, 1869-05-08
MONETARY AND COMMERCIAL.


EH1QxY 1fAS4h1F -A-AJ =
rna n,;ca M ro,1 has nox adyanocd from 1slh
On the Uh Of April to 1asS tooa5r aae .ss- rn,t
vance Sos any ono daJ having been t"n ~ 49,
tn.s afternooa. This was IN Ill probability aus I"
fne reports Of the Cuban nlibusseFtn8 e1Peol1"nA'
M s..A. or rsrAea Ind been 1t Eotk long pe-
fe<r which hkd already caused Aa nav VI "1"es
nxr pc- cent With q prosper o1 1ufsoet 1ase' p
y1.nv Who have not Investigated inc sonlce1 LIE
:, st.11puted almost cn1lrr1y to wast1e
s.e,c,, i, xnpposed 70 characterize the dlscus-
snr hetvecu ourselves and Great britain In regard
h fhe Alabama caa,mA We think, however, that a
ca,rfu, review Of nj that has been oally satd In
that matter between the two nations viii show
re,1 little thxt Is beiltgtfent Af Summers recent
speecn. upon the ef1ecs Of which good deal Of
stress Il laid certainly did rot cont7iu anything
rev rAIitkc, and Ar. ChAndierh did not c2{TJ
tauch weight The Whole eanse ont Of which that
ccnluHon arises Il thai an incompetent Minister
representing the United States has agreed
10 make = treaty which the Senate Of
the United States refcHes to nifty, 80 that the
matter stans inst where It did before Mr. Tusyey-
drop johnson began TO huddle Il Gold had been
getting SCARCE for month before the discussion OF
the Alabama claln1s attracted much attention.
During February and March, the price was also
arii6ctallJ depressed bJ the enormous shipments
OF bondA TO Europe, which made fictitious trade
b.lance In our favor, md, by thus making specie
shipments unnecessary. Kept down the price. II
thla had rot been 70, the unus1a1 exceAs Of our
tmposts over cur exports of domestic produce
Fould have obliged The export Of gold to large
extent. which would have put mp lhe price 10 It's
present cgurc, or higher, orcr month ago. The
foreign trade Of New York Is fair
index for the rest Of the country, and the
total imports at that port from
January to May xese rs, ,7pa,s7& against SO,
u67, Csc In the Eame period Of last Jear while our
exports Of domestic produce {e1clnstye OF specle}
during the saue periods were &o2 161 ,o05 In 1sG9,
against *as sos In the same period OF 1863 AZ
long u re could ship Euch immense quantities Of
bonds as hare been exported during the past Tour
months TN rouud 1gurcR, sso 900 ooo since Januats
ISL, and call 1t credit to side Of the account
there a. not only no necessity to ship gold, brt
the exchanges wcrc turned against London In
lasnr Of New York, and sterling exchange was
sold at per cent discount andln accordance with
the financial Law that the specle toxs to
that financial centre which h8s the
advantage In exchange, the Bank Of England
beezn 70 ltse its balance Of bullion and coin.
Tits frightened the Directors, who undertook TO
check the speculation In American securities and
also to keep their gold, By Raising the rate Of dts
count. This Is the usual 1eInely Of that tnstitu-
don tn a1eh cases, will bc seen BY the following
ngurea showing tic coin and bullion In the sanI,
AID the ratu uf discount at The same time {Apttl
Il, sor tour years:
cs,r and hn,os - Il. 8: Il: ,1:. g:
HAnk Ea1r.-.-,... 6p-c 1pe 3p. ~. C.
In the present instance the gold It'd not dow ta
TO New York to any amount, on account o! ous
excessive imports Of foreign goods, but dill 1oH
land began to lose tts coin and bullion, which con
t,uues to somc extent yet 10 shaI
the tank rate Of discount has been
recently put m to ~ Per cent This makes
it cost more for the foreign specnlAtora In bonds
to get Recommendations, and has, NC believe. tnorc
eject now in depressing the price Of our securt'
ties and putting up the Price Of gold than any
Other immediate causc. II makes 1t probable thai
the Eank Of England is deter1uined to sare hel
goid and check the speculation IN our securities,
and that II that results in decline IN the price ol
lpnds more gold Will hare to be shipped to pay
for tho foreign tuxIrtcs We hare imported 80
largely. Thus far In tho year We have only ex.
ported from tho port Of New York 3,u,9l4,45l nt
gold, agankt h7i. .935 during the samc period oi
1865, but the probability Of having to export gole
as largely III last Year, when the eKports In JULY
made the price advance from $50 10 139, make tht
same result not improbable now. These are tht
CAUSES that have been preparing gold for i1rR'
advance for some time past, and made that stfoa;
bull feeling which enables the spectators in Ncp
York to put up tho price on the strength Of tn
rurnors In regard to Cuban atlatrs.
Money continues abundant In the local market
Tue demand for 1t Is Increasing little from near
II all departments Of trade, but 1t Is still aecu
uua,in9 faster that the demand Increases, AM
bankers arc readily taking 2u the frst-c!ass out
side paper that il oGeErI and arc glad TO get 1t
Tic great source of demand for money In tht
market, however, thu grain trade, shows no mark
ed symptoms Of activity, and until there IL u re
rtynl OF the grain movement IN the country, ant
consequent demand for currency to send ont
tue money market will be ab1ndantly supplied.
Exchange WIS sold between banks today at CO
premium AMI there seemed 10 be q temporary IL
crease OF the amount On the market, though nj tn
close Of business II was frm
The London quotation for bonds to-dty was 19h
the same as yesterday, though there was larg
decline tn New York, equal, On TIC average, I
about &c On tho whole list
Dealers quotations for huying and selling go'
crnment bon.la, local stocks, gold md silver,
tl4!S market, ius afternoon, We're ls follows: