The New York herald., 1864-07-26
FINANCIAL AND COMMERCIAL.
MONDAY. July 25-6 + NJ

MONDAY, July 23-o 4 N
Increasing case in the money market Is observable.
ewing the large disbursements OF compound interest
six per cent notes by tie withdrawal Of
temporary deposits sub Treasury, and to some
extent the flow OF currency from the interior, particu
Iacy the West 70 which large sums have latiery been
finding ther way for purposes o. speculation IN produce
This abatement Of recent strirgency has stimulated
srecuation 70 extent the Stock Exchange, and
governments especially the coupon SKIES Of 1881, have
experienced sharp rise.
This was 10 be expected, and considering the high
rate fnGegest-sx per iu eed-amonnis to in
reucy price bonds undergo considerable fur
cher Improvement the and three-teaths interest
currclcy bearing treasury note loan TO be
at psr which viii be its initiatory price. II
we calculate the difference in interest bearing
value between hundred dollar Treasury note OF
this denomination and hundred dollar six per cent in
gold bond lnd that while the interest the for
three years amounts 70 twentyone dollars and ninety
cents, that the bond, supposing gold 10 be only
$50, amounts during III, TO forylve dollars,
showing difference il favor the gold bearing bond to
the twenty hrea dollars aud ten cents on every
hundred lhis o. interest is excessive, and 1t be-
hooyes The government to limit much as possible The
increase rs gold bsaring debt well as to reduce the
rate or interest i've pe- future loans, which
being equivalent to about twelve and half per
cent currency ought 70 be sufficient nducement
subscribers With only sixty millions derivape
from customs duues, estimated by Mr..
Chase, curing the current fiscal year, and
nearly fyour u that already absorbed by tue existing
debt there Is need economy this
~ ilcuia the especially the high Of inte
rest he bonds already cut Is calculated check
subscriptions loan not Offering equal induce
meats buyers. oae Of things is certain eitier
that the six per gold bonds must advance the
proposed rev loan sipk below par.
The latter reDOred will NOT be nut on the mar.
ket 10 be .aken Immediately to any specified amount,
but be offered FOR Gradual subscription the
Of the pub!'c .pacity to respond 70 it.
IN explanation 81 the notice recently issued by Mr..
feseudsn Win respect the hires
II may be well 70 mention that a hundred and forty
million these issued the act OF July II
1861, the 10Th Of August and The 1st OF October,
1861, redeonable in three years from oale
and By ncis Of the 18th Of July and 9Th OF
August, 1851 the Secretary of the Treasury is au.
IA ri2ed 70 issue six per bonds 1881 redemp
ton tor.ythtte aud halt millions OF these have
already issued, ani balance of ninety-six aud half
mi ions remain the disposal OF the Secretary. But the
probabilities these viii be present
nness conversion or portion OF the thirties,
which TALL due, in unequal amounts the 19h OF august
and the lst Of October next Meanwhile those holding
bcasng former date the conversion
whenever aey choose
Tue Clearing House statement for the week ending
July = shows falling OF IS compared with last Of
nearly three millions while the bank statement for
week EXHIBITS decrease o. l5s les ard
S. $50 u22 dei osts The last contrary general
expectation and i chiefly attributable the excess Of
disbursements com ared with receipts, ac
spec1lation going forward 10 Western
produce Bat volume Of business a;
tne clearirC = use only the natural resul; Of the
tigbt .aey market and the curtailment ms aud
discounts cane l0eut on the limited suppy g-eenbacks