The New York herald., 1862-09-15

certain strength flushed with victory, and rcspect
ing Whose purposes nothing hass been ascertaned,
except mat they are hostile and desperate-is on
camped on Northern soil within two days march
Of the national capital and in dangerous proximity
to two of the great commercial cities of the North
Ifany experienced Wall street authority had bees
asked six months ago what would be the effect Of
such state of affairs upon the stock market, the
answer would have been simply frigitfy
panic. Under less alarming circumstances United
States securities fell to twenty discount British
and French funds, under the pressure of less for.
midable danger, declined to nearly fifty cents on
the dollar. Yet United States skies have been
maintained throughout the week within fraction
of par, and railway stocks have advanced There
are various theories afoat to account for this
strange anomaly. One of them credits Wall street
with an increased share of patriotism and courage.
and argues that defeat and disaster have lost their
terrors for operators in stocks. Another is based
upon the belief that the rebel advance into Mary
land was matter Of necessity. not Of choice, with
the rebels. and that it must result ruinously for
them. third considers paper money the true
secret Of the frmness of the stock market. Of
this latter theory it may be stated that the volume
Of money adost ct present s really less than II was
couple of years ago, and that, notwithstand-
ing the premium at which gold stands, there
is no indication outside Of the stock market Of any
imitation of prices consequent upon . depreciafiou
of paper currency. That paper money is. not rs-
dundantis evidenced by the fact that conversions
of currency have almost ceased. though $40 bonds
are worth nearly par. II currency were supera-
bundant or people were generally afraid Of its de-
probation or of further excessive ssues it would
be rapidly converted into bonds bearing interest at
six per cent, payable in specie. No one seenS
anxious to convert. On the contrary, currency i
scarcer than it has been at any time since the war
began. Bank notes issued by country banks In this
State and in the neighboring States of Connections
and New Jersey are now classed as bankable."
and are gladly received by those who under ths
ole. regime made q point Of receiving nothing but
city bills gold. 1t is perfectly certain that NO
one is buying stocks for the sake of getting rid e
currency If the rmness of the stock market is due
to Mr.. Chasc's financial policy, it must be due
rather to popular expectation Of what that pe-
licy may hereafter than to any actual effects
which it has yet produced. There are many ope-
rators in Wall street who, looking to the actual
condition Of affairs in Maryland, Virginia and tho
West, and to the financial necessities of the gov
ernment, are disposed to pursue prudent course
for the present, and to deal very moderately In
the fancy stocks Of the day. Good railway bonds,
amply secured, command high prices and deserve
approval as investments; but railway shares, not
withstanding the largo earnings of the roads, ap-
pear to be more popular with the street operators
than with the public II should never be forgot
ten that all these securities, like all the other
property in the country, are bound and liable for
every dollar Of the national debt