Year: 1862

Tor the fast W eek


The advanced rates Of prices for gold and ster-
ling exchange in New York. and a pressing de-
mand which existed for both during the whole Of
last week up TO Friday, kept our money market
in a continual state of agitation. Gold went up
to 4c premium, though the demand for it was
very light, and whilst bankers refused TO sell at
less than this rate TO any extent, they would not
buy il at over lc premium.


The conflict which seemed 10 be pending be-
tween the Government and the New York bank
ers since our last aGded greatly to the unsettled
state os affairs and increased the want of conf
dence in the future.


Towards the close Of the week committee
deputed by the New York bankers went to Wash
ington and have been in conference with the Sec
retary of the Treasury and the House Committee
on Ways and Means, and the indications are that
a plan for raising funds and sustaining the credit
OF the Government viii be agreed upon, mutual
ly acceptable. which viii be similar to that no
ticed in our last; namely, the issue of treasury
notes to sufficient extent TO meet the demand Of
the war, making them redeemabe in ten year
United States Cor per cent stocks. The bank
ers and capitalists want twenty year per cent.
stock, for reasons which are obvious, but the Gov
ernment refuses TO ISSUES any stock bearing over
s per cent. Of longer date than ten years The
floating debt Of the Government is now over one
hundred million dollars. The treasury notes will
be made legal tender, and there can be no doubt
that they will become the currency of the coun-
try, and we understand that the Attorney Gene
raj and other lawyers have given il as their opin-
son that the fact of making these notes legal
tender is not contrary to the spirit of the Consti
tuition.


The Ohio bankers are pressing the Legislature
for permission to suspend specie payment. and it
will doubtless be granted, as the bill has already
passed the lower House 1t should be stipulated
when they shall resume, in order TO prevent them
from flooding the State with their notes, which
will be done If the time of suspension is not made
short and specific by fixing the date of resump-
ton within the current wear at least. The ex-
penses Of the Government are enormous, and this
will lead to acts of taxation not yet intimated, if
the war continues for two years, or even one year
longer. There are some points the Secretary Of
the Treasury seems TO have overlooked, namely:
that it does not cost as much to keep an army in
the field as TO put il there; that the present war
has destroyed an immense amount of the basis of
taxation he draws from the last census; and that
the act OF taxation, in many cases, destroys the
basis of that taxation, or the source from whence
the revenue is expected TO be derived.
The demand for money continues very light,
and strictly first class paper is taken at 10@l2
per cent; but owing to extreme scarcity of
surrency the ability of bankers 10 do business in
the discount line has been greatly circumscribed.
This scarcity Of currency is attributable TO the
large amount of Treasury notes sent East some
ten days ago. the withdraw of the Indiana. Ken
tucky and Ohio currency, which has been sent
home for redemption, and the large amount going
into the interior in payment for pork


The market for exchange has been extremely
dull, and rates declined TO Il dis. and par buying
rates, and par to 1s prem. selling rates


Gold is bought by the bankers at / prem. and
Int buf he afv hiatt ff,p
banks had thrown out the demand Treasury
Notes caused more frmness in the market at the
close.


1t seems to be an assumed fact with the mer-
camille community that additional duties will be
placed on all descriptions of foreign goods, and
hence general speculative movement in such
goods has prevailed in New York and other
Eastern cities the past week, and prices have
generally advanced. Spices and all kinds OF
foreign drugs have largely advanced Tin and
teas are higher. Coffee is lc per pound higher
4 in New York than il a week ago; and il
is deemed certain that whisky viii be taxed
prices advanced In New York TO &c and In this
market to 20c, with sweeping speculative de-
mand, until Saturday, when reaction set in,
and prices declined &c in New York and sc here
per gallon. This article will bear tax of 25c
per gallon well as Sc, If drawback is allowed
on all the alcohol exported, but if this is not al
lowed the manufacture will fall of one halt, and
this should be borne in mind by the Secretary
and Committee on Ways and Means.


The weather has been quite changeable, but
| generally cold enough for pork packing. There
have been rain and sleet and snow, and, at the
close, cold, freezing weather, the thermometer
down to IL degrees. The receipts of hogs the
past week have been quite liberal. and the de
mand being but moderate, prices declined the
first three days of the week under review fully
25c per GENITAL; but subsequently this decline was
recovered, and the closing quotations are the
same they we're a week ago. ~,
| Tuesday yesterday this demand continued
and prices were again SC higher The sales
were: