The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1863-08-08
shows that they have 81 $40, ,eOo more than the

shows that they have 81 ,500, ,e0e more than the
| amour. Of their whole capital invested in
Geyernm sni feansi.iss, their capital being
SEd Sbi ,7ai Of Government atocks. The amount
OF legal tsudsr notes held by them On that
date was Sic, ,aiS 37S. and ss these are used
BY she banks instead OF spscis they represent
she legal apseie paying power Of our banks.
which 10 incredibly small, and far below what
il ought to be. The New York llyuid, Of the
81. in its commercial review, says:
The Iass weekly bank statement sao ma a
isss of 81 3fi gao ia specie du.iox the week.
sud the shipments Of specie to Eufop, for ths
same period we're 81 725, ,7is, r.us evidsncine
That tas Earopean spseis drain fell upou tha
banks. Ths only !sgitimats demand for specie
i. for expectation to foreign countries. In the
L Uaited States Mr. Chass's iess, tender note
act has rendered i. useless. Daring the last
three months the unexpected large amount Of
pfcdaes exports has fasaened the European de-
nlaud TOR specis TO balsnss our imports. and
the gold market, therefore, has been qnist
aud dali. from the limited legitimate de-
maad. We are how, however, entering on
season in which different state of affairs Is
likely 10 create an active and large European
demand for specie from thi= port. Tne reserve
uaprecsd sntedly small, icing El2, ,676, ,5aI
against l. Is 658 s77 iast year .t she rauus cs-
siod, j. IA 3J7 ,G93 in 1861, aud f20, 562 80 in
1860 The bank Of France lost very nearly
t2 Coz, goo in it's reserve Of bullion lring tho
last month. Tie movement Of the cfops, at
this season gnd hence forth, always drains the
financial csn.er1 Of Paris, L,ndou. and New
York Tue gold Coin and bullion ia the Bank
of England i also st the lowsst poia consid-
cred safs in ordinary lines, being about fll,.
COO 900 l: is, therefore, reasonable to assaua
that the Baok Of France will be compelled at
all carly date TO adopt measures which shall
increase its stock Of bGllion, and these will
doubtless cause II drain of gold from the Bank
Of Eagiand, which will eufoTcs higher ratas
Of discount in London and Paris. The result
will bs u heavy drain of specie from New
York to supply the European demand and
a caytaiimeut of the British accommodations
granted to the Angl, American bankers. In
this visw Of the case, the prices of gold and
foreign exchange mast advance considerably
during the fAi, and sight bills will be cheaper,
"a rsmi:tances than eixty day bills of eX.
change The European harvests promise we'll,
and ss Europe mas had three years 10 success.
sion OF faii1re in the crops, it is eas)nab!e
to expsc. taat thjs will be year Of sbu adance
there. Ii the European harvests are abundant,
or even fair, our exports OF western produce
will decline enormously, while our impor.a.
ttOEs tu3 soAavu DtiuX diIceuy UEueT0u Uy
Importers, are fixed at u high figure, which
cannot now be altered. To srm up, Earops
will want gold this fall, and will lot want
breads.ntf., Europe has shipped, and is ship
ping 5 full amount of exports to this country,
And will require less than last year of our
produce to pay for thee shipmsn the de-
creased exports of produce will cause seri.
ous falling of In the traffi, Of our Wes.era
and truak lines of railroads, thereby iniur.
ing, in public es ima.ion the market value
of railway securities. The opening Of the
Mississippi will also take largely from the
earnings Of our railroads. Last year the
railroads had monopoly Of tho Missisaippi
traffic. When the prsssn: sock jobb:nR
ciiqles have ssddlsd the public with ths
stocks they no " hold, they will have an OK.
cal!aDt opportunity, ihis fall, of inang garating
II profitable bear movement i'll stocss The
public, however, mast be engineered into
stock spscuiasions this month as September
will begin To sdow tas workings OF ali these
uafayorab.e e!srneatS in our commercial con.
dtiou.
High rates for gold aui foreign exchange
mean large profits OF imported mercbaadz4, J.,
aud low prie for domestic pro iuse--hurniug
oar cantis \. both ends is Mr. Chsss's iiaau.
oiai policy.
The supply Of money on the market seeking
employment in temporary ioans is largely In
excess the demand and city first cl 4ss bor.
rowere are offered AT fcur or i've per cent more
than tho5 Can use the quotations for ordinary
loans range from five to elk per cent, and loans
are easily negotiated.
The gold market has an advancing tendency,
owing 20 purchases by foreign firms for chip
ment to Europa, in acce rdance with recent
advces. Ia August of last year there wers
orders in this City for breadstuifs to chip to
France, and this August there are orders for
specie bat no breadHiuii4