The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-03-09
FINANCIAL AND CONNER ciAL.


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SUNDAY, March 8, 1888.
he tnpertat&ens u foreign merchandise st this
port for tie week ending yesterday were - ,sss.
sol to which add the imports Of dry goods-$2 Az.
zlb-snd the aggregate import Of the week will foot
up A,7Ss,s sic. Against this We exported ~ Ill.
leo Of produce and merchandise, and e7S3 Gas Of
specis-in al, >lsll,s sos. The apparent balance
thus shown IN favor Of the port would be overset
BY the fact that our exports are cleared at their
currency value, while our imports are entered 1t
their specie value, but that we are exporting, or
have been exporting, . good many American
securities. The recent decline in gold and OK.
change has, for the time 1t least, stopped the
export Of stocks. II we win . victory or TIVE
the demand will revive again abroad. But st
present the orders which como from Europe
for our securities and the speculative
demand here have been defeated by the apprecia-
ton Of our currency. What we gain on one hand
therefore, we lose on the other. 1t is some conso-
lation to remember that the market for our secu-
rites which might have been secured abroad by
the depreciation of our currency was limited
while the mischiefs produced by that depreciation
were unlimited.
The past week was very exciting one in the
bullion and exchange markets. Gold sold as high
last week liz, and as low as 1917, closing last
evening at about 1856. Exchange sold up to 1879,
closing ut about III for sterling, and 80 8 IS
for francs-bankers' bills in both instances. The
Legislature has several measures before it which
are calculated to prevent the banks lending on
CON- receiving it on special deposit, or even own
ing it beyond certain proportion of their capital
Considerable indignation has been aroused by the
conduct Of some banks which have been fostering
this gold speculation. Scandal states that lead
ing director Of leading bank--not in Wall street
himself, his cO-directors and the bank itself being
operators for the rise in gold, was overjoyed at
the late advance to lie that he gave his colleagues
in the bank grand dinner at Delmonco's to cele-
brate the depreciation of the national CURRENCY
In political point Of view the recent decline in
gold Ia of high Importance. It will convince
Europe that our currency is not going to wreck; J.
1t will stagger the minds Of the Southern rebels,
and it will vastly facilitate Mr.. Chase's projects.
We learn from pretty fair authority that the Secre
tary does not propose at present to offer the pub
lie any bargains in United States securities.
thirty or forty million loan placed on the market
just now would depreciate United States skies ten
barrassment in the money market Mr.. Chase is
receiving at present nearly 81 1000 900 week from
internal taxes. and will receive within q. few
months s. ,OOO, 900 week from this source. He has
on hand and authorized about $l75 900 900 of legal
tender notes, which are greatly wanted at the West
and in other parts of the country. It is stated
that parties are preparing to establish banks
under Mr.. Chase's act, with an aggregate capital
Of $25, OOO, 900. Tenders for the notes are
already called for. The Secretary is thus
in funds for at least sixty days, and perhaps for
ninety. Before the expiration Of this period it is
calculated that we shall have such victories as
will secure the sale Of United States bonds at or
near their present price, With gold very con-
siderably lower than it is. We take pleasure in
reporting that the suggestions we have thrown
out lately with view to the resumption Of specie
payments by the government appear to have
borne fruit. Several leading fnanciers are en-
gagged in maturing scheme which, 1t ID believed,
will pave the way for this most desirable result.
Nothing has yet transpired which can enable the
public to judge Of their plan. 1t may suffice to
say that it rests upon the basis Of the excess Of
the specie revenue from customs over the specie
expenditure for interest. II MIR. Chase, for in
stance, receives $1,000 900 annually from Gus.
toms, while he only disburses S35 900 900 for in.
terest 1t follows that he will have $35 900 600
nearly 5000, 900 . montl--surplus. II he should
advertise to sell this gold monthly, payment to
be made in legal tender notes, 1t is pretty
clear that he would in the course Of q few
months reduce the premium to . nominal
figure, raise the value Of the national currency to
the neighberhood Of par, and place himself in Q
position in which few judicious purchases Of
gold might enable him some day to surprise the
public by resuming specie payments on the en-
tire volume Of legal tender notes. Payment once
resumed, no one would want gold. The legal
tender currency is the best we ever had, and the
$3.50, 600, 900 issued and authorized would be held
by the public and kept in circulation though the
Secretary were ready to pay gold for it to-mor-
row.
Money was very easy last week. Loans ON
gold were generally called in and renewed at par.
On stocks money is offered at per cent per an
mum. Commercial paper of the highest grade
which is very scarce-sells at SIX 6 per cent per
annum. Debt certificates current at 9s1 a
"a. The present prospect Of the money market
points to an increased supply of money and still
greater ease in the market. The demand con-
tinues light, and the stoppage Of loans on gold
will liberate great deal Of capital, which will
seek employment elsewhere.
The following table shows the course ofthe stock
market for the past week and month";