, 1861-05-24
MONETARY.

~ THURSDAY kvRNlNu, 11uy u, 1861.
.BusInees is ttill very much depteesod, owing Of
courDe to the unsettled state of tho currency
Matters however arc rapidly assuming more sat-
fefactoty FhApc, ind ty thfs time next vcck they
will bt moving along, II not rapidly as hereto
fore, at icast sasty and SURELY md people II they
do not get &c much uotninaly for their goods md
produce, what they do get will be good for the
coin. It Is cuErent1y reported today that By Mon-
day, supplies Of coin, State Bank OF Indiana, and
other good thipgs'' viii reach this stty. Masiuc
Bank bills are being prepared as fast as possible,
The coin will be specially welcome. for ithas been
decidedly scarce article for many months past.
The Board Of Trade to-day passed the following
resolution:
WHEREAS, The recent events In the moneyed ae
fairs Of Chicago have culmtnated In return to a
Resoirtd fiat II tie be opinion Of the Board nj
Trudc oi Chicago, ell eale5 OF property and tafly
quotations thereof should hereafter be n.ate ii
funds equal to specie.
Coed. With coin baeis and nnobstructca river
and canal navigation, Te rather thiak Toledo will
find 1t difficult to compete with Chicago for The T.
lfno1e river trade.
. n. I. Exchange was sold today outside freely
at per cent. discount for coin, and We heard that
: Per cent was paid and perhaps higher figures
@
specie currency Is the cause Of this It will doubt
less range at 4@K per cent. premium st the banks
at soon as supply Of specie funds can be obtain
ed,
AZ to Illinois currency, almost everybody Is clad
That the agony is over. The people, like ono long
dIesdipg somc fearful surgical operation feel re-
ncScd that they now know the wortt and can pro-
vide forit. They know there Is energy enough LII
*r %.rt1r &3~AAI
and vtsor will ere long give place to tho nervous
debility through which We hive passed. Already
the healthy symptoms begin to appear and In
few Week= CT months ut most, everybody will be
surprised that he ever could have been dcluded in
to the tclitf that "etump.tail'' Illinois currency
Was money.
The propriety Of the Bank Commissioners max.
Ing call tmme diatcly upon the banks to make up
their securities is elsewhere discussed. Let tile
call be made, the sooner the better.
BASKERs VS.. pEroslTons.
CHICAGO, May %, 1861.
Edittte chicsgo Tribune:
GENTLEMEN: In your financial artlcle this moru-
Bs6kers nd ther bepositors Yoa propose gssSsa ss
t4 ons glan thst an agTee9 ent shall BE- made between
ject to the justice and farmers Of this At the time
eatsa ea as onea 5d te rdsizs M and
ltst. TEen on what principle Of fairness must de-
poster receive "a tair average Of the long lst:''
@ has psea bSea both in let
change at 10 per cent, and they failed to do 80.
They also agreed to receive It he CURRENCY on de-
Re a9 s naSs astsp:y asy i this soD o
sa dspos s sesdss, dssSlSS Il i she enssps nsas
o. Go eeR%sn ~ ren;e and the pnbis good
er can Introduce currency which when 1t goes
Down he can return to his dcpotitors. This would
9pen 1 tie aeor for the tnrodgetion of business
ing tueeseded IL this lasf, giye credit to
il he other, Feeevag two for one. .B Besicgs I'D
Bankers ean liquidate their engagements In q de-
preciafed currency; go can every other man. A
obliged 10 receive .long isti It he 'e granted a
debted s. 600 must receive 1t from me- Bnt as not
one u thousand Of my creditors would receive
1t from NE, it is no longer currency.
besides, the qaestion is well settled. An &c.
acknowledgement Of money received which vas cur
sboad ReIssss n afd tTS o1 n
sustained, and all would be In chaos. IN relation
stands thus: Depositors say that the bankers havo
broke through It by refusing to sell exchange.
Bankers say The merchants hare broke through It.
she psnE s and 7 the Il lsS Is
Of currency (under the agreemeut} he witharaws
snd finds he gets only tho meauest kind Of the
fnIds which he deposited. Now the banks arc In
the screenings Of the currency There Is only one
course II the banks cannot pay current money
lot them GO into liquidation. DEpos1ToR.
The remarks in cur last 1ssue to which reference
Is made in the above letter we're intended to lus-
trate the principles on which settlements should
be made between bankers and depositors rather
than &pp]y them to any particular kThe first
thing to be done Is to find what is exactly right,
and then each one ehould hare the manliness to do
ttpsompt1y and cheerfully, In come cates 1t may
be right for the bank to stand the entire loss, In
others it should be divided equally or otherwise,
and in some the depositors should stand ltaI
One thing is certain; II depositors can force tho
banks to pay specie or tpecfe funds for deposits
made in 'sstump-taiE" they must 60 to the wall
After three years lausut, that Is all depositors
can get, for In this case the old adage applies lyon
can get no more of acat than her ekin'' Whether
such course would be profitable, it requires but
little fagactsy to determine. In brief VIC again
urge, that dcrositor and banker mutually cudea-
vor to lud cut in an honorable spirit what is cx-
ncJ right In their particular case, md then do 1t
cheerfuly aud at once, II possible let law-suit@
be avoided
Messre. E. 4. Willard 4 Co. will gise over New
York exchange at par, III sums Of one hundred dol
lars, for gold, silver, Eastern, Ohio. Indiana,
Michigan, Iowa, Canada, Pittsburgh, Philadelphia
and Jcraey currency for this day.
TIE GRAND Trunk RA1LwAT.-Traf1c state
uent for the week ending May lib, 1861: