The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-10-07
The following table shows ne coA,t Of i
stocl; marle. during the past week and month

The course OF prices during the wcak has been
upward though at first the spirits ot operators
We're dampcned by the disaster AZ i.,Niaglon.
Missours suffered when it was known fhat ,nlouel
Mugan had surrendered, but have s9ep i'm
proved better understanding 0! the Gaze.
The shares Of the trunk railways have been il bet
ter demand since it was announced tina, the q,1r-
rel between the Erie ana Central had been ad-
justel. These roads are now doing srts large
business indeed in carrying grain TO the seaboard.
From all that we can learn the prices obtained for
freight are highly remuneratiye. The stoppag. Of
traffic on the Baltimore and Ohio road has naturally
thrown ~ unusual amount OF business upon its
competitors, the Pennsylvania Central, the New
York Central and the Erie. The increase in Tie
business of the Western roads has likewise pro
duced favorable effect upon the stocks Of Tie
Toledo, the Cacna aud some others. Panama
he's advanced considerably, on the generally sound
condition Of its business and Pacific Mail has sym
pathized. Government stocks continue TO advance
steadily, though slowly the new skies are gratu-
ally tending toward par, and the fves are growing
very scarce.
The advance in the stock market which has taken
place within the past day or two causes surprise
TO people who have watched the course OF ;inan-
cial events For some time the government has
been paying out money at the rate of over mil
lion per day 70 citizens residing in the loyal States
These payments have been made in United States
notes. ana Treasury notes drafts, which are paid
with money received at the various government
Sub-Treasuries for Treasury notes. The amounts
paid out thus an absolute addition to the cur
rent capital Of the country. For all practical pur
poses the effect is the sif California instead
Of sending 50 900 900 a month in gold were TO
begin to send Us $1,000, 600 or s. 900 O0Os Every
one understands that if the Weld of California
were suddenly to be increased $50 l75 per cent,
a general expansion would ensue, and the price Of
all commodities oxchangeable for money wouli aa-
vance. This result might be delayed by various
causes; but ultimately it would be inevitable.
The creation of million dollars a day in paper
money must lead to the same result: the
movement we are now witnessing on the Stock
Exchange seems to be the first premonitory symp
tom OF the revolution. 1t is not likely that it will
move swiftly. Confidence received so rude shock
last winter that il cannot readily be reestablshed
Men who have money are cautious how they in
vest it. Many enterprises seeking public favor
are not believed to possess elements of success
and their discredit operates uniavorably upon 9th
ers But all experience shows that while the ope-
ration of general laws may be retarded it cannot
be hndered altogether; and however slow the
progress Of the present expansion may be, it can.
not fail to be certain unless the fundamental prir-
cpes Of the science of political economy are
false. With regard to the operation of an expan.
sion upon the stock market, some distinc.
tions must DO drawn. That United States
stocks are cheap there can be no cues
ton. For twenty years the funded stocks of the
United States have not ruled 80 low as they have
done this summer. United Sta les 6's are undoubted.