The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-01-29
FINANCIAL AND COMMERCIAL.


WEl@IsDAY Jan. 2a-6 p. n,
The uoacy market presents no new features
Coed borrowers, with plenty OF good securities,
borrow all tie money .hey want with ease at ak
per cent. Weak spectators find It hard to Dor
70" at seven, except on margins Of twenty five to
thirt, PEI cent. Tie future course OF the money
market III the event OF The passage Of the House
Financial lil gives rise 20 good deal OF
discussion, ,and lenders eesY tc6f1ent Of higher
rates for money Rus II must be borne in
mud, in The FIRST pace, that the government
cannot afford to make our money market very
tight. as, if IL did it wousl 5e impossible TO aoat
government bonds II the financial bill Of the
House becomes law. as it probably wilt the
course pursued by the Secretary of the Treasury
Will be very simple. lie must fret iasue green
bacts enough 70 enable the people to pay for his
interest bearing Treasury notes. AS soon as the
banks accumulate enough Or legal tender money
to take Treasury notes. they Win subscribe for a
round amount, and Mr. Chase win probably
check them Tor the money as he needs
it. An idea prevals in some quarters that
the Secretary win withhold his greenbacks
aud pay out Treasury notes exclusively. lie
would very much liLo % 90 this no doubt. But as
every million Of Treasury notes issued must be
backs at the suL treasures. u order shat conner
sion may take place when dcmanded, it il clear
that the Issues Of greenbacks and Treasury notes
must at any rate De Simultaneous, and money
would undoubtedly be saved by issuing the green
backs up TO certain amount first, and then dis
posing OF the interest bearing notes. That tue
latter vii be used. more or less, as currency,
Notwithstanding the interest on them, is obvious.
rrL. Nv1t
acy, aud none but brokers viii take note
Of the interest Under these circumstances. the
ultimate prospect Of the money market seems
more cheerful than il looked at first. Treasury
notes will serve to pay debts with, just as lega,
tender money; the only difference viii be that they
will be little better kind of money than the
other, and in large amounts will command pre-
mium.
Gold was lower to-day. VT sold at the first
board as low l521s, afterwards rallied to 1874,
sold at 1913 in the afternoon, and closed at 1873
bid. We good deal in the Congressional de-
hates and reports from Washington about depress-
ing gold by legislation. This is all nonsense The
way to put gold down is to win victories. No
other method will answer. Exchange is 1863 ITO,
with little doing.
Stocks were lower this morning. dead set
nas Decn Hlaue upon trle by parbcS VINO sOld out
some time since and are very anxious to get back
their stock. II is understood that they have Dor
rowed large quantities of stock, and sell it from
day to day 10 put the price down. This morning
they succeeded in knocking it down TO 7OL<, fall
Of fifteen per cent in about a week. Afterward il
rallied NJ TO 1874 then fell back again to 10 and
81. and closed this afternoon at 6914 bid. Erie
preferred is stesdy. The Western shares were
weaker this morning. Rock Island declined /, To.
lcdo 1s Galena y. Prairie du Chen TX, Illinois 2.
Southern old ~, Michigan Central "a. The
cheap miscellaneous stocks Canton, Cumber-
land and Brunswick-were oil lower. Central
was steady, and so were bonds. Governments
were inactive; the skies of 1881 (registered) de-
ciined y, the seven.thirties were u better. At
the one p. NJ. session OF the public board the
market was generally rather better. without much
animation. AT the second board the market again
took lurch downward. Rock Island fell ~,
Toledo a, Galcna ~ Southern old ~, Michigan
Central guaranteed IA Pttsburg ~ Erie 21l.,
Some Of the margins OF weak spectators are being
exhausted by the delivery, and they are being
slaughtered by their brokers' At the close the
market was heavy. At the four p. NJ. session of
the public board the decline continued, and on
some stocks quite panic prevailed The follow
ng list Of prices at halfpast five viii show the cx-
trytt nF .1eatt