The New York herald., 1870-11-01


1Dursday, November r1t.................. 100000
AUtai... $4, 00o, 600
Itwill bo seen that, owing to the last day Of No
vember falling on Wednesday, the gold sales exceed
the bond purchases by million, whereas in the
programme for some time past the excess has been
usually rhe other way. Again, bond purchase is
advertised FOR h0liday-November 24--but doubt
less this oversight will be corrected by having the
purchase take place simultaneously With the gold
sale OF the previous Wednesday. Il would seem,
nom the change in the amount OF bonds to be pur.
chased, that the Secretary Of the Treasury, who s
known to be In favor Of an easy money market,
mas become convinced that the causes
which impelIed him to disburse cur.
rency SO freely during the fall months
have ceased to exist and that there Is no longer any
necessity for purchasing bonds to 80 great an ex.
tent az during the past season. when money has been
usually stringent at this centre. Besides should he
nave miscalculated the matter he is at liberty on
any occasion to increase his bond purchases
pondingy with the needs OF the market and OF bust.
ness. That we have not had active money the past
Few months u due in q great measure to the liberal
disbursements OF the government, though many
doubt whether there could have been any greater
demand than could have been satisled at
seven per cent the active season having been dts
counted as early as July ana August, while
sually early in buying their goods this year. and
hence obviated the necessity OF extensive shipments
OF currency to the wheat and cotton regions this fall
Tne important point is, however, the semi-ofliclai
declaration thus conveyed that the Treasury Depart
ment ct washington believe the question OF the
money market settled for another season. It snow
the period OF the year when exports are heaviest
80 that foreign drain Of gold is no longer to be
dreaded The total export Of specie last week was
only $500, 900, and the previous week $780, O00--
mostly IN silver; SO that the gold which is com.
Ing from the Treasury November l and jan
uary la total Of about SEQ, ,0O0, ,0oe-will and
its way into the banks at least to the extent to
which these instruments Of interest belong in this
country. The coin belonging In Europe ana con-
sttutng, perhaps. third Of the $oo,oooooo, win 90
there In great part In cotton, produce and fye-
twentes 80 that the prospect OF extremely favora-
BILE bank statements the balance Of the winter ls
highly nattering II was doubtless In view or these
facts that Mr. Boutwell, took the important step OF
altering his programme. Should the money market
drift it promises into such relaxation that the
rate on call viii fal to two three per cent it Is
only confirmation of the views which the public
viii remember the HERALD has endeavored to I'M.
press them with for the past month or two
GOLD wEAK-111K lI1K.
The gold market WAS weak under the promise or a
coming month. and after lowering at 111% and ll1h
In the forenoon declined to 111x. Here, however
The Canadian banks, whether truly or falsely, were
reported to be Withdrawing their gold and as the bor
rowing rate for the cash gold advanced at the same
time from and per cent and 1.64 to 3-64 and 1-IS
there was . demand from the ''shortsn to cover
which elected an advance to 111x at which the clos
ing sales were made this evening. As TO what the
Canada banks are or are not doing, It Is Of little
moment just now. They are trading on the
speculative dealers, who are operating for
decline, aud who cause an unnecessary
demand for gold. Did not the casning OF these two
speculative interests Nhe Canadian bank agents
being well known speculatOrs) interfere with the
general interests OF the public their transactions
w0ul1 merit no attention The evil is one, how
ever which will correct itself. A soon as the SCI
lers Of sh0rt'' gold learn that they getting In
their own way by overselling the market they VIII
abandon their project and leave the market to drift
downward under the momentum given 1t BY the
increasing prosperity Of the country and the un.
swerving progress Of our finances to q specie basis
As TO the Canadian banks, they are doubtless pre-
pairing for graceful retreat, convinced that
their occupation win be gone within the
next sixty days-during which time the gov.
ernment Will disburse $6o,OoO,oOo Of gold, and
thus leave them without a market for their Cana.
dian shekels 1t is true they loaned gold in eur
necessities but they received their pay for It, and
iberay, too They brought their gold from the des-
olate and inactive regions OF Nerth America, where
Investments are fortunate II they produce three or
four per cent, and employed 1t here at ten to one
hundred per cent per annum. The obligation is
fairly cancelled The course Of the market is shown
in the table,