The New York herald., 1865-03-18

Thsre has been great depression in both nnancai anu
uommsrciai circles to-day and advces from other cities
show that similar state Of things prevails all over the
country The produce and merchandise markets are lower
and almost parayzed and securities have sus-
tanned heavy Decline while subscriptions 70 the seven
thirty loan have received check. But the effect
Of Tho PANIC among the mercantile community and upon
the country and government finances generally will not
b felt In any case till week two after the damage
~ been done. shrewd observers Of affairs look with
alarm the probable consequences OF the violent un
settlement Of values now going forward The govern
ment expenditures aggregate not less than three millions
OF dollars per day and for more than two millions OF
this II has 70 rely upon loans Moreover, the
unpaid requisitions amounted not long since 70
nearly two hundred millions. II the subscriptions
70 the loan now before the public fall on
considerably which they will naturally do under con-
tnuapce Of the present condition Of affairs the Treasury
would be soon forced pay the thirty notes out at
csf 70 contractors who would Immediately throw them
upon the market like certificates OF indebtedness, In
exchange for legal tender notes. and as they could only
be sold discount subscriptions to the loan would
dwindle In proportion, and the Treasury be thereby
seriously embarrassed while the notes thus paid out
would practically add to the currency nnaton as those
Of the lower denominations would be or less used as
money.
1t requires to be understood that whatever gives
general prosperity of the country does injury to the gov
srnment proportion the extent OF the disaster and
at critical period like the present it cannot afford to
have empty Treasury In this view would bc almost
the duty Of the government for Its own protection TO
come into the market and arrest the whirlwind,
should the gold speculaton succeed in getting tho
premium any lower. Their motive is TO enrich
themselves by impoverishing or bankupting the CAPT
tass and Of the country and after press
gold down the lowest possible point to bid il up
dghln to the highest possible point But the "short'
Interest 30 enormous that the evil is likely to cure
ITSELF
The stock market was weak and excited at the first
board in sympathy with tho sibear movement in the
gold room. Erie was 2H lower than at the second
board yesterday at the close OF tho call Hudson River
*, Reading TX, Michigan Southern 2h, Illinois Cen
tral TX, Rock Island 3k, Fort Wayne 1T, Cumberland
Coal 13x, Quicksilver 3A
Government securities weak and pressed for
SALE Coupon nvetwenties declined X IL new issue
1k, ten-forties 1x. At the open board at one
O'Clock there . general improvement Of 1 per
cent, and In Cumberland OF 6x At tho second board
part OF the improvement was lost, but Erie u
higher than at the first board, New York Central 1
Rcading r. Michigan Southern X, Illinois Central "
Rock Island 2k, Fort Wayne IL. Government securi
ties, which had been greatly depressed the street
between the boards lower. Five-twentes declined
=, new issue 4, ten-fortes Y.
~ the open board At halfpast three the market
steady but dull with an improving tendency.
In money the market has been unsettled by tho shift
Ing Of loans and although capital Ia abundant lenders
ase distrustful and per cent is the ratio all
transactions st call. Discounts made with great
caution and produce and dry goods paper is especially
scrutnized Numerous failures rumorod and antci-
pated. and much OF tho commercial paper onering
which passed freely At eight por cent fortnight ago
is now almost unmarketabe at any price, The general
rsls for the best names ia . 10 per cent
Foreign exchange shows nrmncss, the leading
drawers refuse to sell their bills sacra;e view OF
active foreign trado In the future Bankers ask
10sk for their sixty days bills and 100 losk at
short sight; but at these prices they salable
large amounts
On the produce exchange to-day there a further
decline OF Csc soc per barrel nour 81 per barrel
pork &C. &c. per bushel wheat and general falling
OF In other staples
The business at the Sub Treasury to-day as fol-