The New York herald., 1862-03-10
Since January go 674 ,2o2 1861 ,ol3

Inc BANKS showed last Monday specie average
Of $50 5Z6 ,95a, being increase of s950,96 from
the week previous. Tomorrow they will probably
show about s30,300 zoo, which viii be nearly half
a million less than they really hold. A motion
was made at the Clearing House meeting on Fri
day to inquire into the expediency of resuming
specie payments. Nothing. of course, will come of
this movement. The government having sus-
pended, and by act Of Congress pronounced paper
to be legal tender, the banks could not resume
without being broken in q week. By and by both
government and banks will resume without diff
Guilty. At present, the less idle talk on the sub.
ject the better. On Monday last the banks showed
loans average of sl37 ,671 ,23s, being decrease
from the week previous Of 81, PIG, ,72O. They will
probably show further decrease tomorrow, in
consequence Of the heavy sales of government
Bixes which have been effected by some Of the
banks. We learn that some of these institutions
nre shrewdly converting a portion of their 7.3O
Treasury notes into United States fves. The ope-
ration Is tempting one. Seven-thirty notes can
be sold in Wall street at 991t p; United States
fves OF 1874 can be bought at about SIS. II, as
seems universally admitted, the end of the
rebellion is near at hand, these fives
will not long remain below par and
parties who can buy them at s5 to 30
will make handsome thing by the purchase. For
speculative purposes the iives are pre- cradle to
the sixes inasmuch as there are but few millions
Of the former in existence and there is no prospect
of an Increase, while Of the skies the amount aiioat
is already very large indeed, (the banks alone took
S5ooO0,O00 in january and Congress has just au-
thorized further issue Of 500 600 600. The pro-
bablity is that the first OF our securities which
Europeans will want 10 buy when they discover
tI...-r g.. 81.
unfounded will be these iyes-to which they are
accustomed, and the low price Of which viii natu.
rally tempt purchasers. No foreigner will want 10
invest in three years security like the sevenhrty
notes; and the skies viii naturally have 20 struggle
against The prospect Of a constant supply flowing
into thc market.
The money i-2rket closed yesterday with more
ease than The week previous. The supply OF
money On ca'l at seven per cent Is in excess oi
the demand and some lenders are forced to b.
satisfied with six. Mercantile paper, especially
gTocers', is rather Oh the increase, and the best
mercantile names pass pretty readily at seven per
cent. The banks have taken during the past week
more Of this paper than for some time past. The
recent arrangement by which government credi.
tors are to receive without delay from the dis
bursirg officers certificate Ct indebtedness. or in
twelve months 70 run. and bearing six per cent
interest, is calculated TO impart ease and
comfort TO the money market. These notes
will be readily taken at bank and at the
private bankers end will serve like wise a. a
mereauiile currency throughout the West. 1t is
true that at first they will operate as absorbents
OF money but, on the other hand, they take
the place OF money, and serve a. basis for
bankers TO expand GA end merchants 10 trade.
The money market viii derive further ease
from the new arrangement by which the hanks
arc TO effect their exchanges in sub.Treasu
rer's certificates representing deposits (at five
per cent? Of Treasury notes az tLs Sub
Treasurer office. This scheme will put an epd 20
all the confusion which has existed since ,boso
demand notes were set aloat and will irnpart 90.
Iidty and uniformity TO the new currency. We
learn that the banks deposited about 81 GOO goo
with the sub-Treosurer yesterday, NJ a beginnnp
1t is supposed that they only hold e. 900 600 alto
gether, which is tl2 600 900 less than the arnouu,
proposed to be deposited by the arrangement Of
Friday. As, however, the Sub-Troasurer will pa,
out these notes as fast a. be receives them, The
notes can he deposited several times until The
requisite credit IS made up. This new arrangement
will operate TO increase the strength Of The bank.
and facilitate their expansion Of credit.
Foreign exchange closed yesterday at ll2% 2.
for bankers bills on London. and sos 500 for
bankers bills on Paris. The supply of bills is
moderate, but the demand is slack AS onr i'm.
portations increase, the latter will NATURALLY becoe
more active. IL must be hoped that vltb tbe r,o.
gress Of our armies Southern products viii como
to market in quantity sufficient to produce an e,ac,
upon our export trade. The opening Of the Ten