, 1861-07-22
MONETARY.



In money matters this has been very dull week.
Scarcely any variation could be observed In the
rates Of exchange or in the supply and the demand
for money. In the channels Of general business
1t is scarce; but there does not seem to be many
borrowers tor the reason, perhnps, that those who
can make first eiass paper do not care tn operate
ard those whose credit IL not first rate know That
1t Is useless for them to try to borrow money. As
heretofore stated there IL really very little eurpus
capitsl III The city that can be borrowed on anv
terms. Most Of 1t has gone out of si.llt in til.
crash Of cur Illinois currency
There IL one class Of securities which dogs aot
seem to be affected by the strinsency Of 1hc tines
we mean farm mortgages. Tn thee the interest
IL promptly paid. We were shown 1is. vs.terdsy
Of severa! sc"rt Of iflt1eut loans to far:ers. On
which the interest was due July 1st and in a}.nost
every case twas all paid. This kind of loan has
not been in favor with Chicago capitalists; but
certainly for safety nothing can be better IL the
case we referred to the gentleman was AL agent of
Eastern capitalists.
In exchange ne have nothing new to report
For Iowa. Indiana and Ohio State, Blnk= charse
per cent. premium; for Eastern Il. Outside, the
price Is about A@A premium for currency, and
A@H per cent. discount for coin.
JrDGEMAslEERE's 8 DEc1s,os,-E;seyherein In this
Issue We present in full lis Hon. Judge Manierre's
decision, delivered on Saturday Ia the Circuit
Court Of Cook County in the case of Silyerman
Is. Rosenberg & Rosenfeldt, all names we'll
known in our business community. The plaintia
as banker received the depoeits Of Messrs. r. &
r., the parties having signed the mutual agree
1nent to receive and pay out the bills Of our Iii.
cois banks as currency. "Stumptail II died, how.
ever, and these depostors brought suit in the Cir
euit Court against Mr.. Silverm:n for balance of
their account with him. The banker d1ed his bill
In the Chancery side Of the Court, to enjoin
Nessr.. r. & r. from further proceeding in their
euit. The queation OF yltsi interest to a large
share Of our business community ae to the right Of
bankers TO pay over slfke funds 81 tr currency or
cDin, came up on demurrer, and called out the
learned and able opinion Of the Court, given in
our extra of Sunday.
The substantial points decided by the opinion
are:
list. That where deposits are made with bank
cr upon the express understanding and agreement
tlat the amount shaH be repaid in q certain kind
Of deprecated bank notes, that in that case the
banker IL liable for the value Of paper in which
he agreed to without regard to the value Of the
tlls actually deposited, and consequently in such
Gaze has no right to demand account Of such
Ealue with view to reduce his liability either at
lsw or in equity.
Cd. That an agreement for the delivery or pay
Mt Of deprecated bank bills Is in substance like
agreement for the sale of stock or goods, and
ccurt Of equity vii! not take Jurisdiction of it
for the purpose Of specific enforcement in the ab-
scnce Of special circumstances calling for the ex-
escise Of such jurisdiction to prevent failure Of
justice.
Sd. That the relation Of baEker with his Gus
tcmers is simply one OF debtor and creditor; that
.. ordinarily the law implies an agreement to pay
! current funds on demand for all moneys received
and credited III the usual course Of his business;
though parties may deal with each other upon
different basis, and whenever they do so the lar
=; will respect and enforce their agreement.
THE ArD1ToRs OFFICE. -Dispatches from
Springfield today report that the Auditors Office
is not closed, as stated in prvate dispatch pub
li-hed on Friday morning. The dispatch was
! handed TO US by person whom we supposed re-
! sponsible; bnt it Seems tn 70 was some miat AXE
; or lie about it. we know not which.
! ILLINOIS CuRREScE.-We call attention to the
card Of Y. II. Ridgey i Co., Bankers, at Spring
/ field, ILL.,, showing the rates at which they have
accounted to customers for Illinois currency In
New York exchange. The facilities Afforded bv
their clearing house enable them to make much
better returns than be realized by selling the
currency. Packages can be sent to them By ex-
press, for which exchange will be returned by
mail US soon as 1t il converted, Or the proceeds
Will be transmitted in any way that customers
may direct.