, 1860-12-05
The Ranks OF Chicago,
For TIC CbtcaEo Ts{bppe,1


respect to exchange aud the currency, is caus-
Ing much loss and Inconvenience to the busi~
ness community Of this city, and VIC have rea-
sou to believe that it does not generally meet
with approval The present very high ratcs Of
Eastern exchange do not appear to be called
for, either by the state Of the balance Of trade
between tic East and West, nor by the actual
difference In valne between their respective
cuzrcncies. Both arc alike nominally payable
il specie, but anything like general demand
for even third par: Of their liabilities, would
suspend tho banks Of the East quite as soon as
those Of tho Vest Both are principally Sc
cured By State stocks, deemed by each section,
whca taken, to be ample security for their Is
sues. Temporary panic may, At the Stock Ex-
change, 1cpress the stocks Of one section more
than another Tor time, but Is this fair crite-
riou Of 7aluc, end should our whole banking
policy 5c regulated by the capricioua opera
tions Of panIc.stricken spectators in New
iorke Has anything occurred in the position
or resources Of Missouri, Or in the lcsialation
Of the State, within the last sixty days, to war-
rant any real depreciation Of her bonds Every
Intelligent ran must know that they arc in
tsit,sieaHy worth just rs much now as two
months since. During a period Of two years
OF unparalleled commercial distress, Missouri
paid promptly every dollar Of interest Oh her
Not the slightest disposition to repudiatc or
eyade her obligations has been manifested, and
With her usual pro1nptitude, her whole 1anna-
~ interest is nor provided for in New York.
She has fairly earned right 10 our confidence
and full relia1cc on her puuctua1 discharge Of
every debt As to the few stocks Of Southern
States held by our country banks, even should
the secession Of those States occur, it must
| unquestionably strengthen rathcrt than weaken
their Intrinsic valne. Repudiation by sny &C.
| ccding State would utterly destroy its public
credit, End thereby cut it off from all means Of
raising money for carrying on m Independent
government, The Incentives to promptncss
and fidelity would therefore be increased, r.
thcr than diminished by secession. Our coun.
try banks hold much smaller amount Of Mis-
:ouri and Southern lohds than they did in
| 1851, and the West is DOW in q far Boundel coz
dltion. Can our currency be less secure now
after season Of great prosperity and with the
same oas1s as security, 1nan II was aur1ns INC
s'ea1 'esulsloh OF lo't' when IL was sustained
atto received Without nes1ataon os LUG "no'e
e'el'non''s: ~ "o".o aeueuess &C IN III
l'o' etue:.t 4nu . efc'. PUBLIC oenei.t 70 la's
some general system of redemption adopted By
cur State banks, but VIC question the gooG
lonc' VI P.oPf4ety u attempting to 'o1ee eue'
meaeofe III > u1ae o1 panic ano m'slruet ~
e1eese''o 'a'es o, escaange' or " tnfo"'ns
WV jun" oc1o'e sncs 'ae uee'atcu oe'ti4oeh
~ .oe eon'n'esionc1s " tnc o'ale. IL ~
suca unee 1nat We nost neea manifestation
~ eooiness i'1'o :uanoence on lne pafl u ou
'ne fca4 '"'uc u tue otatc stocAs VIC no'u u
oas PAST experience anu W 4 c''e'o1 c1aa''n'
'aon an1o .ae fesontces s'no p'ohp'ness u LII
o'asien' s'aees' Ai'u HUI ~ Luz eaatae'ous "
ano eo"os VI i sloea c1cnap8e N &c" AotH
"n'en 10 aoloF1c1o4s n'ofc speculal'e' u
SUNNI s'no Fa11ao:e 1naa any o1aer IN tne "olit
10 4u1le t'lac ina1 lucy enouio cc*se III
sWA'ns Will apprehension a' e'cfs nc" tan
VIZ - "aa s1';et, 'n" IL 4o4e' 'un eoAN..''
3 =, s'- o.oeA H7' 40 'te" o''s y4"e'
| 4Aeo 4es1'l t.'t "ee'e'" o'ocAs '1a1o "..s4
pan@e aao "cs1csn eonnas4es ~11a w "ss'
s1'a nna ''''".0 - oe"u p4"A4 D1e
ncss is'eh .ete' lna.a ny specu'a'o'7 1nefe ~ -
tnem reco'leet tha1 during Inc t"o yeaas oi u
hc'e1er 1rlai' 1olio"1ne Inc panic o1 1904 tn
same currency salely "eatnefeo h'e es.of1n. ~
tne e'en ene oaahs "ooaa up " osoef "a ~
''aah Soaples'onc's paul. WIN out .ita4a
'AecPAo''' e'csy oou+a VI tnctt e'e''.'..o ~.
, AAuo"sn eceuleu AAoaus ~ 'ne"e eAute -.
s"uFi oonas' s"cn = coutse on IneH part "oo
na'e P1escn1ca maca neeoaess loss ano I'LL
! trust, and ha'e Kept our exchanges IL mo
I Fcasonooie 1alee.
!, ihe merchants o. chicago arc TOO in1eA'ge'
/; 10 oc oecelsco ps Inc assumed plea o1 ere
r scarcely OF c1change. 1hey arc qolte 1anaul
h WIN the VAST exports oi ILLS CITY oafl's u
unpreeedenlcd season namonnt'nS ID g1aln a'o
:, 10 thirfs>'our millions OF busaei6' as;'ln
c1gnteen m'll'ons only 1or thc same season
1893. They know well that Mt this time IL
gear with exports Of only half the qunntl
l. and with debt to tho East rs large In pl
ir portion as now, exchange was only maintain
Ee t at l 81 per cent, and fell during the month
4 per cent and even less, although scarc
r. | might have been pleaded then with more p
liability thnn now. They know indeed that
~ actual scarcity exists. That one promine
Il banking house LAS bccn accumulatinS "
e large sums in New York for some time p:
4, md yarious others haye large balances til.
ID and bills TO q considerable amount daily 4
1t turing At the East, Willie in the meantime Il
ma arc drawing far less than usuul at this scas'
- They naturu11x as; a1so If exchange WIS
-, scarce that Bankers would not draw at a
- | few daye since Hhcu the rate was 5 per ccl