The New York herald., 1862-09-01

b Al,lo ,l3 20
Previously reported sss7s:2s s,32s eso ss7i5,274
Since January l.. s3s a07 225 6s27 500 4osl2sls
Last Mondays bank statement showed q specie
average of $35, ,5ss, ,4s6, being increase of
1886, ,7Os from the pek previous; loans average
Of $154 1855 ,704 being an increase of s2526 1913;
deposits average of Sl43 BAT aA0, being increase
of 81, ,3l3, 1888. The statement which viii be made
public to omorrow will exhibit further increase
each department. Whatever the news may be,
and whatever shape affairs may take, the banks
cannot continue to accumulate money, for the
simple reason that this is the only spot where mo.
ney can at present be employed, and they must,
for their interest continne to endeavor to loan
it at the best rates they The natural course
of the money market during the past week has
been checked by the uneasiness created by rumors
from the seat OF war. Had the military author-
ties at Washington permitted the news 10 come
freely over the wires money would have been
more freely employed than it has been, and the
banks would have done better business with their
deposits. Specie continues to accumulate in the
bank vaults II iuctuated last week between lis
and IlbIf closing yesterday at ll5s1. memo
rial has been presented 10 the Stock Exchange by
an active member, OF decidedly loyal Instincts,
praying that gold may be struck off the list of
marketable commodities. it is to be regretted
that il was ever placed the list. Speculations in
coin are neither more less than speculat;ons in
the public credit Of the country. man who
buys gold OH speculation for the rise is impelled
by considerations of self-interest 10 desire the
defeat of the United States arms and the triumph
Of the rebels. Every rebel success brings him
profit, every Union disaster fills hia purse.
hat he Sto~t~ n
example TO tine general public in permitting such
speculatons 10 take place under its auspices, is
question which can safely be LEFT TO the patriotic
instincts of that body. step in the right direc-
ton was taken when time bargains in gold were
prohibited by a resolution of the board. But the
banks defeat the brokers by lending freely at the
lowest rate OF interest on coin. If gold were
struck on the list of marketable commodities on
Change, the business in gold would be transferred
TO the bullion brokers, and members THE board
would lose substantial resource. On the other
hand the trade in gold would obviously be re-
duced, and spectators would be inclined TO ne
glect it for stock securities. II is>prctty noto-
rous that the principal '.bulls' in gold have been
operators whose patriotism was at leas, subject
oil question.
Money closed yesterday in fair demand at
per cent on call. Al the close Of the preceding
week il was in abundant supply at 4, and parties
seeking temporary employment for large amounts
could not place them above q 31s. The advance
has arisen from the withdrawal from market or
large amounts Of money owned by persons whom
tue mysterious rumoEs Of the past week have
frightened. In other words, money las been
checked in its downward course by the embargo
laid npop ncws By the military authorities AZ
Washington. Ii must be presumed that the policy
of sappressing military intelligence, or only suffer
inl: it TO escape through the devious channel Of
obscure provincial papers 10 Philadelphia and
Washington, offers. in military point of view
commanding advantages which civilians cannot
presume 20 criticise st the same time it is well
that the authorities ~ Washington should realize
thst this method Of dealing with the news oi tho
day involves disadvantages, IN financial point OF
view, of no mean consequence. We think We can
safely say that 1T the present time the temper Of
wall street IS snch that revcrses and defeats cogld
not deprcss government securities very mat crially
People in Wall street believe in the power Of
the government, backed by the unparalleled
patriotism Of the people: they have made mp their
minds that the rebellion can aud will be sup
pressed But suspesse and uncertainty affect
them far worse than the worst evil idngs could.
Our financial community 80 uuaccustomod t.
be hoodwinked or deceived by government that
when the leading journals are forbidden to publish
intelligence which Is floating in a dozen diercnt
distorted shapes through private channels feel
ing OF general distruSt and unea-ness il generated.
| NJ one wants 10 buy public securities, and holders
want 70 sell. Conversions OF currency are checked
at once, and deposits at per cent dwiude down
TO nominal amounts. Capitalists sell out their
| goyernocn, stocks and invest The money in the
securities Of railroads, whose concerns are not
kept secret on grounds OF public policy. Whether
these disadvantage arc worthy Of consideration,
| in comparison with the motives which have in.
auenccd She military Authorities in expelGnv COZ.
respondents from The array is a question which the
| public cannot yet determine. Certificates Of pub
| nc ind,btedncs. afe worth 991> =: demand
notes io7a4 lOs What litnr mercantile paper
is III market sells ~ 4a5 for Brs, class name aud
! Ga7 for second class.
! Exchange advanced last week. closing YESTERDAY
st I2T% l2S Cor bankers bills on London agd tt5
/ . 3.d0 for bills on Paris. Bankers draw chiefly
aganst commercial bills Of which there are quite
sufficient in the market 90 supply TIE trade d, rand
| for exchange. Produce continues IL ~ forward
| with freedom. aud there nre qute as many biis
| taking as The importers need The events * tin
[ past week and especially the donht and unccr.
| tainty which Lave becn created u.s. the suppression
OF military intelligence. have led to sofne pufctasrs
of exchange for he purpose of boarding. Latter,
Iy however. these purchasers have 40 uniformly
lost money that spectators are more cautious
than they were, and the least ray OF good news
would undoubtedly lead TO an over supply ofbills.
our foreign trade at tie present time is 80 con-
dacled chat there can be little or no balance
against US. Such moderate exports of specie as
we are now making suffice to keep the scale AZ
least even. without taking into account the money