The New York herald., 1865-03-04


quarters the general hte has been seven pei
cent, even governments Those who have been Dor
rowers from the national banks have had their
loans moro less disturbed during the last three
days in consequence Of Treasury drafts upon the
latter; but the whole the loan market less
unsettled than yesterday and towards the close
Of business this especially the In the
discount line there is not much doing, although
commercial paper Of the second grade is offering THAI
OF the first class passes at 10 per cent with hardly
exception below the former rate.
Foreign exchange is shade frmer. Bankers bills
at sixty days sold at 10s, and at 10sX 100 q,
short sight but these rates not fully sustained
Commercial bills offered at 1o6k l07 but alike
with bankers, were difficult of SALE
There will be session Of the regular or open stock
petroleum boards tomorrow, and in like the
gold will be closed in order TO enable the members
to participate in the celebration
The First National Bank subscribed $3.50 900 and the
Ninth National $400 to-day to the sevenhirty loan
The subscriptions by Jay Cookies agents have been
very active this week. owing their supply Of the
on hand having been large ut its commencement; but
the people continue to invest freely in this oan and
many long bonds have been sold their proceeds
converted into the notes by sanguine parties who place
high value on the privilege Of converting them into
roncy at their maturity in two years and half hence
for gold bearing securities With rise in gold however,
Armor tone would be impaired 70 tho latter by
ing their rate Of interest," calculated in currency.
The adoption by the Senate of the section In the Amend
atory Revenue bill taxing sales onehnf Of one per cent
last night whether assented 70 by tho House not ind
Gates growing appreciation In the Congressional mind
OF the necessity the country under Of increasing the
revenue by every available means, for upon that the
whole credit Of the government Is based
By the bin Amendatory Of the National Currency act
passed by the House Of Representatives yesterday the
privileges Of the national banks with regard 70
rsncy curaed Instead Of oil being allowed to
issue ninety per Of their subscribed capital crcu
iaiing notes. provided in the original b banks Of
$500 600 capital only will be entitled to circulation Of
ninety per cent Of their capital Those with capital
not exceeding 10000 will be limited 70 eighty per
cent not exceeding 4s 900 seventynve per cent and
excseding that Sixty per cent Mr. Brooks made pro-
position requiring such banks TO hold In reserve the gold
recetve for interest their bonds, deposited as the
hsais Of thoir circulation at Washington till the
resumption Of specie payments but 1t was not adopted
TIE suggestion however, merits attention. and II acted
upon would contribute TO strengthen the new system
during the crisis through which we are passing 1t
would however, involve the disadvantage OF boarding
gold and extent keep coin out OF the open mar
kct which would otherwise flow into It. II would also
deprive the Danks OF upon pThC-
ticay make the interest their bonds unavailable for
indefinite PERIOD and then only at par whereas they
now receive with gold at 200 the equivalent OF twelve
per cent In currency Such measure might be deatl
blow TO some Of banks but others could afford TO
dure H. for their profits at present arc enormous Tho
restrictions imposed by the bill will effect radica
change the system but merely tend TO akc the pro
Rreas OF expansion slower As three hundred millions OF
national bank paper money is still authorized It only
requires sufficient OF banking capital TO absorb
the whole and under the existing Inducements 70 cs
tablish new banks under the its future operation Is
not difficult 10 foresee. Some more stringent check
therefore required The sentiment OF the majority ir
Congress however, opposed TO seriously interfering with
the privileges OF the national banks and In favor o
oocrcng the State banks into recognizing under the new
law Thus the Senate yesterday refused to strike out h
section Of the House bill evyng extra tax on the cir
custion OF State banks Clearly is nequable to mak
distinction between the State and national banI
notes and as the tar tho latter Is only per
Der year. payable semi annually there 10 no justice
making that on the much heavier AZ TO be
tirely prohibitive.
The importaons Of dry goods at this port during tn
week ending March compare follows with thos