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The Daily Dispatch: August 11, 1862., [Electronic resource], Later from the North. (search)
s, is the large increase in the deposits. With the bank deposits increasing at the rate of four and five millions a week, and the loans — which indicate the demand for money — only increasing at the rate of three-quarters of a million to a million, it is evident that we shall have a 2 or 3 per cent, money market here this autumn, unless the rate of interest be prevented from declining by the offer of the Government to receive money on deposit to any amount at 4 per cent per annum. If Mr. Chase wants to see money fall to its natural level, and 6 per cent, bonds rise to a handsome premium, let him stop receiving deposits, or lower the rate at once to 3 per cent, per annnum, with a view hereafter to lowering it to 2½ or 2. Money is generally offered to the brokers to-day at 4 per cent; we even hear of some loans at 3 ½ though this is below the general rates. Certificates, of indebtedness are again up to 98 5/6. A fresh inquiry sprang up this morning for demand notes to pay d<