The New York herald., 1861-12-30

The banks last Monday showed a specie ave-
rage Of $36, ,613 ,S6S, being decrease Of 622 l07
1or the week. It 10 known, however, that they did
Dot hold as much as thirty-six or even thirty-Rve
millions on Monday, 2ad; and hence it 10 inferred
that the average to be shown tomorrow win not
exceed thirty millions. This will be considerably
more than the banks really hold. II was under
seod yesterday afternoon that their actual reserve
t the close Of business was not ever $75 900 600.
Tn rapid decline, which may be said to have be-
gun when the banks met and passed resolutions
declaring that there was NO necessity for sus-
pension, has arisen from the general belief that
suspension was inevitable, and would occur very
shortly. Hence dep0sitore were Withdrawing their
coin and storing 1t away, in order to sell it at
premium; but the bank representatives met last
night and unanimously Yesolued to suspend specie
payments tomorrow; and haze thus pet stop 10
TITS drdtn. Provision was however made for the
payment in coin Of the interest on the government
debt due ON Wednesday next, and the principal
and interest Of the debt OF the State of New
York, also due on the same day. The coin
which has been drawn out Of the Sub-Treasury
has not found it's way back to the banks, as
IT used to do, but has been lodged in boards
and country banks as special deposits. Large
amounts have thus been taken to the West
during the past week. This state Of things
WAS inevitable o month ago. It was then
apparent that the government had exhausted
ito capacity to borrow, and that the future
expenses Of the war must be betrayed BY
some other expedient What that expedient must
be no fnancier, Of any experience could doubt for
moment; and the result to the banks Of re-
course to that expedient was equally certain and
unmistakeable. Had the banks been guided in
their collective capacity, by the dictates of pru-
dence and wisdom they would then have met and
decided to suspend specie payments with forty
two millions in their vaults. The country was pre-
pared for the step, and would have approved it.
There would have been no furry, no panic no
inquiry for gold; and by this time the banks would
have been in . position to supply specie to any
ono who needed it for legitimate purposes. Instead
OF pursuing this course, the banks preferred TO
pass resolutions stating what every man who voted
for them knew to be incorrect; to embark in az
idle contest with their depositors, by refusing to
take coin on special deposit, and to attempt to
Asowbeat those who quietly recorded the march
and the tendency Of events by charging them
with desiring to bring about q suspension in
the interest Of stockjobbing specuations. If any
thing could internally the contempt which the
Aanagers Of our New York city banks have
essned by their ignorance among business men, it
would be this latter enterprise. But let il pass
There are at present among the bank presidents
some who claim that the government should have
set the example Of suspension. These are the same
persons who expected Mr.. Chase, when he was
here, TO ask the banks to suspend q favor to him.
Now that the banks have suspended the govern
mont will of course follow the example at once,
ana, with proper assistance from Congress and
liberal system Of taxation, will have difficulty in
obtaining ell the money it needs. The new sub
soription to the issue Of Treasury notes bearing
7.30 interest, and dated lst October, is failure
The subscriptions do not amount TO 800 900
week.
Money has become more abundant during the
week, but seven per cent continues the general
rate for call loans, the leading banks being stu
unwilling 30 lend. First class short aeceptances
sell at 7% 7per cent double name paper, Of
high grade, three to four months to run & a 10
per cent, and so on up to "a per cent month.
There is plenty Of idle money in Wall street; but
people were unwilling 10 lend IL till the period
of uncertainty was over.
Foreign exchange closed Yesterday al ll0l5 a
III. Some business was done for the steamer at
ll0M-arats which would leave fair profit on the
shipment of specie TO Europe. 1t is well understood
howe yer that the state Of our trade with Europe
is such that We cannot be called upon to shin
Mncb cein at present. Francs are quoted AZ
$40 o 10. Mercantile bills on England are honeht
by the bankers at 100 no.
The following table shows the course OF the stock