The Sun.
London, England, 1868-11-16 00:00:00

his last Saturday's Extra, writing of his own defeat
and alluding to the next Presidential term, says the
one million of Irish Americans who hold the balance
of power "will elect in 1872, President of America,
one native American who never joined his country-
men in calling ten millions of the Celtic race there,
Damned Irishmen!"

MONEY AND BUSINESS.

(From the Springfield Repnblican, Oct. 31.)

As we predicted last week, the clique which has been
engaged in locking up greenbacks at New York has not
let the business community off so quickly or so easily aslit
did a month ago. Not only have the greenbacks not come
back again, but there have been further large withdrawals,
and certain banks remain in the unenviable, and one would
think uncomfortable position of having palpably abused
their franchise, and joined in a criminal conspiracy to
plunder the business community, for which it is their duty
impartially to provide a currency, for the benefit of a
greedy and corrupt clique. The New York papers men-
tion eleven banks which are notoriously connected with
stock operations. Those which have been the la-gest
creditors at the clearing house tho last week, and hence
presumably in complicity with the boar clique, aro four—
the Union, Republic, Comtnenweal th, and Fourth National.
Of these the Bank of the Commonwealth, which has for a
week been a daily creditor at the Clearing-house to the
extent of from one and a half to two and a half millions
of dollars, on a capital of half a million, receives the
greatest share of the blame. There is a great and in-
creasing indignation of this abuse of banking privileges,
which, in connection with the settled hostility of the West,
is seriously imperilling the national system, and is not un-
likely to arouse practical opposition of the gravest kind at
the next session of Congress.
Many of the banks, however, have shown great alacrity
in accommodating the public during the present strin-
gency. The Bank of Commerce came forward on Wed-
nesday and surrendered a million and a half of Three per
Cent. Certificates, in order to increase its facilities for
loans. Altogether on Tuesday and Wednesday the Trea-
surer crushed three millions and a half of these certifi-
cates, the greenbacks received being at once let out for the
relief of the community. The banks have naturally been
very reluctant to take this step, as they receive interest on
the certificates, while counting them as a part of their
reserve. The Secretary of the Treasury, moreover, un-
derstands the law to require him to cancel them whenever
they have been received for greenbacks in this way, so

;hat, every timo the banks consent to make this sacrifice

for the purpose of public accommodation, they are per-
manently reducing the amount of these certificates, while
it is for their interest to keep that amount good. It also
amounts ultimately to a contraction of the currency, for
the sake of a temporary relief. There is in consequence a
call for some arrangement by which the Three per Cents.
shall be received in settlements at the Clearing-house, as
the loan certificates were during the rebellion, superseding
the necessity of sending them in to the Treasury.
During the week call loans have remained at 7 per
cent. as the minimum ; and from that up to 7 per cent. in
gold, with a heavy commission, in addition, on miscel-
laneous securities. The demand is urgent, and paper of all
kinds is seen on the street. At Boston, the stringency
continues in full force. Few of the banks can supply all
their customers ; and.outside paper is not looked at. There
is no regularity in rates, everything depending on the ne-
cessities and character of the applicant. Call loans on
Governments are still made at 7 per cent. in currency.
At Philadelphia, legal tenders and deposits, together, show
a decrease of a million from last week. At Cincinnati, the
pressure for loans continues. Depositors are generally ac-
commodated at 9to 10 per cent. First class paper in the
open market has to pay 12 per cent.; and prime to good
names are readily obtained at 15 to 18 per cent. The same
condition exists at Chicago, and at the other money
centres at the West. Generally, it may said that money
is tight, all over the country ; but, except for the
clique operations at New York, no more so than belongs
to this season of the year. The Chicago Tribune,
we think, very justly attributes the pressure in that
city solely to the unwise and hopeless attempt to keep
grain back from the market, and so escape the in-
evitable fall in prices. It says :---" At those banks which
have the largest lines of grain accounts, money is reported
as being very tight, while at the bank which has the
largest line of mercantile accounts in this city, we are told
that they have not yet turned away a dollar of first-class

paper offered for discount, whether by one of their regu-
lar depositors or not, and all of the banks say that they
have been able, thus far, to accommodate all of their regu-
lar customers to the full limit to which they are entitled to
credit. Aside from the increased demand for money to
hold grain here just at this time, and the increase of real

estate paper,- there is no more demand for money than is
usual at this season of the year." This is what the cry of
"more currency" from the West has always meant; and
thig is the way in which it has been used to "move the
crops." •
Gold has tended downward during the week, closing,

however, higher. The secretary, having completed his
ten days' sales, according to announcement, is now going
through with a programme for five days more, the daily
amount offered being the same. This is progress in the
wrong direction. If, after getting through the ten days, he
had published his intentions for twenty days instead of
five, it would have been going the right way towards a

definite scheme for the disposal of the surplus. The m-
porters generally disown the memorial forwarded last
week to the secretary, asking a discontinuance of the
public sales; and profess themselves satisfied with the
present plan. Governments are off from three-eighths to
seven-eighths per cent., except ten-forties, which stand
at the figures of a week ago. The firmness with which
these bonds have maintained their position in the general
catastrophe is the best tribute to their intrinsic value, and
a sure indication of their speedy advance.
In the stock market the movement has been pretty
much one way. There has been a general knocking off
at almost every point, owing to the continued pressure for
money. Compared with the closing figures of last week,
New York Central is off 4, Erie Bs, Preferred 5, Reading
Milwaukie and St. Paul 51, Preferred 51, Toledo and
Wabash 21, Michigan Southern 21,Cleveland and Pittsburg
Chicago and North Western 11, Fort Wagne 2i. Ex-
press stocks aro all off except American, as are State
bonds, except Tennessee. The feature of the week has
been the fall in Erie, owing to the scandalous conspiracy
of its own officers to destroy its credit and ruin the
stockholders, This they have effected both through
the fashionable device of locking up greenbacks per
favour of the Bank of the Commonwealth, and by
threatening a new issue of convertible bonds, under the
wretched old pretence of improving their track. It
appears that, since the conclusion of the Vanderbilt
litigations, ten millions of convertible bonds have been '
issued, of which five millions have already been converted
into common stock, raising the amount to $39,500,000,
and the remaining five millions are " coming." In addi-
tion to this, $3,000,000 will be needed to lay the third
rail." The President, also, still further keeps up the
spirit of the shareholders, by expressing fears that the com-
pany will not be able to meet its acceptances on the Ist of
January, and will have to go into the hands of a receiver.
No wonder the stock went down like lead, and orders to
sell on English account became so numerous that bankers ,
have refused to receive it as a collateral at any price. The
management of the Erie road for years has been an un-
speakable disgrace to the country, and ought to be cor-
rected
by legislative interference, since the judiciary have
failed so signally at applying a remedy.
The West continues to keep back its grain, and the re-
sources of the banks are strained to enable operators to
carry their stocks. The same expectation of bringing up
prices at the sea-board is inducing the farmers to hold on.
They have already seen wheat go down thirty to forty per
cent on their hands, and they are still labouring under the
delusion that they shall recover it all from "that rise." It
would take a great deal more than the difference between
the prices to-day and those of six weeks ago to make any
live farmer good. As for the operators in grain, they have,
as it was evident they would, found their load quite too
heavy to carry. Having made themselves and the whole
business community dreadfully uncomfortable for a fort-
night, and checked all the natural movements of trade,
they now find themselves obliged to drop their loads very
unceremoniously. The idea of carrying such a crop was
absurd to start with. The particular reason for the fall
this week was that the Western banks, having been "ac-
commodating" long enough, have not only refused fur-
ther assistance, but have begun to call in money borrowed
by holders of grain. This has caused large quantities to
be thrown on the market. The price reached this week,
for wheat—sl.ls for No. 2 spring at Chicago—is believed
to be somewhere near bottom, and shipments are taking
place more freely. The close of navigation is so near that
holders must be content with what they can get. The
hog crop will soon be coming in at Chicago and Cincin-
nati ; and those cities will need all the funds they can
command to carry on their operations in pork. The crop
for the year is estimated at 3,000,000 head, which, at pro
sent values, will yield $60,000,000 ; but indications e
that there will be a considerable reduction in prices. The
market for pork and lard is equally unsettled West and
East, and nothing is certain except a loss.
The receipts of cotton in the week have been largely
in advance of those for the same week of 1866 or 1867.
The total receipts since September 1, the opening of the
cotton year, are fully 70 per cent, above those of last year,
and 60 per cent. above those of 1866. The increase is
chiefly at Galveston and New Orleans. The export con-
tinues' light, though better than for last 'ear. The ship-
ments to France show a great increase, chiefly from New
Orleans to Havre. The late reports from crop continue
favourable. The weather is clear and warm, and the ten-
dency is to higher figures for the aggregate. The latest
reports from England place the final result of the harvest
there as more favourable than expected, yet with a most
unprecedented deficiency in all kinds of fodder. Large
amounts should go forward from this country. It is quite
time that the restrictions on American baled hay should
be taken off at British ports, and the increasing scarcity
of feed must soon bring it about. The market for dry
goods remains quiet, without much doing, but with no
material change in prices. Prints generally are off half a
cent a yard. shirtings tied shootings are is very limited