The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-02-23
FINANCIAL AND CONNER GAL,

4
SUNDAY, Feb. %, 1868.
/ The declared valuc Of imported merchandise at
this port, exclusive Of dry goods, during the week
ending yesterday, was ~ 500 ,559 TO which add the
value Of dry goods imported, say 81 ,Gl3 ,0ls and
the aggregate imports for the week will foot up
| $4.lls,577 Against this we exported 81 1856 1882
worth of produce and mcr shandisc, and e520,047
in specie, in all - 63s 1874, which shows al appa-
rent balance Of s520,0l7 in favor Of the port As.
however, the imports are entered at their specie
valuation, while the exports returned at their
valuation in currency, it is doubtful whether the
trade OF the week leaves any real balance in our
favor. The general prosperity Of the country, and
the wealth that is being accumulated in the ma
nufacturing and rural districts have led to SO large
a consumption Of foreign goods, especially luXu-
ries, that our exports Of produce, large as they
are, fail to suffice to pay our debt to the foreign
world without exports Of specie. For this evil
there can be no remedy, except policy which in
wolves still greater Inconvenience.
The money market was easy throughout last
| week. Leading commission houses arc supplied
with all the money they want At six per cent. and
the street operators borrow without much diff
Guilty at seven. Large margins are still cxacted
by the regular lenders, which has a tendency to
keep weak operators out of the stock and gold
markets, and to give stability to the movement of
prices OF the future Of the money market for the
present there Can be very little question. Money
will naturally continue TO be abundant SO long as
the war lasts. Mr.. Chase cannot afford to create
| stringency in the market and such policy would
| be fatal to his purposes. He must keep money
cheap, and whenever we win victory and green
backs begin to accumulate at the financial centres
he can make the experiment Of a loan By ju-
dicious alienation OF loans and paper issues, he
| can manage to dispose Of q good many bonts with
| out conyulsing the market, and at the same time
keep check upon the speculations in gold and
stocks
Gold luctuated widely last week 1t opened at
about 1866 rose as high as 1874, and closed yester-
day at about l62l4 q %. Exchange closed at 10
1870. II was reported last evening that Congress
| was about to report measure taxing transactions
| in gold. We have had occasion heretofore to ex-
press the views Of the mercantile community on
the subject OF legislative interference with the
trade in bullion. II is universally conceded that
any attempt to prevent by law dealings in gold
would aggravate the evil which it is sought to
cure. It would increase dstrust, give an impetus
| to boarding, and would not prevent illicit opera
tions in bullion. But there is no good reason why
the trade in gold like all other trades should not
bear its share of the common burthens which are
imposed on the country by the war. tax of u a
Il pcr cent on all contracts for the sale delivery
OF gold would yield handsome revenue, and
would not alarm people. IL would operate TO
check the wild specuatons Of the bullion dealers
OF Exchange place and William street, aud yet
would not interpose an insuperablc obstacle to
legitimate purchases Of bullion by parties whose
business rendered such purchases expedient. The
tax should be uniform-thc same on cash transac-
tions in gold as on contracts for its delivery on
buyers or sellers options.
The financial measures progress steadily through
Congress. That body will adjourn on Wednesday
week and the more important measures Of legs-
ation will probably be put through during the
present week. The Bank bill has now passed both
houses and only awaits the Presidents signature
TO become law II authorizes the establishment
OF banks by individuals on corporations, with a
capital of 500 900 or over, with power to issue
circulating bills OF not less than S. such bills 10
be secured by The deposit in the Treasury Depart
ment at Washington OF United States bonds at
ninety per cent OF their market value, and 10 he
legal tender not between individuals but between
{ government and It's debtors and it, creditors. The
bin was forced through the House of Representa-.
tvcs by the party spur, and against the convic
: ton OF a majority Of members. Mr.. Spaulding
whose speech secured its success, expressed hrs
belief that the government would derive no finan.
cial aid from II for two or three years TO come and
that II would not relieve Mr. Chase from the neces.
sity Of paying his way with legal tender money. !,
d has been commonly supposed that it would not 20
Il into practical effect until after the war Now that
It has passed, however, II is whispered in financial
circles that IL Ia going TO be turned TO account
n sooner than was expected. leading bank in this
:, city and enterprising banking firm in Philadel.
: phs, are Said TO be prepared to organize under