The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-11-18
FINANCIAL AND CONNER CIAL.

! + suxnAY, Nov. II, 1867.
! The tendency = gold wss upward during the past
week until Saturday, whom reaction took place. Tho
extreme rasss Wa IRON 13sx on Monday 70 1411S on
Friday, with The cosing transactions n 1897. The ad-
Vance Wa natural recovery stimulated BY speculative
Influences from the previous depression and the
qhsnt decline vas due mainly 10 diminished borrowing
demand from the bears owing 70 the short'' interest
having been largely 'covsrsd" which caused loans 70
b made At rates ranging from eight 70 sixteen per cent
per fcr carrying me tranquil aspect Of foreign
affairs FOR the time being whdnws the special support
the market had until recently from the dis
turbance produced By tho Garibaldi movement
against Rome; but tranquility q home and
abroad y calculated steady rather than weaken the
premium In view Of al Tie contingencies to which the
market exposed vhile the meeting Of Congress viii
operate IN favor q rsa Tho dsousson Of the financial
measures which viii BE- introduced during the coming
gessoa already invested with great interest," the ques
ton Of contraction non-contracton being uppsrmost
II the public mind very strong fesling prevails
throughous the country against the further Withdrawal
q United States notss and in the West and tho south
therp great deal q clamor for more currency. Tnat
the South y in need Of banking facilities and cur
rency than II q present possesses obvious and edos
wall BE- made to additional hundred millions OF
national bank Tor that section which has thus far
OSsIvV4 WY INV u10Nk 1IUm NO NakQUs& n1uA~
ing act and ths taxation Of notes Issued by banks
organised under the State laws prohibtory. The
eessvs contraction Of the past year. amounting
than hundred mil:ons has produced sase Of feeling
favorable to innatiou The mercantile community have
been suffering Losses instead or making profits in the
meantime and they are anxious for relief come In
whatsver shape may. More paper money ID the pana-
csa they want alike with the Wesa and the agitation
in this direction is likely to BE- powerful in Coogssa
Next in importance will be the question Of paying tho
principal or the gold bearing debt in legal tender notes.
and the sentiment Of the country mainly the side
Of Stevens and Butler although the politicians Of both
parties are very much divided on the subject The
financial question will be the most important one
OF the session, and the least that Congress
ought 70 do Il TO suspend the further contraction Of
United States nocs On the LIST insk there only
s42o SSl or legal tender notes. including compounds
in circulation while there $500 235 79e Of national
bank notes outstanding; and il must be remembered
that the latter are redesmabe in the former and that
the national banks in large cities have to keep
serve o twenty-five per Of their liabilities In legal
tenders constantly on hand and those the country
reserve OF fifteen par cent ms Sub Treasury dis
burSed within the week 81 40 800 in payment Of coin
interest on the public debt and received about million
and thrsequarsrs for duties or tho export OF
S2l2 in spsos and bullion, portion in gold and
silver bars The daily range Of the markss u thus
shown. 1M 4eM NaN ~ rHk