The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-07-09

who knows that he is expected to pay in gold
whatever it may be worth here. He, too, becomes
alarmed at the rapid movement and buy
gold at twelve per cent because he fear
that If he waits he may have to pay
twenty-five. The fundamental principles of trade
are clearly violated by the present advance O
goid which is in large supply here, and for which
the legitimate demand is, or should be, very light
but when mems fears are aroused it is idle to
theorize upon abstract principles 1t is useless to
conceal the fact that within the past day or two
that is to say, since the late movement of General
Mcclellan and the late call for troops-people are
much more generally apprehensive Of an active
advance in specie than they were before, and that
very many of them are acting upon the appre-
hension. With regard to the possibility Of check
ing the movement in specie by legislative interfe
renee, reflection win satisfy every that at all
events, so far as gold is concerned it can
not be done. An export duty on coin
would be unconstitutional. An embargo upon the
export of gold would, in the first place, smack
Of reputation; it would injure the public
credit fatally, and it would nallibly lead to hoard
ing here. 1t would probably cause gold to ad-
vance ten or twenty per cent more in q very few
days. An embargo upon the export Of silver
might DO tried, as we are not producers of the
article, and an outward flow Of silver-which is
imminent-would cause great embarrassment for
want Of change. Mr. Hunters famous law de-
grading our silver currency below the old Mint
standard was passed in order to prevent the ex-
portation of silver coin. The present premium on
silver defeats the object of that law, and new
legislation would not be inconsistent with our past
policy But to attempt to interfere with the trade
in gold would inevitably produce mischief. We
must let it take care of itself. II we continue to
send abroad three or four millions week of gold.
at IL Is per cent premium, the country will grow
rich by the operation, though for the time the
effect may be to deprecate the currency and un-
settle values.
A fair amount of business was done on the Stock
Exchange this morning, and in some instances
prices were higher Government skies (regster-
ed) advanced at the first board ~ Missouris "a,
Central n, Erie preferred "a, Hudson q, Michigan
Central and Rock Island "a. Pacific Mail de-
clined per cent; Virginias also fell per cent
There was no change in Erie. Harlem, Michigan
Southern, guaranteed, Illinois Central, Galena or
Toledo. Bonds continue in good request; the re-
cent fall in prices having prevented the sale of
bonds sent here from Europe, the market presents
stronger appearance. At the close of the first
board the market was firm. Between the
boards there was very little done. At the
second board prices were generally better,
with the exception of Pacific Mail, which
declined three per cent. Rumor states that Com
modore Vanderbilt. who for some time has been
the largest stakeholder in the company, has been
selling his stock sellers options. Whether any
quarrel has broken out between him and the COM
pany is not known. For some time the knowing
operators have been shy of Pacific. At the close
the market was very firm, the following being the
last quotations United States 6's, registered
1881, 101T 1927; United States SIS, coupon,
1881, 1919 1917; United States SIS 1874, 500
901I; Treasury notes, $40 per cent, 1881 1osH
Tennessee 6's, 52A IS; Virginia SIS, So . IS;
Missouri 6s, Az 4s; American gold 1l3N n;
Pacific Mail, 1917 los; New York Central, 500
a sOH; Erie, 35h a5H do. preferred, 62Z
s2,+; Hudson River, As 45I; Harlem, 1871 16;
do. preferred, 37s4 50; Reading, 56 5S1I Michi-
gan Central, 60A e01ls; Michigan Southern and
Northern Indiana, 25H . 25ss; do. guaranteed,
56sl 81; Panama, 1873 1874; Illinois Central, SO
5s1; Galena and Chicago, 6914 691.< Cleveland
and Toledo, AK As; Chicago and Rock Island,
6l% . S4s]; Chicago burlington and Quincy, IS
. 761I; Milwaukee and Prairie du Chen, 3231
33Z; New York Central rs, 1876, - l0s Erie
third mortgage, 81 971Is Michigan Central SIS,
first mortgage, - 1857; Illinois Central rs, 92L
a95.
After the second board the market was very
firm indeed For Central 90a4 was bid, and cor.
responding price for other stocks.
The business Of the Sub Treasury was as follows