The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-02-19
FINANCIAL AND COMMERCIAL

SUNDAY. Feb. IS, 1860
The past week has witnessed strong reviv" Oh con-
ndence in the stability of values on the siook Hxcnange
and the market for government, railway and mscea-
neous securities has tended upward accordingly. inc
depression whc had been the marked feature OF aas
in Wall street during the previous i've weeks involved
decne of from five twenty per cent In the prices Of
leading stocks. for which there was no substantial
cause Tho operators for fall were then dis.
counting reduced and indefinitely lower railway earnings
and general disturbance aud rapid "shrnkage' Of
values under the supposed financial policy Of the gov
eminent But instead Of the earnings Of railways de-
clinng they improving and lines like New York
Central and Erie show large thus far this
upon the returns for the corresponding period last year.
while Of the Western lines which showed
a falling or In their Ireceips towards the close
Of 1865, are rapidly recovering the Loss, and
as their working expenses have been greatly
reduced and still in process Of reduction their net
earnings likely be larger In 1865 than they we're
last year At the time the vague approximations OF
contraction and resumption which pervaded the public
mind and which aggravated by the 'bears' to the
best of their ability for speculative purposes being
dsspated by reflection upon tho facts Of the financial
situation
The people are beginning to see that the
Secretary Of the Treasury will be poweress
to contract the volume Of tho currency until
he has funded or redeemed the twelve hundred millions
of floating Indebtedness outstanding, eight hundred and
thirty millions Of which liz In the form Of seven-thrty
notes, redeemabe In currency within little than
two years. unless voluntarily funded by the holders into
six per bonds Notwithstanding all the talk Of
traction which has been INDUCED In since Mr. McCulochs
appointment secretary of the Treasury there has been
contraction but steady expansion Of the circulating
medium through the national bank issues during that
time, and there Is still fortyve millions Of
this imitation will continue until the maximum of three
hundred millions is reached, when Congress may
thorize ahundred millions more in accordance with the
Recommendation Of the Comptroller of the Currency
Exclud ng from calculation tho old State bank issues
and fractional currency which in this connection
unimportant, find that the circulation has increased
$1e4 7724 AIS, nearly hundred Millions since the
3ls of March last The circulation that date and on
the LIST and 10th of February, current, stood thus
March 81 1865 FL. ], 1885,
Legal sender notes. 1868, 160,569 S6l2 46l274
National bank notes.. 111,es4 go s253 $50
Total. ............ $40, 7s5 239 $780,, 5e7, 654
The amount of legal tender notes outstanding differ
ent periods during the eleven months ending with the
publication of the last debt statement shown by the
following table,
1855. 1895
March 81. 49,. $3.50 100 500 October 81 $685. 700 GIL
May 81 60 6o 500 November go. 626 200 43s
July 81 6S5 1885, 269 December 81. Ola ySO 400
August 3D.. 6S4, 13S,959 1865
Sopember 30. o7s, l26e40 January 31.. 62 451 274
The apidty of the increase Of national bank notes
will BIO seen from the succeeding statement OF the
amount outstanding various dates since tho beginning
OF 1865
1865 1893
January SIS T24 $40 December 225 402 S25
April 1....... Iii 1874 $40 1865.
July LAG 927g76 January g.. $240, 094, SOS
August 81. Sl65 1914 440 February TO- 1888 l16 $50
November H.. 2l4111,s15