The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-06-16


The different stages progression indicated by the
following ngures:--
1880 A. M....14sH $40 p M...........l4,H
l2:4O p. M..........l4t's $50 p M...........lsd}s
300 p. M..........lio4
The steamship Pennsylvania took 500 o0oin specie
and large shipment expected Saturday The
vction is becoming settled the commercial and
financial mind that there Is but way
for gold 10 20 under the present conditions
of home and foreign trade No witnessing large
and increasing imports and light and declining exports
and at the time extensive migration 70 Europe
OF people who have made money by tho war Is going
forward ''Shoddy Is OF TO Europe be liouzed and
Shoddy takes gold wherewh to decorate and rlorify
ITSELF and the gold that leaves the country the
remote is The prospect of return specie pay uen,s
There is no such gid bull jus, john Bull he
and Johnny crepeau take that from US which
We shall ind it difficult TO regain We have
vast gold bearing territory IL Is true
but we cannot niue enough to make up
for what we have lost of the precious metal by eSpo
during the last four yesrs FOR long limo come aud
when mined it will DO HE property OF private indyidu
ais, and will only dnd ts way into the United States
Mint and Treasury by slow and regular process Mean
while We have hard figures confronting US, and such
almost justify the assertions OF that shall
the premium ultimately higher In time OF peace than
have yet seen 1t in time OF On tho Isl of January,
1865, we had supply of specie ia the banks
and Sub Treasury OF this city amounting TO
only $50 o54 $50 On the lst Of June 1861 The other
hand the supply in line banks and Sub Treasury in this
city aggregated S57 GOO 600 or than twenty
and hal millions in OF this The sspply
the New York banks however at The dates ueattoned,
affords but criterion of the decrease during this
period throughout the entire country. Ard Of the
amount held by the New York banks about Lrd or
onefourth of is held special depot by private midi
vduals although uonnaly included in tue asse,B OF tue
different banks. The whole amount OF spec,e in the
country, the rebel States and California excepted ucud
ing the Sub Treasury is less than forty millions,
and private boards have been Tor the part sold
Those, however who have specie boarded VIII, under
existing circumstances, be likely to hoard it,
The rise in the gold PREMIUM nevertheless, may open
to us the prospect Of export OF bonds and pro
duce to some extent, and although II is against the
interest of the country to export It's bonds it will tempo
rary the purpose or making exchange should a
demand arise for them abroad At present, prices here
and in London II would TO ship 1vetwentlos but 1t
must be considered that the advance gold
will DO likely to cause somewhat proporonae decline
in the bonds abroad which may partly Or altogether ueu
tralize the elect As security, however the Ave
twenty loan must advance gold continues riso With
gold at $50 IL would bear nine per cent interest
and public attention woald naturally be directed
from the thirty loan IN such case, to the gold
purposes of argument and tho Inference clear uuied
States stocks are extremely Low at present.
Gold is becoming the street, and n sixoorth
ID freely paid b. borrowers, .ho many lenders ask
eighth and get it, The uncovered short nte,rst is sti
large.
The stock market active and higher ut the drst
board New York Central showed an advance upon yes
terdays second board price Of Ia, Erie n Hudson
River IL, Reaiing Z, Michigan Southern 4, Cleveland
D,k...
beriand /.
Government securities steady the chief activity
being in tcnfoT;ies At the open board at O'Clock
there was stronger markst. aud quotations showed
advance of az per cent Now York Central and Hut-
son River being the strongesI Al the second regular
board there fractional recession OF prices under
real re. Eric per higher shan tic
morning board, New York Central 27., Hudson Riyx
~, Michigan Southern H. Northwestern I, Roc. Island
IL Fort WAYNE Cumberland 2, Quicksilver Iis |
Government securities firm, with upward
tendency. The demand mainly for Ave twcntcs,
Tor which los was bid Although lherc IL considerable
amoun, Of these bonds returned from EUROPE sti hang
ing the market limits there ID reason Why
they should be selling at 1903 only with hroeguartors
accumulated interest, which s little over par when |
tho 7-30 loan IS selling par The open board,
half past three, the whole market higher and
the speculative feeling buoyant. New York Cca-
trail sold the call 9s1s Erie ~ 1872,
Hudson Rvr 1905, Reading a7;a Rock Island 1917,
Michigan Southern Go5E, Cleveland and P;sbarg es;1,
Fort Wayne ss Prairie d. CHEN 90 Ohio Mississippi
certificates 2514, Cary 2Ga4, Cumberland a.
The rise in gold s stimulating speculation w. nearly
all directions, and present Appearances indicate bull
carnival in the future The extreme in tbs money
market Is assisting this tendency very materially. the
for call loans being per roy ana
other first lass coaterals Tic discount lire IL
tive at a per cent
Foreign exchange Is Grnl. Bankers asl 1.0's tl0N
for sixty days bills and Ill 1lii. sloit light Mcr
camille bills continue scarce =; 1893 1895.
The subject Of the debts OF no several States Is
beginning occupy the attention Of State orcss and
politicians, and there s every likelihood Of vigorous
agitation at some future time in favor Of their aaanp
ton by the general government. Tho extent Of the
aggregate Indebtedness Of States, COUNTIES towns and
villages, incurred during the war ID not yet fully KNOWN
but II is far larger .han generally supposed An Of
Congress approved July IL 1861 provided for the pay
ment by the general government to the Governors Of
States, Their authorized agents Of all the exp
attending the enrolment, enlistment, clothing arming,
paying and transportation Of troops intended take
part in tho Some of these lo al claims have been
wholly partially settled, but the majority have yet to
be adjusted and iquidatcd Nevertheless, far inrger
amount Of expenses incurred by States in the
form OF bountics relief money and such Ike Will be
reimbursed TO them by the government and hence the
State debts will be largely and permanently augmented
and corresponding of local taxation will be the
result, which will occasion less dis satisfaction,
favorable To the political agitation referred to- Already
the seven per bonds Of this State
three per cent below par The sse o. those commenced
but recently, In accordance with section two chapter
hfty-six the laws OF 1865 the being limited to
thirty mions The Language Of the act is "For the pur
pose Of raising the money required for said counties
without delay, the Comptroller is authorized to issue
bonds in anticipation OF tho said tax such amount
mot exceeding thirty millions Of dollan) as may be
necessary and 10 such and forms may be most
convenient Of not exceeding seven per
cent per annum."
Al the November elections tho people will have 10
decide for against the 10 create State debt BY
the constitution Of the State IL Ia declared No debt