The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-03-07
FINANCIAL AND, COMMERCIAL

FHrDAy, March Go Pm.
Tho excitement IN the gold market SIN con
tin.es, and the tendency b sim decidedly DOWN
ward. Al an. early hour this morning gold sold
ct xs1s ~ rallied from that point 10 l5h lo3 and
lss; sold a 1855, lsl, lSs and 1874 IN the after
noon, ed closed 1917 bid. The public are
auxiouIy waiting to ascertain what action the
Legislature will take on the subject Of gold. One
plan contemplates simple act rendering it Illegal
for banks, insurance or trust companies to lend
anything whatever on gold OF receive special de-
posts Of gold. But another, and, as We under
stand, more popular scheme, Is an act forbidding
any chartered bank or other Ike corporation from
holding twenty per cent Of its capital in gold,
and from receiving gold belonging to individuals
on any terms whatever. The idea Of this measure
is that it is the great hoard Of $50 00000 in the
New York city banks which is the chief cause Of
the imitation Of gold. These banks very seldom
held anything like as much a. this when they were
specie paying Institutions. It was the withdrawal
Of this large amount Of gold from the hands Of the
public which rendered gold sc re and sustained
the speculation in 1t. Compel the banks to dis
burse and scatter among the people twenty Height
millions of this gold; let it be sold day after day in
open market until the whole has found Q resting
place; forbid any bank in the State from receiv-
ing dollar Of it-even for single night-over
and above twenty per cent of it's capital; compel
the spectators and the timd people, who will not
trust the currency, to carry their gold home
with them in a bag, and guard it against
burglars and fire, and then we shall see what
premium it will command. Mr.. Chase will soon
find the gold offered him at nominal difference
from his greenbacks, and the resumption of specie
VT ho far diot0 Gnrno nf no
holders of gold, who are writhng under the recent
decline propose to try to frighten the Legislature
and the public by shipping o few millions to
Europe. This ruse is too clumsy to succeed.
Europe owes us money, not we Europe. Calfor-
MIA is already sending the bulk of her specie to
Europe, and our exports Of produce are each
week one or two millions heavier than our imports
Of foreign merchandise. The effect of any forced
shipments from here would be to generate an
over supply Of bills, which would eventually cause
another collapse in the exchange and gold mar
kets Bills to-day sold at 1877, l68 and 1853.
Money was very abundant to-day, on good stock
collateral, at per cent. Bankers do not care to
lend on gold at any price until the new law is
thoroughly understood.
The stock market continues inactive, and prices
were this morning rather lower. At the first
board the registered skies fell OF "A per cent New
York Central fell ], Eric u, Erie preferred "a,
Harlem n, Southern old "A, Illinois /, Pittsburg
"A, Rock Island'1t On the other hand, guaranteed
Southern advanced 2 per cent, and Quicksilver the
new fancy, 4. At the public board, at P. NJ,
the market was steady, without much animation,
but with rather better disposition. At the
second board the market was inactive, without
change in prices. There was breakdown in
=
Mssouris fell per cent. Otherwise stocks were
steady. At the P. NJ. session Of the second
board prices were barely sustained, with the ex-
ception of Erie, which was firm. Guaranteed fell
of "a per cent. At the close the following were