The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-03-26
FINANCIAL AND COMMERCIAL.


i Rss,:sss 'l'sss4.e s.ssosie sse ,Ae.4a
The increase fspecie is larger than was expect
ed, and shows that the Mint was free contributor
70 the bank supply last week. The next state
OO0, 900. The California steamer arrived this
morning with $699, 597 and $500 900 is on the way
rom Boston, having been brought over in the last
Cunard steamer. Itwould be great relief to our
banks, and an assistance to trade, if exchange
would rise to point which would justify the re-
shipment Of some Of this surplus gold to Europe.
The decline in discounts and the increase Of de-
posts tell sad tale Of stagnation in business and
general liquidation. Unless times mend, the banks
will have hard work to earn dividends thisye
Money is gradually becoming easier. good
many names, ON short paper, are current at five
per cent, and hear Of several call loans at four
At 9 the best single names are passed without
difficulty. We cannot, however, report much in
crease Of confidence in the paper market All
pames but gilt edged are hard Of sale.
Foreign exchange was inactive to-day, the
drawers having advanced their rates, and import
ers being slow to give the advance, at all events
before tomorrow. The leading houses are asking
I0S for sterling sixty day bills, and 5.221 5.25
for francs. There are no commercial bills Of any
amount in market. Another advance of half per
cent would render it possible to ship specie to
England without loss. But fall in the bank rate
of interest is now expected by each steamer, and
this will again prevent shipments.
The stock market continued firm to-day, with
fair amount Of business. Stock operators seem
generally to read the news from Washington as
indicating peace policy on the part of the Lin
colin administration; and though the public evince,
thus far, but little inclination to follow their lead,
without some more positive information with re-
gard to tAe intentions of the President they have
quite strength enough themselves to keep the
market steady. At this mornings board every
thing advanced, the most conspicuous advance
being in Michigan Southern guaranteed, which
rose ~; in Erie which rose /; and in Tennessees
and Missouris, which rose "a. All the
Western shares were in better demand at
an advance Of u "a per cent. Hudson River
rose x, and New York Central "a. Governments
were steady at Saturdays prices. After the board
the market was firm. In the afternoon the marke.
was higher and quite active, closing firm at the
following uotatons:-United States SIS, 1874, S91s
a co. Tennessee 6's, 76 a Il; Virginia 6's, 1917 a
"a Missouri 6's, 6654 q 81; Canton, AZ a Is;
Cumberland Coal preferred, 7 g. Delaware
and Hudson Canal, SO q Il; Pennsylv ania Coal,
20 q 801I; Pacific Mail, s65s n; New York Cen.
trail, 79H; Erie, 327s = SO; Hudson River, 457s
46; Harlem, 1879 q "a; do. preferred, Az "a;
Reading, As "A; Michigan Central, 5Sa5 "a;
Michigan Southern and Northern Indiana, 1871
. u; do. guaranteed, 39Z4 n; Panama, lit a Il;
Illinois Central, 81 q n; Galena and Chicago,
7s,% "A; Cleveland and Toledo, s61s a; Chi
cage and Rock Island, SO . u; Chicago, Burling
ton and Quincy, 74H "a; Milwaukee and Mssis
sippi, ii IL; La Crosse and Milwaukee land grant
bonds, 10 49, Illinois Central bonds, 1917 lO3
The debt of the. United States government at
the present time is about eighty millions of dol
lars. In December last, when the last official re.
turns were published, the debt was s3,7os, 900,
including nearly $l2,O0 600 of Treasury notes.
Since then two issues Of Treasury notes of
IS 900 900 each have been made, and ss,0oo,o 900
have been borrowed under the act Of February 8.
These recent loans would have swelled the debt to
$8l 900 0O0 if no Treasury notes had been paid of.
Between December and March, however, some Of
the Treasury notes included in the above So, 0Oo,
600 were paid of; while, on the other hand, it is
probable that the public debt was increased in
other ways in consequence of the straits in which
Mr.. Cobb left the Department. so that, on the
whole, the actual debt at present is likely to be
about eighty millions. Mr.. Chase now proposes
to increase this indebtedness to lightweight
millions. In publishing the official call, the jour
mails which are understood to speak the
views of the government inform us, in the first
place, that this loan will carry the government
through the balance Of the fiscal year, up to 30th
June next; and also, that Mr.. Chase seriously
contemplates the rejection of all bids under par,
and intends to dispose, by private sale, of Treas
~ notes, running two years and bearing six per
cent interest, for all that portion of the sS0O000O
which he cannot borrow at par. Both limitations
are likely to be incorrect Neither Mr.. Chase nor
any other man knows how much revenue the gov
eminent will receive from customs, under the Nor
rill tariff, in the months of April, May and June.
Merchants and Custom House officers say that they
cannot form the least idea Of the practical working
Of the tariff, or guess whether the duties at this
port during these three months, will be $40 000,-
O0O as they were in 1852 or IS 900 o00 they
in 1857. No one can tell how much money the gov
eminent will want between this and July, and il Mr.
Chase, in borrowing, offers quas-pledge not to
become q borrower again before July, he under
takes that which he canno$ perform. Nor is il at
all likely that the new Secretary Of the Treasury
has already resolved to decline bids below par It
would be better for him to borrow money on a
twenty years bond, at s5, than to get par for
Treasury notes which win be coming back upon
him for payment In two years time. Mr.. Chase
must not delude himself into the belief that the
public credit is re-established. The circumstances
of the negotiation OF the loan of February % may