The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-02-04
FINANCIAL AND COMMERCIAL.

TUESDAY, Feb. J--6 l.. NJ
me money market is easier again. Yesterday VS.
advance in rates brought a good deal of capital
into the street in search of employment and we
heard of several instances where loans were made
in the afternoon at five per cent. The brokers
continue to pay Z, with large margins. In the
present condition OF the commerce of the country
and with the prevailing distr,is, Of government Sc
curties, which is largely assisted by the farce that
is being enacted by the Senate on the financial
question: money may be made tight for day or
two by combination OF lenders. but cannot be
kept so. The practice OF deposting ones balance
with an established broker l. becoming pretty
general among merchants. Very few persons in
our community are above making one days inte
rest on their money, and il does not often happen
that an opportunity Of using money for single
day presents itself. Debt certificates fell again
this morning to o41.. The uncertainty attending
the action of Congress on the financial question
indisposes people TO hold any government Secu-
rites whatever.
Cod and bills have fuctuated very actively 10.
day. Gold opened at J55. fell steadily down to
l53 rallied to l5i1s sold at l5j and LOG in the after
noon, and closed l55 bid. Bills fell with gold D.
low as ITO, then rallied and closed about I7lL
= Y. There can be no question but the advance
in gold, as compared with the advance in other
kinds Of property, was excessive and unwlrrant.
ed. Neither the condition nor the prospects of the
currency, nor the progress of the national cause.
Justify any such advance as thirty per cent in a
month. 1t is possible that as the country becomes
saturated with greenbacks gold may rise even
considerably higher than it has ever risen. But
the advance in the premium, to be reliable must
correspond with the advance in the price of othcs
articles which are interchangeable for money. II
the currency depreciates at all, it will depreciate
as compared with everything and not compared
with gold alone. The advance in gold has created
some CONSERVATION at Washington, and, il the
newspaper correspondents are to be believed, has
induced the Senate to undertake to amend the
House financial bill. We hear from private
though well Informed sources that the under.
standing is that the Senate is to set its face
against more paper money, and report the bill
amended accordingly that the House is to dis
agree from the Senate amendments and that both
bills are to be referred to conference committee,
which will report bill authorizing Mr. Chase 10
pay his way however he can-either by i suing
legal tender notes, or by issuing Treasury notes
bearing interest, or by selling long or short
bonds. Ihis Is obviously the only course which
can be pursued without running the risk OF bring
ing the war to an end for want OF money
to pay the troops. For Senators to undertake
to say that they will vote for no more paper
money, because further issues would deprcciate
the currency, is merely to say that they are op-
posed to the war account of its inconvenience.
A deprecated currency is as inevitable an accom-
panment OF great war as bloody. battles and
hospitals fun OF wounded soldiers. Its such oc-
currences as the recent message of the President
to Congress on the evils Of paper money, and the
sham reluctance Of the Senate to do that which
everybody knows perfectly they must do before
the end OF the month which bring the govern.
ment into contempt, sap public confidence IN
United States securities and render loans at any
price absolutely impractcable.
The stock market continued fevcrish and de-
pressed this morning, though in the afternoon
there were indications that the lowest points had
been touched. AT the morning board some large
lots Of United States skies came upon the market.
and the price reccded 3. per cent. scvcn-tllirty
notes likewise fell =. and debt certificates *.