, 1870-08-02
MONETARY.
MONDAY EVENING. An.

Il L.
TIE draiu Of specie from the country by e1-
I,oxtation h&s now amounted To nelrly $16,-
cO0, 600 in the last twenty days, being nearly
seven tunes a. much rs was exported during
the previous twenty days. During the last
two weeks gold has bean going out at the
end get its price has not advanced for the last
tep daye, and it Is not 10 high now IS it w4s
two weeks aEo. The fact that about 10 per
cent Of the whole amount OF specie in the
county has hcen drawn OF in e1posta-
t,oi, ard yet the price Of gold has
tnly advanced about per cent,
snows remarkable change in. tho gold MIR
ket from what it was year ago, when specu-
l..inn. without any such legitimate cAn.e to
Lid it, could cause fluctuations Of from - to
20 per cen, ia j few days. With our securities
j.. foreign markets, also, the s'ms remarkable
4s in the first panic on the declaration Of war.
4 large portion Of this decliue has been re-
covered. in fact, owing to the advance in star
Eng exchange, the decline hiss been more
lesrIy recovered than i. shown BY the
Present L0naon auotiteos, ,sss ~ Ihui on
in London At oos{. This with sterling
exchange at par made them e1ual to 935H IN
American gold in New York. Fron that price
they declined to u, Which, with exchange at
no. was equal to s. in American gold in New
York. Since then, exchange has advanced to
AZ 1uu At LIZ IlG6tuk 4<OuHUd tEuQIA{lQQ
s; tor 5-20= Of 1852, THIS makes them equal 10
- cents in gold in New fo1k. They havo,
therefore, recovered per cent OF thu dssGne,
ard nro now TX per cent lower than before
the disturbance Of finances by the war. II
| the war IL short, al has been anticipated, its
woret effesss hare probably been csPe1ienctd: !:
but If II il 1fotracted, As Napoleon prediciH. it
| c:,uld not be long heforo finances wou1d
| experience another shock. The German Carl
t.;i~ts would sel more Of our bo Ills in order
to have the really CASH to meet tha more rress-
i..E nrccssit1es Of their own government,
Which ~onld offer extra Inducements to set
money This would send moro OF LIZ bonds
l:,me FOR sale would continuc the export Of
gold, and increase it's rricc. The prediction Of
Napoleon il, in this instance, worth no note
t',1n the prediction Of anSbo1y else. Il waa
1.~rely said 10 inspire tho army with The spirit
Of determination that would resiat the eject
II reverees in the outeet- II. however, Eng
nov seems possible, large decline Of bonds
and rise Of gold would be experienced at once.
What will be the cffoct Of the first great
l'atile upon the rrices Of gold and brealstufYs
is al important question, upon which there
teer,s a prepopdesance OF opirion that il
Franco should meet With revcrse 1t will lead
! 10 immediate negotiations for pe1ce, and that
II this case prices would decline at once. o.
the other hand, II Prussia should experience =
lefeat. the sentiment Of Europe IL in he1
| 14ydf, ana Otnef powers Wo1lu una a0me 1te'
t,xt TO take up her canse, and thus prntraci
tie war, in which case prices would adv2ucc ir
proportion to the prospects Of its duration
Ind extent,
The principal feature OF tho money marke
To-day was the movement Of considerable cur
,ency to tie country. This il the premonitor,
Indication Of the drain OF currency that vii
icon be experienced in connection with thi
y e% crop. The wheat crop has now been SO
sarea iii all parts OF the country. and from
tome quarters small quantities nre bogin
I ing 10 come i.to market. II the present hiSl
ricre coutiuuo for few weeks they vii
lniuG tic new crop 10 market earlier tear
u.tnal, and VIC ms! therefore expect that th
!.iy1ncnts OF ctrrency to the wheAt-rasin,
.,~tr,ct. hy our banks will coatinne, an
radunlly increase.
The money market experiences no particnla
iGnec. Money is moderately e1.y for a
trst-clzss borrowers. The loans Of tic bank
owevcr, are unusually high, AMI aug conai1
.-shlc Increase in the jensautl for money woal
LIKE tight market,
Owing 10 the light shipping movement G
ain, produce bills arc scarce. and c1cA,uy
,ull between LaukB TO-DAY at FROM par to q
| .T 81 con premium. At tho counter banker
I'll 1T l-l0 premium. and buy 8t LILO discount
The following quotations for go.l III No
York and securities ia Loalon, to-day, wet
;ceiycd to-day:
GoLp IN SEs. YORK.