The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-03-06

THURSDAY March SO p. M.
Ths panic in gold continues and there b no sign
Of ,ts abatement On the contrary, al the iAdioa-
tious point to a decline to much lower agures. In
the Legislature this morning bill was introduced
prohibiting the banks, insurance and trust COM
panies from lending anything At all upon gold.
This will pretty efiectually force the boards Of
spectators INTO the market. 1t is proposed that
HE private bankers shall agree with each other,
a matter of honor and patriotism, not to lend on
N either. If this arrangement be effected. people
who want to own gold will have to lock up all the
money it costs, and under these circumstances
there are but few persons who viii care to hoard
gold. The bubble IL now fairly prtcked, the de-
cline viii be more rapid than the rise, and the
fortunes made by spectators at the cost OF the
public credit viii vanish more rapidly than they
were accumulated. The famous Washington party,
which has been the chief instrument of the recent
scvasce in gold, is the subject of many unkind re-
marks; il seems 10 be pretty generally hoped and
expected that the party will carry OF but little Of
their llgotten gains. Meanwhile this panic in
gold is smoothing Mr.. Chase's path He can now
carry ont his policy without any present fears of
collapse of the currency. He is already receiving
gold al the Custom House, and by and by II the
premium falls to Is 20, he can pick up gold
enough TO control the market, keep the price per-
manently down, and prepare the way for a return
to specie payments. A comparatively small specie
reserve would enable him to resume payment,
and the banks could do so whenever he was
ready. There is ample employment for all his pa
per, in consequence of the prodigious develop
ment of industry and enterprise throughout the
country, and very little of it would be presented
for redemption if he were ready to redeem it.
Gold opened this morning at l6434, fell steadily
down to 1917 rallied to l5s, fell TO 1861, sold in
1he afternoon at l57, 1856, l55, l54 and 1884, and
slosed l54 bid. Exchange sold at all kinds Of
prices Bankers bills were freely offered at one
time at ia, and we heard OF sales al III and It's
and al the intermediate points.
Money was easy to-day, except where parties
wanted TO borrow on gold. Few bankers were
lenders on gold at all, and none on gold above
par. The calling in of loans on gold has impaired
an appearance of activity TO the market which
war not justified by The willingness OF all the
bankers to lend on stocks at per cent.
The stock market was inactive to-day, the fall
IN gold appearing to engross public attention, and
prices, as rule, rather sympathized with gold AT
the first board government skies declined u Pacific
Mail 2, Erie l, Erie preferred ~ Hudson u, Hsr-
lem u, Michigan Central "A, Southern old u,
Pittshurg /, Rock Island Il, Toledo "a. At the
one F. M. session of the public board there was
more flmness in the market, without much activ
~. At the second board the market was all bet
ter. The railway shares advanced q a per
cent, closing firm; PacifssMail rose per cent,
and Quicksilver Mining stock, which sold three
days ago at 1872, rose to 40 on the announcement
that the compapv had won their cace A. tho
four p N. board the attendance was large and the
excitement great. Quicksilver rose TO IS, and the
general market was very steady, though inactive.