The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-07-28

having Withdrawn or destroyed to the extent Of
s97 The following the details Of the aggre
gate circulation on the dates given
July 10. Juiy "a
United States notes 1920 ,4S9 1903 430, loo SOS
Five per cen! one year uolas, si,529ooo $3.50, 900
Five per cent two years notes l6 4Sc 900 16,foovO0
Five per cent Two years notes,
with coupons s4,5Si,a5o s2,s6o,los
Treasury notes which Ia.
terest hes ceased.......... l62I6l l62,l0l
Fractional cnrrency.......... rs Oos oss Bat o10
Compound interest notes. 1880 0oo 2s, 40 ooJ
Total. .ssie COS s72 e27 ssl ,les
This large Withdrawal OF thor temporary deposits by
the banks has contributed considerably TO the greatly
increased in the money market the currency hav
Ing become suddenly pfsted by fresh issues of ,ega,
tenders TO the above quoted In OF this kind
tie 'ainount in the Treasury,--as it appears Ia the
returns-ls insufficient to meet the demands upon IT.
and there rem1!ns only the alternative Of
paying out paper money. II is very ques
tionabe whether the advantages tho eovernmeut
derives from the use o. the temporary deposits IS
not more than couaterbllanced by the evils TO which
is exposed IN being called upon days. 10
turn Them with six per cont interest.
In order protect the Treasury Inconvenience
and the currency from depreciation, the notice of with
drawal required should be at lie st thirty days. may
suit stock brokers to borrow call but 1t is entirely in
advisable for the government to such oans and
the temporary deposit line is little better.
tr1e than sixty three millions OF these deposits
remain in the Treasury, and tho whole any part OF
this liable 10 be withdrawn at ten days at any
time. Here then, we have a constant stimulus 10 inda.
tion and tho banks have in their power to create
large OF currency Whenever answers their
p1rpose to do go.
Tho Secretary will do wcA to give this and other
matters his consideration and adhere any practice
merely because IL hap be sanctioned by precedent
for unfortunately Treasuy precedens for the three
years OF kind which would be disastrous to fol-
low and Mr. FesscDden would undoubtedly do better 10
reversing instead OF following the late order OF things
which, long continued, would have ended national
bankruptcy aud the consequent failure of everything upon
which the OF the public credit depends We
believe the present incumbent Of the Treasury be
honest and well meaning but be has yet dvest him
self far possible Of that odious and suicidal past
which hangs around the o, Mr. Chase. lie has to
mark out for himself new policy and in framing it to
consult the permanent interests Of the country aud rise
above the petty experiments which, consulting only
porary convenience tend TO the ultimate shpwreck OF
nations credit.
In the absence OF further exciting ming
raid (although BY confident OF its
tnuancc there every prospect Of the six per gold
bearing bonds advancing steadily ill they reach that
price when apparently equal inducements 10 subscribe
TO the loan will be furnished. Although the i've
twenes sold as high 100 to-day the skies 1881 only
reached l06 The latter really worth quite much
the former; but the difference In the price between
them Ii 10 be accounted for By tho fact Of the
nvetwenties being better known In Europe, from
which large orders for the purchase Of gold bearing
boods have recently arrived.
Tho advance in the price OF bonds b, there
FORE q consrmmation devoutly to be wished by
Mr.. Fessenden, and glad that the raid looks
TO be less formidable nloustef to-day than IL did
at this time yesterday The new loan thus promises for
the m,ment although there is no telling what an hour
may bring iorth-to be saved from that TEN 1orary'
failure which the raid 6rst threatened 10 con
sign it but its success is still dependent upon the
quotations for gold bearing bonds
The in the money market Is very naturally stimu
Eating speculation the stock Exchange, and SEQ
nothing TO Interrupt this at present. the probabilities
that higher quotations will rule
Mr. Cisco has issued the following all the city
banks and ieaiing Institutions
UNITED SrArgs TsxAsuRyl
NRw YORK. july 81, 1854
DE,R saI am authorized to receive subscriptions 70
the seven thirty notes.
with a OF aiding government and giving i'm
petus start, should be very much grained TO
JOHN J. CISCO, Assistant Treasurer.
We understand that the Bank Of Commerce has re.
spoodcd the extenrof million, and that others have
subscribed an additional eight hundred thousand
This however, not to be regarded any indication
OF the future OF the loan The notes viii not be ready
Tor delivery till after the middle Of next month and
meanwhile the advance In the government securities
afoat may cause the demand for the loan become
active.
Exchange continues inactive, In consequence OF the
heavy exports going forward the valuations for the les.
two weeks having about sixteen millions, hair Of
which be assigned TO foreign products reshpped for
want Of profitable market here
The orders from Europe for gold bearing bonds,
lust referred TO- also considerably lessen the
mand Tho gold rate for bankers sterling ranges from
100 and in currency from $50 70 ISL Exchange
on Paris is request at from STA to 5.ls. The
same have operated upon gold, the demand for
customs duties having correspondngly diminished.
The stock market again buoyant to-day, and the
volume OF bus much larger than any day for
some time past. Railroad we're the most active
and the sales were mostly made for cash. Compared
with Yesterdays quotations. New York Central advanced
q per cent Erie Railway x, Hudson River Il Michigan
Central 1, Michigan Southern ~ Illinois Central TX
Cleveland and rittsburg X Cleveland and Toledo 6,
Chicago and Rock Island =, Pt,sburg and Fort Wayne
lE Chicago and Northwestern ~, Quicksilver Mining
AK Mariposa i, Ohio and Mississippi certificates ~
Erie preferred stock and Cumberland Coal sold the same
Reading Railroad declined u and Central Coal l.
The demand for government securities DOT as
urea, as on yesterday; but there nevertheless
Further Improvement prices The 1881 coupon bonds
cod a, The ars board for 1o6 the registered nvetwcn.
es for iosH and the coupons for los the August
aud Treasury notes brought 1os aud the
gear certificates e4ys Sales were made Of tho registered
bonds Of 1871 for o. and Of the coupon bends Of 1874
Cor 100 while the endorsed bonds Of the latter decrp
sion broaeh, only e5.
The highest cash prices OF railroad and msceaneous
share the st session the Board Of Brokers today
compare with the quotations Of Wednesday Of last week
- fo'ows:-
July 20. yuiy 27.
American gold ....s.s...ss..s ....... 2t3k 204X
American Goal Company ........ 81