The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-07-21

The week has not been an active one in stocks
On Thursday there was On upward movement;
Nut the general course Of the market was down
ward. Last evening there was, however, more
disposition to buy, both among the public and tic
spectators. The cause Of the dulress in stocks
Is doubtless general uneas;ness in regard to the
progress of the campaign. People are onlv Just
getting over the alarm CT Gated by the movements
Of Mcclellan, and II may take some days stil be-
fore the public generally recover their courage,
andrenew their purchases ofstocks. Reasons TOO
obvious to require mention render it probable that
before very long We sha!l again witness active.
ant advancing stock market; but meanwhile we
may have good many more duh days. Tie re-
ce:pts Of the railways are handsome; the great
trunk .ines--the Central, Eric and Fort Wayne
never did so good business "a they have at pre-
sent. The Central is IN far better position now
than IL ever was since the consolidation. Tic
decline in governments was spasmodic, andwill be1
recovered. go
A good many persons are distressed about whats
'thcy call theueme citation o! the currency. Those
persons takd~for granted that premium of nine I
teen per cent gold is, la ciect,a discount Of
nineteen per cent n currency. They never seem
to think that there is, can be, any other stand
ard Of value IN the world than gold, and that It IT,
snd must be, invariabe and etcrnally immntable.
Gold, in their eyes, IL the one thing valuable.
Nothing cse~-nether real estate, nor stocks, nor
produce, nor labor--is Of any value whatever. Be-
cause few centuries since the Powers OF Europe
agreed 20 make gold standard u value, and The
United States in starting on their national career
followed the example, having no motive sufficiently
powerful to ndroo them 10 strike out new path
it is taken for granted that, however the supply Of
gold may be increased or the demand for 10 oimn
ishod, or rice versa, !. Is still, and must forever
remain. the only true test ard touchstone OF intrn
sic worth. Tho experience or the next few years
is probably destined TO teach these persons
useful lesson Of political eccnony. Tho act O.
Congress creating government paper legal ter
DER and providing for its circulation by making it
convertible into United States securities at once
struck gold coin out Of our general currency, and
rendered It q mere article Of merchandise, like
copper, lead and iron. From the passage OF that
act gold auctuated ia obedience to the law Of tenn
porary supply and demand, with out regard t. its
intrinsic value. Wien confidence was general,
and there was no export inquiry or speculative
demand, IL remained stationary al or near the
Mint valuation. When confidence was shah "A snd
people began to hoard, while Others commenced
" eAIvt toiu W H"y ir auctic"h St'Nhs, 'ea,
coffee, sugar ard hides, the price advanced lust
~ that of any other commodity would have done
under the like circumstances. Bnt this advance
does not necessarily IMPLY want Of confidence
III or depreciation ~ The national currency. This
is shown by tho prices Of other commodities. Real
estate has moi advanced since Mr. Chase began to
issue legal tender paper. Stocks arc lower tlnn
they were when The new issue Of paper was first
proposed. Breadstuns arc lower than they were
year ago, when there was no legal tender paper
in existence. Labor has not sdyanced except
where lis price has been affected by the demand
loi soldiers. Cotton has advanced; but this IS
caused by the stoppagc OF The supply from tho
South. Sugar, tea, coffee, &c. have advanced.
but this Il The result Of Che new tariff With the
exception Of The precious metals, il Il impossible
TO mention single article which has advanced in
prcc in Consequence 81 what is commonly called