, 1862-05-24
FINANCIAL AND COMMERCIAL.

FINANCIAL AND COMMERCIAL.
!; MONETARY.
! i !. FRIDAY ErRSMo, May g, tesa.
'F1naucta1 matters scarcely afford one single item
% relieve the stereoyped dhl1nesf fton day to day.
The hanke cannot get . tithe Of the Kind Of paper
they would like to disconnt, and hence 1ax,6
amount Of. capital IL lying idle Good occurred
piper can placed outside the banks at 10 a cent.
int reat; commissions In many eases paid by the
lender. Tho make,s Of first class paper do not
eeem disposed to operste, end IN epite Of the
anxiety offenders to obtain good securities, asyet
only No is accepted. Capttaltsts, with the cxpe-
rience gained within the last few ,ycazp, wisely
prefer yield N the rates Of interest rather than
upon the character of the loans they make.
New York Exchange IL In ta1r request, but the /
supply is ample. The leading bznks will seldom |
pay above par, and - heretofore, panD1f aro the
buying rates. The current selling figure Ia n, with
concessions Of ANAL fraction by the hesvy
houses, On zound lots.
: Gold Is aEmer. The buying price ID sper cent;
selling, sK. The amount changing hands is susaI
AnwAuKzE.-T ssnstneg Of thla morning
says:
Affairs tn;the, money market were unchanged
yesterday. E1ehange steady 81 par buying an3 *
prem. eelling.- Money In fair demand and easy 1t
the legal rate Of interest. We quote:
ss::; S;:::s;; e. 81 q '':
Coua71BrE11s.-1here are said to be counter
felt t'e On the City Bank Of oswego, and on the
Bank OF Tioga, New York. Ia the latter the name
of the bank On the genuine bills La green and red
and on the counter1eite white tinted Bills are
also being circulated Oh the Clifton Bank Of Cans
da, "busted'' institution. Counterfeit So On
the Merchants Bank Of Norwich are about.
CouaTKRFE1T MoNEx.-La Crosse papers COM
plain that their city is flooded with counterfeit
five dollar bills on the State Bank Of Iowa Busi.
ness men ah0u1d be on the look out for them up
this way.
Look Our FOR HTHKM.-Counterfeit fves on the
oakaIooea Branch Of the State Bank Of Iowa are in
circulation in Muscatine. They are exceedingly
well executed, and calculated to deeeiye nine per
sons out Of ten The paper on which they are
printed ts eight1y inferior to the genuine, and the
whole bill dim-the lines not being 50 fnly de-
developed ae they should be-. Otherwise, tt Is q
jac Sinaie OF the Eimon-pure bill.
The following able article from our correspoa-
Bu1ionist eustains the Views 50 often reiterated
by uR viz the necessity Of taxing the debt cur:
rency OF the banks out OF existence It is not too
late for Congress to save us from the evils which
are eure to overtake the country il the banks are
! permitted virtually to Issue "promises to pay
| al infni&un:
FINANCIAL EcoNoMT.
find the following remarks In the monetary ar.
| tfc1e In your iasue Of tha 18th iust stTreasury
notes ate now % good 81 gold, anl the people ale
| anx5onsly looking for more Of them. They must
entirely throw ont Of circulation IN the Vest the
is now forced upon u.s." Let me say that, unac
compsnied By taxation upon the dsbs currency o
tax to suppress the bank currency, they would ac
coHapleh the greatest reform that was ever made
in the financial economy Of any nation On ths
1t WIS mistake to add this Government paps1
to the Pre-edstiDg mixed currency. To supplau'
the bank currency the Gov IN mt paper would be a
Con- ~ 10 Rd apen
lease their loans from the crfpp1fug operation O
demand liabilities Of their % oHn @ creation n tictt
and lend at profit, without embarrassment Hk.
the savings banks, any amount Of circulating capi
eapa o h e
leeh than ten times the FUN OF the currency, thei
, loans would unqusstionahly average ten ttmeat tn
bankers could do this business as well as charterc
cause the principal Of monopoly is . hIndrsnee t
Me Masters
the situation. and with eprestIge ofa charter
an organized capital appropriated to banking
Z %a pr pe
to Teh ns security
present system gives to one description Of capits
: aIoyaltE By an immense unnatural pressure {
E ton to Command capital, SO tbat he borrower
+ money, or Of the mere promise to pay money.
: obliged to furnish stronger securities than th
!. abnormal, i is prepoaterons Capital is capita
aud it you'd be as easy to borrow it in one shal
Is az a1gther, nndeE normal honest currency 81
]. the bankruptcy, 20 inevitable under the Prese1
), eysttm would he swept away .
j, | Everybody discovers the unusually Large propo
tion Of cash sales in the 11ade Of the loyal State
l. and the fall IN the rate of in crest recently. Bol
e owing to the United States paper currency,
circulation Of which re1eases trad and the 6an
4 IL the necessity Of 1unlDg in debt to cssato i
j. usual currency either Of notes or book cred
Is Which coppe1s Gales On credit 1t renoTeHa prs
1t iFhet the vent Of capital which is the rate Of
o. terest, and were there no other debt currency
t. use tapital wenld 20 begging to the aoyesnme
G. mum, or less In view Of the public debt 10 ?
the cost Of the war. and the ransom Of slayes, Il
f f. It ba4Ssn o. y, ea2
o. with he financial syetem OF creating currency
z. debt banking. and it would. give, 10 all eat
|
r. tage in the rate ofinterest that other nations ha
q, long possessed in the employment Of capital. r
" reader nill observe that money always runs a,s
"a away from California to the Atlantic States a
Of from The Atlantic etazea TO Europe, because I
chearness Of money ia equivalent T. to the deafn a.
NJ commodity q gold or eilyer, that money circnla
~ ~ in international exchanges, When. therefore.
% 9he country. cunt land and einE 80 auca eapisa!. Il
p- aepresfaiie snd ioes e e.pitsl f deet bank
gn bank. from manufacturing currency IN excess
en the natural fpecie measure unless It BE- iaxat
npa pe1ee9y os Rs he
at tsl specie measure, and thereby confne the o.
'@ % Which tie VA valae Of money would be regulates
naturally as ii the currency were exclusively
md ta1lic, No du1y Ia more plainly required Of
gtets in the Consultation than this Of regnla'
We can only estimate the currency Of the Il
= States at rseeent, The t51e ~ mercy @ meaanr
ark The Border states loyal excepting Virginia.
aA ~ have oDl, SEQ G0 go Of morley leaving ma
M Of az! 9o GO fof Treasury kotes to etfcnlat
a lend to theGorernment on its Demand Notes y
onst interest, easiug to ourselves at the came Il
ESD :" lie 81 B.nrs oGs oSI capital aaned On
ps SEA- oQ0, pof fiction, which they supply By kit
bnt iaxes on 20 much public loan and the csl
l TeeH Nn1Cn IL Cb0t110Any At}AE iuxCtH 6DfUas
the e1cees over the true money measure OF the
our cula11ng medium which Is manufactured BY
verting debt into currency. But the place wg
for tbiR three hundred and sixty millions of Cl
Safes Demand Notes IL Aned By tho notes ana
siti us "depoeite'' Of the banke. so that 9
r.. dollar Of the TreasuryD Notes il forcing
OF the Country . corresponding dollar Of captt
real money and IL a pure 1,:ss. This is the c
4no | of the tnc1ea-tng export Of gold,
m tsinty. and without harm to the banks, by ia
their debt currency ont OF the way, so aa to
.h the channel Of circulation free to the Tfeasur,
This same meaTs' chanee the frafac ia merchat
Fork voluntarily from the 90 called credit 8ystes
IN sales for cash. and reduce the current rate {
tcrcet 10 3per cent. per annu1n. Nob1dy IL OBJ
to buy or sEn goods on credit. or 70 make 4
for bank discount, to bring this national curr
into being. OF maintain It. Such currency
outh Independent Of banking. and hae as little ten5
uron to create debt among traders In the exch
and Of commodities or to rRee the rate OF fnteEe
!. money itself. The only defect In it. is that
trees not capital, which NO currency 1s OF can o@
and ctptlng money. ana. therefore. nol1laoats po
,fnp | en much the less Of capit4l or working VIC
49, | otherwise 1t has al the efficacy Of money.
iptsrument for borrowing capital. 1t fsperfec
Secretary Chase has recommended thia me
1stsr Of 1ax1tlon to Congress. 1s there no mem1
'8sk, | that body economist enough to understat
inity to the nation ut this juucture remains en-
Sun neglected., :: BULLION
AZ
COnaMERCIAL-,
ID to
ttton- 'As"-e0e may %as
nben nxuKuTB ZOE LAST rwKNET-FouR HOUR