The New York herald., 1863-06-15
FINANCIAL AND COMMERCIAL.


SUNDAY, June Ii, 1865.
The money market was unusually active last
week. more so thanit has been for year past.
THIS activity was in part due to the accumulation
of over t20 900 900 in the United States SubTrea-
siry q. this point; in part to the approach of LIST
OF Fuly at which period considerable sums of
mon ey al, always withdrawn from Circulation for
the purpose Of being distributed in the shape of
dividends; in part to the schemes of operators for
the ALI in stocks, and more than ALL to the ner-
vous apprehensions of spectators for the rise,
which induced unusual applications for money in
every quarter, and naturally produced the very
result which it was sought to avoid. There are
reasons for believing that the market will work
easier next week. The sub-Treasmy is disbursing
freely, aad the banks are permitted to pay checks
in deposit certificates which makes them easy
a. 20 their supply oflegal tender currency. Weak
spectators in stocks have been pretty thoroughly
cleared out, and securities are generally in much
stronger hands than theE were week ago.
Whether or no ii be true, as reported, that the
bcas on the Stock Exchange combined last week
with some speculative bankers to tie up all the
loose money SO as to produce an artificial strin.
gency, it is pretty clear that no such mannuvre-
which was familiar to operators several years
is at present aHoat over four hundred millions of
government currency, besides $3.50 900 900 of bank
notes-which is more than double the amount Of
money that was current in flush times before the
war, to say nothing of $l60, 900, 900 of debt GER
tfcstes, 100000 900 Of deposit certificates, and
several millions Of other descriptions of govern
ment paper, all of which serves the purpose of
money. is banking basis, and answers to pay
On tho nth hand fho If mar
tile paper is 80 much reduced that capitalists find
it extremely difficult to use their means in this
class of investments, and no railroad or other in.
dustrial loans are seeking the aid of capital.
Under these circumstances it is clear that strin-
gent money market is not warranted by the real
position of affairs, and that any strngency which
may occur may safely be ascribed to temporary
causes, assisted by the tricks Of spectators and
cunning bankers, and that low rates of interest
are sure to prevail within brief period of time.
Gold continued last week dull and inactive. It
sold as high as 143% and as low as 14O,
closing last evening at about l43. Exchange closed
abort l56, after being as high l5s and as low
as l54%. There is no speculative demand for
either bills or gold. The ranks of the believers in
high prices for both have undergone sensible
dminution within the past sixty days. Among
merchants, the more far seeing realize that the
confidence which is felt by all classes in the power
OF the government to suppress the rebellion
amounts to an assurance that, under no eventuali-
ty Of defeat or disaster tue national currency
dcpreciate much beyond the current point, while,
on the other hand, the fall of Vicksburg and the
reoccupation by the national forces of the valley
OF the Mississippi would be regarded in mercan-
tile circies as such guarantee of the overthrow
OF the Southern nsurrection that the wide distance
which now separates gold from currency would be
rapidly diminished. large amount Of bills, re.
presenting gold shipped from California to Eng
land, and stocks sent from here, has been placed
on our market Of late, and they have had the effect
of keeping the price Of bills from to 11 per cent
below that of gold.
The following table shows the course Of the stock