The New York herald., 1866-06-02
FINANCIAL AND CONNER CIAL.
FRIDAY. June l-e P. N.

FRIDAY, June 1-6P. NJ
There has been an almost total suspension OF business
down town to-day and Wal, street has boon deserted
even moro than usual holiday stocks there were
suly few unmporan transactions, what little interest
thsrs was in the market being confined to Erie and New
York Central At half past two the only quotations
which had been named tho following:-New York
Central ssk q X. Erie slx e2, Reading los,s no.
Michigan Southern so% q 81, Fort Wayne e7ss w.
Northwestern 2sh x-preferred sSX u, Mariposa
preferred 24h q y, Canton 61k u.
There active dealings in gold amcns group
Of operators outside the gold the quotations vary
ting thus:-
lo45 A. NJ ...I4ox ala sooP NJ. .lso% ln
IL 80 A. NJ. .14lEa 2a5 M...'ti ai4itS
LOO P. NJ. .140X a lH
The shipment by to-morow's steamers It Is expected,
viii aggregate aeout three millions.
There was a knitted buslness in foreign exchange at
slightly advancing rates. the latter being partly due to
Che scarcity double eagles and the Substitution in pay
ment for bills small coin which yields in weight about
half per less than the large. Bankers bills
England at sixty days quoted at 100x x, with
sales the higher rate; three days. Ill The ransac
tions sl mainly confined to the latter in consc-
qucncc Of the dstrust Of foreign credits which is how
ever, gradually giving place to confident feeling
The disbursements Of tho SubTreasury in this city
during the psessnt week amounted to twenty mil
ons its balance having decreased that extent since
Monday IT. tsial balance in mixed currency including
gold, had diminished last evening to sS5, AGA THIS
will DO further reduced by tho remaining payments, IN
redemption Of the year certificates maturing IN
June, July August and tho balance honceorward Is
likely 70 le considerably below tho average oil the last
few MONTHS while proportionatey larger supply OF
currency will be held by the banks lower rate Of in
terest say per cent may therefore DO anticipated
on loans to the stock Exchange and in the present
Of tha
only by the monetary available for speculative
purposes.
The Fonian raid upon the ruins OF Fort Erie failed to
create the slightest disturbance among tho financial COM
munity and ngorlous termination OF the foFay Into
British territory is predicted 1t is generally believed
that this sporadic effort to put a martial front is tho
last flicker the fame Of Fenansm, and that is in
tended for host Of unfulhled prorhesies and
promises preliminary to the final dissolution of the or
ganization.
In tho United States senate yesterday Mr.. Chandler
introduced bill to amend the National Currency
act, In which tho issue of an additional hun
dred millions Of national currency is provided for
beyond the already authorized It also requires
banks in Now York. Boston and Philadelphia to keep
hand reserve OF at least twenty-five per cent of their
notes in circulation and deposit Banks not having the
required reserve will be debarrcd from making
loans or discounts or paying dividends until the do
Gconcy Is made up. The most important fea-
ture in tho bill is that increasing the circula-
zion to four hundred Millions and tho further
issue Of national currency cannot but regard
evil Nevertheless have TO bear in mind that
the national currency system has widespread exist
ence throughout the country aud that State has
much right 10 national bank notes under the law as
another Having issued these notes East. West and
North, simply consistent in sending them South.
But tho whole system is founded on wrong principle,
and tho Congress legslates to cause the
gradual extinction Of national bank currency the
stution therefor Of legal tender the better i. will
be for the nation. beth economical and political
grounds The banks Of the large cities almost
tirely independent Of their circulation they
their business upon the basis OF their deposits. In
country banking circulation is, however an important
element OF success but the country banks already
far too numerous. and a reduction Of their
number would DO public benefit. With
the complete abolition of national bank aotes
wc should have uniform currency based upon the
credit OF the government direct, which would inspire
confidence In finances both at home and abroad
contribute greatly to tho approximation In valuc Of the
specie to the paper dollar This shall ultimately
rive at, but meanwhile the stumbling block Of the Ma
tional Currency stands in tho way and this Congress
should remove speedily as possible.
The importatlons OF dry goods this port for the
week ending May 81 compare as follows with those OF
tho previous week