The New York herald., 1869-02-15
FINANCIAL AND COMMERCIAL.


seven per cent according TO the class OF collatera
security. The weekly hank statement u unfavorabe,
the total reserve having decreased 26l, against
total decrease In the total liabilities Of $seoso24
A compared with the previous week there Is de-
crease OF 81 272 2AS in the legal excess OF twenty
nve per cent. The loss in legal tenders ia accounted
for BY renewed shipments OF currency to the South
The decrease specie is accounted for by the large
payments OF customs duties. The totals of the two
weeks compared as follows:-
FEB. o. Fe0. 1s
Loans $2b6, 54i JS1 Szo4 W.
specie e...--...-........... I,Sde 4o4 sv'oos,oox
Crcuauon.. S4x4o,4So sa soa
IeposLs,, ,,a.s So ss4 SSS S
Legal tcnuers.. oos4zs,ioo s@'ooS'o~
Tne following are the differences
Decrease In loans. 81 l6ls 325
Decrease In specie. 20S5,0l3
Increase In circulaton. n................... lI0l5
Decrease IN legal tenders. Lose, Isl
The last hours OF the present Congress are SEEM
ngiy be devoted to the consideration Of measures
Of practical benefit to the financial portion OF the
community. Yes serday . number or bills received
consideration and were advanced in the process OF
legislation. whose object is to secure many needed
reforms which nave gro Tn out OF the inflated state
OF the currency. Prominent among these Ia the bill
originally reported from the Ways and Means Com
nittee providing that the bonded gold-bearing
debt or the United States shan not be further in
creased. The presentation Of this measure gave
the FIRST impetus to the rapid rise OF American Sc
curitics in the foreign market. Its passage by
one branch of the national Legislature win doubt
less influence q still further advance In 1ve-
twenties abroad indicating as It does a deter
mination on the part or the government to put
limit to the debt. An amendment was also passed
with the bill forbiddng secret sales Of govern
ment gold OF which our merchants SO frequently
complained. A bill to prevent the national banks
frOVOfn m
was also passed. Should it finally become law
che blocking up' strategy OF Wall street Is at end.
Another bill was reported prohibiting the certifca-
ton OF checks when the drawer has not funds to
his account equal to the face thereof This is
measure OF doubtful sagacity, as it will help the
rich capitalists or Wall street and drive the small
ones from business unless, as has been suggested.
the banks at the moment OF the presentation Of
such checks make loan OF the amount to their Gus
toners and thus iortify them. The most important
bill OF the series which received attention prompt
ly from Congress is one substituting monthly reports
Tor the present system OF quarterly statements from
the national banks. II remains to be seen how
ever, whether this change win result in preventing
the spasrnodlc contractions in the money market
which is ostenslbly Its object.
The week has been an excited one in the gold
market, owing to prolonged and now desperate
contest between the operators FOR rise and the ope
rators for q decline In the premium The former
undertook to stay Its naturally yielding tendency
with the remote object Of preventing the depression
In the stock market which would have been sure to
follow. They were unfortunate In selecting the time
for this strategy, the midst Of their plans they
were suddenly subjected to the depressing influence
resulting from sudden foreign demand Tor govern
ment bonds, which filed the market with bills,
serving in lieu Of the ordinary exchange. They
stubbornly struggled against the falling tendency OF
price OF gold and by large purchases kept it in
the vicinity OF 1856 At first they made gold really
scarce, but after changed their tactics, and by
freely lending that which they bought induced
heavy short sales by heir opponents. The transac
ti0ns In one day at the Gold Bank reached
the enormous sum OF s1le,00 900, indicating
that the latter had fallen into the trap
IN such it shall prove) and have largely
oyersod the market. Things are in such a
condition now that any attempt to cover by the
shorts, when the gold is in the hands of the bulls,
will result in an advance OF the premium, contrary
TO Its natural tendency. On the other hand the
shorts count upon another influx or cotton bills and
further expectation of government bonds. The
nuctuations in gold during the week were as foo