The New York herald., 1862-12-22

1vsrage Of slSS,lgs,sSe, be.s:S an Increase q |
81 .oss ,sss from De previous week; loans
average Of ssi79 ,sss ,sls. being an increase Of
q, ,46o $50, and specie average Of 1854
icing decrease Of ts64,ll4 The position Of our
city banks continues to excite the iveliest sppre
hension among stockholders. All of them are, in
1he eyes Of the law, defunct institutions. They
have forfeited their charters, and are liable to be
wound up the moment the State officials think 1t
ko do their duty. Forced to suspend specie pay.
ments by events beyond theIr control, they have
made use E their suspension to expand ther
loans from $40 0oo,0eS to SITS 900 900, and have
been the chief ..athors Of the imitation Of prices
which is GREETING such distress among the people.
II is Their insane greed which has caused cur
sency to fow from New York to the country, Their
Policy being to lend every dollar Of currency
they could obtain, and thus to facilitate
The speculative enterprises OF the country
banks and their customers. Had they
been administered In the interest Of the
country at large or Of their own stockholders
they would have steadily pursued conservative
policy while In position Of disgrace, and would
have shaped their course toward an early resump-
Gon Of specie payments. They have followed an en-.
firely different plan; have aided the expansion by
every means In their power; have thought Of no.
Ahing beyond present profit and are consequently
now unable to pay their deposits In any currency
and rapidly Fastening to ruin and liquidation. The
end may be postponed for while through the In
duence Of leading banks upon the Legislature and
the State officials. But q day must come when the
DAVIS will be carried out and then we do not see how
any Of the New York city banks can escape re-
ceivership. Had they been conducted with ordi-
mary common sense, the signs Of the times would
have warned them to curtail their loans six months
ago. But each bank president thinks of his own
dividend, and of that only, and the consequence Is
an aggregate discount line of tl73, ,OO0, 900, and
she utter and absolute insolvency OF the banks
which have created this enormous and preposte-
yOus imitation.
Money was worth fully six per cent on call yes
4erday, and the best commercial paper sold at 6
~ per cent. Certificates Of public Indebtedness
are selling at 06 q "A. The natural tendency of
the m oney market at the present moment is to.
ward increased stringency; but some OF the banks,
which pay interest their deposits, are so eager
20 lend every dollar they have that they keep the
rates down.
Gold fuctuated last week between l3l and 1873
closing at about 1879 yesterday. Exchange
closed at 1857 146L. There is not much doing
N bills, and the transactions in gold are less i'm
portant than they were. It is admitted on all
hands that without fresh issue of greenbacks
gold cannot be maintained for any length Of time
at its present high figure.
Mr.. Chase has been for some days engaged in
drafting financial bill for the use Of the Commit
tee Of Ways and Means, and the correspondent Of
the Associated Press reports that 1t contemplates
the establishment of banks on Mr.. Chase's plan,
% developed in his report and the negotiation at
the market price Of 5000 600 600 of 100 Treasury
notes, redcemable in gold in three yenrs, or con-
rertible into twenty year skies. The plan likewise
provides for the repeal Of the section of TIE act Of
February, which makes the present legal tender
currency convertible into go bonds--that proyi-
sion having been found practically to interfere
with their free circulation. This amount Of
noney-SS00 900 ,600-would, with the receipts
ffom duties and taxes, carry on The war, on the
basis OF Mr. Chases estimates, till the 1si of july,
1854 We have taken some pains TO ascertain the
views Of leading financial men here; and We find that
while they differ materially in respect ofdetas they
generally agree that = 7.3o lean Of 800 noo, 900
could be negotiated at once in our market at 98 a
ss, provided the terms Of payment were sueh a.
not to produce currency panic. Under these
circumstances Congress will Of coHrse, authorize
huch negotiation without delay. go long IS il is
possible 10 borrow money o. anything like tlisse
rates il wonld be more than 81 eTror--it would be
n crime Of the highest nagIiude--io food ths
Country with more irgedeelnsblc paper, to destroy
the public credit and enhance the burthens which
are now pressing so heavily or the farmer and the
mechanic. II will he time enough 70 think Of
more forced loans" when the people will lend no
more money voluntarily. We notice that Mr.
Thaddeus stevens. Chairman Of The Co.n,nittee OF
Ways and Means, who informed his constituents in
q recent speech that the public debt was
$1,000. .000,o00 ACKNOWLEDGING ony 6hou.
u ,300,0 100000 out Of the way--l.as not been
shamed into silence by the universal so., os de;:
which hailed ais financial scheme, but consumed
III ho,r more on Fr:dsJ III eapcundiag its merits
10 Congress. The only sensible remark lie made
was az the ciose OF HE speech, when lie observed
that ne was satisfied that his plan SNhd not be
adopted. fn THIS he wG. right Congress has
done ,lany foolish things, but II is no, quite Insane
or dishonest eaocAb to follow tho lead of Mr..
1haddeas Stevens. The shcss aud easy cut to
population and ruin proposed by that eminent
Enancier is better snitel "a the latitude Of Msss
sippi than Washington. II rs OF piece with most
Of the Legislation emanatiBg from Mr. Stevens' fac.
e.on impiaciicahie. unwisc. c"s.lv and knavish II
combines the low trickery Il lie Pennsyiysns re.
pudaton with the ,avsh rerh. ,,ncs< OF the spskers
ofthe French assigasts. with e1c hand i, proposes
~ swell our irreGeemable paper currency to
5000 COO .eon, which would nut gold 10 iiJ and
every other commodity 70 corresponding fguic:
6nt with tie o;he, il obligos The SecIe;ry 10
ase his new csal tender notes in buying mp
MS own paper, which wonld leave Linn with.
out dollar TO pay the soldiers ], dispose- Of
"a billion Of bonds 81 900 600 oon ,ooo in tbe
sfe Of scnestlon novel writer, bat docs not oser y
s'slc hiri - - how hshouds are TO be sold. who
Is 70 buy t'em, or how tho interest IL % be paid.
5 'ch an Idle, al urd project ~ this Is hardly
wcrib serious re,irw, ami 80 wogId not have
noticed II but for the fact lhsi sir. stevens. ~