The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-03-20
FINANCIAL AND CONNER GAL.
THURSDAY, March 10


The Legislature has at last grappled with the
gold question in q manner which will be efectual
and will give spectators their quietus. The bill
reported, and which appears certain to pass, reads
as follows:-
rec Any and all banks, Insurance companies. trust
onpnnes savings institutions and other moneyed curpo
ra,ions I'll be and hereby prohibited from making
continuing loan or loans IA money or otherwise upon
gold coin huon any paper representations OF these
either " them upon any foreign BIZ or bills 81 ex-
change what's ever, Under the penalty 81 forfeiture OF
their articles OF association the case may be;
and any such loan loans 50 made or continued to be
made shall be absolutely void and no action for the reco-
thereof shall e IN or be entertained BY any court Of
~ tics o. this state.
sec o This act shall tskc effect Immediately.
This stops ali loans, of whatever amount, abso-
lutcly and imme iiately, on gold and exchange,
and win force into the market, the moment II
passes all the gold and bills which are held here on
speculation and hypothccated at bank II is very
difficult, Of course, to say how mnch gold would
be forced out by this bill. Last Monday the
banks showed q specie average for the preceding
week OF $50, .0s3, Of which about $4,000 600
may belong TO themselves. The balance con-
.sists Of special deposits, on the bulk Of
which IL is safe to conclude that some
advances have been made. Quite num-
Der of savings banks and insurance companies
have likewise been lenders on gold. All this bull
lion will, when the above bill becomes n law,
cease TO be available as security for loans, and
will consequently be thrown into the market TO
find its level. well informed correspondent mt
Albany. writing on this gold subject says that the
temper Of the House Is fully aroused and that the
only cause for delay Is the desire Of everybody 10
make the measure az stringent and sweeping as
possible.
Gold was rather better to-day, on the vague
srumors Of disaster In the Southwest. IL opened
at l56, declined 20 l5i, rallied TO 1856, sold at
,I55s4. l55X and l56 in the afternoon, and closed
1855 bid. Exchange sold at 10, 1907 and III.
AT the close bankers declined 10 draw at III.
Money was very easy indeed to-day; everybody
was trying to lend money at q per cent. Mr..
Chase i evidently pursuing the wise policy Of
making money easy and putting up the price Of
his securities before trying the market with a new
loan. His debt certificates are In demand az e7sI-
an advance OF 4 to-day. The new certificates
will soon touch par II no folly be committed At
Washington.
The stock market was again better to-day, and
there was decided increase Of speculation. I'm.
DERIVING the temporary theories and currents Of
the street rests the great principle that Issues Of
paper money and vast government expenditures,
combined with an equally vast development Of
internal traffic, must lean TO a general advance in
values; and this principle, though resisted by
spectators and checked in It's operation by pc
RODS Of distrust and uncasiness, must In the end
assert its supremacy. In the morning to-day Erie
rose *, Pittsburg y, Rock Island Ia, Gaicna Y
Toledo u, Fort Wayne u. guaranteed Il, Sou
thern 10. IA; while on tho other hand faalC