The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-08-14

exclusive OF specie) from New York to foreign
| ports for the week ending August 49,
1859 1860 1861
| Total for the week $1574, 1853 1891 o5s 1857 1885
Previously rcpted 3S,s7o,9s9 $685. S57 7s43l 4e9
Since January l. $40 4Sl ,457 ASS 015 so,olo asa
| The apparent decline in our exports, as CON-
pared with last year, is merely accidental. We
are shipping produce as freely as we ever were,
and from present appearances, shall continue to do
80 for some time to come We are now comparing
however, with the period Of last year. when the
failure of the British harvest was ascertained and
| shipments began to be made on an extensive scale
| from this port.
| The money market continues very dull The
brokers are borrowing all they need at per cent.
Paper of high grades continues very scarce and the
prospect of large negotiations by government tends
! to check the inquiry for mercantile notes. People
| are waiting to see what employment Mr.. Chase
| will offer them for their funds.
| moderate business has been done in francs for
the steamer Of tomorrow at 5 IS 371a Ster
| ling is dull at l07 "a with very few TRANSACTIONS
| at the higher figure. Bankers are buying good
| mercanHle bills at 1867 a "a. Every one seems to
look for further decline in bills, in consequence of
the dulness of the importing trade and the effect
| of the new tariff.
Stocks continue extremely dull the commission
brokers complain that they doing no business
| whatever; for the present speculation seems to
| be dead, and there is no buying for investment.
| There was no change in governments to-day; the
| two year Treasury notes are taken up as fast as
| they come into tho market. State stocks were
not 80 firm. Missouris declined Ia and Ten
nessees "a; Virgnias were steady. Among the
| railway shares there was not much change: New
York Central declined q, Erie "a and Toledo "a;
the other speculative shares were steady. Be-
tween the boards little or no business was DONE
The afternoon session was extremely quiet with a
tendency to lower prices except to Pacific Mail,
| which improved 4 per cent on the arrival of the
Champion. The market closed dull the following
being the last quotatons:-United States 6's, re-
gistered, 1881, STU "a; do. 6's coupons, 1881,
s714 SO; do SIS, 1874, 80 a a; Indiana 5's 76 a
II; Virginia 6's 81 a; Tennessee s's, 45Hs "a;
Missouri 6s, A a u; Pacific Mail, 761S a II; New
York Central, 7iH q; Erie, 26ss u; Hudson
River, s3}s u; Harlem, 1917 "a; do preferred.
1874 %; Reading, 36H "a; Michigan Central,
| 42]4 u; Michigan Southern and Northern Indi-
ana, 1874 Ia do. guaranteed, 20 Il; Pana-
| ma, lO7 lOs Illinois Central, 64a1 a ~ Galena
| and Chicago, G61s 4; Cleveland and Toledo, 291s
"a; Chicago and Rock Island, 40 a; Chicago,
Burlington and Quincy SIX So.
| The bankers continue to confer with each other
on the subject of the forthcoming public loans.
| committee from the Boston banks arrived to-day,
and committee from Philadelphia is expected to-
night 1t is hoped that before Mr. Chase leaves
town tomorrow some practical scheme for raising
the money required may be agreed upon 1t is
useless now to spend time in denouncing the act of
last session. Every one gees and deplores it's de-
fects it shows that Congress needs new financial
leaders. But the practical point at present is not
the errors Of the past but the ways and means for
the future. Money must be raised, even under Mr..
Fessenden's abominably stunid Loan act; and the
question is, whether it is to be done through the
banks in the three leading cities of the North, or
by direct appeal to the people. The bankers say
that no money can be raised by direct appeal to
the people. This remains to be proved. There
are nearly 5000 0o0, 600 in savings banks in the
North drawing a per cent interest, and as much
more in banks Of discount drawing no interest at
all. IT is by no means certain that urgent ap-
peal of Mr.. Chase, backed by the recommended
tons of the press wcuia not draw out very large
proportion Of this money. If it only drew out one
half il would break every bank of savings and
discount in the country, and would render the
$500 900 900 of bills receivable now held by the
banks of the leading cities utterly vaueless This
is the point TO Which the attention of our bankers
should be directed. The time has passed for CON
sidcrations of profit on negotiations with govern
,nent. The question is, which policy involves
least risk of loss? refusal to lend money to Mr.
| Chase throws him back on the public and if he he
successful with them the fate Of The banks is obvi
| Gus. What dangers does the opposite course pre-
sent? Granted that a million a day is large sum
! TO lend and that an addition Of sl00 000,000
| in four months to the loans of our banks
would create G panic, is it certain that the
public would not come forward to relieve The
| banks OF at least part OF their burdcn-say at
small discount Could not several millions be
| placed abroad? The amount OF specie held by our
banks is double the highest reserve held by them
| before Mr.. Lincons election, and the prospect is
fair for further accommodations. Does not this war
rant some iberality to government We trust that
| when the committee meet tomorrow and report
they will be prepared TO propose a practical
scheme for the negotiation Of all the bonds and
Treasury notes offered by Mr.. Chase, and that the
bankers will perceive that their real interests re-
quire its adoption.
Considerable efforts are being made by tie Lon
don Times and other British journals to prevent
the negotiation Of United States loan in London
The bankers who inspire these journals perceive
| that British subscriptions TO such a loan would
! have to be paid in gold, and that the drain thus
1 created would embarrass the London money mar
| ket. From the fact, however, that the repu-
diation of Mississippi and Arkansas ia the strong
est argument brought against the United States
loan by the London Times, it may be inferred that