Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1860-01-19
Financial Affairs,

Inc ot. LOUIS Republican OF last Mon
day says
The Bank returns for this week show,
as usual, an increase in the exchange line
and further reduction in those Of circula-
lion and coin. Such is the course, which
cannot be much changed, until things get
10 Their lowest point or the movement of
business repairs the diminished resources
OF those Institutions. The Drain Of specie
from the West, which has been going on so
long and steadily, has produced a scarcity
of coin here, such as we have not exp.ri-
enced for many years. There is, compare
lively, but small supply either i'll or out
OF Bank.
The features Of the money market were
those of the preceding eek-tishtness-
especially in the exchange market. East
ern sight commanded rates ranging from L
TO %, but was hard to be obtained on any
terms.
We quote from the Democrat Of the same
date
The weekly statements Of the St. Louis
CITY Banks for this evening, show a con-
traction of SIS, 255 OF circulation, and loss
Of 500, 25S of specie. An increase Of 1874 :
O7O of maturing exchange, shows that they
are not idle in their leuEs and profits; the
Stale and Merchants, particularly, have
increased in this line. Nearly all seem de-
termned on the very safe course (to them
selves) of retiring their city circulation
(which is worth its face in gold here, and
consequently in demand to convert into ex-
change and operating exclusively with
their country branch paper, which, being al
distance from the center Of commerce, is
not at all readily convertible. The old
State Bank, having large capital, and posi-
bly, greater Eastern credit in consequence,
thon some Of the others, redeemed consid-
cradle sums of her accessible branch paper
to-day, when presented in SUMS of 5000
and upwards, in Eastern Exchange charg-
ing | ] per cent. premium. The Exchange
Bank redeemed at the same rate, and one
Bank was so obliging as to redeem small
parcel at Il premium. This, by some, is
considered queer kind of banking, and not
in accordance with ths spirit Of the charter
under which they have their being. But
we leave this 10 the Courts and the people,
and if they can successfully do business on
bank notes subject to such shave we are
content.
The Cincinnati GG-stis, Of last Friday
says
Bankers are beginning 10 intimate 10 tbs
payers Of paper based upon Produce, which
is maturing, that renewals Of re-discounts
are not 10 be expected. It's generally con-
coded that so long as Produce is boarded,
as at present, nc change for the better can
expected in financial affairs, and the banks
therefore, do rot propose 10 help to carry
tho presen. load. Their policy, as an
nounced TO their customers, will be 10 en-
courage the movement Of Produce, and 10
discourage, in every wsy, The boarding sys-
tenn, BY which matters have been brought
almost 10 dead lock.
Eastern Exchange continues very scarce,
though the demand was not SO heavy to-
day, as yesterday, but still the latter was in
excess Of the supply, and in the afternoon
most OF the houses advanced the rates
bnying at { prem. and selling at 4.
The West is still IN debt, and oein, in
/ the absence Of produce, must go forward, 10
pay. a run on the country Banks, in this
State, for coin, will create no surprise
We must produce more, and consume less,
or we .'hall net have metal enough left in
the West 10 make change.