, 1864-07-11
FINANCIAL AND COMMERCIAL
FINANCIAL,

SATURDAY EVENING" July 3th. 1s6f.
The WeaE Just closed haa teen one Of remarkable
nsncial atttngcncy, arising t1on the Wild spirit OF
speculation which has prevented most OF rcspec
table bankers. aa we haye inttmated. Eom giving
any cchtidt1atien for, or symfr.hy With, the cass
of ore.atpr8 who create the excitement and iana
ton In markets: but We are sorry to add thst
there still large nuubk1 OF capitalists. having
no connection with banking. except a. depositors,
who Hre ready to Atcomu odate the class Of men
whom reputable bankers Eepudiate, for the cake Of
the two to I've per cett additional over tha regular
discount rate, which they wont TO charge They
make the margins very large, so as to escape
loss, but eve1tunlly, three times cut Of four
aome on+ has to sutIer in the snaps Of an arrange
NEXT" By which the "fast" Gentleman psya twenty
hye to foty cents the dollar. his good nature
aua generosity may dictate THIS way or ding bus
iueen repeat, our respectable bankers are deslr.
Gus OF hreakng down, AMI We trust the man who YEN
crate mercantile honor will join hands In bringing
about REFORM HthIs Wild, unnatural. vicious sarit
Of speculation WAS atorpens prices Of staple
mouies and the price OF gold would assume thelrle
R,tiu ate value unless they stopped
censiderate and reectlve uegmeat or capitalists,
the cnrsc will grow upcn us to m exssn which Will
nvo.yc us all In hranclal chaos. For all1e2lstHate
uIes Ct 1ade there Is In Chicago great plenty OF
money. but the en- tire qualification Of the Wild
spirit OF speculation which Is daily exhibited in
marts Of trade there not one quarter eauuEh. Wc
call upon our 1nonted men to look this matter fairly
md kQuare1y IN the fsce, aud govern their conduct
by the strict rn1e Of mercantile honor. We repaat
that there Is all legitimate purposes Of trads,
abundance Of money IN Chicsgo. snd all who do bust
nees upcn those principles will no: bs likely to suffer.
Exchange continues fat. There ts probably mare
mailing than Ii needed, and the exceeding str.nzency
OF the money market restza:ns banker1 from puz-
chasipE beyond their positive necessities,
Under the influence OF the considerable TAU iu gold
apnour cedin New Yosk last evening and this nor
ming, the produce markets wese weak this morning.
With decline Of :s@so cents on:aour, 49s cents On
what 1a2 cents corn &C., but as later dispatches
reashcd here. tndicatng rapid upward tendency Of
the gold market, tie market became nrmer and ra1
lied foncwhat. Tonight. at the Sherman House, We
suppose prices Will go ktrg. and an extra amount OF
vh1sky and other mixed drinks will be swallowed,
Gold IN New York touched 275. This condition Of the
market is said to be influenced By the new
and mora alarming aspect Of the rebel
raid into Mtrylaod.' ~ the auttoodal
appearance Of the raid yesterday seat tho market
down. This is more reasonable Gauss for the diver
sity Of the gold market than We uaralIy get, The
range, IS :eleersrhed to James Bo5d Esq, 50 Clark
street. Is As follows:
,se s.e;s g; e; I: P n :::.... :Ss H.
55s..:: s;:::.: :st sx sR sRsp' 4:::::::::: Il: Il:
utre the market opened weak hIl panickf a. aeo9
49, with large gs; bus towarSs noon after oil.
patches had been received IRON New York announc.
ing lts sppreciation It becsma ner, ant up to 25,
md at the closo 2 bid aud 1t closed n1m st that
figure. Silver was r1mer at go. Government 5.s.s
TEE INV YoEK Associated RANKS AID TuE NEW
szcRErAHr.- The New 3ors Times OF Wednes lay
{noncy ar1tcle) says:
We urderttand that thenew sec1etary Of the Treas
f1tm III W he Oh BANS this eits, wt:h is
| thosa bRnka nno ihe G ,yernmsnt aud the nav Ma
uonal Bankg, than under tho pfaTtons a1mln-
b;as. Of Of The u. a..ass s as ss s.
placed upon The SANG footing g the snh-Tre .:u-
~ and ihs National Banks IS ceponi:ories Of the
Government Funos the extent Of nll loans. TEN.
poTsry peF1c ancbt, which they may mako to the
Government That ID, they shall pass the proceeds Of
snch lcans irecy ~ cEsas q tao gnied sta:es
Of business OF the Department in place u being
called upcn pay the money By 1natal1menta or In
| large sums into the sub-Treasury.
There law for this arrangements, nAd8 expressly
tie saneasn!J aet Of isss foE the mutual accsm.
noos Of the Gtvernuent and ~ SOUND specie Tor
jtNt1l money paying state banks lending money to
tfe &C ye1nment. The sans principle was engrated
/ nEon the Natlonal Banking Act. 70 that the 6nb-
| TFessnJy Loan can he practically dtlpensed With.
whIe lie Goyes1ment Ii the great boEfo wer OF tho
eouIt1J, ior all PURPOSES other than the receipt OF
customs Gold, and the pavn+nt 9f ntereat On sha
ROIdbe. ring funded debt Of the United states, to
! which lhe,e customs are speclnc.1ly pledged.
the new Secretary 70 Weld to this oYe4tute place
the Associated State Banks o! tho great olties
The most favored footing authorized by tha act Of
Autuat 8. 1851: but 1t II source Of satisfaction
to know that through = Responsible delegation
ther best services In support Of the GoVhsnment on
Ire condition referred u 1e1tn1t improbable taat.
II Acceste1, the nfst advances will be npen 80 q
ctnt ye4ks' currency loan By the Loan
ACT 1pr the service Of the new hAeal year.