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MONEY M A R K ET. Wednesday, Jan. 31, P. M. The market for exchange opened generally heavily, and the rates gave way on the different points of valuation, full one per cert, as compared with last packet day. On England, desirable bills were sold at 109. Efforts were made to bring the rates to 84 a il On France, the market opened at 5.25C.-sales shortly made, afterwards currently at 5.27 f., and bills drawn by Southern banksat 5.30f. On Hamburg, a few sales at 35 a 36. On Amsterdam, 401 a 4etc. per guilder. The general decline is full one per cent, nor was there much done. Various causes are assigned for the fall of exchange, the principal ones being the great export of cotton-the scarcity of mepey-the curtailment of the banks-and the consequent little demand anticipated for European goods in the approaching spring operations Four packets sail today. It is calculated that they take 5,000 bales of cotton-valued at $200,000. These large shipments have of course formed the basis of the exchange operations, and crowded the market with the sellers, thus causing a fall in the price by the great supply. The continued i mportation of foreign grain would, under other circumstances, tend to counteract these results-but it is now evident that all the foreign grain operations, based en the false statements made by the Journal of Commerce and other prints last fall, will turn out extremely disastrous. In relation to the movements of the banks, we have beard of some novel purposes. During last week, we learn, on good authority. that several of them began to change their restrictive policy. It is calculated that $100,000 were loaned out more than usual. Coupled with this fact, there is a sericus consultation among several of our leading financiers, whether it would net be the best policy to take things as they are, to make no further effort about the resumption of specie payments, but at ORCE to launch out, extend their loans, encourage trade, and foster commerce with such a currency as they have-in short, to abandon the restrictive policy at once. It is very obvious that during the locafoco war between the government and the United States Bank, there can be little hope of a positive and successful resumption of specie payments.Mr. Biddle will not resume until the government cease its hostility, nor will the government step its clamor about the subtreasury, till it is routed from its present occupancy. By en larging the currency, and keepieg it steadily at a certain moderate rat proportionate to the wants of trade, the banks can availthemselves of the same elements which the United States and other banks are doing. It is utterly impossible for them to stand any longer still in their present position. They must either go down or go forward. If this policy should succeed, a new suspension law will be necessary to prolong the existence of their charters. The passage of the small note law will aid, to some extent, the same line of policy. Throughout the country, the banks and the commercial interests, except in New York, have operated, as usual, on their inconvertible currency, and although the system presents difficulties and obstacles, it is certainly better than none. At this moment. with a renewal of the aspension law, and the passage of the small note bill, our banks could extend their circulation $10,000,000, and their loans, based on deposits, $20,000,000. Neither would the currency be much depreciated by these additional issues-but the community would be reinvigorated and aided until a more quiet time returned when the great monetary interests could be seatled on a firmer basis. These views are beginning to prevail among several of our leading financiers. Probably, as soon as the reply of the Phila. delphia banks shall have been received, they may bring them to a head and take a new departure. The Philadelphia bank will not resu me-nor can our bankseither for the present. Inland exchanges are getting a little worse again-partienlarly OR Philadelphia. All Boston bills are still refused in Wall street-but no objections made to the other New England banks. It is now believed that the sub-treasury scheme will be defeated in the Senate. Sales at the Stock Exchange. WEDNESDAY, Jan. 31-12 M. 50 U States 1171 85 N J&TRR 91 90 70 Utica 15e Are L & T 115 370 Del & Hud 719 72} 120 Harlem 50 00 10 Nat Ins Co 961 2000 Treas Notes 1001 10 Merchants 92) 10,000 Canal fives 1860 pere. 60 10 Mohawk Specie. Am Gold 17 4a41 Doubleons 16 Spanish Dollars 5 per cest Patriots Mexican 41 Haiyes If per cent Five Francs do 97 Quarters
