The New York herald., 1862-12-05
sANcIAL AND coMMER clAL.
THuRspxY. Dec. "a p. N.


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THURSDAY, Dec. l-6 p. M.
re is quite an active demand for money a
cent, growing out Of the increased specula
N stocks and gold and the increased caution
Ted by some Of the banks in regard to loans
'ngress imposes heavy tax on bank issues
to drive them out of circulation and leave
cid clear for further issues Of Treasury notes
Of the banks whose currency is now largely
ided will be forced to contract SO rapidly al
bsrrass their dealers materially, and create
stir in the money market. Paper of the
st grade sells at about per cent; certificates
ebtcdness at s711s q; demand notes at l27
:hange advanced to-day, simultaneously with
TO LAT l4S; il closed lower, say at l46s4 a
The business in bills is quite light.
rose TO l34 to-day, closing at 1873. The
ce is Of course due to the prevailing appre-
IN that the Secretary Of the Treasury will
mend further issue Of Treasury notes, and
ongress will hasten to pass it without en-
ing TO see if nothing better can be done.
street, which has learned by experience
is the consequence of unlimited issues Of
money, is buying gold with view to sell
at us $50. There are still q few persons
ope that the Secretarx.a and the Committee
vs and Means will devise some methcd OF
money for the war without dcpreciating
rrency any further, and doubling the cost
Ing. These persons rely, in measure,
he record Of the members OF the Committee
8 and Means. Only six months ago, be-
he passage Of the act of July, Mr..
,us Stevens, chairman Of the committee,
ID his reluctance to vote for the proposed
of $3.50 1000, 900, and predicted that these
if continued, would ruin the country. Mr..
:, of Boston, was induced to give reluc-
sent to the measure by the circumstance
Id, which had been selling at los, had fallen
within dag or two, whence he inferred
i B. .roposed issue would not cause the price
to advance or the national currency to de-
e. The course Of events has probably led
modification of Mr.. Hooper's views ON the
{ large issues of paper. The issue of July
through Congress mainly by Mr.. spauld-
this State, who delivered long and effect
ech in its support on 18th June. In the
of that speech he uttered the following
which are well worthy Of being remem-
t present
never been, and trust shall never be, an at-
r the creation Of an unsound or an inflated cur
am not in favor OF increasing the issue Of
tates notes beyond the imperative necessities Of
n nd nnfa IN
money will no doubt lead 10 an expansion which
te prices, stimulate undue specuations, and uti.
roducc reaction that will derangc the whole
of tho country. This is 70 be avoided. am
to give the Secretary power to issue the
600 Of United States notes asked for by him; bnt
me time feel the necessity Of having this power
discreetly. do not understand that the Sc re-
ads TO have them all issued and put in circula-
ntion. trust that there VIII be no necessity for
derable issue Of these new notes. but, to guard
osslble contingencies, am willing % confer
crs upon the Secretary. 9M.k8
paulding, it seems, did not expect Mr..
issue the $500, 900 900 authorized. II he
nay inferred from his speech that he would
voted for the authority to issue them
ng, as he did, better than some of his col
the consequences of the issue. Judging
is record Of Mr.. spaulding- : and the well
Jews Of Mr.. Stevens and other members of
mttee, there are persons in Wall street,
ID, who do not believe that new issue OF
notes will be precjpitately authorized,
people at large subjected to the irightful
OF an advance Of so per cent il the cost
The general opinion Of the street, how
the price Of gold and stocks shows, is the
y. ~ 13e e
ock market Was active this morning, and
ere firm and in some cases higher. SO far
uld learn, the leading commission houses
ers, not buyers of stocks. Outside par
bought some time since, and have been
stocks for some weeks without seeing u
: getting out, are availing themselves Of
at movement to transfer their load to the
culators who have inaugurated the new
is quite evident that, whatever policy be
by the government, there will be period
tainty pending the action Of Congress on
lamentations Of the Secretary, and during
ID it will require courage either 10 buy or
locks. At the first board governments
bonds were rather better, especially the
ute and Alton issues, and those OF the
and Northwestern. In the active railway
ere was no change from the prices Of last
except in the case OF Pacific Mail, which
/ cent, and Illinois Central, which rose /.
the boards the market was firm. At the
pard an attempt was made by some Of the
prs who have been buying stocks TO real
and the market fell off IA ?. per cent
ucnce. But for the support given to the
W. a few bold and wealthy operators. il
esent very different appearance. At
1t was unsettled, the following being the