The New York herald., 1864-07-22
FINANCIAL AND COMMERCIAL.

uNRfNSthG ATNO S0WuENStNtss
~ TsrKspay, yuy 2l-ep. ~
Az the impression still prevails that Mr. fessenden
place and tsnihs interest in currency
bearing Treasury note oao the market at par, be-
question Of nom mt as 10 how far II would be
likely while city banks hold about hundred
aud twenty millions OF securities and while
certificates Indebtedness payable in one year, with six
por cent interest selling at six below par.
!be Treasury Of the 10Th st showed the amour,
OF these certificates then aoat TO be slC6 900 Now
sc perfectly obvious that with these certificates and
the securities hed By the banks 10 contend against the
proposed osa OF Treasury notes at par would rot
have far chance Of We deprecae the policy
of adherng 10 fixed proc for Treasury loans a. cacu
lated deprecae the value OF the currency in proper
ther eA.ci bat. cooking a, IL merely prasti
cable PROJECT, and H In the present state
or affairs heset or such serious obstacles
msy VOL ma.c ". lcssendeu pause before trying m
experiment. sIioh may prove failure Of itself well
as damaging to the national credit Mr.. Fessenden 70
determined 70 put out loan al fixed price he must
stop the issue OF certificates Of Indebtedness which
would have the effect Of putting their price and proba
bly, their market value would be about 81. II, in
addition 70 ths he announced that those within three
months Of maturity would be received as the asnt
or in subscriptions 10 the oan the ad
vance in their value would be correspopdnsly great
That action the part Of tho Secretary to ais
effect is anticipated evident from the rise IN certin
Gates day % to ssA. The cause OF the quota.
tons having been latcry 90 low may be found
high OF interest payable the gold bearing
bonds-amountng TO about fifteen per cent In currency
also In the necessities OF the creditors OF the govern
neut receiving them, which force sass at any price.
good eGeot OF the loan the present time win be Ia
ats zipg csptsl drawing the noardngs OF green
backs throughout the country towards the great centres
With more than eight hundred and blty millions OF cur
rency aoat while the New York city banks have onlJ
millions OF gresnbacks exclusive OF about forty mil
lions OF Ave per legal tender notes) and those OF
Philadelphia have only eleven millions Of legal tenders
there must be wide diffusion OF paper money among
people OF small means TO whom bank accounts are
known and who quite content 80 make their deposits
In trunks the proverbal old stockings. Those who
boarding greenbacks win be or less willing 10
change them for ssveuhrty Treasury notes. convertible
into six per cont gold bearing bonds and ali other
dtons being favorable, may look for dow Of
rency from this hidden which viii have strong
tendency TO moderate the strngency the money
market which in lts present condition subscriptions 70
che new losn will undoubtedly produce.
The money market temporarily exhibits increasing ease
owing 10 the diminished demand speculative sources
The steady curtament OF loans and discounts the
Of the banks having operated 10 check the bulr move
ments OF large class, and especially OF that portion
OF 1t engaged n produce transactions. The banks have
been FOR weeks Strengthening themselves In
tic,patioD OF the forthcoming oan and have also given
notice Of their intended withdrawal OF considerable
in temporary deposits This contraction is shown
by the decreasing daily bank average at tho Clearing
House. the present week being about fourteen
millions below the previous one.
BY The Treasury report OF tho 10Th inst appears tha,
the government disbursed during the preceding week
SIC o0o the unpaid requisitions having been reduced
by that amount the figures standing on July II and TO-
respectively, being $ss 567 00e and $72 $50 600. The
debt stated at 81 7s6 2os 800, 1854 .o9s SAL Of
which Las It's interest payable in coin S402S1 ,oi9 with
interest able in currency $3T070 which interest
has ceased AMI $500 O53 3o5 which bears interest
debt the 18th 81 1876 o33 56q The 10
during the week ending the 10Th therefore
l69 1877 and not s569,'9S CO. as stated by morning
contemporary comparison OF the irteres, and
bearing debt for the two weeks viii that
the former has increased $22 $40 06l, which may be
attributed 10 the issues o. pss cent bonds Of
1881 aud the circulation Of compaand interest notes,
while the latter has undergone decrease Of S2i 2,
owing chiefly TO the reduction under the head Of unpaid
requsions and the Withdrawal OF United states notes
Mr.. fessenden's advertisement carng for the
loan is anxiouely locked for aud meanwhile Affairs
On Wall street are unusually stagnau. Tho banks
hoaI ding, and the Of borrowers have
been driven from the field by tho long continued
stringeacy, while lenders stll very ciitcsl of
occur aud paper offered Tor disco1n Speculation nc
the railway share list Ii almost at standsiil and
xaany o. the old operators in ttccks be uud
sn the gold Tne commission Of twenty dVe dollars
the purchase aud sale OF every hundred shares IT
stock exclusive Of the tax OF dollars. Is rrc nj
mary assumption OF risk for which there is hardly
Client nduenert 10 be found iu the daily huctn.
prices, apd, therefore, what little eculion there IL Is
chiefly connaed 70 the brokers themselves
Il been Whispered 10 wall stree. Tor three
aiays past ibai oi bans ocers part
the barren negotiation with Mr. Fessenden Inst week
hhd suggested bis meeting them again. order TO IL
something stl DO Goae in tie arrsnf OF
loan between the government and the BANKS. We
sidered tnls too trivial incident 70 mentor
nj the time, but since writing The foregoing
we have Cd authentic int, rmatioa lie thai
sir. Fesseuden let Washington this morning, and Wi
probably be IN New York before this reac1es read
Putting ihese circumstances together II II not
unlikely that stretch may made both sIcs, aud
The course marked ior the Secretary pursue
sti DC followed.
The market Tor foreign exohsngs is uns,cady. The
gold rate bakers sterling sixty days, Is l0eH and
the currency price ranges 2So 2s2 San large
differences for options
The stock market unsettled 10 day ani prices
the whole lower but Of tho railroad shares 10
fore the close Of call raed aud hcrlc quite baoyan.
Hudson Rivor Railroad started at I24. up &c
I26 per cent above the best cah sale c.er'ay.
Compared with the austaticus AT tho fret board We'd
nssday, Michigan South ern advanced and Clevea,d
and Pittsburg T. Reading and Chicago and North.
western sold the New York Central declined !,
Esie u, Michigan Central Il, Illinois Central Z, CEicsRo
aud Rock Isano V, Piltsburg and Fcrt Wayne 3,