The New York herald., 1862-08-07
FINANCIAL AND C.,MMrec,Al
WEDNE sDAY, August 6--6P.M.


ss freely offered at per cent to the leadip-.
houses. and sll the stock brokers can boprc. !,
~ :. ,aasD.eunes' ar-.snced to 90. De.
Inland n0tes are steady ss yesterdays price. =
0old and exchange were inactive to-day. The
former sold in tie morning at ll4s44. and closed
this afternoon at ll4sS bid. Exchange fuctuated
Between l25 and 1867, with small transactions.
The stock market was more active, and prices
were better to-day. Governments rose "a, and
T.30 notes an eighth. There was quite an &C.
tive inquiry for the bonds Of the leadj1g rail
ways, which have lately been neglected, such as
the Chicago and Northwestern, the Toledo and
Wabash, the Pittsburg Fort Wayne, &C., &c. These
bonds naturally appreciate as money falls in value.
All the speculative railway shares were from 10 to
! per cent higher at the first board, the most ac-
tive being New York Central, the .Eries, Michigan
Central, Galena and Rock Island. These grain
roads are doing an unusually large business, and
the public appear to conclude that their stocks
cannot fail to command higher prices in conse-
quence. The recent action Of government in call
ing for draft Of 3OO0 900 men has largely assisted
In strengthening public confidence, and encourag-
ing moneyed men in using their means. After the
board the market was firm, and the highest prices
Of the morning were bid for stocks. At the Sc
cond board prices were about the same, with the
exception OF Pacific Mail, which sold as high as
il2ss, closing liz bid. Central advanced u, Hud.
son River n, Harlem "A, Reading n Michigan Cen
tral "A, Southern n, Illinois Central a. Galena fell
Oh Il, Toledo "a, Rock Island u. There was little
or no change in governments; coupon SIS Of 1874
were done at S5ss-a decline Of Il; one year certi
Gates were also Il lower. At the close of the
day the following prices were current:-Unted
States 6's, registered, 1881, 9s111 9ss4; United
States 6's, coupon, 1881, 9ss 9s4; United States
Sc, 1874, s6H s574; Treasury notes, $40 per
cent, 1927 1929; Tennessee 6's, 49A so;
Virginia 6's, so 81; North Carolina 6's, 65 651;
Missouri 6's, Is q 451I; American gold ll4ss
ll4A; Pacific Mail, liz ll211ls New York Central,
s2sS s2sS; Erie, 341S 34sss; do. preferred, 644
642s; Hudson River, 451l 45a4; Harlem, Is
1917; do. preferred, SO s61l Reading 57sS
57%; Michigan Central, 6lA 62; Michigan
Southern and Northern Indiana, 2611s q 26sS; do.
guaranteed, 56ss 5es4; Panama, l34 a l3411s;
Illinois Central, 58A SO; Galena and Chicago,
6SM q 6Ss4; Cleveland and Toledo, 4s a 4s; Chicago
and Rock Island, 641& q 64A; Chicago, Burling.
ton and Quincy, 70 791s; Milwaukee and Prairie
du Chen, 50 321a; New York Central rs of 1876,
100 A.; Erie third mortgage bonds, 99s4 100;
Michigan Central S's, first mortgage, 1917 los;
Illinois Central bonds, rs, 951& a 90.
The actual amount Of government currency now
In circulation throughout the United States is as
nearly as possible, one hundred millions of dollars,
issued in the shape of legal tender notes under the
ACT of February 25, 1852 About ten millions
more Of this currency is in the various sub-trea-
suries, and is being paid out under drafts. Tie
balance Of the $3.50 900 900 authorized by the act
Of February-about forty milions-is held in re.
serve to be issued in place Of like amount of
demand notes, which are held at lO5, and are
being slowly absorbed at tho Custom House for
duties. The amount of gold and silver in circulation
in the United States before the suspension of specie
payments was estimated at $240 ,O0O, 900; the
amount Of Western bank notes. based on the security
Of Southern and border State stocks which, before
the war, used to constitute the chief currency of
the West, and the amount Of Southern bank notes
used a. money in the Northwes-both Of which
currencies have now ceased to circulate
have been computed, together, to foot up
e90, 900 900. It thus appears that the amount OF
currency which has been driven out of circulation
by the war Is $3.50 900 900; while the new currency
introduced by government, in consequence Of the
war, only amounts thus far to 800 900 000 leaving
deficit Of $3.50 900 900 as the amount of currency
war. To fll up this deficit Mr.. Chase is autho-
Tzed by acts of July last to issue $50, 600, 900
more Treasury notes, Of which CSC, 900 900 are to
be held in reserve to meet demands for the repay
ment Of call loans, leaving sl08, 900, 900 for imme-
diate circulation; and furthermore, to issue stamps
for sums below one dollar. No limitation upon
this issue is fixed by the act, and Mr.. Chase will
undoubtedly issue as many as the country requires.
Some authorities estimate that SIS 900 900 will
satisfy the demand; others reckon that the issue
will rise to $35 900 900 or $40 900. Should the
Secretary stop st $50 900 ooO the amount of gov
ernmeEt currency aaoat, by the time the notes un-
der the acts Of July are issued, would be as fol-
lows:- E
Legal tender paper OF February $l05 900 900
Legal tsndsr paper under act OF Jnly.... 100000000
xZJo
Besides $4,000 900 of legal tender paper, under
she act Of February, now on hand; $35 900 900 Of
tho same to be issued as fast as the old demand
notes are absorbed, and $50 ,000, 900 Of paper,
lssusd under the act Of July TO be paid out II the
deposits arc withdrawn. As, however, IL Is shown
above that the amount Of currency driven out Of
circulation by the war is $3.50, 600 900, 1t follows
that there will be but little more currency aHoat
ia the country when Mr.. Chase has exhausted the
powers lately conferred ON him by Congress than