The coming Crisis in the North.
[From the New York Herald's Money Article, July 10.]
The excitement in the gold and exchange markets continues unabated.
Gold opened this morning at 117½, fell to 116, 115½, and then began to rally.
Between the boards it rose to 115½; at the second board it sold at 116, and closed at that bid. Bills on
London opened at 129½, were then sold at 129, 128½, 128, and in the afternoon 128½.
The advance in gold and bills has led to remarkable activity in merchandise.
People are shipping to
Europe everything which can be bought.
Articles which have been stagnant for months — such as copper and other articles which are seldom exported — are being shipped in large quantities.
Every one who owes anything to
Europe is sending produce to pay the debt others are shipping on speculation, relying on the premium on their exchange for their profit.
Though we are receiving no cotton from the
South, our export movement will probably be unprecedented in magnitude so long as exchange continues at its present figure.
On the other hand, the advance in bills will nearly annihilate our import trade.
Goods ordered sixty days ago, and not paid for at the time, must sell for 17 per cent, more than they were worth when they were ordered, in order to reimburse the importer-Goods sent here on commission by
European manufacturers will not a very heavy loss.
The premium on gold in fact, just so much additional customs duty levied on foreign goods; and, as the duties were nearly prohibitory before, this will render them absolutely so. Fortunately, with the exception of tea, coffee, hides, drugs, and one or two of her articles, everything consumed here can also be produced in the country; and, on the other hand, the supply of food and other produce which can be sent abroad in case of necessity, and sold on American account, is almost unlimited.
Breadstuffs, though they have advanced considerably within a few days, are still 10 to 20 per cent, lower than they were a year ago. People who are afraid of the depreciation of the currency cannot do better than send grain or flour to
England, returns to be made in gold.
Money continues fairly active at 5 @ 6 per cent. Many capitalists are distrustful of the future, and decline to part with their funds.
Certificates of indebtedness are worth 99½ @ ½; green backs, 7½ @ 8.
It is a common remark that stocks are advancing, and have been advancing of late.
This is an error.
Stocks have all fallen heavily within the past thirty days, as the following table shows:
| | | July 10--Gold |
| Val.
in C'y. | Real vm. | Decline |
| U. S. 6's reg | 102 | 36 | 11 p. c. |
| N. Y. Cen | 92½ | 76 | 13 p. c. |
| Erie | 36 | 30 | 3½ p. c. |
The Sub-Treasury of this city received to-day a special deposit of $238,000, which is not likely to be claimed in a hurry.
It seems that when New Orleans fell it was discovered that the rebel Government had a sum of nearly a quarter of a million to its credit in the banks of that city.
This sum
Gen. Butler claimed on behalf of the
United States, and by a little gentle pressure succeeded in persuading the banks to draw for it on their correspondent banks in this city.
The drafts were paid this morning.
The deposit was made, we believe, in the name of the "so called Confederate Government."
