, 1866-11-25

w1a the panic which kooA p@Ss :" "Ats |
IN a sudden contraction OF
thc Money market. an advance Ia tho rAte Of In
sereat to cent on CALI and general tnoa &c II
stocks and .hasea Of III descriptions. but mofe
rA51icu.s.]y those which are technically termed
:. faney." These suffered sevrfelJ, md In thcls
downfall eaEscd several suspcnhoaa' AZ no
doubt crippled numerous operators, who Wese
speeulatlng foe "1fse-" The panic spent us
force on Thureday afsrznoon, and stoee then
there has been gradual seachon- Stocks have
slowly recupe1atcd, ard confidence hes In
a measure reTived. The Gold market shows
few signs Of reaction, and the premium con-
Times 10 hovet a.ouud the tEuses toueaeo oAt'
Ing tho panic. This panic Is only the elimination
Of what h1a been steadily going on IN al. bsaacns
Of trade for some time past, but probably wculd
not have occurred 20 suddenly had II not been for
outside causes. During the past two or three :
weeks there las been 4 want Of confidence IN e1.
fs;iIc prices among ali classes ct opcsatoss a-d !
values Of ali clas4e. OF Me.chandtze, Wlta scA3
few exceptions. have been steadily dccl.ninc.
Prudent operators taw th4t salues were lnosdi'
nate]y inflated, and the shadexiuss Of tho policy
to be- cr.r:oped BY tho Secretary OF tue Treasury,
IN which i. Ia asserted be VIII r.
,1erste the principles enuneiased In
hts "Fon Wayne speech" warned
them Of the coming s.osr1. Preparations we're Al
! once made for Its reception. Property slowly
,horsh steadily declined, and the purchasing
| power Of the cnr1ercy wat ptoportlonatcl1 u
! c,rascd, So quietly has this proce.s becn going
| ~ for tbe past two or three weeks, that Il has
| hardly Awakened any surprise, and has certainly
btep productive ot no want Of confidence in tnat-
| 1thual credit In mercantile circles. In this re-
.nect It differs entirely with the effects produced
by The ..Fo.l Wayre Speech" Now the peop!s
| arc. to q t7eat extent, ready TOT the contraction
no]icr. and It u our opinion that the Secretary
MIGHT a, ibis iuncsuFe, contract the currcocJ
| ~ t1ice The amount limited BY Law,
w,thout embarrassing the trade Of the country.
shonII this be done, it would counteEnct all ros-
.Yh,llty Of reaetiou-a renewed iRnailon In
.,lres. which nonld In ; short time be subject
10 smother lt Of contraction, which might not DC
on,jclpa:ed, and therefore could only result ln
. n manic. "a, more disastrous to the pholte thau
| ~ m. through which the Wall ttrcct opera orr
h.-o ;u,t n,ssed. Wc do not lavor sudden aud
{ violent contraction OF the currency. Snch wou!t
j; H.. n1oduc,iye Of nothing Int misfortune, but vi
G | 49, :, f,vor Of q slow and healthy conuhctn!
!, 1o,,cI untl The currency oS the country shall b.
: Iraucca to the actual wants ol our commerce.
IN come Quarters 1t is asserted that tile teonhi
: Is Attributable 10 sudden sszlnsencS II u
monev market, caused By the sccretary's DRAWN
- -, thc Sst1oual Banks for nineteen million do
~ ,,,s We have alwafs been al loss to koo'
4 | NV lhe Government should deposit the publl
!. r,nnsys With The National Banks In those cislf
~ vhe1e there arc United stases Snh-frrasurle
j. Tbe syt,cm I. certainly productive Of no eoos
$. the Nauas cannot afford to be castodtans Of u
III money for nothing. and arc Obliged to loan
IL ..on ean.,, 4 sudden call by tho Goyernn'e'
lis dnrirs IN ordinary c1oac money marx
Of 1,o1ure, an unexpected stfthgenc
le ,r1 in order to meet the drath, 4
80 hanks ere compelled TO do, what In commc.c
s, na.lance Il called '.shi1- IT, The benefits VIII
RI The tanks and TIC community derive frotn
ch .Yrment deposits arc more tL.n oscfDa!anceaX
iii the sudden ductEations which taeaf "1Luaa
mi ntrasIohs In tho money market
v; II - undcrs,ood thai the Government let
cu- hawks "ds,sp easy by accepting the rom?ou
he interest Eotes and allowing the accrued inter
nd thereon, There the Government Will nnaoaote
ed, CANCEL, and III tlle eEa II Is expected the DEC
OF her sts,cmcnt Of the public debt will show
.a1 le.lal reduction.
au ,,s, e1o<,uc has been srry light and no. at all
;sfscto,y TO those int=rettcd, rtlccs Of mcsci
alyc have suffered moro or less decline, o"!n
The f,,, IN gold, and the neral belief that "a
,,,. ,,p.t 70 lover before the bottom IL toncnea-
ter, Inc "ees -. e!1 sa:s ,hc demaaa for aceomm
o1s~ ,1on hhowcd signs of renewing activity. Inc
Let IS In peculiar condition. owing motus u
tiul- t,,aness Of the packing scasou. There Is 10
lind. ss-.hn,1snra Of currency, but the dltc
full l-.a ..n,,,a w r,,h to md an outlet for
pet snrnlus funds for Ten or twenty days. ha
Licnt e"'t -.~..,,r4. IN rsrry The norE
Bis made arsanGen n.en1 ~ ucre ,hr h
hn, do not tee1 Inclined II Increase thcis regula
h M conni lines 10 nny great extent. For prime
stern the market Wosks easy IL eae 1seAl saA
girl per cent In tho open market Sooo ont94s
nd OF ra,uses arc negotiated at u per cent, anu
n ac- acceptable documents At 1aSDls per CENT pE
Fhich nnm. -.. .....
as Flh,.e 10 IN active demand for Eastern
II Of se.s,s ora a. the amount making Is cuM
! the tvelg small, tho market works very close
trast, W. .rc't of the banks 10 ship cu11
many peins ~. ~ Frchsnro sold today b.
ar Of. hcuna ae.s - ~ ror,. nremIum. Tho Ct
e,s. rn,es atc 1sm At par buying and 1.lo pstniu
nyilsh ling, Bu3ao aao os"eSo o''A1 S@0
se and discount. ~,
It wo. quite ac,ive during the week, and at The &c
great currency rates vert lowor, owing to the de-
rold. We .eslse quotations:
,ndou | 6o f1nfJ Gu