Year: 1868

aftf 'p MONDAY, April e-SPM.


me statement Of the public debt for the month Of
March issued to-day shows decrease Of q little
more than six and half millions in the total amount
when compared with the February return but II the
amount in the Treasury Is deducted in each instance
the decrease Ii only s6l99aS About seventeen mil
Nom Of hve-twenty bonds were issued during the
month and Q little over seventeen millions of seven
shirfy notes were withdrawn 80 that the conversion
movement was very evenly balanced. The other
changes are unimportant. The decrease in the debt
bearing no interest is ST. but this Is owing to
reduction Of the gold certificates OF deposit from
~, 3e0 to $17,7 900. The currency balance
IN the Treasury has increased less than mil
non and half while the coin has decreased
e7a.4S7. little more than q million and half Of
the matured debt was presented for payment
during the month, and as the I'VE per cent bonds
show an increase Of 1t is to be inferred
shat this amount Of tenf0rties was issued. The
Navy Pension fund was also increased one million.
As dispatches from Washington had led the public
70 expect considerable increase in the aggregate of
the debt in this return 1t is agreeable surprise to
and that the case is otherwise.


The week opened upon very quiet money
market, neither lenders nor borrowers being
disposed to disturb outstanding loans. Efforts
were made to limited extent to pay OF seven
per cent in coin loans and replace them
at the legal rate in currency, but these
were not generally successful owing to the lin
1ted supply Of funds at the disposal of lenders New
loaps were made at seven per cent In coin In some
Instances early In the day. but afterwards owing to
the limited demand, the result Of restricted transac
lions the Stock Exchange, this rate in currency
was accepted. 1t Is easy to see, however, that until
the banks are placed In stronger position than we
ct present find them to be, by reason of return dow
OF deposits from the interior, an enlarged demand
for money would result in corresponding degree Of
etringency, and borrowers, foreseeing this, un
willing to enter upon new engagements before they
feel. assured Of moderately ample supply
Of funds. Although the drain towards this
centre has already set in, we shall pro-
bably not have an easy money market prior
70 the middle Of the month. The stock market
dd not respond to the change for the better referred
TO- but was heavy and dull all day, while Pacific Mail
declined to 92H. The bull cliques supported railway
shares with great determination through the recent
Dxngency, and portion Of the street was thereby
encouraged to do likewise; but the result is not very
gratifying to those who bore the burdens They
have carried them through, but there are no fresh
buyers to take them Off their hands, and
the load hangs heavily II left to itself
the market would decline rapidly, but there
- no knowing how far artificial influences
may continue to sustain 1t. Erie, In particular,
1s treated with great caution by the street, in the
event Of the passage Of the bill now pending in the
Senate at Albany there would in all probability be
heavy break in 1t. The bill legaizes the contracts
made by the Erie Company for the extension Of its
broad gauge to Chicago well as the issue of con-
vertble bonds and stock recently made for the equip
ment and completion ofthe road and prohibits any
director Of the New York Central, the Hudson River
or the Harlem line from becoming a director Of the
Erie as well any consolidation of the latter with
any of those companies. The passage OF this bill
would be in accordance with the public interests,
while Its defeat would go to strengthen the hands OF
. monopoly OF the worst kind we have ever been
threatened with. The Chamber of Commerce fully
recognized this fact in its recent memorial to the
Legislature, and public sentiment outside Of Wall
street endorses its view of the case


comparison Of the last statement Of the banks Of
this city with that for the week ending on the 7th
Mt. shows the following important chapges:-