THE style of the engraving which we give of Mr. EDMONDS is a recent discovery, the work being done by the phototypic process. Although it may be true that there is really nothing new under the sun, yet by means of the sun we are continually working out new and wonderful results. Thus we are indebted to its rays for this new style of engraving. A matrix, the reverse of the desired plate, is made, and then copper is deposited upon that matrix in a galvanic battery. The process by which this is done is the invention of LEOPOLD EIDLITZ, the celebrated architect and designer; and there is now on the corner of Bleecker and Mercer Streets an establishment called the American Phototype Company, where engravings of this kind are made. It takes three or four days to furnish an ordinary plate. The company have a room from which the light of day is carefully excluded, and in which a single small jet of gas is burning. Upon a table in this room is a photographic printing frame, a stout wooden frame, with a thick glass in front, and a moveable cover back of it. When the matrix is to be made, the glass is placed towards the table, the negative immedi ately upon that, next comes the matrix plate, and the cover fastened down tight with a brass spring. The frame is now removed from the dark room into the light of the sun, and there left for about ten minutes. It is then returned to the dark room, when the frame is opened, the matrix plate taken out, and the desired picture is found upon it, but otherwise it will be perfectly smooth, and hard to the touch. The next step in the process is to lay this plate in a flat dish containing a colorless fluid for about half an hour. When again examined it is found to be a bas relief. A fluid solution of gold is now poured over it, so as to cover the entire plate. After the lapse of a minute or two this is poured off, and the plate placed in a dark box where it remains for nearly an hour. When taken out, it is covered with a film of bright metal, looking in fact as if it were made of solid gold, which, however, on examination will be found to be illusion, and what was gold before being converted into a thin blue bas relief. The matrix is then hung in a galvanic battery. The next day the plate is taken out of the battery, the glass removed, and the copper shell backed up with type metal, aud then it is ready for the printer. In the way above described plates are made from engravings, or where they are desired to be made from original designs, negatives are taken from pen and ink sketches. Sometimes the artist sketches his design upon glass plates prepared for the purpose, (as was done in the case of the engraving of Mr. EDMONDS,) the plates being like white porcelain, and can be worked on with a steel point with great facility. The beauty and excellence of many of the pictures made by this process, which we have seen, is really wonderful. Some of them we should pronounce superior (on account of the soft photographic tint they possess) to the fine steel engravings of which they are copies. The phototype company have, in connection with and as a part of their establishment, an apartment hung all around with these pictures of their own production. They have there heads of every size, from the imperial down to the curtes de visite, all exquisite, the half and middle tints as well preserved as the bolder lights and shadows. There also one sees some fine copies of the choicest engravings, all rendered with the utmost fidelity to the originals. COMMERCIAL CHRONICLE AND REVIEW. GOLD MOVEMENT-SPECULATION-COUNTER SPECULATION-RESTRICTIONS ON TRANSACTIONS-NEW YORK BILL-CHANGE IN DEALING-INSECURITY OF PROPERTY-VIEWS OF THE SECRETARY-GENERAL REVIEW-CURRENCY-FREE USE OF PROPERTY-EVILS OF THE FLUCTUATION-EVASIONS OF THE LAW-BORROWING ON STOCK-GOLD MOVEMENT-DECLINE IN BANK-CLAIMS OF CREDITORSARREARS OF THE TREASURY-DEMAND NOTES DUTIES ON GOLD-GOVERNMENT SECURITIES-DEPOSITS-INTEREST INCREASED-EXCHANGE-RUINOUS EFFECT ON IMPORTS-CHECK TO EXPORTSGREAT FLUCTUATIONS-IMPORTS AT NEW YORK-EXPORTS. THE general markets have been greatly influenced during the month by the decline in the value of gold, and the uncertainty which attends the movements of the Secretary of the Treasury. The rapid rise in gold, or what is the same thing, the rapid depreciation of the government paper, elicited counter speculation. Thus in California, where gold continued to be the currency, the paper sold at a discount greater or less, according to the supply. The quotation was 64 cents per dollar. In New York, the paper being the currency, gold fluctuated, and when it reached 172, paper was, in fact, 58 cents to the dollar. This would give a profit of 6 per cent to one who should buy the notes here and send them to San Francisco. But a larger sphere of operations was sought and found by speculators. Large buyers of paper appeared, some it was stated held $1,000,000, anticipating a rise in its value. A great combination of this kind, having the assurance that the departments* would put out no more paper within a given time, could within that time draw a large amount out of the market. They therefore did so. A charge of disloyalty, too, against gold speculators, accompanied by restrictive laws of Congress and our Legislature, (which we notice below,) with prompt sales of considerable amounts of gold for cash, at any price, would break the market. This plan was therefore carried out, and the holders of $15,000,000 "greenbacks" were able to realize a profit of $1,000,000 in a fall from 72 to 52 in gold, or, in other words, a rise of paper from 58 cents to 65 cents per dollar. For instance, at the former rate, 72 per cent, the value of the $15,000,000 would be $8,700,000 * The idea that the fall in the price of gold was brought about by government in fluence, receives confirmation in the following from the Tribune's money article of March 27th: "It is currently reported that the object of Mr. CHASE's visit to this city had more connection with the decline in gold than in raising money for the war. He is reported to have borrowed ten millions of specie of certain of our banks, repayable from the customs, with which he has broken the back of the gold speculation, and will continue to hammer it until he has forced the premium back to a legitimate point. We give this report as we hear it. Several circumstances of the last ten days are explained by it, if true. We know that such a scheme was proposed to him more than a month ago, through a member of the Committee of Ways and Means, by one of the shrewdest operators in Wall-street." Upon this the World comments thus: We do not know how this is, but we do know that gentlemen in Wall-street, reported to be Mr. CHASE's friends, have had other than patriotio motives for wishing a heavy decline in gold. They were large short sellers of that metal. Can it be that it was for them Mr. CHASE has become the great gold bear !" 304 in gold, but with gold forced down to 52, would give as the value of the paper would reach $9,850,000. By this combination the profit would be $1,150,000 in gold, or $1,740,000 in paper. Of course the reissuing of the paper bought up for the rise, the resumed payments of the government, and the renewed course of the market, would make the rise in gold higher than But then that forseen event only affords an opportunity for a profitable operation in the opposite direction. ever. This decline in gold was also assisted by the large sales that were made early in March, accompanied, as we have stated, by the operation of the bill which passed Congress restricting the banks and others from loaning on gold, and taxing such transactions, and a bill introduced into the New York Legislature to the following effect: Any and all bauks, insurance companies. trust companies, savings institutions, and other moneyed corporatious shall be and are hereby prohibited from making or continuing any loan or loans in money or otherwise upon gold coin or bullion, or any paper representations of these or either of them, or upon any foreign bill or bills of exchange whatsoever, under the penalty of a forfeiture of their charter or articles of association, as the case may be; and any such loan or loans so made or continued to be made, shall be absolutely void. and no action for the recovery thereof shall lie in or be entertained by any court of justice of this State." Section 2 provides that this act shall take effect immediately. The act of Congress above referred to, changed the mode of doing business in gold, and caused a decline while this change in the mode of It is seldom that the aid of law has been invoked dealing was going on. But the most mischievous effect of this and so directly to aid speculation. similar laws, is to chill public confidence in the security of property and the rights of proprietors. The effects of paper money cannot be legislated The banks, the merchants, away, and are by no means new or untried. and the public comprehend the inevitable results. Indeed, Mr. CHASE himself, in his annual report, 1861, stated them as follows: (Page 18.) The plan (paper money) is not without its hazards; the risks of a depreciated, depreciating, and finally worthless paper money; the immeasurable evils of dishonest public faith and national bankruptcy. These possible disasters so far outweigh the probable benefits of the plan, that he feels himself constrained to forbear recommending its adoption." There was no doubt in the mind of any thinking man but that paper would depreciate, and that that depreciation would show itself in the rise of gold as compared with currency, should the paper be adopted as the currency. In California it was not adopted, but gold continues to be used, and paper is quoted at a discount greater or smaller as the supply comes upon the market from the Treasury. But Congress and our Legislature have refused to accept the lessons taught by experience, and are enacting the same laws that failed in the last century, when applied to the same state of affairs. The act above quoted, in its attempts to do an impossibility, takes away the right of the free use of property, and deranges the usual course of business. Thus the soundest and safest business for bankers at all times is to discount bills of exchange, on the facility of converting which depends the whole export business of the country-in fact, the market for every kind of farming produce depends upon the value of the exchange it The above bill, however, seeks to make that paper unavailable. The Federal Government has passed a law which allows the Treasury to take gold on deposit, and issue certificates for it. The above act makes creates. those certificates unavailable at bank, and deranges business in many ways, without in any respect touching the business in gold. Thus, if a person wishes to hold gold to an extent beyond his cash means, he can borrow on stocks of any kind, buy the gold, lodge it with the Federal Treasury, and get 5 per cent interest on it, or he may ship the gold out of the country and lend it at 5 per cent interest in London, holding the bill against it. This plan has been in a measure adopted, and the gold movement as affected by the legislative interferance has been as follows: SPECIE AND PRICE OF GOLD. -1862. 1863. Received. Exported. Received. Exported. Gold in bank. Prem. on gold. ..... 681,448 35,954,550 344 a 344 726,746 36,770,746 34 a 39 442,147 885,928 1,035,025 1,277,788 66 17. 547,703 1,380,247 24. 627,767 322,918 678,841 66 31. 310,484 976.235 301,860 87,581,465 40 a 49 780,816 38,549,794 47 a 50 1,331,027 88,894,840 487 a 601 1,277,000 38,243,839 57 a 571 1,152,846 38,426,460 53 a 531 520,017 37,981,310 54 a 64 1,377,016 89,512,256 71 a 72 733,643 39,705,089 52 a 53 3,540,550 36,110,085 541 a 541 540,968 249,514 1,201,907 33,955,122 Total.... 5,818,325 6,639,471 5,396,925 14,703,263 The receipts from California, March 7, included $1,000,000 for the United States Treasury, transferred from the mint at San Francisco to New York. Including the shipments from Boston, the export of specie in five weeks was $7,400,000, making over $15,000,000 since January 1st. There was a good deal of gold held here by banking houses for foreign account, with orders to sell it when a favorable opportunity occurred. On the appearance of the restrictions the risk of holding it could no longer be incurred, and the gold was shipped. The depression in the price of gold was aided also by the heavy indebtedness of the Department. Early in January it was stated that the troops and other creditors were so heavily in arrears that Congress, by joint resolution, hurried through the premium to issue $100,000,000 of legal tender to pay them. More than sixty days have since elapsed, and the indebtedness is quite as large as ever-a circumstance which checks the progress of depreciation. The demand notes receivable for duties have been very nearly absorbed, and gold has begun to flow into the Treasury to meet the duties. Some $2,024,000 were so received in three weeks, making a demand in the market for $125,000 per day in addition to the export demand. The government securities were better during the month. 104 96 54 a 541 53 66 21,.... 103 107 100 Under the new loan there were issued 1-year certificates, bearing inThese sold 3 @ 4 per cent less terest payable in paper instead of gold. than those which bear the gold interest. The deposits receivable at the The limit on Sub-treasury also cease to have the interest paid in gold. the amount by law is $100,000,000, to fill which about $30,000,000 was required, and the Secretary offered 5 per cent interest, payable in paper. The sudden fall and fluctuation in the price of gold affected exchange to a considerable extent; but few, however, were disposed to sell at the lower rates, which were as follows: 66 28, 185 a 188 Mar. 7, 167 66 14, 168 a 171 3.10 a 3.00 67 a 71 70 a 71 61 a 62 123 a 124 a 169 64 a 64 634 a 63 63 a 641 56 a 57 113 a 114 3.35 a 3.30 21, 169 a 171 3.87 a 8.271 The market was filled with various rumors of fabulous amounts of gold offered the government abroad, and of fifty to $100,000,000 of exchange for government stocks, and that agents were sent abroad to negotiate loans. All these and other self-contradictory rumors had the effect of making buyers of exchange cautious, and thus diminish sales. A sudden fall of nearly 20 per cent was a serious matter to shippers of produce and general dealers, checking business to a marked extent. Ohio flour fell 60 cents per barrel, and the transactions were light. One of the greatest costs of paper money are those violent fluctuations which involve all dealers in great hazards, and inflect ruinous losses upon the most circumspect. The gradual rise in exchange imposed a continually increasing burden upon the importers, who ultimately collect the amount from the consumer. A sudden fall of 20 per cent in exchange is a bonus of some 25 @ 30 to those who by chance have goods to pay for at that moment. The imports for February were as follows: IMPORTS, PORT OF NEW YORK. 213,971 783,561 7,372,539 3,657,775 12,037,846 $315,877 $3,197,210 $16,113.766 $8,140,569 $27,767,422 26,402,969 |