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

The amount of legal tender notes outstanding differ
ent periods during the eleven months ending with the
publication of the last debt statement is shown by the
following table,
1855. 1865
March 81. $685. 100 500 October ST. $685. 700 GIL
May 81. 90 100 500 November 30. e2e 900 43s
July 81 6s5 236, 269 December 81. GA, yS0 400
August 81. 80. 6S4 I3S,959 1865
soptemberso. e7s 20,s4o January 81 e12, 4s1 274
The rapdity Of the increase Of national bank notes
will DO from the succeeding statement O, the
amount outstanding various dates since tho beginning
OF 1865
1868. 1865
January -. SO, IA $40 December 22s.4o2s2S
July lac, 927e76 January g.. $240 094 SOS
August o. slos 794 40 February 10. $25S $50
November H.. 2l4,1I1,s15
These figures furnish a strong argument against the
theories of the radical consruconsts who ass 1T that
the depreciation OF the currency and the conseq en
high prices which prevail result entirely, or almost en-
tirey, from the excessive volume Of paper money aoa
and that to reduce this Is TO lower prices 70 the specie
standard and resume specie payments But during the
past year we have witnessed o fall Of from ten TO
sixty per cent in the prices of domestic produce and
foreign merchandise and fall in gold from ga In jan
uary 1865, to 1914 now, in the face of increase Of
nearly two hundred millions in the paper money Of the
oc~ary How tho radical conractionists
tne favorte dVs-a with this heavy fall Of prices and
large Increase OF currsncyS credit I'M
proved and the gold promium dcclined notwith.
standing tho increase Of tho paper money
a1oat, because of tho termination Of the war
and the consequent reduction OF expenditures showing
that the value of tho currency depended upon pub
lie confidence In tho ability of tho government redeem
It's promises than the amount OF money In circulation
That the volume OF the currency s abnormaly large
b however, unquestonabie as that at some future
time before we specie payments 1t will require 10
be contracted At the time the condition Of tho
national finances ID such that contraction 10 any
material extent even OF interest bearing legal
tenders could not DO enforced during the next two
or three years without placing the Treasury in position
In which IL would b, unable its maturing obiiga-
tons Is, therefore, only dclusion and q to
preach and promise contraction before time arrives
when will become practicable. It results spasmodc
fluctuations Of prices by unseng confidence values
and while disturbing the channels Of legitimate trade
makes fortunes for SPECTATORS who create capital
out Of public dstrust and uncertainty.
The gold market was firm at 1857 1881 during tho
FIRST three days Of the week, but Il weakened under
moderate sales Of gold by the Sub Treasury 70 1917 on
Saturday and closed 1t 1874 The supply Of coin for
delivery easy and loans were made at the end Of
the week .4ae por In favor OF tho lender of the
coin. The demand for customs duties aggregated
s2,soa,o1a
Foreign exchange opened under depression, resulting
from pressure 10 sell Southern bills but afterwards
improved and closed rm For bankers sterling at sixty
days los was offered Saturday but leading drawers
we're unwilling sell this rate The supply Of cotton
and local commercial bills has been entirely absorbed
The large prepondence Of imports exports at this
port Offsets 10 great extent the shipments Of cotton
from the Gulf ports, and juss the state Of the
British money market has . tendency 70 strengthen
exchange England. At the close Of the week bank.
ers bills at sixty days nominal at 1os short sight,
1osk y; commercial, 1917 n; documentary foot.
toni LOG 1o7; francs, long date, 81 22kc g. Csc
shsrt date, 81 1sa 81. l7ko Bills on Antwerp were
quoted at Sc 2co . ST. $40 Amsterdam cox . y;
frankfort, <oh n; Bremen Tx Is; Berlin,
7oE IL There is considerable reluctance mani.
Tested among buyers 70 take cotton bills based upon
high price for the staple At Liverpool owing TO the
Dropping market thors The receipts Of cotton In this
city for the week ending Friday evening were a loS
bales and the exports from This port for tho weok end
ing the 18th H. ol balca The receipts ct the ports
OF the United States since the LIST Of September 1895
no estimated 90 bales and the total exports A
ISL 900 bales leaving stock OF sslo 900 bales on hand
The stock az New Orleans the 10th was ISL 900
bales. 81 Mobile g. 900 bales at Savannah on the 9TH
1s,sss bacs at Charleston tho sth e2ol bales; q.
Columbus, Ca, January ~, 1904 bales; q. Mont.
somery, Ala, January 20 13s24 bales at Apaiachi.
cola, Fla, on February I, A.ca2 bales; ct Memphis,
5000 bales
The money market continues easy and rather duh
The supply Of capital available for employment on tho
Stock Exchange In excess Of the demand and call
bans are made freely at six per cont with numerous
exceptions a, Ave. AZ the close the general tendency
was towards the lower rate
AS Thursday next-wsshinaton's bIrthday-wiI DO .
legal holiday the banks and public oacss win BE- closed
alike with tho Stock Exchange and places oe bus,nso
generally fromssory notes falling duo on The 22d viii
require TO be met on the 2 In accordance with an act
the Legislature OF this STATE passed March IA 1ses
The committee appointed at a meeting OF forty.,wo
city bank ocsrs on Friday proceed 70 washington 20
confer with the Secretary Of the Treasury and Mr. su,p
ner, The rrsssurs respecting the aers intermediate,
Of the law taxing bank deposits consists Of Msssa Coz
Hsghs and vsvmilye These gentlemen win proceed an
shsis ssaad sary n The prsssns week. and expected
49, slnilw committee win b. appointed By The baaks
y Bcs>ea ~ hilsds,phA Fsspsctivsly. sAssA We
esss>svd - rrsssssy, = y probable sustain the
UIsnsuspss viso - ~ sasa cssuss Win b ssksd 70
eDons ~ M ncss clearly, God meanwhile ne baahs
WI snssH Ne sehoa Of shs Treasury BY Q nm - NV.