, 1864-09-16


to ss8 and cioted quiet at that quotation. SIlver
Tas drlI At e1o, 1t which some eales were made
to ill orders for short sellers. Ftvetrent,cs IRE
steady at ITO.
It lis tnmored in New York that there is large
amount Of STERLING exchange-some eay ttty mill
nops-rcady to be thrown on he market. II this
true, gold cannot maintain present ouotatIous.
In this connection the New York Uerld states
that the application Of the rule OF proportion to
the price OF gold In relation to the currency viii
clearly show that It has been selling during til.
last three months At price far In excess Of its le
E1timnte comparative gaue. Before the suspen-
zion Of specie payments 1sGt the ci1culs lon in
the States now under the Federal SWAY wAs abo1t
one hundred and forty millions In bank notes, and
an equal amount In coin. The total c&rcnla.Ion OF
these States as nov about eight huudraa and dtty
nN.ions-the Treasury currency issueR according
to the re.u1n OF thes0sb of August having been
$Gs3 Go and the 1esnes Of tue national hanks,
up to tte end Of last week, ,33o the latter
showing an Increase for the week of $a,0o9 Co.,.
The remainder Is aseienalle to the increased cir.
culation Of the State banks, the hundred forty
millions Of gold having been already deducted.
Now, If We compare this amount Of currency
with That In circuiatlou tinc!adfns the $40 600
In gold oefore the suspension, and alloy 10: the
increase, We end By arithmetical calculation that
or premium Of sixty-eisht o1er paper. All the
excess user this IT, therefore, unnatural, and the
consequence Of speculation. It Is, consequently,
to be heartily discouraged AID opposed by III
Americans whose will 1s to sustain the integrity
Ct tie United Sitter. We are aware thss plenty OF
excuses exist iDthe mismsnagement Of the uationa,
finances which has existed slnce tbs commence
menr of thIn war. Bnt because the nation 1ss been
represented by an Incompetent Secretary Of The
TrcsturJ followed by parasite in erfosl and a
conEresa 1e1e1anto Of hnance, We are nevertheless
not entitled to suppose that tbs country has gone
to ruin already. II will be time enough to do thxt
in years hence, II the oiuudess Of tho past are
persevered IN. But spectators hive maderApltal
OF possibilities which were more remote than
immediate, and built upon popular doubts, backed
to eome extent by commercial demand for Gus
toms duties ard exports, which had to be supplied
It any price and in any event. The simple fact
that geld WIS selling at 28lA in August, and
sS5 in July, when the price had opened
in June al 1893, WAS almost enough to
make any Secretary Of the Treasury despair
Ct bringing Wall street Or the nation to resson
The Ner York journal Of Commerce. OF the 18th
rays:
There il very little pressure for money, and no
arpGaranco Of any considerable stsingency ia like
j to ult iron. the payments for, tla loln Tho
bsIks have notified the United Stases Treasurer
set ior the Loan II Il .bo1ld L. e1peaisIs t u Thts.
with the privilege Of uslng the I've per cent coz
ptn mites al par and accr1cd interest, will fa-
foabe We Suppose at the s sssrssary a T9sm III re
new this opportunity Of Investment after brief
space: and the offers Of forty millions more than
60 difficulty In negotiating for an additional afty
millions On eomewhat si.u11lE terms. Thts po!lcy,
# continued, E1f give Us c.oso money market
throughout the remainder OF The year, checking
speculation and limiting the depreciation Of cur.
rfDcy.
NEW Yo1sK. sTocK LAHKET.-The folowiaga,e
the quotations for Sept. Is, received by F. 6. SAL
tonEtals & Co, commission, stock and bond bro
kerr Il Clark stIett ChIcaeQ: