The New York herald., 1862-11-10

rage Of vi ,9SO, ,436, DcDg an increase or $5Z6
from the previous statement; loans average of
Sl76 ,676, being an increase of 81 98s 230, and
deposits average Of $l67 ,4s5, ,2s7, being an in.
crease Of 81, 2,737,s95. It 10 not likely that the
statement which ID to be made up tomorrow will
show any essential change in the course of the
bank movement So long as the war lasts, and
tbe means for it's prosecution are provided by the
Issue of paper money, loans and deposits will
tinue to increase, and owners of bullion will lodge
II with the banks as Q special deposit. No au-
shoritative statement has yet been made of the
amount Of coin held by the banks on special de.
posit. II seems TO be generally estimated that it
does not fall much short Of fifteen millions oil dol
lars. In the event OF Q change In the financial
policy Of government this gold would fall rapidly.
II may be presumed, however, that its owners
hold Il merely az an insurance. and would be well
content TO see the premium decline for the sake
Of their bills receivable and their other assets
The general dspositors in bank would be well
pleased TO have Of the gold held by the banks
sold for their benefit but in this respect of the
bank managers appear to be disposed to crafty
them. The subject Of change of policy by Con.
Ursss at the coming session in December ID active
" canvassed in financial circles, and it seems to
be generally supposed that something new will be
attempted. Without some measure driving exist.
lng bank notes out Of circulation--which should
have been insisted upon year ago by Mr.. Chase
is conceded that the present paper money sys-
tenn cannot proceed any further. The unwarrant.
able depreciation of currency already reached
9o per cent-shows what mismanagement has
done already, and what would be the effect Of fur
sher issues without some check to concurrent
Issues of bank paper. It is greatly to be regretted
chat Mr.. Chase did not recommend and Congress
pass the Tax bill at thesextra session in 1861 The
omission to do so and the delays in the execution
Of the law passed at the last session argue shame.
ful and inexcusable negligence. As the case
stands the probability s that Congress will have to
pursue the same course that was adopted by the
British government in the Napolsonic wars, and
raise one.half the amount required for the prose-
cution Of the war by taxation and the other half
by loans at the best rate that can be obtained.
The money market was rather active last week
70 borrowers on stock securities. Old established
houses, in good credit. get all the money they want
ats per cent. But most Of the borrowers at pre-.
sent are stock speculstors who have bought stocks
at the recent advance, and hold them on speeua.
ton. Among lenders II Is not generally believed
that these prices can be maintained, at oil events
ontil smart reaction downward shall have occur
red. Hence they are unwilling to lend except to
parties Of known responsibility and on unusually
large margins. Mercantile paper continues very
scarce indeed. First class names sell readily at
no per cent and ordinary business paperat az.
Certificates Of indebtedness fuotuate between 80
and se1l according to the daily supply. Az the
interest on these certificates is payable In gold.
and the principal In q year, they are desirable
investment. Demand notes have fuctuated be
tween l25 and l27, closing ct about l26 The
supply on the market il supposed TO be about
D20 100000
Foreign exchange closed yesterday at lac for
bankers bills OH London---hghcr than II was
week ago. The price OF exchange is maintained
by the price Of gold, which closed yesterday at
about 1917. In the event Of . change in the
financial policy Of government, neither gold nor
exchange could be maintained at or near prssen,
quotations. The export trade continues very ac-
tive indeed ald the supply Of bills from this source
is In excess Of the general expectation among
bankers while the inquiry foi bills !s less than was
expected. A new demand for exchange has late.
ly arisen, however from the large amounts Of
American securities which have come here for
sale. Some of ur active securities have been i'm.
ported home from England in large quantities, and
arc being RENTED for IN bills. Even at the pre-
cent rate Of exchauxe II is iad that the operation
nets q profit.
The following table shows the course o. tie