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These large supplies augur low prices. There are, however, three elements for good sale : first, the European demand ; second, the improved activity at the East in most employments, assuring larger means of buying food; and lastly, the drouth at the South, which has undoubtedly done great damage in cutting off the crops, and by so doing, involving the purchase of large home supplies, instead of sales in competition with the West. These are elements of a broad market for the Western produce, and of prices remunerative to the growers It is to be borne in mind that the West has little or no home market for its produce. That crowd of railroad builders, speculators, and emigrants that a few years since devoured the Western crops at high prices at the farm doors has disappeared, and now the whole surplus over the wants of the growers is required to find distant markets over railroads, rivers, and lakes. The latest news from Europe gave a higher impetus to the market, and would doubtless produce a more active investment of capital in that direction if the advices of large supplies were not as positive as those of a large demand. This may be illustrated in the exports and prices in New York city :

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-1859.

--1860.Exports in July. Price Aug. I. Exports in July, Price Aug. 7.

74,342 $530) 232.748 $5 10 a $5 20 9,026

1 10 1,419,887 1 25 a 1 27 36,026 76 177,386

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This large export of wheat this year left prices no higher than the moderate export of last year. The nature of the foreign demand is such as to stimulate much activity, but the supply takes from the market the hope of higher prices, and therefore the money market is not much influenced. The large cotton crop, followed by bad harvests, checks speculation in that direction. Usually when the English market opens strong for grain there is a strong West current for money that raises the price in New York rapidly. This does not this year make its appearance, although the rates have been higher during the month. The sales of crops on the part of the West will place in the hands of dealers ample funds for the purchase of goods; but those funds will not reach the magnitude of transactions that grew out of the expenditure of $100,000,000 per annum for railroads in the speculative years. The funds pass through the hands of a different class of persons. The hardy settler who raises produce expends from the proceeds cautiously, and the goods he requires in return must be of a substantial and staple character. The land and railroad speculators who made their paper fortunes in a day, spent recklessly and lavishly, and the goods they required were of an expensive description. This day is done, and the future growth of the West will be steady upon the proceeds of the crops. The railroads will have their business measured down to the quantities they can carry on the most direct and cheapest routes. This will be a more substantial business, but less flashy than the large revenues formerly derived from speculative passengers.

The restoration marketable activity of the vast amount of railroad securities that have so long been dormant, would relieve the funds of many men long cramped for the want of them, and impart enterprise to the markets. The value of money during the month has improved } a l per cent on most descriptions of paper. The rates are as follows :

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On call.

Indorsed

Single Other Not well Stocks. Other. 60 days. 4 a 6 mos.

good. known. Jan. 1st, 1859. 4 a 45 a 5 4 a 5 5 a 6

a 7

8 8 a 10 Feb. let.... 5 a 6 6 a 7 5 a 6 6

7 a 7 8 a 9 9 a 10 Mar. 1st.. 4 a 5 44 a 6

45 a 5} 51 a 61 6 a 7 7 a 8 9 a 10 Apr. Ist.

4 a 5 6 a 6 5 a 5 6 a 64 64 a 7 8 a 9 9 a 10 May lst.

6 a 6 6 a 7 6 a 64 64 a 6 7 a 9 9 a 10 10 a 12 Jun. let... 6 a 7 7 a 8 63 a 7 7 a 8 8 & 9 9 a 10 10 a 12 July 1st. 5 a 6 6 a 7 64 a 7

7 art

8 a 9 10 a 12 12 a 15 Aug. 1st.

6 a 7 7 a 8 6$ a 7} 7 a 8 S a 9 Il a 13 1: a 15 Sept. 1st......

54 a 6 7 a 8 6 a 7 7 a 71 8 a s} 11 a 14 12 a 16 Oct. Ist...... 54 a 7 6 a 7 E a 7 7 a 8

a 9 10 a 12 12 a 18 Nuv.lst.......

5 a 51 6 a 7 65 a 7£ 7 a 8 81 a 91 12 a 15 12 a 18 Dec. let....... 5 a 55 6 a 7 6 a 7 7

a 8} 8

a 9 9 a 10 12 a 18 Dec. 17th......

51 a 6

6 a 7 7 a 7} 7 a 8 8 a 9 9 a 10 12 a 18 Jan. lat, 1860.. 6 a 64 63 a 7 7 a 74 75 a 81 7. a 8 9 a 10 12 a 18 Jan. 15th.. 7 a 71 7 a 74 81 a 9 9 a 9 9 a 10 10 a 11 15 a 20 Feb. Ist.

6 a 61 7 a 74 8 a 9 9 a 917 9 a 10 11 a 12 15 a 20 Feb. 15th.. 5 a 6 6 a 7 7 a 7} a 8 81 a 9] 10 a 12 15 a 18 Mar. 1st....

53 a 6
6

7 a 7+ 7 a 8 85 a 9$ 10 a 12 15 a 18 Mar. 15th..... 5 a 54 54 a 6 6 a 7

74 a 8

81 a 91 10 a 12 15 a 18 Apr. 1st.... 5 a 51 6 a 64 54 a 6 6 a 64 54 a 71 9 a 10 Il a 13 Apr. 151h.... 5 a 5 6 a 64 54 a 6 6 a 63 64 a 75 9 a 10 Il a 13 May 1st......

5 a 51 6 a 6+ 6 a 6 6 a 64 64 a 73 9 a 10 11 a 12 May 15th 5 a 6 6 a 6$ 5

a 6 6 a 7 6 a 74 9 a 10 10 a 12 June 1st....

44 a 5

6 a 64 5 a 6 6 a 7 64 a 74 8 a 9 9 a 10 June 1511 41 a 5 a 6 41 a 5 5 a 51 54 a 6

6 a 75 8 a 9 Juy lot. 5 a 54 54 a 6 a 5 5 a 6 54 a 6

7 a 75

8 a 9 July 15th. 5 a $ 54 a 6

5
5 a 6

8 a 9 Aug. 1st.... 5 a 6 6 5 a 6 6 a 64 64 a 7 71 a 85

9 a 10 Aug. 151h..... 51 a 6 6 a 7 6 a 6$ 6 a 7 64 a 7$ 8 a 9 9 a 10

There have been many efforts to advance the rates for the benefit of lenders, and it is a long time since the legal rate of money has been obtained for the best paper. The 4 a 6 months' paper taken in January and February, at 9 a 9ļ, was met with money 34 a 4 per cent lower on the same description. In 1859 the reverse was the case. paper having risen as the season advanced. It is now possible that the crops will move gradually, and, instead of raising the value of money, only tend to diminish it. The shipments of specie have continued fair, or large, as compared with last year, since money is now bere worth less than it was then, The rates of bills do pot vary materially, as follows:

RATES OF BILLS IN NEW YORK.
London.

Paris.

Amsterdam. Frankfort. IIamburg. Berlin. Jan. 1.. 9 a 98 5.189 a 5.175 41 $ a 41 414 a 414 3ne a 36 13 a 131

15.. 8 a 9 5.214 a 5.184 411 a 411 411 a 417 318 a 315 734 a 731 Feb. 1.. 87 a 9

5.180 a 5.171 41° a 414 415 a 414 315 a 365 73 a 738 15.. 8} a 9 5.184 a 5.174 418 a 414 415 a 41$ 35 $ a 365 735 a 737 Mar.I.. Sg a 9 5.17. a 5.15 4is a 414 41% a 41% 30% a 367 75% a 737

15.. 8 a 87 5.17} a 5.15% 41 a 414 415 a 414 36ig a 561 734 a 75 Apr. 1.. 86 a 8 5.184 a 5.16 41° a 415 41a 418 36g a 361 734 a 738

15.. 8 a 85 5.164 a 5.175 41$ 415 418 a 114 364 a 374 734 a 736 May 1.. 91 a 94 5.154 a 6.12

414 a

14 417 a 42 36% a 363 735 a 734 15.. 98 a 9f 5.138 a 5.131 419 a 417 41% a 42 364 a 37 734 a 737 Jun. I.. Ofa 94 5.135 a 5.12 414 a 417 41} a 42 37 a 37} 734 a 737

15.. 9. a 94 5.134 a 5.12 41$ a 414 415 a 42 364 a 375 735 a 737 July 1.. 9 a 9} 5.131 a 5.13} 415 a 414 411 a 42 364 a 37 734 a 737

15.. Of a 9} 5.134 a 5.135 414 a 414 414 a 41} 304 a 37 734 a 737 Aug. 1.. 98 a 9 5.134 a 5 13} 41% a 411 411 a 42 364 a 37 734 a 737

15.. 9 a 10 5.134 a 5 13 414 a 41 41} a 42 30% a 373 734 a 737 The full rates for sight bills obtained by many drawers causes a more active movement in specie, which has been as follows:

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The deposits at the assay-office of New York have been as in the following table :

NEW YORK ASSAY OFFICE.

- Foreign

United States.

Payments
Gold.
Silver.

Silver.

in Coin, Bullion. Coin. Bullion, Gold. Coin. Bullion. Bars. Coin. Jan. 14,000 13,100 11,200 14,100 2,478,000 1,800 20,000 647,000 1,910,000 Feb. 5,000 28,000 6,500 24,000 951,000

7,500 932, 00 90.000 Mar. 8,000 15,000 23,400 5,500 267,000 1,100 2,500 180.000 142,500 A pr. 8,000 32,000 11,500 10,000 183,000 3,700 3,800 187,000 70,000 May 11,200 20,800 25,500 18,000 176,000 7.000 16,500 230,000 45,000 June 12.000 19.000 10.000 4,000 147.000 1,750 2,750 158,000 35,500 July 9,500 18,000 12,800 8,000 159,500 1,200 3,000 140,000 72,000

Tot. 67,700 150.800 103,900 83,500 4,361,500 16,650 58,050 2,474,000 3,668,000 '59 63,000 74,000 283,980 51,900 2,197,600 12,900 30,720 2,179,000 851,100

These operations have been much in excess of last year in the matter of coin, and the export has been much less than last year for the seven months since January. It has reached only $28,000,000, against $13,000,000 same time last year. These figures indicate some recovery of the metals that flowed out so freely last year, since the receipts are in excess of them. The outward current last year, following the course of payments, drew large sums from the West, without much disturbing the aggregate on the seaboard. The amount beld by the banks of New York is less than last year, when, indeed, the quantity was burdensome. The quantity of specie that it is safe to hold can never be subjected to arbitrary rules, as the legislators bave so frequently attempted to do. The true means that the banks must depend upon to meet the claims upon them exist in their assets. The lines of discount, in a speculative year, necessarily embrace a vast deal of paper predicated upon inflated values and prices, and is far less safe than a larger qnantity based upon lower and regular values. Thus a line of discounts of $100.000 might, in 1855, represent 6,000 barrels of flour. This year the same line would represent 20,000 bbls. If the line was raised to $200.000 this year, it would represent nearly double the flour it did in 1854, hence could not be called inflated relatively. To require the banks to keep more or less specie on hand, in order to avoid losses from unsafe paper, seems to be absurd, as in fact is much that legislators undertake to do. It would be surer for them to un: dertake a sort of a specific system,” and confine discounts to barrels, yards, and tops, than to allow of the ad valorem mode of discounting, and then compel them to keep specie to meet the claims of depositors who never deposited specie with them. Most of the depositors lodge with the banks claims upo: other pirties, which the bank collects, seldom in specie. The depositor then legally claims specie, when, in fact, off:et is all that is due him.

The import tables for the month show a decline as compared with the corresponding season last year, and the quantity entered warehouse is greater. The decline in the imports is mostly to be attributed to the lessened consigninent of dry goods. That last year came in such quantities, and encountered such losses, as were not likely to be repeated, the more so, that the general war that then threatened seems to be subsiding into a confederation, whereof the Syrian expedition is the exponent. The decline in the imports for the month is $2,404,671 ; and a decline of $11,000 000 as compared with 1857:

FOREIGN IMPORTS AT NEW YORK IN JULY.

Entered for consumption......
Entered for warehousing
Free goods....
Specie and bullion

1857. 1858. 1859. 1800. $26,042,740 $14,013,659 $21,681,460 $18,759,995

6,796,835 2,949,166 1,486,147 1,594,918 2,455,333 1,506,027 3,943,374 4,402,475

505,298 36,895 175,139 64,351

Total entered at the port....... $35,800,206 $18,505,747 $27,286,120 $24,881,649 Withdrawn from warehouse 10,470,820 3,164,538 2,595,063 3,593,993

The decline for the month, added to the falling off of the previous six months, gives a diminution of $14,000,000 since January, and this diminution has been to the extent of $3,420,000 in dry goods. The stock in warehouse bas diminished, since the quantities entered for the seven months have been $2,000,000 more, and the withdrawals are greater by $3,800,000. The amount of specie received from abroad is much less than for several of the previous years, as follows :

FOREIGN IMPORTS AT NEW YORK FOR SEVEN MONTHS, FROM JANUARY 1st.

1857. 1858. 1859. 1960. Entered for consumption...... $91,280,614 $50,334,179 113,511,023 $98,705,594 Entered for warehousing.

47,911,631 15,185,419 23,209,758 25,377,377 Free goods

11,681,078 12,955,525 18,429,131 17,765,566 Specie and bullion

5,857,310 1,815,258 1,301,082 751,188

Total entered at the port.....
Withdrawn from warehouse.....

156,729,633 80,290,381 156,450,994 142,599,725 23,616,081 25,076,502 14,110,784 17,909,650

The whole warehouse operations have been larger than in any year except 1857. The figures for the dry goods imports were as follows :

IMPORTS OF FOREIGN DRY GOODS AT NEW YORK FOR THE MONTH OF JULY.

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Total thrown upon market... $24,314,337 $7,908,560 $15,348,414 $12,646,742

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