The New York herald., 1863-01-26
FINANCIAL AND CONNER cIAL.
SUNDAY, Jan. rs. 1869

Y
SUNDAY, Jan. rs, 1863.
The importations Of foreign merchandise at thu
port for the week ending yesterday amounted to
81, 1856, to which add the declared value of dry
goods entered at the port-$2 ,2O4 .24s-and the az
gregate weekly imports will foot up 1854 .0SS.
Against this we exported g. l69 of produce and
$3.50 8l6 Of specie, footing up together .9l2 O06
For the first time for many weeks the balance u
against the port 1t is to be hoped that this con-
dition Of affairs may not continue, as it woudesd
to heavier exports Of specie than are desirable.
AT the present rates of exchange there is almost
an obvious profit on shipments of wheat, corn.
provisions petroleum, and almost any Of our
great staples which have not advanced in conse-
quencc of the war. We regret to be unable TO
hold out any prospect of On increased supply OF
cotton. Whatever may prove the result OF the
impending operations of our military and naval
forces at the Southwest, thus far they have not
availcd to increase the cotton supply In any
material degree, and the staple has ceased to
exercise any apprcciable influence on the exchange
market. Unless unexpected successes should
develop new state of affairs in the South
west, and bring large supplies OF cotton to
market, we shall still have to rely on tho
products of the Northwest and of California
to pay our debts to the foreign world. Late
advices from Europe report encouragingly of the
development Of cotton culture in India, Egypt and
Algeria, and there is reason to apprehend that, IL
the war lasts another year, the South will by that
time have lost forever the valuable cotton mono
poly which 1t enjoyed before the war.
Money was active last week, though established
houses experienced no difficulty, at any time, in
borrowing ON good security at per cent. Weak
spectators, operating on small margins, found is
exceedingly difficult to borrow at Z. Commercial
paper Of the highest grade is readily sold at the
brokers at 6; ordinary acceptances rate from
5Z per cent according to the standing OF The
parties and the length of the paper. Certificates
Of public indebtedness have luctuated between 96
and &c, closing yesterday at about 95Z, II 10
were authoritatively announced that the interest
on these certificates would be paid in gold-as ID
most probably will be-they would command Q
higher price in the market. The future Of the
money market is 80 entirely governed by the 6nan-
cal movements Of the administration that IL IL idle
TO speculate on the subject until they are definitely
settcd. At present the opinion appears to pre-
vail in monetary circles that money is more likely
to grow dear than cheap, and that, in one way or
another, the Treasury Department will contrivs
to absorb the floating capital which for the past
year has been used in Wall and South streets in in.
Hatng and carrying stocks and merchandise.
Gold huctuated last week between lat and 1907.
closing yesterday at 1901 q. Exchange sold
freely yesterday at l64s4, and some sales OF bank
ers bills were made at l65 Late in the day bankers
refused to accept les, aud declined to name rate.
Yesterdays sudden rise in gold and bills was oc-
casoned in part by alarming but bascless rumors
Of disasters to the Army Of the Potomac, and tho
probability is that reaction will ensue. An ad.
vance Of Is per cent in gold within month can
not but be regarded as ample to meet all possible
contingencies, and prudent holders who bought .
month ago, will scarcely resist the temptation to
realize profits at present quotations. Safe gold 10
as investment 1t costs large sum to carry it at
present prices, and if we are going to have tight
money market it is pretty clear that large
quantity will be forced upon the market. What
ever may be in store for the nation hereafter,
the present issues of paper and the present condi-
tion Of the currency do not by any means justify
premium Of so per cent on gold. That premium -
altogether the fruit Of speculation and any favora-
BILE news would cause it TO vanish like the baseesa
fabric Of q vision. Bad news, and continued In
sues OF paper without prospect Of redemption,
must enhance the price Of the precious metal.
But II any fine morning the capture of Wilmington.
Port Hudson vicksburg or Charleston were an
nouncsd, we should witness a stampede In gold
that would be fatal to small operators.
The House, in Committee Of the Whole, have
passed financial measure, which we publish else
where. The chief features OF that measure are
familiar TO the public. II authorizes the sale Of
six per cent twenty years bonds; the issue Of
$500 900 900 legal tender and the issue Of $4oO,-
600 900 iutsrest-b bearing Treasury notes. three
years TO run. and al aitmes convertible into Legal
tender notes. We gather from private sources in
Congress that the design Of the Ways and Means
Committee in authorizing this last issue was two
fold-lirst, TO sweep up oil the floating capital Of
the country and turn II to gold account for the pur
poses OF government; and, secondly, to impose
. check on the prevailing wild speculation in gold
and stocks. The new Treasury notes, bearing in
tsrsst at rate not over six per cent, payable -
gold and being convertible at ell times into legas
tender notes, will naturally become great popu-
lar savings bank. Every one who wishes TO lay
aside money will invest IL tbereia. Bank asposi-
tors win withdraw their deposits and buy these
notes Cor the sake Of the interest which they viii
bear. When they want TO use the money other
wise they will convert the notes into money e
par, at moments notice. at the ub-Trsssury. We,
learn that the purpose Of the Treasury DepartneaI
10 to keep the various subtrcasuries Of the UniseA
States well furnished with these notes, 40 shas
any one who wants them can always be snp-
Piled at par. OF tina probable effect OF this'
measure upon the banks and their deposits,
il is perhaps difcun TO speak II ia clear that all
deposits in bank made by parties who propose to
leave their money idle for number Of days or
weeks will be withdrawn and invested in these
notes. Railro Dad insurance, gas and other con>ps-
nies. and psbc institutions capitalists, who Usual
ly Keen money idle for the purpose Of awaiting
,ber..eiyes Of good soporsunitics Tor .hvsstmsntl