The New York herald., 1865-01-09

Wednesday ay......................2 2Ilx Z3lM
Ihursday ....................... US go
Friday. Observation-Disclosures. 22oA 2z6N
SATURDAY. ......,......,.......... Z-iSs 200
Government securities have been quiet in the open
market but Saturday subscriptions the ten-fory
loan active and aggregated this city upwards
of nineteen millions The tendency of government
securities ia the immediate future is in favor
OF rise All the gold bearing bonds may
DO expected 70 advance pa 3 per cent
during the month, and subscriptions to the thirty
loan will be conespondngiy improved; but wc advise
the withdrawal or this loan purely currency
loan be substituted Is indirectly gold bearing
one and the gold bearing debt already large in the
present state of the currency Allowing for the probable
subscriptions to tho loan Boston, Philadelphia and
elsewhere is likely that about fifty millions
tenorty loan only remain untakcn, which portion is
now cancelled
The money market has been very stringent, and ia
likely to continue moderately for days to come
although the drain may be considered over
the now has already partially In After the
middle of tho nloath however caster money market
may be looked for Tho rate for call loans has been
strictly per cent and for first class commercial
paper eight 10 eleven
The foreign exchange market has been quiet under the
moderate mportaions and improved exports, and rates
have tended somewhat favor of buyers This
Is likely to become much marked with the opening
up Of the Southern country 70 trade while the recent
capture Of the stocks Of cotton boarded at Savannah and
other places will before long exert an active influence
upon the cotton and exchange markets here and In Eu
rope and produce drain OF specie from the Old World
in favor Probably the cotton stored at Savannah
alone viii give million Of pounds sterling TO this
country THIS viii be likely to lead gradually to strin
gcncy in the BRUSH money Market which win be pro-
ductive OF the dangers those from which Eng
sh financial and commercial Interests have just escaped,
and which in much greater degree will threaten them
the termination OF tho present war resulting proba-
bly, a sweeping commercial panic and a suspension of
specie by the Bank of England for the vast
structure Of credit upon which the prosperity of Great
britain Is dependent upon basis
insufficient that It Would require but slight
shock public confidence precpato catastrophe the
Ike Of which england has never yet experienced To
monetary arrangement than anything else she is
especially liable owing the expansion OF credits which
has ,akcn place since the Of the in
the United statesa direct consequence Of the loss Of
the Southern trade which forced capital and enterprise
into new and speculative channcls Bankers sterling
has rated during the week at l097s 81 at sixty days
from sight aud 1l0I "a nj three days. Merchants
bills have been offered at los q n.
The report Of the Bank Superintendent OF tho State Of
Nov York shows the effect Of popular opinion ed by the
administration, In influencing the conduct Of men.
Hitherto the superintendent has been jealous advocate
national spreading rapidly to make opposition
to 1t useful aud accordingly he says1s essential fea
turo5 transcripts from the banking laws Of New York
applied wider theatre OF operations and doing for
othor what experience has wisely suggest
cd for thisp Now deny the truth Of this The two
systems differ much chalk does from cheese. The
one-that Of the stae-l based upon specie and
the othor upon paper Article eight, section 1--WE,
Of the State constitution provides that 1.-THE Legislature
shall have power to pass any law sanctonng I'D any
manner directly indirectly, the suspension Of specie
Payments by any person association corporation isu
Ing bank notes Of any description" The Superintendent
thinks regarding tho national system established
fact THAI Is obviously proper that the laws OF the State
should be amended TO recognize and legalize the
associations oi,azod under the net OF Congress that
there may exist apparent conflict Of Jurisdiction bc
tween tho general and state governmental At present
no banking organizations legally recognized
within the State except those formed and
regulated under legislative authority. with hun
dred Institutions organized under tho national law
the suparntendent utility in State snagonlsm 70
the national syslom we agree with tho supcr nenden
In promoting the of harmony between tho State
and federal laws for the auasouism has done nothing
thus far and promises prove equally fless In tho
future and wLelor not existing sia,utes rendering
te establishment Of national organizations for banking
purposes within tho State unlawful are repealed,
think viii matter lItlls in staying prcinotlrg the
spread OF the system adopted by Mr Chase and which
ID dependent for tt success and perpetuy upon
The main,epance Of the government, meil the cue
symratdzng 81 actively with the otter that the decline
o; ne ia,,er would DO accompanied by corresponding
decline q the other
We agree with tire Superintendent that In the case Of
State lastlttDn rcorgsnging under the Currency act,
The method q doug according 10 law should be sim
Pulled AS u l., oaeh bank hes 10 wind up and divide s
,sBets undel the state aw before 10 eater upon s
pailonal existence ~ tha ens directly 10 weaken the
banking resources of tue country, " the State
banks arc, IL any event, determined 20 naionnlixe
themselves u viii DO wen 10 allow them
70 do so wiihou, Injury either 70 tho banking or public
interest Az the ne wc.look forward vim appre.
benson 10 the diffusion Of the nat9na, barking e,steu,
md with the possible ooapse Of the bubble of currency
Initiation blown by two Incompetent Secretaries :, tho
Treasury, assisted By obsequous Congress Much is
to he feared for the safety Of institutions whose fourde
lions rest upon paper over nucuatng In value la
Bic 10 violent contingencies at any time.
If may believe the reports which reach from the
Department Of tho Gulf aud elsewhere the Treasury