The New York herald., 1865-06-26

The haifyears interest payable on the LIST proximo
will therefore aggregate $9,753,so7 The effect OF this
payment has however, been discounted, and, as In
England on the payment Of the quarterly dividends OF
the Bank OF England, although sudden increase OF
money in the hands of the public takes place Of from
fifth 70 twofths OF tho entire issues of the bank II
never has any influence upon prices. and In
. very few weeks, remarks an English writer
on the subject, IL has again shrunk into Its
usual by the consequent reduction OF tho de-
nands Of borrowers The volume OF the currency fuc.
tuates in like manner the agricultural districts Of Eng
land at dncront seasons OF the year. Fullerton In his
work entitled sThe Regulation Of Currences," says,
that It always lowest In August and rises generally TO-
words Christmas and obtains its greatest elevation when
the farmer has to pay his rent and summer taxes ana
when s therefore, In the greatest need Of loans from
country bankers These variations occur with the same
regularity the seasons and with just rs ltte disturb
anc, as the quarterly fluctuations Of the notes Of the
Bank of England. Az the oxtra payments have
been completed the supornuous currency a. certainly
and immediately Is reabsorbcd and disappears.
The periodical payment OF the gold inieres. on tho
public debt has tho sasps eeOa upon tho gold market
ia reality as tho payment Of tho quarterly intcrcst Upon
the public debt of England has upon tho British money
market and the payment OF the bank, railway and
other dividends have upon our own money market
Foreign exchange has been dull and rather weak under
tho expected expectation OF larger quantity of cotton
than likely - take place this year, as we'll as pre-
vail'ng disposition the part Of many of the impor
tcrs to defer their remittances, in the hope Of
lower price for both gold aud exchange. Hence the
shipmcnt Of only 1857 $50 in spcce during tho week.
The cxcoss of imports exports however ncreas
ing gold value of the former for the week ending
Jane "a having boon S. 49, oas while the exports
valued at less than half that amount in currency.
Bankers bills at sixty days, which sold at 1l0K
in the early part Of the weok were negotiated at 1OoK
1o9X before the close although the asking ratio the
counter never less than 109T The par Of scrling
exchange Is within fraction of 109K; that bills
London are still at premium, and they are so be
cause greater money value has been imported than
exported The premium, whilc II offers an extra
prof. to those who export leads to dimin1tion Of
pron, to those who import; for whereas tho exporter
draws for the price Of his goods and gains tho premium
addition the importer has to pay for his goods and the
premium WELL The imports and exports arc deter
mined Gays Ricardo by the metallic prccs Of things
not by paper prices and is only when tho paper is
pleasure for the metals that paper prices
and metallic prices mus: correspond Our foreign trado
Is conducted entirely Independently Of the value OF
tho paper dollar What Is called an unfavorabs
exchange, as in case at present, does
not however stimulate exports unless by acting
ON prices, and, owing 10 tho scarcity Of produce
In tho country these slow TO yield Tho moro differ
ence in exchange in favor Of the exporter is not sum-
oent 10 overcome more material difference prices be-
tween the home and foreign market the exports
10 tho level of The imports there would be pre-
MUM on bIls Distqrbak5es n the equilibrium Of i@
ports and exports, rcmarks Mr.. MlI and conssquenl
disturbances Of the exchanges may be considered as OF
two casses-tho one casual accidental which, II not
TOO large scale correct themselves through the
premium bills without any transmission OF the pre-
cous stss hc other arising from the general state Of
prices, winch cssnot be corrected without subtac.
tion OF actual money from the circulation
Of one OF the countries, or an annhlation of credit
equivalent 10 IT, for the shipment of bullion not
having any effect prices Is Of avail TO abate the
cause from which the disturbance proceeded The drain
Of specie hence Europe therefore no way tends TO
obviate its further draIn and IL will not be till the cot
ton crop Of 1860 is ready for shpmensay in October
favor Meanwhile We shall experience steady re-
ducton OF our specie. How far 1t has boon reduced
since the suspension OF coin payments may DO
estimated from the tact that from the beginning Of 1852
to the ond Of May, 1885, exports Of gold and silver
from this port alone amounted 10 S173 900 one n
drcd and seventy thrce millions Ave hundred and thirty
two thousand nine hundred and ninety i've dolars And
this Of course exclusive of that taken out Of the coun
try by travellers we'll OF the amount sent across the
border TO Canada The exports in question distr
buted thus
1So2-Total shipment from New York -. e6O 237 O2i
1s63-Total shipment from New York 49 754 900
FYre~ ~Iotxfs,r noS fros. Mas XArL IN o0r AM