Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1865-03-31
Financial.

Financial.
The following is the Alias financial ar
ticle of Tuesday last:
The kilograms that reach us from the
East indicate the natural consequences OF
the decline in gold-yiz: the fall in goods,
the panic of holders, the failure of mer-
chants, the collapse of gold dealers, with
all the phenomena attending the adjust
ment of prices to a lower level. The lead
ing immediate causes seem to be the large
sales of United States Stocks in Europe,
and the considerable export of cotton from
New York. The value of the latter is
probably $7,000,0O and of the former no
correct estimate can be made. But the
two may reach $50, 900, 900, to be paid for
at time when importations are not large,
although reaching $l2, 900, 900 per month.
The price of United States Stocks rose "a
pidly, however, and it is quite probable
that large proportion of the orders can
not be filed. The price in New York in
January, when gold was 23O, was equal
to sic. per dollar. The fact of the decline
of gold to l60 has raised the gold price of
the stocks to Zoe. per dollar, or 20 per ct.
above the rate current abroad in January.
1t is questionable whether the stocks will
60 at this price. Nevertheless, this de-
mand has powerful influence upon ex-
changes. There were some small impor-
tations Of gold reported, but whether this
was the usual receipt of doubloons for the
Havana sugar market, or whether ex-
change has really fallen 30 low as to ad-
nit of specie imports, does not appear
As business operation, gold cannot be
imported from England into New York
when exchange is over 1909, or 81 6S4
IF E. The last quotation of exchange
received was l09t. The last time specie
was imported from Europe was imme.
diately upon the Presidential election OF
1860. The prospect of the closing of the
Southern markets caused importations Of
goods to decline heavily, while a very
large amount Of money was then due tor
cotton sold abroad. That conjunction OF
affairs caused exchange to fall in Decem-
Der, 1860, to lO0@l0l in New York. and,
as consequence, the imports Of coin were
large. The price of bills on London was
with the imports of coin as follows.
Sterling Bills Imports Of Specie.
December, 1860. "a prem.
January, 1861; -....2t95i s7,262 goo 600
February, 1861. 20 054 2,2T4,000
March, 1851. i06l " 5,546, 900
April 1861. ....--..6 874 d" 1883, 900
The moment the rate of exchange reach
ed up to LOG the imports declined and
ceased at over that rate. The fluctuations
carried the rate down to 4@44 premium
frequently in the subsequent months, and
for the year ending December, 1861, the
imports of gold were $50, 100000. Some
thing approaching to this state of things
was apparent at the latest dates. The
imports of goods were small, and the sales
of stocks considerable, thus pointing to a
low range of bills. The decline carried
with it prices. paralyzing business and
producing failures; not to the extent,
however, that would have been the case
had not credits been so greatly curtailed
of late in all business transactions.
II was also announced again authorita-
lively that there would be no more increase
of currency. Legal tender was probably
meant, since the currency Increases rapid
ly, and the new regulation in relation to
public deposits in National Banks tends
10 make it increase still more rapidly.
This is the order of the War Department
allowing all officers of the commissary
and quartermasters' departments to de-
post directly in the nearest National
Banks, with the exception of New York.
This is done, it is said, in order that the
proceeds of the 7-30 subscription may be
paid out without disturbing the course If
business. The obvious effect is, however,
to substitute in circulation the notes OF the
National Banks for the funds paid into
them by the collectors and Others. The
7-30 negotiable are in large proportion
small notes, and tend to swell the currency.
Of these new series of $500, 100000 is
authorized, to take date July 18th, and to
be converted into gold bonds July, 1868.
These notes are being rapidly sold, and
will probably be negotiated. Hence, the
gold debt will increase
July, 1868, now authorized. 300. 900, 900
Total increase. 500, 900 900
The debt will thus become consolidated,
and the currency will consist of $780,
100000 greenbacks, $500, 100000 COM
pound legal tenders, and $500, 100000
national notes.
The consolidation and uniformity of the
debt will be a great advantage, no doubt.