The New York herald., 1863-04-02
FINANCIAL AND COMMERCIAL.
WEDNESDAY, April l-S p. N.

WEDNESDAY, April l-S p. N.
Geld rose to-day 10 l60, closing l6eZ bid. X
Auctsated throughout the day between 1857 and
l60 The amount of transactions was very large
and the tone of the market very strong. The ad-
vance, in view of the disbursements of the Sub
Treasury for interest and of the extreme dulness
Of the exchange market, is so remarka BILE that we
are compelled to look for its cause beyond Wall
street, and beneath the surface of the speculative
arena tits true that yesterday the market de-
rived assistance from the failure of one or two
small operators for the decline But this cause is
quite insufficient to account for SO large and well
maintained an advance as was witnessed to-
day. And, however discouraging the reflection
may be, careful study of the facts will lead an
unbiased mind to the conclusion that this
advance is chiefly due to q revival of the general
distrust and alarm which caused gold to sell at l73
only few weeks since. It is remembered that since
gold sold at l73 we have not won victory or
achieved any kind of success. On The contrary,
our operations are in statu quo everywhere, and
the month Of March, which was to be 80 prolific
OF triumphs, has closed without adding an inch Of
territory to the flag The news from the South
west does not hold out any immediate prospect Of
successes in that quarter; and, on the other hand
the negotiation in Europe of Confederate loan at
premium in gold is naturally calculated to disturb
the equanimty of the faint hearted. Again, it is
now the interest of every class of merchants, and
Of every one who has anything to sell, to keep up
the price of gold, in order to maintain
the price of his particular merchandise. A
fall in gold reduces the current value of
dry goods, produce, groceries, land, houses and
stocks. Since the late decline from l60 to l40 the
leading trades of New York have been at a stand
still. 1t is but natural that they should rather
wish gold to rise than to fall, and that they
should make combinations to buy or carry gold.
Finally, the stream of paper money flows steadily
on, and swes at the rate of a million day. Mr..
Chase will, in the course of fortnight or So be
ready to begin to issue his new Treasury notes,
which, it is understood, are to be legal tender at
the option of the holder. Several banks are pre-
pairing to avail themselves Of the new act of the
Legislature permitting them to take advantage Of
Mr.. Chase's act, and to issue paper the deposit
OF governments. We hear Of one bank, for in
stance, which holds 81 800 600 of United States
bonds, and contemplates sending half of them
to Washington to be exchanged for currency.
1t is pretty clear that the amount of
paper money of all kinds which will
be adoat before the end of the summer will not
fall far short of thousand millions Such issues
must, OF their nature, depreciate, and no human
law can prevent it. The result is deeply to be de-
pored, and every secondary influence which can
even for time check the rise of gold should be
encouraged. But Of the general tendency-with
ont great victories very soon-there can be no
doubt whatever.
Exchange was dull to-day. It sold this moming
at l7lX and l72, which was about ~ per
cent relatively cheaper than gold-the cause of
the difference being the unwillingness of importers
10 buy in consequence of the stagnation in goods.
Money il very abundant, and is offered every
where at per cent.
Stocks were better this morning, and the tone of
the market was buoyant. The advance in gold en-
abled some old European orders for government
stocks TO be filed, and they were frmer. Com
evening, we note an advance Of ] per cent in Pa
ciic, in Central x in Erie, q in Erie preferred,
in Hudson, "A in Michigan Central, l in Cleveland
and Pittsburg Il in Galena, in Toledo, and 4
IN Bucks County Lead. The Harlems were not as
strong as last evening, and Rock Island fell of a
Der cent. At the close the market was strong
At the one p NJ call in the public board prices, as
usual, were fraction lower, and the business was
moderate In the afternoon the market was ire
gular. Central, Southern old, Pittsburg, the Har.
lens and Galena were pretty strong; Erie was
tame and Hudson and the Western shares were
rather lower. At the four p N. call the market
was generally firm. A large business was done in
the Harlems which rose l11I per cent; likewise in
Erie, &c. The following were the closing quota
lions of the day.