The New York herald., 1863-07-09
FINANCIAL AND COMMERCIAL.

FINANCIAL AND COMMERCIAL.
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= WEDNESDAY, July 8A6 P. M.
Gold fell this morning to 1870, against 1873 at the
close last evening and sold in the afternoon at 1901
l3l, 1914 1907, closing at four P. M. at about
1907 Exchange was hard of sIIe at l44Hl las
for bankers bills. few Southern sympathizers
affected last evening to believe that the despatch
announcing the fall of vicksburg was a forgery,
and that General Lee was not in retreat. To-day,
however, there are but few persons in Wall street
who fail to realize that the rebellion has received
crushing blow, and the tendency is marked to
speculate upon the pgobable commercial and finan-
cial results of its collapse. Premature as such
speculations are likely to prove, their importance
attracts attention to them and every one is devot
ing time to their consideration. 1t is argued
in quarters that the collapse of the rebellion
will involve the withdrawal Of paper money
from circulation, and consequent crisis in the
money market. cit is not easy, however, to recon
cile this theory with the facts before US. If the
rebellion were crushed tomorrow, it would still
be necessary for the government to keep on foot
very large army for a number Of years, at very
large annual COST If everything moves smooth
ly, and there ia trouble in the financial and COM
mercial world, and people continue to make
money as at present, the cost of this army may be
betrayed by the receipts from internal revenue and
the negotiation Of loans. But if there were any at
tempt to withdraw from circulation the legal ten
der money afioat financial crisis would ensue
which would prevent both the collection of taxes
and the negotiation Of loans. Whichever policy,
therefore, be adopted at the outset by govern.
ment it is clear that for some years to come issues
Of paper-pefhaps not much swollen beyond their
present extent-must eventually be the main
resource of the Treasury. The experience Of 1857
proves that in the greater part of the country it
Is futile to attempt to collect taxes in the midst
Of commercial distress; and the very small figure
to which conversions have dwindled down. not
withstanding the splendid successes Of our arms
demonstrates that the limit Of the public capacity
to consume government bonds has been reached
for the present. In specializing on the probable
commercial results Of o cessation, complete or
partial, Of the war, three points must be carefully
borne in mind if It be desired that cor
rect result be attained. In the first place,
peace would bring Us q swarm Of immi.
grants far in excess Of anything heretofore
witnessed. Under the protective tariff forced
upon us by the war debt, it will be cheaper for
European manufacturers to come here with their
workmen and their machinery than to export
goods from Europe. and It may be taken for
granted that they will come in very large numbers
Secondly, European capital, which has been gene
rally withdrawn from the country for three years,
win agsn seek employment here in the countless
enterprises which will burst into existence on the
close of the war. And. finally, the paper money
issued by the government during the war, and
which they cannot now call in, for the reasons
ohayo statad tcoathor Nth thu Aq0n mn mn
of new bank currency to be issued under Mr..
Chases act give rise to lucrative enterprises,
and develop more internal trade than we have
ever known. It is with these reservations
that the public must receive the general PROPOSE
tion that the end Of the war will involve COM
mercial collapse. That gold win fall, and that
everything which has risen in consequence of the
rise in gold will fall with t-such for instance as
exchange, dry goods, all imported goods, and all
securities which have advanced on the deprecia-
tion Of the currency-is self-evident 1t is pro-
bsble that the foreign importers and jobbers will
suffer, though most of them have made money
enough to be able to stand some losses. But a
few mercantile failures and the collapse Of cotton
and other special articles will not prove fatal to
commerce or industry. Contrary to the expecta-
tions Of the rebels the nation has not been ruined
by the war; neither will it be ruined by peace.
Money was easy to-day: call loans. 81 per cent
mercantile paper, 8 q 6H. Debt certificates are
again q better.
Before the meeting Of the Stock Exchange this
morning dead set was made upon the market by
some leading bear operators, and prices were ge-
nerally pretty well marked down. Erie was down
as low as 9ls&, against 9311. last evening; South
ern old 74L1., against IS, and so on. When the
board met the orders from outside led to rally
in the more active shares. Erie rose ~ South
ern old 3, Harlem l. Still, comparing the prices
with those Of last evening. the first board quota
tions show general decline. Central fell a, Eric
preferred Il, Hudson River =, Reading a, Pitts
burg 2, Illinois Central lL, Galena 4 Toledo 3,
Rock Island r. Fort Wayne /, Pacific Mail "A.
Governments were steady; bonds inactive. After
the board there was sharp rally, aud prices were
Il steady at the advance at the one p. NJ. call. In
the afternoon the market was generally better.
Harlem rose per cent, Hudson River g. Erie pre-
ferred |. Pacific Mail l, Southern old Il, and so on
generally. On the other hand Erie fell of u per
cent, Missouri skies y and Cumberland 1. At the
close the market was steady. The following we're
the closing quotations Of the day.
Us6s,sl,reg 104h alo6 Harlem pref. % . %
| sessi cou iO5N a t0sI Reading. .1O2I lo27.
/ US SIS q 1874 ~ SO Michigan Cenl0s a 1851 4,
Debt csrt.... .gsf. 80 Mich so...... TiN TTk
GoId.........lSoh 1904 Mich so guar. ia
Missourls. 49,. IN Il1 III Central .10d q 100
Tcnucssces. "a a 6i4 Chve Pitts. 81 s3k
Pacific Mail. ls2 als3 Gsena....... % a 9lk
Ny Central. Iii ALI locdo.. .10I a los