The New York herald., 1863-09-09
FINANCIAL AND CONNER ClAL.

\ Money worked much eaalef f-to-uay.. Large
sums have been coming into the street fos tempo
rary employment within the past day or two. ssd
this afternoon the supply at per cent Wa
fully equally co. not slightly in excess Of the do
mand On governments, New York Central aad
such choice securities money was offered st pes
cent. Even the banks, which at the close OF lass
week were unwilling TO lend their money ct amp
price, now admit thss the rate bids fair TO fsn "a
q 6 within few days. II is settled that the new
legal tender notes are to bear per cent Interest,"
payable scmi-snnuay. and 70 run two years n
stead Of one. Mr. Chase proposed to pay the
interest once year. By paying.it semi-annuaiy
he renders the notes more likely to circulate -
currency; for they win be worth nothing more
than their face ss two periods in sseh year. We
learn that the first payment on sceepnt-6 PEI
| cent 81 .750 ,000-was made to-day.
Gold fell to 1872 this morning, and exchange %
las. At five p. NJ. to-day the price Of gold wss lssK
The bull movement in gold appears to kave en-
hsusted itself. and we may look for another down
ward turn on the receips Of good news. The large
European orders for American securities, whisA
were forwarded from the Scotia by telegraph wM
naturally have their effect upon the exoAanug
| market. a t a tsas
! The stock market was active and prices woro
better this morning. There wss no violent staEt
| in stocks; but the whole list Moved steadily ~
| ward, win firm appearances. Erie rose fronS
los u last evening to LOG ct the first board. Tho
| price in London, which ia not prsdicated on our
| highest qsotatioW here, Ia conAidersbly above
LOG, and, unless they had a. panic there
as severe "a ouFs, the prospect ID good
that the shipments Of Erie to Huvope which
have been made within the pasy week wiz
pay fair profit. Ht the first bosvd' QuicksilveR
rose u. New York Central II. Huiion TX Har-
lem 5. ReadiH1ss Soushern old ~ .Illiuois Cen
sral TX, Ptrburg ~ Gslena 4, Rock IslanA
az Prairie DIR Clbsn Q, Fort Wayne ~,
Chicago and Alton L. The chesp' Western
srscks suffered less in proportion thsAthS mors
high priced SC 5nritics during the recent panic,
aud exhibit considerable recuperasfve vigor.s
There is quite ~ active. inquiry for Plttsbwg.
Soushern old, Chicago and Alton, Terre Hsute,
fcy &c. MssoiDfs- were better to-dsyy VITA .
fair business. we regret to learn tKAt tho
nsgcsiations whichiwere'sn foot some ame'sinos
for the rescue of the state credit from -
prescnt position of dtsgraoe have fAlfs.
through. The det sss rapidly accommodating; sasa
the besder warfare which the State is es prey -
destroying its resovvc Governments were ffmA
"A the close OF the rst board the market wss verv
strong. At the PM caif Of the public ,boasd
the effects of the increased supply of moEey wer0
6sk. All the broke appeared to have supplies
thtmseivcs with means; and all were eagerto bsy.
Central rose l, Erie n ,-old Southern a. HSadan0
u. Hbwiem S, and soon throughout the list. -
tab bsesond board tn h5nmrkcu continued fg1ns r.
eiifr Mail rose to 222, Nhw York Central rose -
Ias,. falling back tDylss; Harlem rose to 1SaA
soatiieYn old to 921ss Reading to lit, Pnsiris-dA
Chien TO 76, and Alton and Dsrre Haute to-S2c Tho
idalowing were the closing, quotations.:
gs g s@sei. er.losh alssr Bsrism pref. .iaa a..
US 65s, ,'74,co 95I a. o3s Mich Central .l20E an
rS-,m m.F&Augl05,s a. 1904 Mich guar. 126 a10
UE6ss,Iyc ,Rldl0l tnbi& rasama. lSo a,1ee
Us6's,I Iyc cur 99ka 09k, m Central. .12sx l303e
Amsricsngold 1872 ( a ia2. giev Pitts. ssl.a. -
Tssnssses s's es,ss esN asIsna Chi ;losa 5ssH
Mi.sonri s's. Il =. Tx. ssi K Rk Isl ioe,ss iesS
paciAe Mail. 222ts a1a. Prairie du en-. 70. IsX
Erie ~. losss aloe Erse Sd mgbs.IIo AIS
Erie preferred. lo3 q aol MichCs istmI9e. IN
iilntsoa River lao a1sa NJ Centbs1's .liss a.lfT
The first steps. in the establishment sf. the. Hn-
6enal Banks are being taken, and there 10 nnsA
debate in finars oinefes as to the chances q
tAeir success. leading editorials by ear.coaAsn-
poraries, we zee, .ans- devoted to discassiea ~
the probable ealects ss the new system upoS HI
old banks. n, 10 the universal opiaien. tant -
two systems oannot esexst, at least fos ~ psr-
poses Of q anrreney. 1t is quite IS aensraay ~
lieved that tae. new system will bs, Of inmenso
advantage to the commercial interests Of -
country. Towards its speedy estAblishnent ana
the assurance Of It's stability everything is being
done, evsrvthins will be done, winch. can legally
be done tu.for~srd these desirable ends. Nothing
could rs0re conduce to this than the shsogaton a
the osi banks, which win 30. remembered -
favorass, bst as favorites which have often
turned upon and disappsinted their nast
steaainst friends. 1t is fortunate that this, which
seesss desirable, is also lawfHl. Indeed afIsr
bringing adequate legal ssjii 70 bear upon tAs
question. it seems to Inevitable in law that tie
old banking system must soon be one Of those
dead institutions Of osr country which, after
doing their part well, and enhancing its prospcri-
ty. sleep in honor. but stll slsep forever. ThsRs
Is ground for believing that this was the rssals
contemplated by the government and its oAisf
financial minister in devising even the law whioh
gave birth to our now currency and made II issal
tender fer most Of the obligations of our oo@nss-
cial world. It is matter OF history--a part of
the records of our national financial cgislAtioa--
that, to place the matter beyond pcradventurs,
il was proposed by the chief offissrs Of tho
Treasury to mention in that law. in 30 many
words, State bank bills heretofore issued
as an exception TO the obligations which might be
paid by the money about to be created, deekAing
that good faith with the holders Of these bills
required this and nothing less. Congress. bring
ing to bear upon this point the very high order OF
legal talent which distinguished the committee
which perfected that law, suggested that in tho
Limitations upon banks and their right TO redeem
in anything else than spece-containsd in ths
State constitutions, and especially in the constta-
ton Of the State Of New York. than which, -
being operative at the commercial centre Of the
Union, no instrument deserved more considers
tion--was TO be found full and perfect assurance
to the people upon this point; that there those
corporations were absolutely prohibited fron
paying with paper what they had promised
70 nav In coin and from making conse-