The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-05-13
PlNANUIiL and COMMERCIAL.

WALL STREET, /
FRIDAY, May12-6P. M.
On Change to-day wheat was heavy ana dull, and
In some grades lower. The cotton market was
firm.
FURTHER ADVANCE IN FOREIGN EXCHANGE
The continued refusal OF the Treasury Department
to pay out other than the smaller denominations OF
gold coin upon the presentation Of gold certificates
has led to another advance In foreign exchange.
especially as the supply OF commercial bills on the
market Is quite limited The bankers rates are now
nearly one-half per cent higher than what they
would be were the Treasury willing to pay
out double eagles The reason Of this difference
Lies In the fact that the small coins
such as the one dollar, two and half dollar and
five dollar pieces, are found, upon close weighing,
to lack about one-haIf per cent lin money value Of
their standard weight the loss being due to the
wear and tear OF the metal during Its employment
as circulating medium Twenty dollars In one
piece Of metal does not ergo The same amount
OF attron as If divided up into several small coins,
for the reason that in the first place 1t Is more care
fully handled and In the second presents less sur
face TO the wearing process Of It's interchange as
money. In other words, IL has been found that
twenty OF our single dollar gold pieces, when
melted up, would be worth only about $40 30.
And yet our gold coin has been virtually
out OF circulation for nearly ten years. 1t would
been deprecated had 1T been going the rounds OF
peoples pockets ever SINCE The merchants are
very naturally, quite indignant at the action OF the
Treasury authorities in refusing to pay out the full
standard value OF gold called for by the figures
printed upon each Treasury certificate. The dispute
Is also an interesting one In view Of the question
whether the public are not entitled to such iull
value and case might be made up for the opinion
Of some OF our great constitutional lawyers. II Is
true that the Treasury issued The certificates upon
the deposit OF all denominations OF coin;
but 1t would seem to be the duty OF the
Treasury Department in cashing the certificates
to pay out the full quantity Of gold
called for BY them. Under these circumstances tho
rates for foreign exchange rise In inverse ratio as
the Treasury payments descend into the smaller de-
nominations. The following were the quotations OF
the close OF Misunderstanding sixty days. CONNER
cal, lO9X a 11oH; good to prime BANKERS, 11ok
11oX; short sight. l1o4 1l0K; Antwerp, 5.lSA
6.1s2: Switzerland, 61o4 5.1as1; Hamburg, so
36L; Amsterdam, 4ON Al; Frankfort 4oA Al;
Bremen, 70 u 793s; Prusslan thaers, 7lA a72.
MONEY EASIER.
The money market was easier and loans on
stock collatcras were quite evenly distributed at
four and Ave per cent On governments the rates
were three and four per cent.
Prime commercial paper is comparatively scarce
and in fair request at six per cent discount.
GOLD FIRM-11lH A 11l%.
The gold market was firm and tho bulk OF bust
ness was done at slight advance in price, although
the actual extremes of the market were the same
as on the day previous. The higher rates OF ex-
change had their influence upon the market by
sympathy only. gold contracts being capable OF set
tlcmcnt with Treasury certi1catcS The fluctuations
1t ol,n In tho toh