The New York herald., 1863-09-28
FINANCIAL AND coMMERc cIAl.

SUNDAY, Sept "a, 1863.
Ire moncy market was easy all last week.
Yesterday she current rate for call loans 10 good
bonoTera, on safe collateral, was per cent.
Brokers IN good standing declined to allow over
per cent isl temporary deposits Street specuia-
sors paid for loans on stocks. Mercantile paper
Of the highest grade sold vt 6a 5L per cent per
annuie and good names At 6. Government debt
eerliAuatas were y Of per cent disc ount
Tomorrow she banks pay g third instalmen: Of 10
per cent on the recent negotiation into the Sub
neaaary-makiag rs per oert in all paid in. They
have scne S23 500 900 Of legal tenders available
sos .be payment; 80 that, Wien it has been made,
they will hold very considerably more legal ten
ac1 money than they held before the negotiation
was eonsrwmate<l. The Sub-Treasafy held last
evening $25 ,647,l25, against IN average Of
$ss goo 600 before the recent negotiation. Gov
eminent IS aisbursins3 money as fast as il is
reeeived, and the money market really feels the
operation Of the government loans in o hardly
peTceptble degree Meanwhile the new legal
tender messy, which, ought to be ready for issne
within week, wiD add still more to the volume
OF currency afeal., while the new banka, estab-
lshed under Mr. Chases act win simultaneously
begin 10 float IT. cir notes. Thus far the amount OF
notes secured u. snall-ess than $20, 900 Geo. But,
when the nos,s are ready to be issued, il il easy
to that tfe eapplcations for banking privileges
viii soon each the limit fixed by the law. Every
holder Of go bonds can, under the law, obtain
80 per cert OF his bonds in currency, with which
he can DO business and at the same time draw his
interee. regularly on his whole investment from
The Treasury Department. The advantages thus
preseRted to parties who seek TO embark IN the
banking business are too obvious to be neglected.
Gc&a luctuated last week between ls6 and 1899,
slosEg yesterday at 13s. Exchange sold as high
40 lSs and az low li9, closing at about l5S for
banlsers' bills. The arguments in fagc' OF the rae
@sf geld are:--l. The probability that the rebels
will continue to resist, and that the war will be
indefinitely protracted, involving further large
government issues of firrodeemabfc peper 2. The
large volume of our imports, which Is steadily ex
seeasng the amount Of our exports, and threatens
eXport of specie. 2. The steady dminution OF the
amoa1t OF loose gold available for dntics and for
expert. On the other hand, the arguments
Againr, the advance Of gold arc:l. The probable
collapse a,,an esIy day of the rebel confederacy, in
wh,eh event il would not require much financial
skiIl IA our Treasury Departments to compel an
early rcsu upton Of specie payments. 2. The
disbursement on st proxmc OF segoral millions
Of gold by b ,e Treasury Department in payment
OF interest the bonded debt Of the United States
g. Tie proba bility that the Department, having
surplus OF col from duties in band, will use TINT
ruyplus 10 dep vess the premium gold ii it threat
ems a serious depreciation of the national cur.
reney 4 .lbe steady absorption Of. United States
sonds by Eur ppean land especially Germany
Investors. vi icl creates large sapply Of bills
and tends Ia ikeepS down the price of gold. Each
yiewthe ia( an the bear theory has its friends
h The street. As general rule, the leading bulls
h po.d are {; rel yners and eoppoRheads. The
hading ars "A c t Ne parties VINO have been bulls
in stocks, ana wi 10 have operated steadily on the
theory of tho g lpa eity Of tie United States to
Suppress tbe ~eh ell bn, and 10 emerge from the
conflict stronger nd richie, thaa ever.
ne following tat lc will show the pfsec Of stocks
st the close of Aha, pa Vt five weeks:--