Year: 1862




Nothing has transpired since our last
to disturb the quiet in financial affairs,
which they had assumed at the close of
the previous week Gold, the great regu-
lator, has changed but little. There are
some fears, but the predominant feeling
is one of hope, that the vast armies Of the
Government, now marching Southwark,
under commanders in whom the people
have confidence, and who do not pursue
the policy expressed by Major Key, and
acted out by prominent commanders,
that their intention was to preserve the
balance of power, and not take or give
any decided advantage, will crush the
rebel hordes and scatter and disband
them before many months, and hence the
3 quietness and comparative steadiness of
the markets for public securities. In
another part of our paper will be found
a memorial to Congress of some New
York merchants, asking new financial
policy. The policy of issuing bonds of
! $50 denomination and upward, bearing
interest at the rate of 43 per cent, and
making them legal tender, SO that tley
might be used as currency instead of
: the legal tender notes now in circulation,
/ which they propose, seems pretty plausi-
bic in theory, but we think that the prac-
ticable feature is somewhat absurd, for,
in the first place, in any transfer made
] of them, the interest would have to be
calculated, and that which had accrued
/ be paid back to holder ofthe bond. TIE
truth is, the banking and moneyed il er-
est of the country do not like Mr. Chase's
policy, simply because the Government
is having the advantage of an immense
loan from the people without inter St
If any of them wish to fund these notes
in Z. S. bonds, they can do so in the
five-twenty S, bearing six per cent The
statement of the memOralsts, that after
the war business will become very active
and the rates for money high, we regard
the reverse of what will be the case, for
there seems to us to be no doubt that it
is after the war that its real effects on all
kinds of business will be realized. The
basis of the activity in commerce in the
Northern States, just now, is, to a great
extent, the enormous army expenditure S.
Take away the demand for Quartermas-
ter and Commissary stores, and the vast
sums of money being circulated through
the hands of million o men-Who spend
It as general thing, with prodigality
| peculiar to those not aeonstomed to have
money at their command, and who are
excited by the "pomp and circumstance
of war and how would cur commerce
be?


Is not the commercial prosperity Of
nation dependent upon the prosperity
and happiness of its people? fso, will
this basis exist when the war is over?
The banks have expanded enormously
during the last nine months-we refer to
| the Eastern banks-when they should
have contracted, if our views are correct,
and therefore impending ruin awaits
them Now is the time to take in sail,


to contract our liabilities, to avoid going
in debt or giving credit. All should
keep snug" for as ever cause led to
result, a financial storm is impending,
and day of reckoning is coming, which
will overwhelm all who are not prepared.
The financial policy of the Government
which justified it, but under the circum-
stances, was the best which could have
been adopted for, if the Government
had thrown its bonds on the market,
they would have gone down to fifty cents
on the dollar beyond doubt; this, how


ever, was what the stock jobbers hoped
for, longed for, and fought for, but they
were disappointed If our army sue
eeeds, the demand notes will be "select
currency" but if not, it would be diff
cult to say what would be secure outside
of coin.


The demand for money has been of a
limited character, and the market is
quiet and easy at SOLO per cent


Quite an active demand has prevailed


for exchange during portion of the


week, but the rates did not undergo any


changes The notes of the Tennessee


and Kentucky banks are in active de-


mand at prem. for Kentucky and | dis


count to par for Tennessee. Prepara-


tions are being made to follow the army


now pressing southwark, with the hope


that cotton will be for sale in abundance


as soon as the cotton region is placed


within our lines.


The long-continued drouth which has
parched and destroyed vegetation in all
this region of country the last three
months, has at length terminated, and
rain has fallen, TO some extent, pretty


generally over the entire Valley of the
Ohio, with indications that enough will
, fall to raise the rivers to navigable


stage, and give facilities to commerce so
/ long needed, and furnish transportation
for men and military stores to our army
in Tennessee and Mississippi.


| The receipts of hogs have been large,
being over $1,000 head; this, with the
warm weather toward the close, pro-
duced a dull market, and prices gave
way to some extent The decline in
this product had also a depressing in
huence, and, in short, viewed in any
f aspect, the facts are against the present
! prices, and the universal conclusion is
t that they are above those which can be
: realized for the product. 4 large num-
f Der of the hogs arriving here are light,
they not being fully fed, which is owing
to the short crop of corn within the
: range of this market, which compels
/ farmers to sell their hogs earlier .han
t they would have done had corn been
: plenty. There is no doubt that the aver
: age weight cf the hogs packed here the


present season will be below last sea-
| sons average


5 There has been a moderate demand
IL l.