The New York herald., 1862-07-28

cure receipts q specie ct the Custom 6ouse Al
'ne sun sTeasury nothing Ia known of any pur
0"" rs Tor account Of government, and it is even
<destioned whether Mr. Chase has the power te
BUY up these notes at premium. The public
seem, nevertheless, TO suspect that the absorption
| Of those notes il more rapid than is imagined. An
advertisement in daily paper calling for the pri
vate surrender of such notes is regarded with curl
osity IL is certainly TO the interest OF the Treasury
| Department that they should be withdrawn soon
as possible, and replaced by legal tender currency
It is also clear that there are number Of ways in
which the technical objections TO the purchase OF
Treasury notes by the government at a premium
could be obviated. Mr.. Chase is not believed to
be SO welded to routine 10 decline TO avail him
self of good opportunity because Congress did
not anticipate the contingency. AS the case
stands the government will have to buy every dol
Lar OF the gold payable for interest in October and
January at premium which may range anywhere
from ITO TO $50; whereas, if the demand notes
were got ont OF the way-they are now worth
about 1917 per cent, and several millions might
be picked up by judicious broker without raising
the price above ll0-govemment would get al!
the gold It requires from the receipts from duties
The exchange and gold markets have been very
review. Bankers bills on England have touched
l52 and gold 120A. They closed respective.
ly yesterday at 129 130 and ll7% "a. The
views expressed in this column a week ago, which
created no little commotion at the time among
dealers in exchange, now appear to command
general assent Exchange cannot be maintained
at its present premium if the supply Of American
stocks from Europe is checked. That supply is en-
trely stopped No more stocks are coming here
for sale, and some Of those which came here some
time since are being returned to Europe. European
holders OF American securities are slowly awaken
ing to- a knowledge of the fraud which has been
practised upon them by speculative bankers in
London, assisted by the London Times. They are
discovering that the panic articles in that journal,
and the dscouraging opinions on American inan-
cial affairs which have been promulgated by
American bankers in London, were mere tricks in
tended to frghten them into selling their securi-
ties at loss, in order that others should make
money by exporting them to this country and sell
ing them here at high prices. The swinde is now
becoming understood, and, while on the one hand
the high rates of gold and exchange on this side
are calculated to block the game of the specula-
tive bankers in Europe, on the other juster ap-
probation Of the condition Of this country and
of the value of our public and private securities
is likely to check the desire to sell, which was at
one time general among the European public. In
the absence of imports Of American stocks, ex-
change must decline. Our exports of produce,
even exclusive Of cotton, are likely to exceed in
value our whole imports Of foreign goods. Hence
exchange must sooner or later fall to its natural
par-l09 a ITO. Whether it will be followed by
gold so low as this remains to be seen. Gold is
kept at premium not only by the export demand,
but by boarding. Hoarding will continue until
confidence is thoroughly restored. If Richmond
should be taken, the navigation of the Mississippi
reopened and other indications Of the triumph of
the Union cause afforded, boarding would cease at
once, and gold would speedily fall to a nominal
premium. 1t is possible, however, that the in
crease Of our exports and the diminution of our
imports may cause bills to decline before conf
dence is SO completely restored as to cause
general cessation of boarding. In this event, as
we remarked in the HERALD of last Monday, it
would be safe to look for imports Of specie from
Europe.
The following table shows the course of the
stock market for the past week and month";