The New York herald., 1863-03-30


United States utterly ruined.
Last week was week of triumph for the 60
sernment. The aggregate amount lent to govern
ment on call after ten days, at five per cent not
less than IS 900 O00 while the conversions Of legal
tender notes into $40 bonds amounted TO about
81, ,0o00 Government is receiving about
sl.75o,o00 per day from voluntary popular
contributions for the prosecution of the war. ex-
elusive Of the steadily increasing receipts from
duties and internal revenue Under these ciroum
stances II would be madness for Mr. Chase TO
create disturbance by offering loan. He is
negotiating daily loan of one-hslf his total ex-
penses, at fair rate, and without creating any
trouble either in Wall street or among merchants.
Some old fashioned financiers object to his accu-
mulating 30 large fund on call. Had these ca
villers studied the law Of averages they would
have learned the important principle that call
loan, made to a borrower who preserves his credit
good, is AZ permanent as any funded stock For
every individual who withdraws his money there
is sure to be found another who wants to lend
similar amount. We presume that the 800, ,0O0,-
0O0-to which the law restricts deposits on call
will remain permanent loan TO the United
States until some Secretary of the Treasury sd-
vertises that he will pay it oil. Mr..
Chase has advertised for tender for en-.
craving his new Treasury notes. We learn
that the holder Of these notes is to enjoy the OPP
ton of using them as legal tender, or Of inter
changing them for legal tender notes at the sub
treasures. In the former case the holder will
lose the interest on them; in the latter he will
collect the interest when he exchanges them. The
interest will probably be five per cent This ar
rangement will commend itself to public approval.
The new notes will serve to pay debts and TO make
bank account good. When money ia worth over
five per cent they will circulate as money when
1t is worth less they will be boarded for the inte-
rest The authorized issue of these notes is
S400 900, ,00O which. added to the $3.50 900 900 of
ordinary legal tender issued and authorized, will
swell the paper currency OF the country to
$3.50 10000, exclusive Of about $l70 900 Of
bank notes ahoat. With these, and the unlimited
authority possessed by the Secretary to issue
debt certificates, Mr.. Chase will be able, under
the most unfavorable circumstances. to pay his
way till Congress meets again in December.
Money remained last week without change. Call
loans range from to s per cent. First class mcr-
camille paper sells, for short dates. at 6 Q, and
for longer dates from to 7. Debt certificates,
old issue, are worth about par; the new issue. on
These certificates, in common with other govern
ment securities, have improved greatly in public
favor Of late. The fall in gold has embarrassed
some reckless spectators in merchandise and dry
goods. and their paper sells high in consequence.
But we do not learn that any Of the leading or
well known houses have made serious losses, and
their paper is in demand as usual The prospect
Of the money market continues favorable for bot-
rowers and adverse TO lenders.
Gold fell last week to 1879, but closed yesterday
at about l43. The short interest in gold is very
large, and creates fictitious demand for the
article which helps in . great measure to sustain
the price. The indications are, at present,
that gold will continue TO iuctuate in the neigh
borhood Of l4o, occasionally rising above and
occasionally falling below that figure. Mr. Chascs
negotiations with foreigners, and the increasing
accumulation of gold in the Sub Treasury, render
speculations for the risc quite pcrilous. This
week the Sub Treasurer will disburse $3 000. 600 for
interest. Exchange Ii heavier than gold. 1t
closed yesterday at about 1861, which is fully lL
per cent lower, relatively, than gold. This
anomaly arises from the fact that large number
OF merchants-chiefy foreigners--hoarded ex.
change at high prices and are now selling it at
the decline. Several OF the most noisy foreign
residents are known to have bought bills at $50 a
100, with view OF protecting themselves against
!" the inevitable collapse Of the finances Of the
United States," 50 confidently predicted by the
London Times, and are now trying TO sell these
same bills at l55 1856. They are learning the
true worth Of United States credit at smart cost.
The lesson. if properly appreciated, will, however,
prove cheap in the end.
The following table shows the course Of the stock
market for the past week and month";