The New York herald., 1862-08-25

oance January L. $oo,o720oo III 1l6,2S S0,3o2, ,i5o
ExPoRTs OF SPECIE.
For For tho week.....; sl,s.s,ooo 100 7o7,sa5
Since January l.. $50 ,S1e,52s e,s2o SEQ so7l52A
Last Mondays bank statement showed ,pecie
average Of S35 1901 778, being an increase of
$500, 1o9 from the week previous; deposits ave-
rage Of sl42, ,03i,05l, being an increase Of 81 49,
37l loans average of sl52 ,326 7al, being an in
crease OF 81 ,l36 ,52S The statement which will
be made public tomorrow afternoon will probably
show q further increase in every department. The
course Of the bank deposits, loans and specie is
too clear, under present circumstances, to admit
of doubt. In the absence of employment for
money in the internal trade of the country it must
flow into Wall street; the deposits must increase,
week by week, and the banks must continue as
heretofore, to make every endeavor to use these
deposits by lending them out. Special deposits of
coin must, in like manner, continue to increase,
simply from the reason that persons who buy gold,
either on speculation or for boarding, will natu-
rally lodge it in bank. There has BEEN since our
last weekly review, spirit Of speculation in gold
| which at one time carried the metal to ll6 4.
1t was based on belief in current reports Of dis
aster to the Army Of Virginia. The moment these
i "A
large number of persons continue to speculate and
gamble in gold; but the game is daily becoming
| more perilous. It must never be forgotten that
the advance in gold, which took place month
| ago, from LOG to l20, was without substantial
foundation. There had not been ut that time, and
there has not been since, any such i.sue Of paper
money by government as justified premium Of 20
| per cent on gold. That advance was mainly due
to the operations Of spectators, aided by the IT,
midity of merchants, who, on receipt Of the news
Of the battles before Richmond, began to hoard
coin through fear Of depreciation Of the currency
| time must come, sooner or later, when people
will realize that paper currency, convertible
into fvetwenty year bonds, bearing interest at 6
per cent, If not better than at least as good as
| gold. When that time comes the premium on 60
viii fall to nominal figure, and the spectators
who have made so much money by buying gold on
| the strength Of the depreciation Of the currency
win probably lose their previous gains.
Money ruled last week at 3 q per cent on can,
and q per cent for the best short mercantile or
bankers paper. The standard rate in the street
for call loans is per cent; but very few Of the
leading houses are willing to give over to s1s.
Certificates Of Indebtedness, one year to run have
fluctuated between 99A and 995s, closing at 9s1s.
| No one knows how many Of these certificates the
government has issued, and the presumption is that
| II has issued large number, and will be forced
to issue many more before Congress meets. Mr.
Cisco has received over . million on deposit at
| per cent since last Monday. Mr.. Chase continues
TO authorize deposits. Notwithstanding the objec.
| tions to the plan, on the ground that SO long as
they remain as moderate as they are at present
there can be no urgent necessity for a reduction
in the rate Of interest allowed. The events Of the
past week have not been Of Q character to give
the money market fair play, and the advocates
OF tae deposit system have taken advantage OF the
past. few successes, such as we may now legiti
mateiy expect, will very speedily work q change
in this respect, and indicate to the Secretary the
policy 70 be pursued. In the absence Of any de-
mand for money from the mercantile classes, and
In the presence Of state of facts which drives al
the money in the country to New York for EN-
ployment, 1t is obvious that the rate Of interes,
here viii fall to . 2Hs per cent in the course o.
the autumn. If the Treasury Department will give
it fair play. And it Is perfectly obvious that it i
Mr.. Chase's first object to secure conversions OF
currency. which can only take place when money
il very cheap indeed and government stocks high
In comparison with this. the consideration of Sc
1
Mr.. Cisco last week sold by private sale
5000, 900 OF 7.30 notes at l0i II Is understood
that Mr. Chase has still about $50 900 900 OF these
notes on hand. Parties who did not succeed il
getting any OF these notes at the "scheme price
object very stfenuously to Mr.. Chasc's private ne
gotiaiion OF notes through the Sub-Treasurer. W.
cannot discover any force In tho objection. Between
the Treasury Department and the money broker,
| OF Wall street rivalry il the natural relation
Wall street would put 7.3o notes down to 95 or sc
If il could In order to buy them at tic reduced
| figure. On the other hand, Mr.. Chase would be
delighted to make Wall street pay Ito Tor the same
notes il lac could. If the Secretary called for bids
bankers and spectators would probably be
formed, and he would not be able 10 get within
two per cent of the market price. by negotiating
quietly, without previous notice. Mr. Chase il
enabled 70 obtain the market price OF the day for
hs notes; and people who don't succeed In getting
any OF them have no one but thcmsclves to blame
Parties desirous Of buying Treasury notes at the
scheme price" on the occasion Of the mex. sale
by he Treasury Department had better lodge q
prc-empton claim with the Ssb- Treasurer without
loss OF tine.
Bills of exchange on London fuctuatcd last
week between l27 aud l2s. closing st about 1877,
for bankers signatures. Very little business was
done last week. There was no demand for bills
from the importing trade. TIE leading importers
rcsnitted somc time ago, fearing an advance IN
bills to lao l50. Stocks have ceased 10 come