The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-07-14
FINANCIAL AND COMMERCIAL.
MONDAY. July Ia-6P.M.

MONDAY, July lS-6P.M.
The gold market has been very strong and rather
active TO-DAY under speculative manipulation based
Upon the scarcity OF double eagles the steady export
demand for specie and the high rates of foreign ex
Change one being TO great extent the consequence
Qf the other The fluctuations were from 141 at the
opening to 141X, and the closing transactions prior
% the adjournment Of the board were ct the latter
price. following which the latest quotation on the
erect was lAT l42 There was moderate bor-
$owtng demand for coin, and loans were made
~ 3 q per cent for carrying The gross
Hearings amounted to $3s 0O0 the gold balances
70 81 2l9 and the currency balances to $174227o
yhe imports OF specie at this port from foreign ports
tst week aggregated $7,ls7, making q total OF
663 since the LIST OF January In view OF specu
iation In geld being productive of no good to the
community, but on the contrary, OF considerable
Evil by disturbing the natural course Of the
premium we suggest to Congress the pro-
priety OF taxing sales Of gold at rate pot
less than ave dollars In currency on every
ten thousand dollars Of the currency value Of the
gold soId instead Of one dollar, as at present The
SPECTATORS in gold are nonproducers, and about the
most useless of the non-producing classes, and as
the curtailment OF their operations would be pub
nc advantage there is every reason why they should
DO subjected to special tax larger in amount than
that at present collected. By taxing gold transact
lions 10 greater extent some Of the petty imposts
upon other things might be repealed without loss to
the government, and Congress should act accord
tngly. The disbursements Of coin at the Sub-Trea-
eury In pay men Of interest the public debt during
the day aggregated S557,00O, while the conversions
OF seven-thirty-notes into nvetwenties were
$s7s,65o
p Money continues in abundant supply at a pei
cent with some transactions at three, the pros
peel Is favorable to protraced monetary ease. Trade
remains dull and legitimate basis, the result OF
which is that very little commercial paper Is being
made and the best grade passes at 81 on per cent.
The Subfreasury and the banks here hold 1t is est
mated an aggregate Of more than forty millions OF
national bank notes, which, Of course, are not
these Will have to be Withdrawn before the legal
tender notes are materially encroached upon. The
last statement Of the associated banks Of this city
has been InisinJerpreted in some quarters, and
therefore We call attention to the fact that the
specie returns Of the banks included In ther
legal tenders Thus the latter decreased 49, 594 1907
during the week; but as the specie increased
$7,2SOsls it follows that there was net increase in
the reserve Of $3es6,221, and the banks held on
Saturday last $685. 42 in legal tender notes In al
dton to $40 ,s4S in specie, making total
Of $751; $780, The error therefore, OF deducting the
specie instead Of adding it to the legal tenders is OBJ
vious. A comparison Of the last weekly statement
D. the banks of this city with that for the correspond
Ing week in each Of the three previous years shows
the following chang es.-