, 1861-05-15
XAe0RTANc CURRENCY HOVE.
MENE.

= The issue Of those Illinois banks based
on the stocks ofseceded States can scarcely
be said to pass al currency any longer.
Exchange reached the ru;nous height
Of tsoe'sty per can't! and the prospect last
night Vas, that it would go still higher to-
dAy. Tbs secession ~ currency, as it IL
called On the streets, is evidently approach
ing a crisis, and must shortly retire into the
discredited list It is utterly impossible to
sustain a currency st par, which is secured
lhy the stocks Of seeded States- Missouri
stocks wero quoted yesterday in New
York At thfrtyjio cent?, Tennesses At forty
ive, Virginia ut fortythree, and so through
thc Southern list It is proper to remark,
however, that more Of those stocks were
deposited with the Auditor than the bills
issued The Missouris were mostly taken
at something like rs cents; Virginias and
Tennessees from is to so cents Some of
tbs owners Of the "stutnp tail banks put
up additional margins after the first fall,
last spring. Therefore the notes Of these
institutions " are really worth fifteen to
thirty per cent more lhan athe stocks by
which they were secured.
H.. meeting was held By number Of
leading merchants yesterday afternoon,
on thegrave question, What was beat to do
with the secession" currency. Most Of
them were the tigners of the agreement
with the bankerr to reesive ana pay out
Illinois bank notes, during the war. They
contended that the bankers had not lived
up 10 their side Of the understanding in
Eao4 fafth. Is Wac alleged that the latter
had assorted" the currency, retaining
and boarding all that Was secured BY
Northern State Stocks, and paying out on
u that which rested on the bonds of rebel
6tatea. They we're charged also with re-
tusing to furnish exchange at the rates
promised when the agreement was signed,
exchange having advanced day By day un-
II # has reached the appalling height of
twenty per cent, pries which was do
stxuctive to all mercantile business.
The conclusion to which the merchants
came wax, hereafter 10 receive all curren-
cy-on the .sshort" a. well a. +long" list
al j4st xhH IL sssa bring il seaaaage with
one per cent added 4 circular was
drawn up to that etz 70 be mailed to all
their country customers, stating that in
future they will continue to take Illinois
currency sper agreement with the banks.
But they will bill their goods hereafter on
the standard Of exchange. and when cur.
rency Ia offered in payment, ii will be ta-
ken for uAat It seig bring in exchange, with
one per ceut slded.
The immediate effect OF this will be to
cause what is called "stump t4i1n to pass
for eighty cents on the dollar, or at dis
count equal to the prevailing rate Of Ak
change on It.. r=z.
We Learn that the officers Of several
railroads met last right for the purpose Of
taking some action IN regard to recsiving
the deprecated currency.
T. 1t is hardly just to blame the bankers
for "sorting" the currency which they re-
" ceiEc, as the merchants and railroad CON-
panies have been doing the very same
thing themEel-ek and selling such as WIS
secured by Northern stocks st other banks
Ar exchange. 6elf.interest and = sense Of
eel. representation were the motives that
:: actuated both parsiea. And it II hardly
fat,sar pot.to call kettle blsckamoor.