The New York herald., 1862-01-21

This is very strong statement. II showsShat
the banks are steadily increasing their Specie and
at the same time reducing their loans and their
circulation. The curtailment in loans is probably
involuntary, and proceeds from the want of
business. The reduction in circulating notes
arises from the demand for gold. None Of
the New York banks refuse to redeem
their notes in gold, and SPECTATORS have been
sending parcels Of them in for redemption. The
deposit hne shows little variation-a good symp-
tom. Altogether the position of our banks is
sound one, and will be sounder still when Congress
adopts the necessary measures for taxation and
currency.
The money market is without change. Paper of
the highest grade passes at a 6% per cent, and
brokers are paying 6, as general rule, for call
loans: At this rate the supply is in of the
demand.
Exchange fell off to-day. Bankers bills were
offered at Ill a for sterling, and 5.5 10 for
francs. Gold rose to 21 per cent in the morning,
but fell OF to ~ in the afternoon. The move
ments in gold and exchange are mainly caused by
the operations of spectators.
Stocks were better to-day. At the close the
coupon stock of the United States. due in 1884, was
held at 9l and 90 freely bid for the registered.
In State stocks and railway bonds the business
done was light. We note, however, an advance of
%-in Galena, Il in Toledo, n in Erie and u in
Central. The market opened with heavy orders to
sell, apparently for account of parties who were
buyers at lower prices but the of the victory
in Kentucky gave fresh courage to the bulls, and
the market acquired better tone. Stocks closed
very steady the following being the last quota.
tions:Unted' States 6's, registered, 1881, 80 10;
do 6's coupon, 1881 ,90A 81; do 5's 1874 coupon,
so a; Indiana 5's, 76 76; Virginia 6's, so "a;
Tennessee 6s, 431A A; North Carolina 6's. COZ;
Missouri e's, 429s a "a; Pacific Mail, 9sH a %.
New York Central, s32s "a; Erie, s51S n; do. pre-,
ferred, 57a q; Hudson River, 80 q a; Harlem, l21
49, do. preferred, 3O4 3lH; Reading, 37M
ss; Michigan Central, 53A 2s; Michigan South
ern and Northern Indiana, 2O1I q; do. guaran
teed, 40I "a; Panama, 113 la; Illinois Central,
62H1 63; Galena and Chicago, 6s1s a "a; Cleve-
land and Toledo, 371H a "a; Chicago and Rock
Island, IS 1s; Chicago, Burlington and Quincy,
81 81; Milwaukee and Prairie du Chen, 201% q;
Cleveland, Columbus and Cincinnati, 1897 ITO;
New York Central rs, 1876, 1927, Erie third mort.
gage bonds, 81 %; Illinois Central bonds, rs,
9la "a.
Among legitimate objects of taxation, which
ought to yield larger revenue than they do, are
the metals iron, copper and lead. We have mines
of these in this country adequate to supply all our
wants a war tax were laid on the foreign article.
1t is understood that the Committee of Ways and
Means in Congress has been urged to raise the
duty all these metals, but that strong foreign
influence is being brought to bear to defeat this
object. It would seem that the objection is based
mere selfish interest, and should not be listened
to. Though we have in the West immense quant-
ties Of lead in the EARTH the mines SO backward
that we are dependent upon the foreign world for
supply Of material for bullets and the very first
measure adopted by Great Britain on receipt of
news of the Trent affair was to stop the exporta-
ton of lead to the United States. Surely this
should teach Congress to lay such duty on foreign
lead as vii! make it yield proper revenue and at
the same time develope our own mines. duty
Of three cents pound would not be too much.
The banks paid SO 500 900 into the Sub.Treasury
to-day in demand notes, per cents and overdue
Treasury notes. Some of the banks which have
distinguished themselves by persistently endeavor.
ing to discredt the government paper, by refusing
to receive it on deposit were compelled to 60 into
the street this morning and buy demand notes to
pay their proportion of the assessment. The
business of the Sui. Treasury was as follows