The New York herald., 1864-10-13
FINANCIAL AND COMMERCIAL.

1De Stock market was irregular ths morning ~ tu'
opeung or the board, but gained strength a the CAL
progressed After tue board however a. wac dli Aud
lower.
As compared With the closing quotations at the seoona
board Yesterday Erie declined l, New YORK Central =,
hudson River Y 3leadiug y, Michigan soa'hefn ~
LIMOS Central ri Cumberland Coal !, racine Mall ..
evsand and Ptts5urg advanced Chicago and North
western 2ss Cleveland and Toledo !, Chicago and Rock
Island ! Fort Wayne n, Ohio aud MISSISSIPPI oertih
Gates n Michigan Central " Canton Company /, Quick
silver 4t ss
Government. securities were dun. Coupon dve-twen.
ties were steady at lot Coupon sxes OF 1881 declined
H. seven eetenths Treasury notes, October and
April j. ole year certificates advanced "a.
State stocks and bank shares neglected and rail
road bonds active
At second board the market active and quota
icus higher As compared with the closing prices al the
nrst board Erie advance IN New York Central Hud'
River 2k Reading ~, Michigan Central |, Michigan
Southern TX, Illinois Central III, Cleveland ana Pitts.
burg 2H, For, Wayne Y, Chicago aud Northwestern =,
do preferred q Cleveland and Toledo l, Chicago ard
Rock Island a. Milwaukee and Prairie da Chiea = Ohio
and Mississippi certificates u, Cumberland Coal Quick
silver u.
Government sscuritie were steady.
The course OF gold still further upward to-day, not
however from any legitimate causes, but owing 10
demand 70 all short eonrscts and uRder the ionuence
2oak from which tlnwe drop to 2o2, followed by
advance TO 2044 and relapse TO 2o2I the seliag
price at ten minutes to one r NJ At forty minutes
after two IT stood al 20ix, and at forty I've minutes
past four closed al 2o4H The export OF specie sni
The demand for foreign exchange have beea stterly
very light, owing to our greatly reduced imports, and,
therefore the price Of gold In currency is sustained be-
yond certain point by the force OF speculative opinion
The bull operators In gold confidently predict nsder'
able rise in the premium after the announcement Of Mr.
Lncolns election, and they now endeayorng to
discount that event TO the best OF their ability In other
words, they trying to make capital OF the supposed
result Of the elections In Pennsylvania Ohio and Indiana
for they say that the election OF Mr.. Lincoln
war Of determination to the South whereas Mcclellan
should by any chance be elected the sppreheusons Of
peaoe At any time, by negotiation or otherwise,
would tend TO keep down the gold premium,
and consequently prices generally. How much
or sophistry or truth there may be IN the
arguments OF these II Is inmateria to consider but
It perfectly obvious that whoever may be President
the premium gold cannot be kept permanently down
long the present additions TO tho
rency being ,de. The fact that the Treasury In
creased the volume O. paper money a1jat to the extent
OF nearly forty three millions and half during the
month Of September and that the currency Issues OF
the national banks are swelling al rate not
far short Of eight millions month cannot but exert
huueuCo Oppo50u
currency which Ii being rapidly diluted. The only
true remedy for this grow ng evil which Is undermining
national nnance TO stop the currency issues, and
fuud large portion Of that already in circulation. This
alone will edecuay defeat the EFFORTS Of she bu ope
Sators god and give the that control
the premium which 1t never ought to have lost.
Even the currency stands however the depreciation
OF paper money II far in OF what IL ought
be- but The price sustained the presump Ion that the
-
aud. therefore. the people forced to suffer part
OF the penalty Of prospective aggravaton Of 40
existing evil In advance and the currency q KEEP,
more or less at tho morcy os spccua.:.u aud caprice
II the government announced mat no further adj
sions TO II would DO made the effect would be
It's immediate appreciation, setting aside the funding
Of tho greater part OF IL. before referred to, hca
would gold 70 decline probably TO premium Of
1y per cent, and remain st about that permanently
The Importance OF this quezton OF paper currency
great and that Congress should lose time
after meeting before taxing the subject into serious
sdsraton and adopting TO the progress
pf the hurtfu imitation OF values, which will Inevitably
intend long continued perseverance, In the course begun
by Mr. Chase and persisted In by bis feeble successor,
who 10 entirely too faithful imitator and TOO strict
sonstruconst OF law 10 do anything better ti cgisa
lion compes radical change 10 our past financial policy,
which bean kabe only for its bunderog OK.
consequences.
The hrmuess OF the gold market 10 giving courage to
operators for rise 10 the Stock Exchange, and spas
modic market, tending upward, IS m?orAr.y looked
for With the increase OF speculation 10 railway and
o.ner shares demand call loans VIII be Augmented
and the market for ney 10 likely 10 become closer
towards the Goth ipst and TIL the beginning Of Novem
ber under the withdrawal OF deposits TO take up tho
new loan, slightly depressing influence from this cause
Is anticipated.
Tho uew forty million loan will from present indica.
tons readily absorbed. At least four combination
bids will be put 10 from this city Of which (msde up
by prominent patoBal bank in Wall street will repte
sent several hundred subscr and toai II I've mil
Iiont. There will also be combination bid from
house In Philadelphia Although the greater portion OF
the will probably be awarded ~ about loi :, not
unlikely that ,hsrc Will DO considerable number Of bids
Tor small at figures ranging from that TO los
Hds Wii be received at Washington til Friday,
the l&th inst, noon and deposit Of two per cent
Of the bid for be made with the Treasurer
or any subrreasurer q the United States prior TO the
time named, 60 ente bids TO consideration onc.ha OF
the nrst nstamept, per cen OF the whole
accepted Offers viii be receivable 10 certificates OF In
debledness The Hrs bali will be payable the goth OF
octobsr and the other (ncudng tho premium ana two
per cent dcposi The sisl inst. The bonds will bear
sIx per cent interest in coin, payable seannuaily In
May and November, and will be redeemabIs, at tho
pleasure OF the government after nve yoars and payable
10 twenty years from November I, 1854.
The money MARKET easy call loans at seven per
Ont, but there change TO note 10 the discount ne
fendsrs show abatement Of their ndsposon 10 In
est capital in commercial paper while permanent and
hsr securities, which be thrown upon the market at
y time, offer much stronger Inducements for the en-
poymsnt Of capital, both the score OF security and
pot The best quality OF paper regarded with more
lees ds,rust IN view OF The uncertainties attending
financial and commercial sfairs, and the many
Contingencies OF political aud military
nature upon which they dep ,ncsat The dinculss
attending the negotiation q discounts has reduced the
quantity paper Offering very small amount, and the
ouraimen OF credits and trade has bees proposonsta
few choice pames accepted at rates varying from