The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-06-09
ssg C.,onicle-tired of predicting necessarily the

fnQ Ct7oRscle-tred OF predicting necessarily the
bankruptcy of the United States, now says
The manner which the federal government has
piloted the Northern states through the financial dit-
Gu ties OF not the least suggestive Of the les
sons We called 70 study Public bankruptcy was
predicted inevitable consequence OF the
expenditure rendered necessary by the conflict. The
London money market, il was said, would be closed
gotiaed in behalf and the occurrence of general
financial collapse indicated as result not distant
What is the fact, however, Why, that the North has
sus aimed outlay almost unprecedented in amount
without evncng sign Of exhaustion II has not been
found necessary the Atlantic Ia search OF ac
commodation. The States have themselves furnished
the means required and prepared furnish more
il more be wanted. May not Canada profit by the ex
ample Why net borrow leaf from Mr.. Chase book
mitigate the business pressure Of war by resort to
money! As whatever is wanted is wanted for use
amongst ourselves why may not Mr. Rowland, like Mr.
Chase issue paper money TO the extent computed As
the counterpart OF Treasury notes, why not issue
SIS 900 900 OF Exchequer notes, or what Mr. Buchanan
The BANKERS Of New YORK Philadelphia and Boston met
Mr.. Chase in cordial consultation, Strengthening his
hands far practicable and adapting his plans
the and interests Of the community. So should
ii be in Canada.
Whether the experiment which has been so sue
cessfully tried here will work well in the British
provinces, remains to be seen. The Canadian
banks, in the event the ministry decides to issue
paper money, will Of course suspend specie pay
ments. We may probably look for q run upon
these banks within q short period, as their spe-
Gle resources are limited in proportion to their
liabilities and Canadian spectators will naturally
want to take advantage Of the probable premium
on gold.
The money market is, ii possible, easier than it
was week ago. Leading houses are compelled
to decline to receive large amounts of money at
per cent, and everybody can borrow at 4. Mer-
camille paper sells at 4a5 per cent, and is very
scarce. Certificates of public Indebtedness are
worth 1907. Demand notes.-the old issue of
green backs--are quoted 1917 l02, having ad-
vanced about / per cent in the last three
days. Tho advance was predcated on rumor
that Mr.. Chase was about to cali in these green
backs by offering to exchange for them 7.30 notes,
now worth 1867. At the Sub-Treasury here,
nothing is known of the policy determined upon at
the Department Mr.. Cisco states positively that
he has made no negotiation of any kind with any
one on the subject, and has received no instruc-
tons to negotiate. The sooner the Department
calls in the various miscellaneous issues of green
backs two year notes, 365 notes, &C., and replaces
them by uniform legal tender currency, the bet
ter. At the same time we cannot see any reason
why government should give 7.30 notes, worth
1867, for demand notes, which would be merely
worth par were it not that they are receivable for
duties Whatever is done in the matter will pro-
badly be done publicly after advertisement, so that
if any money be made, the public will have an
opportunity of participating in the operation.
The following table shows the course of the
stock market for the past week and month";