The New York herald., 1862-03-03

Previously reported. 10023,lS6 1S,375S6o 1S199405
Since January 1.sl ,64 ,0cs 81 AL ,5s7 JOSS SIT
EXPORTS OF SPECIE.
FSs Psvssss 'hs Ts'f i:Dor.:a ssss sss
Since January l. 81 9s5, $40 1851 ,ols 1894 1877
The banks showed last Monday specie average
of $2s s75 1892, being increase of $761 s44 from
the week previous. Tomorrow they will probably
show within a quarter of million of thirty mil
lions of dollars. They have gained since they sus-
pended fully seven millions of dollars. Their dis
counts which last Monday stood at $139 $50 1858,
will probably stand in to.morrow's average at
about sl39 900, 900. Mercantile paper is becoming
scarce that the large amount of government
securities carried by the banks does not swell
their discount line much above the usual average
in flush times. If the rebellion had not broken out
it is probable that our banks would now have had
fully one hundred and forty millions under dis
count, and it is doubtful whether their specie
reserve would have exceeded thirty millions.
The event, and the recent advance in bank
stocks, fully confirm the views we expressed
some months since with regard to the bank invest
ment in public securities. k was the best opera.
ton they ever made. They only need prudence
pay them for all their losses by Southern repudia
ton. We hear that there is some talk at Albany
of superseding the Clearing House institution by
State department, dependent on the Bank Super
ntendency. We have not heard the details Of the
plan; but it is safe to say that the public and the
stockholders in New York city banks will feel lit
tic regret at the abolition of the Clearing House.
As originally established for the mere purpose of
IL Ill,
rangement. But Of late years it has assumed to
egisae for the general interests of the banks and
every step it has taken has increased the public
contempt for the judgment Of the persons
who control it. The interests of stockholders in
our city banks would be much safer, and the gene
raj bank policy of New York would be conducted
on broader principles, If the Clearing House were
restricted to its legitimate functions and some
steps were taken by the Legislature to consolidate
the association of the banks under the auspices of
persons Of larger general experience and more ex-
tended views than are possessed by the present
leaders of the Clearing House Association.
The speculation in gold is still an existing fact.
The premium on the precious metal fell on Thurs
day to 2 per cent, and closed yesterday at 22s
"a. We notice that the London Times de-
clares that nothing proves the general igno.
rance of the American people more conclusivcly
than the supply of gold at 3Z premium.
In the opinion Of the advisers of that journal
it should be worth at least ten per cent. Public
ignorance has since diminished the premium; and,
though the operations of spectators may at any
time put the price up to five again. IL Is we'll un-
derstood that such experiments are dangerous.
When gold last rose to 31I per cent tho Boston
banks very scnsibly supplied the market. We have
frequently had occasion to remark that the pre-.
MUM on gold is altogether speculative. There is
no demand for II, and there is q supcrabundant
supply. Every hoard Of a million costs $40 900
year in loss Of interest The shrewd spectators
in this city who are understood TO have set aside
three or four millions in gold to sell at the i'm
mense premium which they foresaw in the distance
are losing from $4,000 to s5 900 week in interest
1t needs but little sagacity to determine how long
they will be content to submit to this drain.
We had quite furry in the money market last
week. Call loans rose to seven per cent, and were
in active demand at that rate. Paper did not par
ticipate in the advance. There are still q few
names which pass at s per cent. The general first
class list goes at a. per cent and good mercan.
tile at 10 IL. But there is great scarcity Of
mercantile paper, and even government certificates
OF indebtedness are not as abundant as was expect
ed. An active money market at the beginning Of
March, when trade is inactive, and little or no bust
ness is being done on credit, is an anomaly whicl
creates some surprise. 1t is probably mainly du,
to the disturbance in tho currency caused by Tho
passage Of the Treasury Note act. Before tina
act passed banks would not receive demand note
except as special deposits, to be returne,
In kind. The day after the passage Of the act
and for . dsy or two aftsrward. these ssme Dc