The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-02-20
COM N ERCiAI..
Nxw YoKx, February 1874, p. ,

Money continues very abundant in tho city, and
ufdsy considerable amounts were, alter long and most
delay paid from the treasury mint ceriih
Gates OF least three months standing adding greatly TO
the supplies Of money upon the market The high div
dc nds which the city banks have been paying os 80 many
years have last stimulated speculation Ia that direction
and new institutions spoging into life win Japidiy
which begins TO cause uneasiness Projects are now pay
peted which will add $40 900 10 the city bank
capital and day projects put forward al The
time the demand for small coins particularly silver is
such that The banks longer out anything less Than
five oar This gives impulse 10 the circulation OF
county notes The high premiums Tor silver have drawn
very considerable quantities from the Interior, but these
have nearly all been exported $4,000 were last week
sent abroad. The in which the banks are drained
Is this On day be at OF the banks boys
standing the continually presenting one-dolar
notes for payment IN specie One hundred dollars worth
in this way affords profit OF S6, and pay. we'll for
the trouble Many small dealers issue shnplasers for
change and others keep rolls of pennies, of twenty five
each, make change This will shortly be relieved
the of the Interior through the Operations OF the
premium on silver paid here mint with adequate force
Mexican dollars and five francs into dimes and half
dimes would remedy the evil The continued European
demand for silver by raising its price, affects II like every
article, and stimulates It's production The last
from London announced that policy for $780, 900
had been effected in London quicksilver going from
the California mines the South American silver mines
cheap and abundant supply OF quicksilver must greatly
promote the silver production in Mexico and South Amer
lea,
The demand for silver however while gold is abundant
does affect banks, and would ALL ii the
mint had performed its duty in relation gold dollars 1t
il known that under ree-bankng law, there is
check upon the creation OF basks Amy association may
20 into operation bank as it files s certificate
delivers the comptroller It's securities for circulating
notes. it chooses any Hence is that they
multiply rapidly and commence operations with but a
small Of capital paid in The law provides that all
the bank. Of the State shall redeem their money,
than half per discount either New York
Albany This country money, being discount, Is not
taken at the city banks depose but when received by
merchants remitances Is sold TO brokers' This forms
conde able ia the OF the The brokers do
generally send it back for redemption, but resell to
builders masons, manufacturers, and others who have
large pay out for wages weekly One carpet
house here, for instance out $4,000 week, and
by buying uncurrent money saves $50 per week 1t is
attempted break up this system and compel all
the country banks keep their in New York
For this purpose bank with pita VI 81, 900 has
been projected IL is intended ceve all country money
deposte and by special compel each bank
to redeem in specie its counter until it
Keep deposite in New York redeem par. This is an
apparent impossbiliy If they compel the New York
banks do those of Ohio, Michigan, New Jersey
will take the circulation; and compel all
these banks under the rule is clearly within
range of single New York bank is obvious no
bank make money support itself by the operation
1t will cost full half cent 10 redeem the circulation and
if its whole pitsl employed aud pon the
issuing banks the usua! four times per
dead loss OF will result expenses of the
bank will be four cent and will make the discount
their money high 10 the stockholders The idea
appears be allacous. The way is make their
pay for goods in city funds If country
| keeper Instead of going bank and buying city
draft remittance order the exchange, chooses
remit the county bank money throw the exchange
upon his creditor, he should be charged with but to
turn round and compel the bank send down and
take up its money par, however jus, II might be, is
compel withdraw those facilities from the dealers
which enabled them To pay promptly The money OF the
State Of New York is credit has actual value
Each mortgage real estate stock coupon.
and is therefore of higher character than ordinary pa
per money, and when used a between airy
and city, much entitled exchange expenses the
scce ptance Of firm.
However injurious, in the long may be the multi piled
of banking institutions II is very evident that this
moment, when the line of credits very HIGH and
siderable quantities of goods have been sold throughout
this discounted the various banks com
mcnce active campaign against the country banks
compel them change their policy, viii be pretty
to involve disturbance which but be In uous
the mercantile Interests
The spring business thus far very slowly
generally feared that the mportatons will be de-
press prices therefore, iobbe cautious in their
ments. The imports OF dry goods for January and two
weeks of February have been as follows
Inpufs dry goods port Of Nsp York, January and TOO
usks Of february