The New York herald., 1863-08-17
FINANCIAL AND COMMERCIAL.
SUNDAY, August lC, 1868.

SUNDAY, August lC, 1863
The depletion Of the Sub-Treasury which com.
menced week ago, and has been going on ever
since, relieved the money market in a very marked
manner last week. Yesterday call loans were
quoted ut q per cent. Bankers who sent out
to lend money could not get more than s; specu-
lators and brokers who went out ut o late hour In
the day TO borrow could not make better terms
than 6. We hear Of no transactions al per cent,
though il wodld seem that some such reported
to other journals. Mercantile paper sells at ~
SIX for fIst class names, and 6L al for good
business paper. Debt certificates are steady at u
u OF per cent discount. In tie course Of a few
DAYS several millions will be dsbursed by the
sub-Treasury for the payment Of troops, all of
which VIII come back to baak within three or four
weeks. Conversions have fallen on lattcrly TO
little mere Than half million day for the whole
country. This arises not from any decline in
public conid, nee, but from tie fact that.
for tie present, the demand for covers
ment securities has been filed. After
time that demand will revive, especially
- Europe appears to be taking nearly
\ million week Il orr governmc nj bonds. But il
Ii doubtful whether the treasury Department will
be able TO tide over the fall months without a
fresh issue Of currency. Many contractors' bills
are now considerably in arrear, and II the present
delays continue IL must be expected that govern
mont will be charged so much the more 10 dsfray
the cost Of waiting for money. 1t was pretty &c.
uerally understood some weeks since that an issue
Of Treasury notes, being legal tender, bearing
ave per cent interest and maturing in one or two
years would be made this summer. The Secretary
appears to have permitted himself to be dissuaded
n ON this policy by parties who cherished dread
Of more paper money. 1t Is not easy TO sec, ffow-
ever. by what means he will escape the necessity
Of printing more money. In the course OF a fort
night the new banks organized under Mr. Chase q
act will begin 10 receive their currency, and it is
possible that before Christmas 400 900 900 Of
this currency will be in circulation. Very bitter
complaints are made OF the slowness OF the Depart
ment in furnishing the notes. They ought to have
been ready for distribution long ago.
Gold luctuated last week between l25 and l27
closing yesterday at l25. Exchange was particu
iarly dull Ii sold at one time at l4l for bankers
bills, and again at 1873, closing yesterday at 1917
l3s. There is very little bull or bear interest Ia
gold or bills. Spectators on both sides have been
worn out, and have abandoned the dull gold
marketfo for the more exciting Stock Exchange. Tho
theory Of many IL that sooner or later We mus
take Charleston, and that when we do gold vii
fall below 20. On the other hand, others urg,
thst the present issues Of paper money are beins
increased, not diminished, and that consequent,
he value Of the true ssasdAsd, gold, must appre
data. Fer some time past, however, no one ha
vsnturcd TO operate on either Of these theorie
viii aay vigsr. In The rebel region gold 10 sell