Year: 1865

-
uSil b aysactionary tone . The parksk1s
But this w nscessarIly DO feeble II the pxesent condi


on Of foreign trade and under the improving aspecs
OF the military situation Moreover the demand for
national securities Europe largely assisting the effect
OF the preponderance Of exports impos BY
correspondngly diminishing the demand for gold for
export and bills Of exchange. There are at tho
same time good for believing that the
expectation Of these will continue the increase. BY
the last advices from Frankfort fvetwentes selling
per above the market price this side, and
thoy had been per cent higher at time In Lon


dom The last brought orders for ten for
ties which relatively much cheaper, and, as they
have much longer TO than other United States
stock, and the only the principal Of which 10
made specially payable In gold by the authorizing act
they likely grow In favor they become better
known


This demand for United States stocks will be likely


more than onset any change that may occur In our
foreign trade for because have thus far in the year
exported the value of $a2 2o4 lo7 and imporedonly
TO OF $13 535 not to be supposed that
tho exports and imports will be in the ratio during
the rest OF the year The demand for bonds
win dispense with the shipment Of gold in
equal degree, that, even II the 30
called balance OF trade turned against
there might still be export OF gold legitimate
count while the low price Of exchange which would





check not entirely prevent export speculative
account TO be subsequently drawn against in tho form
OF bills Of exchange.


Nevertheless, those who look for further
heavy fall In gold in consequence OF our military
successes, and for the reasons nrst referred to-
are likely 10 be disappointed The prospect
OF the termination Of the s still indefinite the
national debt too enormous and tho daily Of gov
eminent expenditures receipts great 70
produce that degree OF confidence In the popular mind In
the credit OF the nation and its ability and willingness
ultimately redeem the currency at par and continue 10
the end TO pay interest its bonds and notes. which 10
necessary tho rapid appreciation OF paper money
But while thus speak in the light Of facts and ngures
urge upon Congress and the Treasury which
will tend TO improve the condition Of our 0nances which
but for past mismanagcment and mistaken legislation
would present such discouraging aspect they
do Congress is, however, showing little more
disposition than formerly 70 strengthen this weak
point In our government; but has thus far
failed 70 manifest that financial ability which ,s
requisite to correct existing evils and open the
way future improvement. Among minor measures,
however Mr. Sherman, in the Senate has offered
luton which approve for commission OF three per
sons appointed by the Secretary OF the Treasury
70 examine into and report the subject OF taxation
which amended by Mr. Clark to tho eect that they
should also inquire into the OF collecting the In
tsrnai With an able nnancter In the Treasury
Department such committee would be, Of course.
necessary but in the absence Of such committee
OF the kind than neglect The OF
revenue have yet been fully explored; and spon the
development Of our sovency Is dependent


The foreign exchange market has exhibited great
weakness day. and bankers bills At sixty days have
been offered for sale at l07n while good commercial
bills have been seeking yaniy for purchasers at 1904
v II Is safe TO say that exchange OF
drug than il is at present Bills at three days were
quoted at los y.


Money continues easy at six per cent on |
call, with . very light demand from the Stock |
Exchange The bank statement indicates the |
quie, state OF the market and the conserva |
tive feeling Of the banking community no important
changes having taken place during the week CONNER
cial paper Of the nrst grade passes at 10 per cent


The subscriptions TO the thirty ioan through Jay
Cookies agents, 70 day were.-


r,Y,t National BANK 800 600
Ninth National Bank OBSERVATION-DISCLOSURES. 502 a50