, 1859-08-08
fiuanrial aan Commercial.
: MONETARY,


ANAAAAN* /
The exchange market continues to work
.asier; but u yct rates remain unchanged.
rhs bankers do not caro- to accumulste sur
p.us 1t quarter below present rates. Hence
hey sze selling quite freely 1t et. We doubt
Fhether Fl would have been paid today for any
snma.
Gold at premium. There il very little chsng-
ing hands On any terms. The fact il the West
is nearly drained Of that valuable commodity.
Discounts for strictly h1siness purposes arc
easy It legal figures, viz: 10 per cent. There is
very little money to be bud outside Of bank at
nominsl figures ranging from to per cent. per
month.
1L1Ko1s AND W1sooxs1S CrReExcY.-The |
Milwaukee Se4tinA Of yesterday has m article |
uoon this subject, from which We make tho fol- |
lowing extracts:
pute nj the East, and under ihe false impression
that banking ls conducted upon the same prin-
cpa in this State and Illinois, rz: that the cir
cnlaaing wild-cat bank hills, and placing Of ey-
cry obstacle in the way OF their redemption, the
reputation Of our Wisconsin currency is also
suffering more or less abroad. For instance,
the Board Of Trade Of Detroit recently adopteu
resolution. cautiouiug the farmers Of Michi-
gan against receising any bills in pa. ment for
their crops except sucl Is we're par ut The bauks
Of Detroit, which was pr=Gxed BY the statement
that the redemption Of ERsstera banks bills il
every dav becoming more difficult, and the
amount forced in circulation is increasing to
such an alarming extent, that it will soon, if
confirmed, endanger the interests of the enlirr
State."
II Ii right enough that the Detroit Board Of
Trade should take such o precautiuu as this to
protect the farmers from loss, hut the nnquali-
lied charge that "the redemption Of Westera
bank bills il crcry day becoming more diff
Gull, is rather sweeping accusation, aud, 80
far Is regards wisconsin currency, entirely
gruundless. Instead Of the redemption Of Wis
cousin bank bills becoming more difficult, pre-
cise1y The rererse is the case. The bankers Of
this city aud Madison some tune ago agreed
upon plan Of central redemption, which
makes it necessary for all the banks Of issue in
| the State 10 redeem their notes on presentation
! here. The result has been fatal to the growth
| Of all wild cat banks. Not one has como into
| existence sluce tue adoption Of the central re-
dsmption system, aud instead Of increasing,
t the last semi .aunual report Of the bank comp
troller shows m annual decrease in the circatla-
ton Of our State currency.
| Now the fact is that these attacks upon "West-
crn Currency" which have become SO prcra1snt
aud We claim the prisilege Of protesting against
them, IN speaking Of Tie resolution Of tie
Wbs, th. ,,.s*s s or 1M;a,ao % f,.el caiIei nnon
to warn tue public against The bills Of t1at Statt
and tue farmers refuse to receive 4 ior thelr
sasn. ,.ras - .s =. ~ 5.;ne + *, w. :" .1,;Js1
[ VERY Teil-but don't. in the ua1ue Of Good
Currency! compel The whole West to father the
aotngg a. s"as a. o =. us e,, nsfa 49, a".s
without ahoaldering the sins of that Sodomic
region.
| We freely admit that Illinois currency is bad
enough but that Of Wisconsin is not 50 much
better that it ia safa for our Milwaukee neigh
Dor to put on airs and make indiyiduous COM
parisons. All that his '4central redemption u
amounts to ia an agreement to redeem Wiscau.
sin currency ut quarter per cent below Mil
xaukee selling rates Now as the banks Of the
State are owned or controlled largely in Mil
waukce, this boasted agreement amounts 10 jus,
nothing ut NIL The selling rate for exchange il
aa per cent premium in Milwaukee, precisely
what it is here, giving the "wild cat" !" a large
margin for profits. We learn from our banker!
I tltat when exchange is scarce ut current rates
the bills Of one Wisconsin bank arc rrturnc{
with a quarter Of per cent additional for " brok
srage." Often the Milwaukee bankers vii
not draw at all for some Of their State banks
It is true there is tive pcr cent penalty in Wis
cons1n arainst bank for fuilinr to redeem it
hills. md tb,. make. then, rnorc cns;ly ron
vert;ble than the bill. of the 1ilino;s hanls. bu
m The oth-r hind the marin ahore the n,
value Of the bonds deposited with tue Audito
il slarrer here. and hence Illinois currency is b
| =, r,r-.. - At.