The New York herald., 1865-04-10

Tha spny of money has been abu ndant and the gene
raj rate loans call declined from seven to SIX per
cent Tn, discount line has been inactive and although
there has partial revival Of conid nee lenders
still critical OF names especially those OF dry goods
houses, owing 10 the continued depression Of the mar
kcts There was activity in the dry goods trade
than during tho previous week. but prices were lower
and domestic goods freely pressed for sale by auc
tion ard otherwise Tho stock Of foreign faoncs Isl how
ever very Light and prices for these remain compare
tiv ly firm Most OF mills have stopped manuactur-
ing spring goods and of them reported to be
about to SUI pend working altogether
The ia the money market is temporarily promoted
by the reduction prices which has taken place since
the decline OF tho gold premium which throws certain
amount OF currency into disuse although this
Il OFFS to great extent by boarding. The
sggregats OF the paper money aAoat including
the national bank and State bank Issues, Is not
far short OF thousand millions that OF the govornm mt
being s6s3 6js AMI says John Stuart MIL sthat
increase OF the qaanA Of money raises prices and
diminuou lowers them, Is the most elementary PROPOSE
ton tho theory or currency, and without should
have key any of the others"
Now such is the position OF the government that 10
long as it's expenditure exceeds the prsen,
rate OF than two millions three ndred and thirty
thousand dollars pcr day, half of that amount
the currency; for in ordor to float the
loan par the market price Of js six per cent go
bearing bonds must be sustained f6ar above par ez
interest IN, money market being meanwhile kept easy
and financial crash avoided. But the increase Of thin
large volume OF inconverble paper, which ID weekly
going forward thro-sh the national bank system
d to be deprecated as it Is adding 10 the public injury
already produced by currency fnhaton Nevertheless
being law II must take lis This national bank
money would be likely TO become one OF tho greatest
elem nts Of weakness In currency System under
certain contingencies The government would be by Il
alone II nothing else ntervened preyontcd from
tractng the currency under existing circumstances
resorng to the sale Of loans below par for the latter
would involve the decline Of the funded securities the
security OF which, the Of ninety per cent with
certain exceptions, the national bank based
and would not do, Of course TO allow these to fall to
discount
cannot be denied however, that paper has glvcn
to the country transient prosperity and capaby for the
development of groa efforts before unknown it. II
In England for the fifteen years ending with 1915 but
the reco came at last and bankruptcy followed opu-
1ence, and general sagnaon and depression succeeded
universal prosperity, and continued for many years We
have yet felt the rccoi but later shall
and although vast and elastic will enable
to Withstand Its force better than England did 1t will
les surely work change. Az Sir James Graham,
when member of tho English Cabinet said of tho Brit.
ish naion IN hs wUTl: entitled I" Ce.a and Currency
peace is restored, "we exceeded national strength
In the late war; languor and depression the
sary consequences. We weforcsalled income mort
gagod resources and IL cannot be matter Of sur.
prise that 1t Is difficult to raise within year
enue Sufficient for tho maintenance Of national
honor"
Tho comparison OF prices OF leading stocks at the st
board on Saturday last published in this column In to-
daysissue, with those current at the second board
Mar aud rof luna v.tto T,uo In tba
OF little than week, Erie 22x; New
York Central, l5K; Reading, 1aK; Michigan Southern,
12i{; Illinois Central sk; Cleveland and Pttsblrg,
Nx; Fort Wayne IL; Northwestern, o; Hudson Riv-
or, Ak
The quotations for government securities and railway
and miscellaneous shares a the Stock Exchange in this
city, the last four weeks, were folows:-