The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-02-16
FINANCIAL AND COMMERCIAL.

FINANCIAL AND CONNER CiAL.
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SUNDAY, Feb. 10, 1853.
The aggregate amount Of foreign merchandise
Exclusive Of dry goods) imported At this mort dur.
ing the week ending yesterday was q lis, u.s. to
which add $7sl OFT Of dry goods. and the aggre.
gate importation Of the week foots up 81 904 1856.
Against this we exported some $5,l5l,962 worth
Of produce and merchandise, and a. l51 s4e Of spe-
ole, amounting together to >6,s07 500. The COM
mercial movement of the port for the week there
fore renders US creditors Of the world at large in
a sum not less than $4,000, 900. At this rate,
there can be no commercial reason for premium
foreign exchange and the high price Of bills on
Europe must be ascribed exclusively to prevail
ing want Of confidence. There isreason to believe
that the apparent balance in favor Of the port,
which is set down above at $4,l00, 900, is really
less than the true balance, a. the Gus
tom House returns convey NO information
with regard to the movement OF American
securities. Il ID known that some considerable
parcels Of United States securities and other Anne.
rican stocks were RENTED to Europe last week.
At the present rate of exchange United States
twenty years skies can be laid down in London at
about So per cent, at which price they are likely to
tempt foreign investors Some Of our foreign
houses are making the experiment Of sending them
across the water. The prospect of q continued
excess of exports over imports would be very
bright were it not, on the one hand, for the proba
bility that foreign markets will soon be glutted
with our securities and, on the other, for the pre-
vailing extravaganza, which leads to larger con-
sumption of foreign goods at the prevailing high
prices than was ever witnessed in peace times
when prices were low.
Money became quite easy last week, partly in
consequence of the decline in the demand which
resulted from the decrease Of speculation on the
Stock Exchange, and partly from the increased
supply. Whenever the telegraph reports that
money is active at New York number Of country
banks, capitalists and bankers send their means
to this. city for employment. This is what has
happened at the present time; aud lenders who
were not anxious to use their means 1t per cent
week ago were yesterday very happy to dispose
Of them at 6. Debt certificates, which week
ago dragged at "a, were wanted last evening at
ssS. Mercantile paper. which sold st Z per cent
week ago, now moves freely At 6X. In fact To
furry u money which commenced nearly !
Month tS6 had 40 1ubstahtaf foundation, and
only lasted until the Wall street bankers grew
tired Of struggling With fate and the facts.
There are still quite number Of persons in
Wall street who believe that the forthcoming
interest bearing notes will make money tight by
absorbing the loose capital Of the country. It is
not believed, however, in well informed financial
circles that any additions to the volume Of currency
adoat, under whatever name and conditions they
may be disguised, can make money any scarcer,
or in fact, can fail to make it more plentiful. In
terest bearing Treasury notes at the South have
stimulated imitation. Here they might absorb some
loose capital belonging to savings banks insurance
companies and q few bank depositors. But for
every dollar they absorb they would add three or
four dollars in current money to the previously
existing supply. One main reason why they would
fail to absorb all the loose moneys in the banks 10
the prevailing want Of confidence and the gene
raj indisposition to invest in government
securities. Debt certificates have been sold
freely in this market at rates which Melted
ten or eleven per cent to the purchaser.
But there has been no rush to buy them ut this
figure. Banks and bank depositors have prefer.
red to lend their money on call at per cent on
Erie or Central, or to buy mercantile paper at =
6per cent per annum, rather than get 10 II by
buying the twelve months paper OF government.
The same reasons would prevent any such whole.
sale investment in interest bearing Treasury notes.
as is anticipated by some operators in Wall street.
Until victories changes in the Cabinet have in
spired more confidence than exists at present,
capitalists will not invest the whole or the bulk Of
their means in the securities of government what
ever shape they may assume.
The price of gold nuctuated last week between
1853 and 1853, closing yesterday nj about 1857 a.
Exchange on London (bankers' bils) sold as
high as l73 and as low as 100, closing
at about Ill. There is a fair demand
for bills from the trade, and the specu-
lation in gold, which was checked some time
since by apprehensions of legislative measures Of
restriction, appears to be reviving. 1t is well un.
derstood in Wall street, If not in Washington and
Albany that attempts to check the necessary de-
probation of the currency by imposing unnatural
restraints upon the free trade in bullion would
have an effect precisely opposite 10 the end de-
sired, as they would aggravate the existing dis.
trust and would stimulate boarding to very gene
raj extent The present premium of So 60 per
cent on gold creates less alarm among the people
at large than would be the case If people did not
feel certain that government not interfering in
the matter and that few military successes would
speedily cause the premium to decline. Nothing
would be more likely to prove the signal for
general currency panic than an indication that the
government or Congress was becoming alarmed at
the premium on gold
The financial measures of Congress have made
progress since last week. The Senate has passed
its financial BILL and we recapitulate its features,
as contrasted with the House bill, for convenience
of reference
HOUSE, Bill. SENATE Bill.
l. 5000 900 900 OF t,cnty l. 5000. 900 900 OF bonds
Years bonds, bearing not wich may forty years.
per cent interest, 10 with Interest at per cent
be sold the market price, TO be sold market price,
2 $500 900 900 OF three $500 600 600 Of three
years Treasury notes. bear years Treasury notes. bear
ing per cent in ing not over per cent In
terest, payable in cotn the terest, payable in current
notes 10 be dlruys exchange naonsy said notes 10 be
a,E for niisd States egdender for their face.
g. $500, 100000 legal ten O. $3.50 100000 legal ten.
der notes der, including the 800 ,000,.