The Sun.
London, England, 1869-11-15 00:00:00

MONEY AND BUSINESS.

(Frain the Spring field Republican, Oct. 30.)
Wall-street is waiting for a new speculation, and mean-
time taking very low rates for money on call, not more
than six or seven in currency and often being glad to get
five. Commercial paper, however, is only negotiable at
the high rates of 10 or 12 per cent. This discrepancy be-
tween street rates and bank rates is explained by the fact
that the banks have not as yet recovered the confidence
which characterized them before the recent smash, and
which in those days had degenerated into recklessness.
On the other hand the great amount of money that con-
stitutes the capital of that gigantic faro bank, the street,
is comparatively idle in the absence of speculation, and is
obtainable by borrowers at very low interest, but also for
very sLott times. Fur the professional " operator"
knoweth not how soon he may be called upon to again
buckle on the armour of speculation and rush to boy-
ursine combats, wherein the man who has money to loan
can perhaps exact from 300 to 700 per cent. He can
afford to let it now for four on the Government collateral,
if by ao doing he can have it well in hand for future loans
that shall net him more in a day than peace prices would in
months. If, however, the season for speculation should be
for a long time delayed, the street would have small gains
for its long pains and would bo driven to invest its capital
more honourably and more profitably to the country at
large. But speculation will continue to thrive so long as
a speculative currency burdens the country, a point which
we dwelt upon at greater length last week. The London
Times of the 15th inst., commenting on the recent gold
scandal in this country, expresses surprise that Secretary
Boutwell should at such a ntoment think of funding the
debt at a lower rate, and say; that everybody would accept
the chance to sell United States securities and reinvest in
the bonds of the South German States, which "in most
cases nearly exceed the value of the remunerative railways
for the construction of which they were issued." The
Times evidently overestimates the importance of our little
Wall-street circus of bulls and bears, but closes with a
dictum that we may well heed : "As long as gold is not
the standard currency of the United States, any attempt
to reduce the interest of the bonds will result in failure, as
they are only held in the present large quantities for their
superior interest." Tile prospect for an easy money market
throughout the rest of the year is very flattering. The New
York hanks have just been through the purifying experi-
ence of a crisis and ale in a much better condition than at
this time last year. rite crops meantime have been mov-
ing tin niselves without anybody's help, the exports of
grain, es we Lave toticed, being largely in excess of
last year, and the re3eipts of cotton at the ports teing
already 100,000 balesallead of last year's. More of this
cotton is shipped directly from Southern ports than for-
merly, and thus relives the New York market of a part
of its financial burlet. In the cities of the West money
is active, but not stritgent. Especially has it been easy
within the last few days, previous to which there was
some tension. Borrovers have been loss embarrassed at
Chicago than at Cincnnati and St Louis, as the South is
becoming quite a borewer at the last two cities. At New
Orleans also there hat been some tendency to stringency,
and small amounts of currency have been shipped thither,
but in all the centres tbove named the exchange on Wed-
nesday was in favoir of New York. A very marked
I change, by the way, is apparent in the business of the