The New York herald., 1868-05-04
FINANCIAL AND COMMERCIAL.
SUNDAY, May 8. 1853,

SUNDAY, May g. 1s6s
The gold market was very hrm with rising ten
dency during the whole OF last week, notwithstand-
ing the maturity and partial payment OF the May In
terest on the public debt, and the fluctuations were
from 1854 to 1884, with the closing transactions
prior to the adjournment OF the board Yesterday at
1897, following which, however, there was decline
10 1885, The exports OF specie from the port aggre-
gated $l,43l,s9l, and the customs receipts were
S2'l3eSSs. One source OF the stubborn firmness Of
ahe premium is the prospect OF further innation of
ahe currency In order to smooth the way to
the next Presidential election, and there Is
little doubt that fresh issue of hundred millions
oi greenbacks Will be made, whatever the result OF
the impeachment trial may be. The radicals are
eager 1or imitation and will make 1t party measure,
ana the democrats are equally anxious TO make
pohtical capital by voting for more currency; and
anus compromise VIII be effected in Congress on
The basis we have mentioned between the ultra in
1ationsts OF the West who would Hood the country
with greenbacks and those who are opposed to any
further imitation whatever. The passage Of the Bal
COIN resolutions i'll the 81 ate Assembly last week
was one of the straws which serve to show the
direction in which political opinion on the subject of
the currency is turning, these request Congress
TO pass law authorizing the issue OF green
backs SUFFICIENT to pay or the national debt
and both republicans and democrats were included
IN the majority vote. The natural result of fresh
issues OF currency viii be revival of trade and
speculation attended 10y rising scale of prices but
ahe prosperity thus produced under the stimulating
and seductive influence of another instalment Of r-
redeemable paper will be only temporary, and the
revulsion which Will inevitably succeed it win be
violent In proportion to the extent of the previous
imitation Of prices Meanwhile speculation in Wall
street viii probably be active as it was in 1861
aud .t.1Cn
all kinds The final crash must not, however
be lost sight OF. The feeling in the Gold
Room among many OF the large operators
IL at present rather bearish. and they
argue that the premium must decline under the
weight OF the large interest disbursements of the
Treasury, and these cerialnly have tendency to
depress It, although thus far it has resisted their in
1uence, the undertone Of tie market being very irn
The money market was easy during the week at o
o per cent for demand loans, the dealers in gov
ernment securities and first class stock houses being
amply supplied at the lower rate. On Friday and
Saturday, however the transactions at seven were
more numerous than previously, owing to the in
creased demand for money resulting from the div
dend and rent payments on the 1st OF May, and the
disbursements of coin by the Treasury. This,
however, Is an important feature, as the
Grain OF currency from the interior is both
large and increasing In volume and the
soanabe resources OF the banks this centre are in
consequence being rapidly augmented. The state
inent or the associated banks OF this city for the
week ending yesterday is unusually favorable to an
abundant supply OF money and low rates of interest
The deposits show the heavy increase Of S1o s9S GAG
the legal tender notes Of So 9e6,s4 the specie OF
81, 500 and the loans Of s53l4,o55 while in the
circulation there is decrease of S112Tsl 1t there
fore appears that the reserve of the banks In specie
ard legal tender notes against their $685. 97S of
liabilities In deposits aad circulation is S74 030 42
or Si7,7oo,22s in excess Of the required limit OF
twenty-five per cent, which would be 56730 IA.
The totals OF each Of the TWO last statements are as
subjoned:-