The New York herald., 1868-02-11
FINANCIAL AND COMMERCIAL

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MONDAY Feb. lo--SP n.
The Sherman Funding bill Is being used just new BY
the bulls in geld as argument 10 favor OF higher
premium and this indication Of what the eject OF
the passage Of such would be upon the public
credit; but there probability Of this il hardly
worth while TO anticipate results The country dis
iurbed BY The agitation OF the impeachment question
and the radical policy OF reconstruction, and 10 not
hitting time for the discussion or any funding scheme,
much less Ike This, which has for its object the
refunding OF tho public debt in . manner which y
wholly uncalied for, and which would only benefit
those Who might b employed 20 make the OF.
change Of old bonds for new. while IL would
embarass the Treasury by throwing discrsdit upon all
the issues Of nvstwentisa The bill does not deal with
the subject that open and above board which
should accompany honesty Of purpose. and II leaves TO
public inference what rs to be done with the nvs.
twsnss or 1852 after the LIST OF November next they
are not converted into the ave per cent gold stock
prior 10 that date Surely this IL sneaklng and under
hand and unworthy OF great govern ment like ours,
and surprised thas after the universal condsmna
tion which the bill met with throughout the country In
its original form, Mr. sherman should have
had the temerily TO revamD IL ~ he has done.
The government cannot afford 70 press such
measure, and have TO believe that It will nos
be pressed 10 vote; but If is ss defeat will be GER
tain. We want funding scheme 10 add 10 the present
commotion, and such a. this would Be far worse
than nothing At any time The upward tendency Of
gold also stimulated by fresh from Washing
ton regarding the probable action Of Congress concerning
impeachment ana the prcs advanced from l42x at the
opening to l43H, following which there was slight
relapse and tho closing transactions prior to the adjourn
msnt at l43h, while tho latest quotation In ths
room was l42es o 1929 The borrowing demand for
coin little active than usual of late. and
lOans were made 1t rates varying from to
per cent for carrying and without interest
The gross clearings amounted 10 S55, 7S9, 900,
the currency balances to $780, $50 and the gold bal
ances TO 81 Cos American silver Is quoted al
per cent below gold, and Mexican dollars at l02A .
1851 in gold. dealcation for large amount on the
part OF the assistant cashier Of the American Exchange
Bank rumored; bu 1t irauspirsd inquiry that tho
involved .merey nominal" and that this ol-
had been discharged for cause ON Saturday last,
whence the report.
The bull element on the Stock Exchange 10 strongly in
the ascendant. and material advance in nearly all the
leading railway shares took place during the day, al
though the course Of prices was ~ inter-
vals irregular New York Central, Erie, Michigan
Southern and Northwestern were particularly baoyant
and break in Rock Island only temporarily affected the
general market. s understood that Tho speculative
director Erie In favor Of RISE ho having bought
aIk6Iy OF stOCk lS week WuotDeT NO IL OF
matters liltIe it Is impossible for any leading
stock resist tho influence Of the general market BE-
yond certain point; which has been passed in the
case Of Eric. There rs good and sufficient
why the latter should bc selling six per
cent below New York Central, and either the
is much below or the other much
above It's real valna All tho Indications favor pro-
ionged speculative activity the stock Exchange and
the railway earnings are on . scale calculated to
strengthen confidence In values The prevailing none.
lary likely 10 be interrupted until late in the
year. NJ ALL and meanwhile the dulness Of trade will
leave amount OF unemployed capital in Wall
street. under the influence OF which there is but
way for prices 10 tend. Loans continue 70 be made
freely government securities At four per
cent on mixed collaterals a five, whiie
frst class commercial paper 10 saabe at
s per cent discount on the street. The
statement Of the associated banks OF this city for the
week ending the Sth inst IL the in every par
ticular already published aud shows thcir
in specie and legal tender notes DO 500
OF tho required twenty-five per their La
biss In deposits and circulation the latter amounting
TO 1851, ,etl, 3S2 upon which the legal reserve IL
$62 9s5 945, while that actually held be $50 870 83l.
A COMPARISON OF tho last bank statement with tho
rcturns for the corresponding weeks 1867 and 1866
ah, ka fa tpng gLa