The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-08-13

There was an active borrowing demand Tor coin rom
tie shorts" and the rate paid for loans varied from
I2d to nth per cent per day. The demand for custom
duties at this port aggregated $2674, 600, while
the amount OF coin paid out by the Sub
Treasury in interest the public debt was
SOL 400 The total recorded shipments Of specie and
bullion from this port and Boston the FIRST Of May
represent total OF s49 49, and the residue OF coin
in the country Ia so email in proportion TO the demands
OF commerce and the amount OF currency in circulation
that it naturally commands higher premium than il rs
satisfactory 10 reflect upon or that the state OF
the public credit would justify if that alone
the controlling power; but gold Ike any other
commodity, is Influenced By the laws OF supply
ruaud during period of suspension.
somo persons argue tbs there has been contraction
or the currency since the terminated because the
legal tender notes have Juccd they forget
the Initiation by means Of national bank notes has
far than onset this reduction say the extent az
about hundred millions and that the aggregate OF
paper money In circulation is lager now than il
has been al any former period. Moreover, nearly
the whole of the amount Of legal tenders
withdrawn from circulation in interest bearing
notes which did not fnlfl the ordinary functions
Of currency but held like bonds investments
Henc, In the midst OF tho greatest paper money
indaton yet known In s country, and there is only
about twelve miHions OF national bank TO he
issued are meaning the eliminating point After
this is passed there VII DO pause, followed by
The very gradual contraction provided for by net
Of Congress- which viii hardly exert any percep.
tble effect for two or three years to come
unless laws providing FIR the contraction Of the
currency should be passed There is consequently
nothing present aspect or financial affairs calcula
ed inspire distrust OF values prices but the
trary, much 10 sustain confidence in both
The stock market closed steady Saturday afternoon
N-oxy IA,
100, Ere 69K u. Hrdson River 1877 100, Read
ing 1i2s, Michigan Southern s52s Sc, Cleveland
Pttsburg SIX ", Rock Island 106 =, Northwest
ern 359f q 38-prcferred 67%, Fort Wayne 1867 r.
0aic and Mississippi certificates 29Ts 3o1s. Cumberland
AK As, Quicksilver 5os. ST. The latest sale az gold
was at ASK.
Trade in all departa IL in semi. stasuant cond,
ton tho entire couot-y and particularly in this
cay owing tho reports ~ the Board OF Health regard
ing 'cholcra," which have deferred country traders
from coming hero % caase their purchases. Many OF
these have been couteaied 10 supply their immc.
hate wants from she stocks OF jobbers at some
halfway point Ia the dry goods trade in
,his city thers .ss little more activity
las, week. but tho dsmasa irregular and the volume
or bus very hight To- this Of the year The
stock OF domestic goods "a not heavy. but az II is con
aaed TO few hands fears a. forced sales cnteaneds
SUCH matter OF course, add TO the prevailing
depression AS consequence of this general duiness
ta. quantity Of commercial paper making Is small .:
though the demand Cor discounts three months papsr
from the merchants Is Increasing, apparently with
view to taking advantage o. she present facilities for OBJ
tanning discounts The bsss pass at Q, and
the next best al 0H 7 ,ef cent.
Foreign exchange has been dull but steady, and the
closing rates wore nomiaally UNDER: Bankers bills
on England At sixty days 1873 los hrec days 109
x. commercial ROC l0I bits On Berlin seis 73, on
Prank ort Az a a. or Hamburg 80 a 4, Bremen
7iSa7sx
roe earnings Of the awsusee and 81, Paul Railway