New-York tribune., 1867-09-25

able inquiry among banks for legal tenders, which
continues to flow from the city III large amounts,
The Southern demand has commenced, ana iegn
tenders are sent to the Southern seaboard cities AS
the season advances, the demand VIII increase
largely absorbing full fifty millions OF dollars Inc
next bank statement will not vary materially from
tbe last. Judging from the outflow of currency. The
loss in legal tenders in the bank average IL est-
mated at one million per day. To meet the drain
hanks have in several cases been borrowers from pr
vate capitalists.
Exchange is quoted as follows London, GO days,
1O9s0lO99; sight, 1lOta1Os; Paris. long, 516t do
short. 513g; Antwerp 51S4@517a; Swiss, 5.lot@
5174: Hamburg So; Amsterdam. Al; Frankfort, 4oi
al: Bremen 7Ss; Berlin 71s@T.
Freghts to Liverpool per steamer, $500 BUSH
Wheat Mt I'd: 80 tcs Beef at 4s6d, and to Glasgow
% 800 BUSH Wheat at sd. ship to Cadz, with
Slaves, Oh private terms.
The transactions at the Sub-Treasury were: ke-
ceipts for Customs $64OCO Receipts for Gold Notes,
slOs, 600; Total Receipts sS,G5S,S53 20; Total ray
ments s2,O31, ,9l1 50; Balance, Sl2OG5GG3O 81.
The Times says:
There is reasonable probability that the Secretary OF
the Treasury will employ portion or ms per cent
IcgaTender Certificates to the reef OF Inc inc trade ue
nands of the country to the crops Ihe necessity
for representing this point to him by the Associated
Banks of the great cities who have 10 snP c n mGss h
taken into consideration before another lstarnt upVi pmi
the Compound IegalTcnder Notes fais oue' WHICH VIII
be about the 10th Of October.
If the Secretary should indscreetlv halt in the
process of paving his debts at maturity and by @s
course weaken The no,o abundant confidence in the Nd
tional securities he will not produce the rehef me
Times expects. lie will only exchange for compound
notes security capable Of being used as bank re-
serve What The Times wants is moro legal-tender
money which cannot be had for the sufficient reason
that the income of the Government largely exceeds Its
expenses and instead Of creating moneyit III
position to destroy the paper bladders by when III
was tded over the stormy times OF rebellion Inc Sec
retary is too far-siglted not to comprehend
that upon his in1exibility in paying his debts as
they mature, without resOrting to small lodges IN
the way of certificates, as requested by those VINO
have overtraded, depends his ability to negotiate
future cheap loans with which TO retire the 5-2Os
which he has now a right to recall when he can re-
new them at per cent. The Secretary should allow
people who have overtraded and spectators 10 re-
lieve themselves by going into liquidation ana de-
voting their energies to production. "lhe want ol
elasticity i'm the currency" will be supplied by the
operation of an active money market, which. check
ing speculation, will produce great elasticity IN
prices which the exchangeabe balance OF commod-
tiles will not substantially difiuse The Secretary
in his annual report of December. 1866, stated this
point of the supply of money clearly, that we re-
print it for the information of parties seeking his
aid. and rs indicating what his answer will be-
IL Is well established fact which has not escaped
the attentions oi all intelligent observers, that the de-
naud money Increases by reason OF an advance 0f
prce with supply. and that this demand Is not un
frequently pressing when the volume or currency Is
tho largest and imitation has reached the eliminating
rOint. Money bcrg Improbable article 10 hoid
very little withheld from actual use and in proportion
10 increase prices advance; the other hand, re-
ducOn o reduces prices and prices are reduced the
demand for It falls off that paradoxcal a. itmay SEEM
dmnuti0n Of the currency may IN TACT Increase the
supply OF H.
The earnings Of the Michigan Southern Railroad
Company for the first half of the fiscal year, 1861
wero rs follows:
March .........s1 .s17o.76l June 292
ApTll........-....-. 39iG3 5lI,sIs
May............. 356GOl August........... 425.162
Total.
Ont of these gross earnings the amount sent to New
York has been only 100000 of which 10000 was OBJ
tained from the sale of real estate The interest
count of the road in the six months stands folows
soI9s $40 Of bonds at per tSl971
Six months sinking Fund. UUo
Due for interest In Sinking Fund.- six months $3eo,I4
Earnings toWnrd It's payment. lO'Vo
Paid by borrowed money sE0,7S
The Company commenced its fiscal year March ],
1867 with the following floating debts
Floating cash liabilities. 9l ca
Floating caAh asset. 67oI6I 81
Balance of floating debt. ............ .s9i0.is3 81
Floating debt made In first half Of fiscal
........--.....-...--.--...-.... 2o,IS 10