The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-06-09

FIR The Week. 1869 1861 1862.
esg ssPS merchandise: ss 5s, IL
Total FOR tn. week So 902 800 1217 coo 2.1sa.a7s
Previously reported. 92ss7.4ss 7l,7SSl6l ZS76,5s6
Since January l. sos ol9, T94 1856 767 74o7o ,564
EXPORTS PRODUCE AND MERcuASDIsE.
For the week. 80 ,o54 ,096 2g3SlsS 1901, s94
Previously reported SO 944 $50 s9 As $40 SEQ
since January l. 500 OBS $40 IS 891 Al 2,2ls7so
EXPORTS OF SPECIE.
For the wr"x.. -. 81 ,7ls,I3s $50 1,e50.2ss
Since January $40 2os ,a55 2sss, 1897 2o,727 44s
The banks last Monday showed specie average
of SCI 1897 ,2s4, which an increase Of s714,524
from the week previous; loans average of
$l42 ST. ,414, being decrease Of S27s, I35; and
deposits average of &l25 434 1855, an increase of
1881 ,s91. Tomorrow they will not probably
show any change Of material importance though
the specie may show decrease. The deposits
are reported as being In reality considerably
higher than the average will show. Bank stocks
have advanced considerably within a few days,
which affords fair presumptve evidence that they
have done well by their transactions with govern
me Mt. In effect, the annals Of finance may vainly
be searched for o parallel to the wonderful sue
cess Of the financial policy which was shaped
about a year ago by Mr.. Chase, and matsred with
the advice Of Mr.. Cisco, Mr.. Vail, Mr.. Ketchum
and other New York fnanciers. Not only
has the government obtained all the
money II required for the prosecution of the
most expensive war on record, but the institutions
and individuals who lent the money have invaria-
bly, made handsome profit on the operation.
When first the issue Of irredeemable paper money
was recommended to Mr. Chase in this column, 1t
was met by frantic cutlery from the bgotted ad-
hercnts of old theories in finance, and Mr.. Chase
himself hesitated some time before be ventred 70
adopt the suggestion. Ignorant and prejudiced
writers dlated on the collapse of Laws Nissis-
sippi scheme and the French assignats, and with
incredible stupidity proclaimed daily that the
United States were plunging headlong into bank.
ruptcy. Happily for the nation both the execu-
tive government and Congress allowed themselves
at length to be persuaded that there was no real
analogy between the issue Of paper based solely
on the maintenance Of public confidence, and
the issue Of paper based on substansa sys
TEN Of taxation: and the act authorizing the
creation Of legal tender paper currency was at
length passed. How we'll it has worked no one
now requires to be informed. II has enabled the
government TO borrow slG0 900 900 without int
rest, ana u mas provided the people with an adj
mirable currency, at par everywhere, and uniyer-
sally preferred to the bank issues which hitherto
have been the main carrency OF the country.
Foreign observers, who, in the hour Of oar danger
and our perplexity, predicted, with brazen conf
dense, that our bubble" would burst within a few
weeks, are now driven TO confess that we have
Fevolutionzed the science Of finance and achieved
| . success which no European government could
venture TO attempt. The Canadian ministry ar.
about TO try the experiment Of following our ~.
ample. The government organ--,he Quebec Nora