The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-09-16
EXPORTS SrEuK.
1859. 1860 1851.
For the week ........ 81 $40 45o 119s, 1903 1850
Previously reported. 47,706738 81 1901 3l57 $50

FOr the week 2,34D, 450 l,19SS03 13o0e
Previously reported 47,7Os'73s s7,29O75o 3,l57Seo
Since Jan l....... $5o,i4e 1914 ss 4sse52 a,2sl7ls
The bank statement which will be made up to-
morrow will be looked for with interest. Last
Monday the banks showed specie average OF
81 1897 $50, being a decrease of $3,2lO,Ss3
from the week previous, and of about IS 900 900 IN
two weeks. Since then the banks have paid into
the Sub-Treasury $3,5OO,OOo on account Of their
subscription to the national loan and large pro-
portion of the popular subscription two
and halfmilons-hasa also come out of their vaults.
Against this must be reckoned the Sub-Treasury
disbursements, which have been heavy, and about
81 100 900 received on Friday from California. The
prevailing impression among bank officers appears
to be that to-morrow's statement will show an ave-
rage neighboring upon 1917 600. few months
ago such an average as this would have been
deemed monstrous. It is, in fact, nearly twice as
much as the average which the most conservative
of the bank managers deem ample. As, however,
a decline of seven to eight millions in the bank
reserve in three weeks may seem startling
to some who are unfamiliar with the course
of financial events, it may be as well to observe
that the specie which has flowed out Of the banks
has flowed into the SubTreasury, from whence it is
being discussed at the rate of million day; that
it has not left and will not leave the country or
even the city, and that as the war progresses the
specie balance in New York will naturally fuctuate
between the banks and the Sub Treasury
times to the gain of the one, sometimes to that Of
the other The remarkable success of the demand
notes, and the evident willingness of the people to
retain them in circulation as the most convenient
nd cofa Oat will rali a
government from the necessity of keeping any
large specie reserve anywhere for their redemp-
ton, and will, as matter of course, tend to drive
the specie funds of the interior to the great cen.
tres, of which New York is the chief. The bank
loans last Monday stood at sl39 1853 230-a decrease
of 81 1923 ,244 from the previous week. The
statement to be made tomorrow will show fur.
Their curtailment in this department The banks
have sold between seven and eight millions of their
certificates for Treasury notes. and their discounts
will appear proportionately reduced They have
also during the past week, reduced very consdera.
bly, their loans to the mercantile community. It
will therefore be safe to look, tomorrow, for ma
teral decline in the loans
Money is rather more active than it was The
banks have not yet begun to avail themselves of
the loan certificates, which are to represent their
loan to the government, in transactions at the
Clearing House; hence they are somewhat dispos-
ed to be less liberal than usual to the public until
the Sub-Treasury disbursements restore to them
the specie they have lost. This is evidently an
affair of very few days. There is far too much
specie here and too little trading on credit
for any advance in the price of money to
be permanent. Meanwhile, we quote money album
dant at per cent call; for first class short pa
per, =; longer date, Z; good paper, not strictly
first class, 10 IL a Is.
rather unexpected advance in foreign ex-
change took place on Friday Bills which had been
dull at l07A suddenly became active at 1857 X
The event is generally ascribed to the remittance
Of Southern funds to Europe for safety. When the
war broke out q large number of banks and
rich men living South, RENTED money to New
York, through fears of the rebel government or
this money much has remained here throughout the
troubles, subject to the check of its Southern own
ers. Latterly our District Attorney, United States
Marshal and other officials have been suspected of
desire to give evidence of their patriotic zeal by
seizing such Southern moneys as they could find;
and for the protection of their friends our bankers
are believed to have RENTED what South
ern balances they had to England for safety.
We do not care to descant upon the transac-
ton, which is calculated to reflect anything
bat credit upon our authorities. 1t is absurd to
argue that the cause of the government can be as-
sisted or that of the rebellion injured by seizures
of private funds. The only effect of such mea-
sures is to impair public confidence in the mercan-
tile honor Of New York bankers, and to set the
rebels an example of spoliation. To seize even
million of dollars belonging to Southerners would
not aid the Union cause, but it would njure the
credit of New York very seriously, and would go
far to justify Southern reputation of fifty times
the amount. We trust that, in sending their South
ern customers money abroad for safety, our bank
ers have been acting upon misrepresentation of
the real purposes of the District Attorney, and
that the future administration of that official will
show that his zeal in the good cause can find en-
ployment in some nober path than the spoliation
of individual citizens of the South who have had
faith enough in us to trust us with their money.
The following table shows the course of the stock
Al.