The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-03-11
Total. .....$77,427,2o 200
123,2s4,202
Total .$2l ,773 ,249
AO,O5O,9OS
7,422,O26

The trade Of the eight months which have
elapsed since July last thus leaves substantial
balance in favor Of the port-say $45, 100000.
Gold was again very active and mercurial to-.
day. 1t opened at l59. ran to le3, declined to
lsl, sold at l6o, l59, 1887 and l5s in the after
noon, and closed that bid. The advance was due
partly to the demand which has arisen to fulfil
short contracts, and partly to the operations Of
the exchange brokers, who are buying bills on
gold and borrowing on the bills. The event will
probably have the effect of accelerating the action
Of the State Legislature, which owes 1t to the
country to prevent State institutions, operating
under State laws, from fostering this abominable
speculation. The act Of Congress has had the
effect Of compelling our banks to reduce their
loans on gold to par. 1t remains for the Legis-
lature to prevent such loans altogether and to
compel the banks to call in those which are now out.
standing. All the bills which have been are about
10 be laid before the Legislature prohibit loans
exchange as well az loans on gold. This is
essential, and is no interference with fair trade.
No fair trader wants to borrow money on his ex-
change. He buys bills Of exchange to pay his
debts abroad, and dispatches them by the first
mail. Spectators may buy bills for the rise and
want to borrow on them. This IL branch of bust
ness which the banks were not established to
foster, and which, as being directly calculated to
discredt the national currency, should be dis
couraged in every lawful way. In some quarters
1t was alleged to-day that the rise in gold was in
part due to the publication in the morning pspers
Of the fact that gold is selling in Richmond at $50.
This fact ought. in reality, to put down the price
Of gold here, as it is the best possible evidence of
the weakness of the national enemy. With gold at
az he al coyta of a
not be far Distant when this occurs the rebels
will yield, and our currency will be as good as
gold.
Exchange advanced to l79 this morning, but was
weak at the advance; in the afternoon there were
transactions at III and l7S.
Money is very easy at per cent. Debt certif.
cafes, dated prior to March 4, are nearly 80. We
have it on the best authority that, though Mr..
Chase has not yet finally determined the policy
which he will pursue, he will not take any step
which would be likely to create a serious disturb
ance in our money market and win leave the in
sane speculation in gold to be regulated by the
laws of Congress and the State Legislature and the
general common sense of the Northern people.
The stock market continues firm and the circle
ofspccuators is widening. At the regular morn.
ing session Of the brokers' board the volume OF
business transacted larger than for some time
past, and prices were firm. At the public board
at one p. NJ. the market was quite firm. Compar-
ing the prices with those current last evening we
note an advance Of "a per cent in coupon skies of
1881, Ia in Pacific Mail. "a in Central, "a in Erie,
"a in Erie preferred, z in old Harlem, Ia in Har-
lem preferred, IA in Michigan Central, in South
ern old u In Cleveland and Pittsburg, Il in Ga
lena, Il in Toledo Ia in Fort Wayne, "a in Prairie
du Chen. The most lively speculation Of the day
Is in Quicksilver, which opened Mt So rose 10 Sc.
declined TO a. sold in the afternoon at 20,
65 and GO, and all the intermediate points, and
closed 1853 bid. II is understood that the Supreme
Court decided this morning in favor OF the United
States government, and against the old Almaden
Company. Whether this decision be final on the
whole case seems uncertain. Some parties doubted
to-day whether the judgment justified the advance
in tho stock A lively speculation ia pending In
the two Harlcms, which seems to have nothing to
recommend it. OF all the great railway lines in
the country the Harlem is the only one which il
not deriving any profit from the great increase Of
commerce and industry caused by the government
expenditures. The Hudson River Railroad ro
ccpts exceed those Of last year by more than the
whole receipts of the Harlem, and the preferred
stock oC the latter would probably be dear at the
price which the common stock now commands
AZ The second board the market was very strong.
Pacific rose TO 1879, Erie to 1914, and the other
active shares TO corresponding prices. Quicksilver
collapsed and fen 20 per cent. AT the four T.. NJ.
session Of the public board the market was very
much excited but The high prices Of the after.
noon board were not maintained. The following
were the closing quotations Of The day.
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