The New York herald., 1863-02-07

A good deal of discussion is going on in banking
circles with regard to the effect Of the new in
terest bearing Treasury notes upon the money
market and prices generally. An idea at first pre-
vailed that they might absorb the loose money in
| the banks and elsewhere, and so cause strin-
gency. This view has not stood the test of close
examination. For, In the first place, these notes
| will be themselves q legal tender currency, and
will thus circulate as money in the event of any
active demand for money; and, secondly, before
they can be purchased by the banks or by the
bank depostors the Secretary must furnish some
currency to pay for them with. At the present
moment the return to the Bank Department shows
that all the banks in the State of New York have
only got $40 900 900 of legal tender notes on hand
| less than would be required to buy one months
! issue of Treasury notes. Before the new Treasury
| notes can be purchased, either by the banks
| or by individuals further considerable issue Of
| ordinary legal tender notes must be made This
| is already in progress. The bank note companies
1 are printing over million dollars day, and Mr.
| Chase is paying out the money as fast as he re.
ceives it. The 900, 1000 900 lately authorized by
joint resolution Of Congress will be disbursed as fast
as they printed. As soon issue Of interest
bearing Treasury notes is authorized the banks
will call upon Mr. Cisco to return the $4s, 900 900
of money lent him on ten days notice. This he will
do by using the $50 900 900 of legal tender held
in reserve for the purpose. Thus before the nte-
| rest bearing notes can come into the market to
disturb the value Of money, $50 900 900 more legal
tender notes will be added to the $3.50 900 900 now
aAoat, and under these circumstances money can
| hardly be expected to rule very high. The whole
subject is governed by old and very simple princi
lila .f,. al ~r
baptized BY whatever name, and distinguished by
whatever incidental features in regard to interest
&C. are all practically the same, and produce the
same effects. They all tend to put mp the price Of
gold, enhance the currency value OF property
| and produce the usual phenomena which are col
lectveIy called en- imitation. 1t is just a. impos.
sible TO cure the evils resulting from one issue Of
| paper money by issuing another aud somewhat
different kind Of paper money as IL would be for
an insolvent to pay his promissory notes with
J worthless checks.
| The amount of whiskey annually produced in
the United States according to the census Of 1890,
| is so, ,453 0s9 gallons. The amount Of tobacco
grown IL returned in the same work a. 42s 800 III
pounds. A tax Of 81 per gallon on the whiskey
and 81 pound on the tobacco would thus produce
a revenue Of over $500 900, 900 q year, and yet
would leave both articles cheaper than they are in
Europe. Under the circumstances the duty OF
Congress would appear to be plain.
The aggregate value Of dry goods entered for
consumption last week was 81 ,37s.ssl; withdrawn
from warehouse, s23s 1872; entered for warehouse,
t37l ,70s.
The business Of the sub.Treasury was as fol-
lows to-day:-
Receipts 81 1s5 sos "a
--for customs ......ss.s..sss......s... 900 90
Payments. 1T6 ,ee2 OF
Balance q, ,i3S 265 a
Mr.. George n. Bend, Of the house Of Lvermore
Clews 4 Co., was elected this morning member
Of the Stock and Exchange Boardlby very aat.
tering vote.
Mr.. Van Dyck, Bank Superintendent, has prs.
pared q table showing what United States stocks
4 and uotoa hsld hv ths han Ia of thts a .