The New York herald., 1862-03-12


l' 1s60 1861. 1852.
ssviss,, r. iss Ssss ss so
Sine. January SIS sos $50 % 7s9 4e2 rs 50Os 4ss
The statement shows falling off, as compared
with last year, and places the balance for the
year to date on the wrong side. In q short
time, however, the opening of navigation will
impart fresh activity to the breadstufs move
ment. The amount of food which is stored
at Chicago is beyond all precedent, and the
other depots for Western produce-Toledo
Buffalo, &c.-are choked up in the same way The
railroads between this and the West, working
every car they have to their utmost capacity, seem
TO make no impression upon the piles Of stuff which
are eagerly pressing forward
The money market is comfortable; call loans are
quoted a per cent, and paper Of the highest
grade at the same rate.~~. The victories, of our
armies impart confidence to capitalists, and bring
into the market money which has been hidden
away through fears regarding the future. The
banks eflected their exchanges this morning in
Sub Treasury certificates, and the Sub-Treasurer
has been busy all day signing his name to these
documents.
Foreign exchange is dull and weak. Bankers,
bills are held at liz "a for sterling, and 5.O211s
6.071I for francs, at which quotations there is q
very light demand. Many importers feel satisfied
that in the course of few days we shall begin to
export Southern produce in quantities sufficient to
exercise decided effect upon the foreign exchange
market. Gold was expected to advance to-day,
but fell back on the news from the army. The
probability is however, that the spectators will
succeed in putting up the price of gold again to
per cent premium.
The stock market was very strong to-day, and
prices were uniformly higher. The public are
buying stocks freely, and there is every indication
that we are on the eve of period of remarkable
activity on the Stock Exchange. The news of the
occupation of Manassas was received at the first
board, and led to large increase of purchases Of
government stocks and other first class securities
It is hardly probable that the stock market has yet
begun to feel the effect of the enormous disburse-
ments which are about to be made by government
But the effect of this unparalleled addition to the idle
capital of Wall street is being anticipated to some
extent by the jobbers of the street and the board
and shrewd operators are laying in stock of Erie
and Central and governments and Western
shares, SO as to be prepared for coming events IT,
rs some spectators seem to anticipate, peace re-
established this spring, nothing has ever been wit
messed on this continent which will compare with
the speculative excitement that may be expected
in Wall street. The country is full of money, and
every one will have money to invest; trade with
the South will reopen, and the resources of New
York will be taxed to the utmost to effect the ex
changes which will at once be effected between
the Southern and Western country and the rest of
the world. We have not railways enough to do
the business that will spring up. And with the re-
storaton Of the authority of the Union will revive
confidence, at home and abroad, in public secur-
ties; foreigners will be eager to purchase the
stocks which they sold in the day of our
gloom and our trial. and domestic capital,
which, for safety's sake, has been lying boarded,
win flow once more in the accustomed channels.
At the morning board to-day the market was buoy
ant and a very large business was done, with a
general improvement in prices. In the afternoon
the advance Of the day led to some sales by par
ties who were anxious to realize profits, and in
some instances stocks were lower. But, as whole
the market was strong throughout the day and
closed very firm. Comparing the closing prices Of
the day with those Of yesterday, we note ad-
vance of a in registered skies, and 70 in coupons
~ in vrginias, ~ in Tennessees, in Missouris,
in Pacific Mail, q in Central, u in Erie, a in
preferred, q in Hudson, Il in Harlem, ~ in
Reading, ~ in Michigan Central "a in Michigan
Southern, "a in guaranteed, in Panama, / in ILL.,
nois Central as in Galena, u in Toledo, "a in
Rock Island, and "a in Chicago, Burlington and
Quincy. The following were the closing quotations
of the day:-United States 6's, registered, 1881,
% q n do. 6's, coupon, 1851, 50 q 1S; do. SIS,
coupon, 1874, s5H "a; Indiana SIS, rs a "A; vir-
ginia 6's, 62H 64; Tennessee 6's, 6lA e2;
North Carolina 6's, SO 20; Missouri 6's 5414 az;
Pacific MAIL 95H "a; New York Central, s41S
"a; Erie, SO a; do. preferred, COS "a; Hudson
River, 3714 "a; Harlem, l31 "A; do. preferred,
3l% "a; Reading, 4394 a; Michigan Central,
67& SO; Michigan Southern and Northern Indi-
ana, 241I "a; do. guaranteed, 40 a "A; Panama.
l2O a III; Illinois Central, 66 a IL Galena and
Chicago, 693s a sss; Cleveland and Toledo, 4714 a
u; Chicago and Rock Island, 57H -; Chicago,
Burlington and Quincy, 65 q u; Milwaukee and
Prairie du Chen, ~ a IA; Cleveland, Columbus and
Cincinnati, 1927 a ITO; New York Central rs,
1876. 103 a 104; Erie third mortgage bonds, SO
"a; Michigan Central SIS, first mortgage, 103 "a;
Illinois Central bonds, rs, 93 "A; gold, 1919 az.
II Is curious to refer, in connection with the
forthcoming issue Of inconvertible Treasury notes.
to the following extract from treatise on Political
Economy, published eleven years ago by Mr..
George Opdyke, at present Mayor of New York
Mr.. Opdyke was one of those clear sighted econo-
mists who discerned the evils of our banking sys-
TEN, and Of our mixed and incongruous cur
rency He suggested as remedy the Issue of
inconvertible government paper, in the ratio Of ten
dollars for every inhabitant Of the country. At
the time he put forth these views they had few
adherents. Events have now brought the entire
public upon his platform, and we are going to test
practically the soundness Of his theories. 1t is
worth remark that, If his system were adopted, the
issue Of legal tender notes by government would
be more than double the amount now proposed.
The following is the extract:-
desire TO present the out lines OF q plan of incon
yertble rarcr money, bv the Of which II Is be
leved ali that useful coin and convertible paper
money may bs secured, and all that is Objectionable in
zach ayodcd except far coin may be required in
our external commerce and in the circulation Of fraction