The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-01-13
FINANCIAL AND COMMERCIAL.

SUNDAY, Jan. IL, 1868.
The gold market strong and active during the past
week and an advance Of about three per cent was es-
tabshed the extreme range having been from l34ys
Aonday 10 1854 on Saturday with ths closing trans
acuons AFTER the adjournment OF the board at 1885
which price was bid The reaction from 1899. has been
moro rapid than was generally expected, and several
causes have combined TO stimulate In the first In
stance speculation in the gold room had unduly de-
pressed the premium and the interest created
was very heavy The bulls took advantage Of the latter
feature and formed combination to turn the tide
against the bears which ,ney fully succeeded IN dong.
Then the anti contraction bill came up In the Senate,
and the gold spectators beng by this time
nearly all bulls used Il argument
10 favor OF higher price for gold They construed il as
being step towards fresh imitation as post.
ponng for indefinite period all further attempts 20
to specie payments neither OF which nterpreta
lions correct It by means follows that because
Congress votes to keep the volume OF the currency
steady that 1t would authorize fresh issue OF crcuat
ing notes. but on the contrary the suspension OF con-
traction is likely TO appease the camor for imitation
Neither s probable that the bill In question: supposng
II TO become law trust It may, will delay tho
return to specie payments a sound basis Under Mr.
AcCui'och's policy Of contraction tho finances
or the country IN danger Of break.
ing down altogether ana : premature resump-
tion OF specie payments Is TO be carefully
guarded against for in this country It would involve
even greater disasters and evils than those
afflicted Great Britain between tho defeat OF Napoleon
n Waterloo and the resumption Of specie payments in
ISL and for several afterwards On saturday
advance In gold stimulated by the knowledge that
the Reconstruction Committee agreed to bill which
expected will be laid before House or Represen
tatives Tomorrow, and which entirely sweeps away
civil government In the Southern States and while
comforting absolute power upon the General the army
makes II unlawful for the President interfere with the
execution OF she act This Is certainly disturbing
cause. and gold should higher In consequence Il
would not DO surprising, tor nothing inmical to
the interests Of the country large could be devised
The Sub.TrsasuU paid out during the week
u, 09l, 900 In coin account Of the January
interest and g. $50 $50 in redemption Of the principal
OF the bonds OF lS47, while 1t received $50 from
customs The now Of specie 10 Europe continues the
shipments from the port for the having
not far from three millions The fact that the Treasury
has given notice to tho holders OF bonds OF 1s47 that
shey DO not present them for redemption before lat
OF the ensuing month they will be considered to have
waived tho right Of present payment thereof and that
the interest will be continued usual is hardly likely
70 induce many Of their number retain possession OF
the bonds for the simple that tho proceeds Of
sneee can be invested moro advantageousy In i've.
swentica These lS47 bonds worth l03 In gold,
while nve.twentes Of the FIRST issue are worth
only about II In gold At the present price
IN currency yet the latter yield the same
amount Of interest as the former. and a. q conse
auence The interest which might be made upon the df-
ference between II and 103 would bs holders
Of the bonds Of lS47 who refuse 70 part with them
becauseths interest payments TO be continued
The daily range Of gold during the week b thus