the internal commerc
Of the country.
The traffic of the Illinois Central in July shows
decrease Of S23 900 from July, 1860; but The me-
earnings give n gain Of GlG,000. The genera
statement is as follows -