Year: 1863

ouNDAY, July IL, 1000.
The money market experienced decided


change last week, closing yesterday at relaxation


of fully per cent in rates as compared with the


previous Saturday. Call loans must now be
quoted at a per cent, the former being the rule
where the lender seeks the borrower, the latter
being usually insisted on whore the borrower goes
in quest of money. Large amounts of money have
come here for temporary employment, as usual at
this season. and the recent curtailment of bank
discounts has placed the leading institutions in
position of affuence. Nothing has yet been pro-
mulgated with regard to Mr.. Chase's Intentions.
His subordinates profess the usual ignorance on
the subject. 1t is asserted in some quarters-pro-
badly well informed-that he will issue interest
bearing legal tender notes early next month. But
II is doubtful whether the eDgravers are prepared
to supply any quantity of such notes. Some of the
department officials have theories about printing
the notes at Washington, and until they ascertain
that . ship-of-the-line cannot be foated in a
horsepond the work will make no progress. Con.
versions have fallen on considerably Of late, not
withstanding the successes Of the Union arms, the
fact being that the capacity Of the public to absorb
government securities has for the present been
fully satisfied. There is, however, steady though
moderate foreign inquiry for the bonds of the
United States, and, if the Treasury Department con
tinues to be prudently administered this with the
home demand, will absorb considerably more bonds
daily than any other nation ever sold before in
time Of war. trs sf.f T}t
z Gold fell last week to $780, closing yesterday ae
about 1sl. Exchange fell to IA, closing at about
l45. The speculation in gold and bills is now as de-
cidedy for the fall il was for the rise in January
and February last Every one 10 short Of gold, and
the market is mainly sustained by the wants of par.
ties who have sold gold on shortoptions. In other
words, specie is temporarily cornered. As, how.
ever, the amount Of gold adoat in the country is
roughly estimated ct $3.50 900 900, 1T Is clear that
no corner in gold oan last long, and that II the
good news which we have lately received Is con-
drmed nothing can prevent fall in specie TO l20
or thereabouts. Efforts have lately been made
by parties interested in bull operations in
exchange to stiden the gold market by
purchases made at dull moments. But these en-
deavors cannot avail against the general tendency


Of the market. No speculator has confidence


enough in gold to operate with vigor for the rise.


People are generally convinced that the premium


on gold is not warranted by the paper issues Of


government or the prospects of the nation, s1d in


the face Of this conviction 1t is idle to argue that


gold is cheap at $50. Cheap or dear, people will


sell it long they believe that the government


will succeed in the war, and operators who buy
will lose money. We place but little faith in the


current rumors Of sales of gold for account of the
Treasury Department. 1t is not easy to see how
the Department could undertake to operate in bull


lion. Still, as the customs receipts, which are now


mainly in gold. largely exceed the wants of the
government for interest, schemes can be imagined
by which the gold market could be depressed by
sales effected by parties in the confidence OF Mr..


Chase, and able to borrow gold at need from the
Sub Treasury Golfers. Certain IL is that those who


are supposed to possess the Secretary's confidence


In the highest degree are steady and persistent aud
| successful sellers o gold.


The following table shows the course Of the stock