, 1862-05-20
MONETARY.


MoKpAY EVENING, May19.
The week opens without any marked improve
ment in the demand for money, and transactions
are more limited than Is pleasant OF profitable to
bankers. There Is still scarcity Of grain vessels,
which ne tr1st Will be soon supplied. There ts
more currency than ts wanted. Good bust
ness paper Ia sought for at the usual 10 per cent.
Exchange remains quiet. with supply fu1ly equal
to the demand. The railing rates douot ya,y-par
buying; X selling. Gold. 2N buying; 8 per cent.
premium selling. The demand is Light,
CouH11RTE1Ts. - The West fs flooded with
Eastern connterfefts. and 1t behooyes our friends
to keep sha1p eye On the eastern currency which
may be offered them A day does not pass in which
ne do not Ree notices IN our exchanges Of new
counteTfalte. Two from Connecticut are on their
way West, having made their appearance On the
zoute. They are On the Thomas Bank, Norwich.
and On the Middleton Bank
Wild cATs.-Bnls Of the following banks,
which are occS Ss:ona1ly met with In bust.
nees circles, it Rhou1d be understood are
Wild cats Of the most treacherous char
acter: Clifton Bank. Clifton, Canada:
Real Estate Bank, Delaware; Bullion Bank, Wash
tngto1 City; Consolidation Bank, Philadelphia;
Union Bank OF Columbia, Washington, D. G, In
the right and left hand upper corners of the last
named bills are portraits Of Buchanan and Breck-
fn1tdge, which Of course ehould copdemn them
without further knowledge Of their character
ST. Lor1s, ALTON s. CHICAGO oRAunoAp.-Week
" statement Of earnings, from May sh to the 15th
inclusive 1862:
Passengers. .......,... so,ss,s7 @ a,sas assa; !;
s1eaIis. ae,Es 80 ..-'.- .....-.1o,5e2 g u,Ss5n
Total: .:::..-......-.-...1s,e .1s,e787a 2o,7s 50
Toa VII n 11ant aen1 - i,;s 1927
Total since let January ,.e5sos414 $40, 1851
M1LwAUEBx, May i9:-Last week closed as IT
commenced, On an active money market. as the
Statistics Of the weeks produce trade, which
demand for money was SO heavy that for the most
Of the week scarcity Of currency vas felt; bnt
the Decline in exchange Increased the supply OF
eastern currency t. euch an extent as to make the
market .compatatively easy towards the close Of
the week. The current selling rate Is q per cent.
premium; but the banks sell freely to each other
prem. We quote:
snss,s Ssw fork Exchange 4 K, 81, Dis d. @ 4@X prem
ffPeass fpeasa,y Notes 9& P5e% Pfe% pFsm pFsm
CINCINNATI, May 19--The Cincinnati Gazette
Of this morning Gays:
MONDAY a. m.-There was q better demand
FOR exchange on Saturday, aud toward the
previously checked as low as IS, and one at
r., The The bnying rate remained 1ua at par. IN
mostly refused to pay over premium. The
selling rates we're nom!lnally. a@3K premium;
Thste Das aea5esy inquiry The coin that
mercantile channels. we heard Of two lots
Of 81 @esR sRd a. anqeef tn
chand1se. In the money market there was no
change. Capital, was freely offered on call at
large, and the employment for it comparatively
limited The ruling rate for good paper Is 10 per
cent, hut choice Paper can be placed at lower fig
quotations fof exchange and coin: New YorE,
* 'i Prem r. asning, Sas4 s prem Prem. ''A'' 0's4 -
THE Planters AND UNION BANKS OF TESNEs-
EEE.-The Nashville (Tenn) Dispatch Of the 9th,
says:
The stock Of the Planters and Union Banks is
own Owned mainly M BY Northern capitalists. tegether
week or two since, that a number of the stock
holders had in contemplation the calling Of q
| meeting Of those interested in these banks, for
the purpose Of derisng measures for putting these
institutions again in successful operation. We
hope if ench an idea has been entertained BY the
| in the present condition of monetary afairs,
these banks could make profits for the stockhold-
cri. ts question which the manages Of those IN
stltutlonR arc alone competent to decide They arc
prudent, discreet men, and tn think it would
| be safe to resume active operations We should
contde Y their Judgement. as we doubt not the
Our currency has become greatly deprecated
unnecessarily, as we be1ieTe-and come effort
what amount Of circulation the Planters aud
| Union Banks harc outstanding, but Of this We are
sat1sfed, they are amply able to redeem every dol
lar they have out whenever 1t becomes necessary.
There is, therefore, no reason why their notes
should be at discount Of from Is to 80 per cent.
FEpERA1 CURRENCY AND FEEDER Y SECURITIES:
The Demand T1casary Notes which are dated
are receivable for all public dues.'' This fact
appears on the 1narEin Of the note.
The Demsnd Treasury Notes which are dated
March 10th, 3SG2, are not receivable for Custom
Honse dncs, but are fuDdablc into tweuty-yea,
6per cent stock: but the stock Is redeemable at
tic pleasure Of the Government any time afte,
five Years. This fact appears on the back Of The
note.
The 3.1o Treasury Note bonds arc fundablo aI
the pleasure Of the holder ut any time np to tht
day they mature. into an absolute twcnty-year
per cent stock Or if the holder elect, he can takf
The money at maturity.
| The abs0lute twrnty.ycar stock iB called United
Statee sixcs of 1881,
The stock into which the Demand Notes datci
Mach 10th; 1852, are inndable, Is named BY Mr.
Secretary Chase the Cnites States $50 sires. Ths
mean!ng is, that they hare fve years to run, ant
they may Tun for some indefinite time not excesd
The Demand Treasury Notes dated August 10Th
1861. will continue to hear premium, being tht
only money, except gold, thar Is 1sable at tht
l
MUM on them will be about equal to the premium
on gold, whatever that may be.
From theee data it ia easy for any person tt
make up their mind what the various classes o
Federal securities arc worth, when paid for in lc
gal tender Treasury Note currency; or in Bau2
currency. which is convertible into nothing bu
We ehail elncidlte b. saying that the legal tende
money is PAR. The $40 skies II being obtainabl
at par with the sgai tender currency, cannot rist
| bnt brokerage above par, and accrued interes
| added.
Then the question Is, how much is an ahsolnt
twenty year 6H cent. stock worth more than
6R cent. stock that may be called In at any tim
! after five years!
The $40 Treasury Note Bonds will earn durin!
the 214years they have to run, 8 y ct. more inte
reft than the q Ct. stock They are then wortt
that 3 ct. more than the skies Of 1851 and tn,
privilege Of taking the money absolute twcn
y year stock, is certainly worth something in I'D
| dltion.
We have canrnssed the merits and demcrfts c
OF these Federal Securities with many of the hes
financial intelects IN the country, and the follow
ing is the verdict of the jury:
Legal tender Treasury Notes, being the
Q: Is. $40 eixes exclusive OF earned
interest ..s,,-.---;-.;--- -::-----..,, 1oo@10os
Z. S. 6's Of 1861, exclusive Of earned
interest. ..................... 1o6@t07
T-3D Treasury Note Bonds. 11O0111
[Ihompson's Bank Note Reporter.