The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-05-26

| owes the public about $50, 900 900, OF whicl
nearly SIS, 900 900 draw five per cent and tn
balance four per cent per annum. We pre-
sumo that the deposits will speedily swell Il
$lOO.0OO0.OOO. The country is full of money AMI
there is demand fori anywhere, except from the
government. There are many who think that Mr.
Chase might have 'ashisved the same purpose and
saved large sum in interest by asking Congress
for power to issue more legal tender paper The
country requires at least one hundred millions
more paper than the government has issued. Peo'
pie are using large amounts Of bank notes, which
are very far from being - popular or - sound as
the government currency. They would discard
bank notes altogether il the government would
supply them with sufficient currency for business
purposes. 1t 10, however, useless to enlarge ON
the subject. Mr.. Chase has not sought to increase
the volume Of government currency. He prefers
borrowing on call at per cent. II needs but little
financial experience to perceive that q time must
come when he Will be called upon to repay these
loans. and then he win require to issue more legal
tender paper in order to do so. We trust that he
will not be so negligent Of the contingencies Of the
future as to leave this matter to chance, and that
Congress will not adjourn before the necessary
measures are enacted for the protection of the
public credit, in the event Of sudden turn in the
money market.
The money market was easy all last week, the
rates for call loans ranging from 3 to 8 per cent.
Yesterday there was a good deal Of furry in mo-
ney. in consequence of the excitement about the
Indiana State fiyes. Everybody who had been
borrower on that security was regarded with sns-
picion enough to have his loans called and people
who had money to lend made better bargains than
they would have done otherwise In day or two
this will subside Spectators in Wall street,
whose loans are called in consequences Of occur
rences of this character, can always borrow ON
proper security, through brokers. until the tenn
pest subsidies and money lenders recover their
serenity. There is so little mercantile paper in
market that it is hardly worth while to quote it
First class short acceptances can be disposed
OF at per cent? good mercantile paper, 4 a 6
months, at g: certificates of public indebted
ness, per cents, one year to run, par Il pre-
MUM. There was a fair prospect week ago
of a per cent money market this summer; but
the announcement of the Treasury Department
that the assistant treasurers will give 4 per cent
for all deposits on call after ten days notice, viii
probably have the effect OF preventing the price of
call loans in Wall street falling below 80 per ceut
Foreign exchange closed yesterday firm at 49,
One of the leading drawers, whose bills rank the
highest in the market refused ll4l4 for clio 900
Saturday afternoon. Francs are quoted 5.95 q 92L
The advance in exchange is due in great part 10
the movement in gold, which closed yesterday at
1885 a r. Produce bills are very scarce and
merchants in the produce trade say that they viii
be still scarcer by and by. Al the present rate Of
exchange there is scapcely any profit exports Of
coin 10 cover bills. After paying freight nsnr-
ance and commissions, there is deficit instead Of
profit left. Hence many leading houses look for
a sharp advance in exchange cxt week to Is per
cent.
The following table shows the course OF the
stock market for the past week and month";