The New York herald., 1862-02-03

OF the port for the week and since January L.:
General merchandise. 245O,oO7 l.2ss,4s7 2.iissi2
Total for tho week. Sc 759o7s 4ses, ,es2 2,s9s ,7es
Previously reported IA ,2247e4 lb6s1,a 1868 s.ss77s
Since January .$2p, ,ass s42 2Oo2s 1893 n,7Is 542
ExPoRzs OF PRoDucE AND MERCHANDISE.
For the week 81 ~ ,s42 27e6,74o 2.osO.7e7
Previously reported 40S7 $40 7,775,490 9.i32,6N
Since January H.. IS 4ss. .42l 1854 .2so IL .22a, ,4
ExFoR1s OF SPECIE.
1860 1861 1862.
Fer the week. ... ssl. 800 2ss.see sio,4s4
Previously reported. 432, ,062 1886 1884 ,s72
Since January L. :. s5l4,7e2 al2,624 2,7os 1850
The banks showed last Monday specie average
Of $26 SOS, ,728, being increase Of $577 900 over
the previous statement. Since then they have con-
tinued to gain specie, and tomorrow they will
probably show about s27 400 900, while they really
hold more. We note great deal of misapprehen-
sion in financial circles about the true position Of
the banks and their relations to the government.
prominent bank officer, who was the first and
most persevering advocate of the suspension Of
specie payments, is understood to be violently
opposed to an issue of paper money made legal
tender, and to be in favor of an issue Of Treasury
notes and bonds to be sold for what they will fetch
in open market 1t s clear that this individual, at
all events, didn't understand the motive of his own
action when he advocated a bank suspension. Our
banks suspended specie payments simply and sole
ly because it was evident that, sooner or later,
government would have to pay its way with paper
made legal tender, that this paper would neces-
sarily be forced upon the banks as deposits, and
that boarding would probably cnsue. From
the hour that the hard necessity of resort
ing to paper money issues forced upon
our government, people were tempted to hoard,
and in that hour, if the banks had been wise they
would have suspended near fifty millions in
coin in their vaults. If, at the time of which we
speak, some ten weeks ago, there had been the
faintest shadow of possibility that money could
have been raised for the prosecution of the war by
any other means than by an issue Of paper money
made legal tender and bankable, there would
have been no necessity and 10 excuse for q sus-
pension of specie payments by the banks, and this
journal would have been the last in the country to
apologize for such step. That there was not
then and is not now any way possible for raising
money except by such an issue of paper made
legal tender, every honest and clear headed finan
cier now admits. And this is the reason, and the
only reason, why our banks are in state of sus
pension. The bankers who want Mr.. Chase to pay
his debts in paper not legal tender, and who re-
fuse to receive United States notes on deposit.
have no excuse for not paying specie to
their depositors, and il equal justice were
meted Out to them the Bank Superin-
tendent would proceed to wind them up
| forthwith. Another delusion which prevails is
, that issues of paper money by government will
raise the price ofevery commodity to an enormous
extent and that gold will rule at 10 to 20 per cent
| premium These falacies cngendered by too
seryie study Of past history, and too careless an
| examination Of present circumstances. Because a
| pair OF boots once cost 81 900 in continental
| money, for which no scheme of redemption had
| ever been devised and no market or resting place
ever provided, it is absurd to argue that like in
ation of prices will be caused by issue Of Trca
sury notes amply secured by Wholesale taxation,
and receivable for all dues to government. When the
loyal people Of the North paying directly and in
directly, $40 to SIS per head per annum to govern
ment in the new Treasury notes, and when those
notes become they will, the only, at least the
chief, circulating medium of the country, thu
amount authorized by Congress will be found fal
too small to cause any permanent disturbance il
prices. As 70 a premium upon gold, it is only ne
cessary to observe that the Northern States con
tain, at the present moment over $500, 900, ,0Ot
of gold-fuly sso,OoOc0o more than usual
that there is no use for this larg,
| quantity of the precious metal, except as
circulating medium, and that there is no prospect
If Congress passes proper tariff, of any consde
Fable export. Every hoard Of million in gold cost
$40 600 year. or 81 400 week, in loss OF interest
AT the present moment gold is only maintained O
n premium of 31s per cent by the operations o
specuators, and any morning il is In the power U
three or four banks to break down the market
It's always safe to rely on the operation of tn
fundamental principles Of political economy, tn
first of which is that price is regulated by sup
ply and demand. Our supply Of gold is thirty pc
cent greater than usual the demand for gold i
very much less than usual, us shipments to Europ
are and must remain small and less specie tina
usual Is now in ordinary circulation. II is there
fore reasonable to conclude that spectators vii
not sscceed, 90 long as the present state Of a.
fairs lasts, in raising the price Of gold to any YER
high figure.
The money market continues easy. On cal
money is worth to per cent, and the market la
a downward tendency. First class paper, 60 day
TO run, sells at per cent, with an occasional g,
cepton at 5. Long paper of the highest grad
passes at per cent, and names less general
known and single names at 8 to 10 per cen
Abroad, money is unusually abundant at very lo
) rates. The Bank rate in England is 2H per cen
aud letters from London state that live joint stoc
banks in that city have s255 900 900 deposte
. with .5crp at ljls per cent. On ccnsois, money
, offered on Change at per cent on enll. u ne'
!; hsrdly DC remarked tLat this monetary plethora
Easssnd xvill oreaentjv bspin IN exevcise ipaoanr