, 1861-05-16
:dCNETARX.,.

hs Bosrd of Trade Rooms, over tho currency |
question. Exchange was sold at A@6. and In
he afternoon sales were reported On the street
10 high as 80. Some OF the heaviest deale rs re-
used to eel! produce for the long list On any terms
[n fict tho money market WAS decidedly pan
cky" The bankers begIn to feel that they made
capital blunder in not following the market and
seliing exchange for what it wss worth, currency /
being the standard Their. refusal, Of Whist |
to the anne thing, their inability to do /
It, haB driven their customers to the street or to
the Bosrd Of Trade Rooms, whore each has work |
ed On tho fesra and bid Against- the other till
prices have reached a7aEes before unheard Of in
the hist ,ry Of the city.
OF course the Banks hAvs done nothing during
the day. Several Of them ass In favor Of selling
what exchange they have o. can control at 70 or
Is per cent, but no concert Of action waa ar-
ranged.
ACTION OF THE WHOLESALE HOUSES ON
TIE CURRENCY.
CHICAGO, May ii, 1851.
DEAR Sue As our currency Is getting worse IN
stead Of better, ~ some supposed 1t would the
opening Of navigation, and believing the cause
signed merchants, hereby give dotiee ttat We will
not hereafter receive as money for the payment Of
demands, any currency that will not bay exchange
Ne will, however. for tbs accommodation Of
those who may choose to send 1t to N, dispose Of
Illinois and Nisco1stn currency at the best rats
we can, for exchange. allowing one per cent: more
thbn the above rate till our currency shall be al
placed upon reasonable basis.
Those Of us who signed thr Bankers' agreement
signatures were obtained with the assurance ths.
they would f1rntah NJ exchange Ut reduced and
reasonable rates for this currency, aud that It
instead OF declining, aud discriminations having
been maintained by the hankers, By paying out
e'ay the poorest. We consideE ourselves aosolyed
consideration thefollowing reasons for oar cousee,
trusting that you will appreciate our motives and
assist Ia bringing bankers and people upon an
equal footing in handling the currency.
lst We muet sell our goods as cheap az they are
sold In New York. adding frefghts. &C., or We cans
net main ain a tohbing business. IN Chicagoi
hence we must get our pay IN such funds as VII
q There il shout sa,00, 90 Of currency nov
adoat little better than The discredited WHICH
caF oa Noesstn aae axe ti
Ing notasag but Tho oortss, from which we are con-
via I'd that the hankels srs ho4raIng Aae 6est for
lhe1t own use Will throws al the riska tsdurlng
the war" upon the people.
We believe thst the people can have the 81 ,0o0 :.
01D Of good currency instead OF the S2 000O00 OF
poor, Il they require 1t, and that Exchange will
then b, not over ons to two per cent, which viii
end The currency war at oncs and give Us financial
peace and prosperity.
who eiEoed tas b.aksrs agreement ss' 5ss no s %.
Change, and large number are only interested IN
selling it, while many signed II With the best In.
| tentions, who sre DOW u tfsfed that the true
policy to create confidence, ia to reduce the crcuA.
/ lion 10 one standard a. near as poeelbls, 20
| that bankers will have no motive to asso.t. A.
bnt1ness men who desire to maintain honorable
relations with our pa ruus. we take this means o'
apprisins yo1 OF our action and the feasous there
f9r, not doubling that in view Of the facts above
stated, you will commend the wisdom Of the pol'cy
adopted by uA.
| Bowen Brothers, Harmon, Aiken 4 Gale
| William Blair s Co., Coudict. Woo1ey b Co.
c. n. Henderson d Co, Bue|, Hill & Granger.
Cooley, FasweN & Co., Il. ". HIND lie Il Co,
Rawson & Bartlett, Sayers & Davis,
Rtehs5ds. crnmbapgh Sam, Bogardus 4 Son.
Jewett & Butler, Williams. Smith Il Co.
Rurley & Tyrrell, Jas. McKtndlee- l. Co,
Savage, Keith i Co, Doggetr, Bassett q Hill
Keith, Faxon & Co, FadsWo1th + Wells.
The Merchants Assocla alton met this evenin
and passed resolution generally approving q
the above, and thpnght the time hsd come whe
no money should be taken in the payment c
debte that was not "well and safely secured"
/ :M1LwAUKAE.- Sentinal Of this mornin
ay:
There was little easing up IN the e1chane
market to day but The current rate was unchapgss
decline of X . cent fince yesterday. with th
| present liberal movement OF grain, and no Iurtht
trouble !. anticipated With regard to our currenc
tendency in The pIics Of exchange. The denaD,
at present, - fnlly equal to the supply, but that
/ not likely to last.
Thers vas no change in nncurrent money II
| Blinds. This notes OF Illinois Banks, current
Chicago, are taken by few of our bankers fro
customers at per cent. discount.
New YORK BANKa.-The fo;lowins ia the +