, 1862-10-04
FINANCIAL AND COMMERCIAL.
MONETAEY


The demand for money continues active, and
rates Of discount firm at 7@1o per cent. A ND.
iorit5 Of transactions are made ut the upper uers
OF near it. Operators do not stand for the rate Of
discount, II at or inside Of the legal rites when
they are sure Of making IS nice thing' by an in-
yestment.
The shifss practiced by the Financial frater- !
1ity'' are varied atd curious. question IN rel4-
ton to new dodge Was recently submitted to |
two Of our leading bankers and their decision Is
Important to the bueinees and financial public. |
The question related to tho meaning OF the words
sin New York Exchange The decision WAS as |
follows- |
ave are Of the opinion that the term "Rx- I
TIE n yas 6etTfsn
to which the MONEY Is to be remitted.
ave are further Of opinion that the term Ex-
md eonsequentiy tie tender Of 20 draft IN Bay
mcnt Of note payable in Exchange or - with
E1chargen ts payment, but that the samo is par
q reasonable price for the transmission Of the
money to the place In whose faYor the Exchange
The practice which gave rise to this decision.
may not be generally understood. Notes given to
Eastern merchants and manufacturers are often,
perhaps, generally made payable "wish'' New
York exchange. The custom has been to pay
notes drawn in this 1nanner In currency with the
'4current" rate Of exchange added. The new form
of writing the note Is to make 1t payable fn''
New York exchange. Hence parties haye claimed
that tender OF draft on New York should secure
the note to the maker. But 1t is plain that the
| bank holding the note for collection must have
right to Judge whether the maker ofthe draft is re-
tponeibae for as soon the bank here accepts the
draft III payment Of the note a the indorsers on it
sre released from responsibility, and If the draft
should be diebonoted it Is clear that the bank
| ceiyiug It must loose the money. OF
course the Justice Of the decision in this view Of
I the Case, caunot be questioned. The leading
banks by courtesy receive each others exchange
in payment Of notes but the right Of each one to
discriminate as to what and whose drafts they will
receive cannot be questioned
The price ofN. T. exchange 1s not uniform. Some
Of the heavier banks will only take it at Il oil and
sell round lots at par@1-10. Others take it at pa1
and eel at u premium The rate on collections
as usual, lis 4. As an index to the amount Of bu
siness now doing, we mention that q jobbfne
| house in this city bought drafts on New Yosh
from its banker for $4,000 In single day.
In New York gold was 22k premium. Here II
| xas steady at 1@N15, the lower being the cur
rent figure.
Old demand notes were 1s@19x in New York
hele Lne p..~e "oe ]oss''1s' '"s 'o"sA DetAs LILY
more usual buying fate-
Eilyer was bought at t4@15 per cent premium
| sRE,rs erAnps CANNOT BE HAD IN sEAsoH. nov
. sHALL VIE MANAGEf
, (Ftom Thompson's Reporter.1
The government, the party OF the first part, be
fng1isS1nr ~ them il the ftrst Seljnone2t Nu III ~
to ,innea M ahei1o from fhe nains snT rsne1ti.
70! ns Tb{s IA cnmmopp pI law a1d tnn1at1a,
), sa,sc.
49, =. ,n IN t..to, r.. +ha ,>,o-,, .+ d.
fa General pr5ncpie ay turther than ~ crcn
e.[oea n ta41a abrm ~ "D' 'n"n
eEuSo 49, nnt.afrea r. ehau nav draf>a o,a .,o,,r
l. se fns III ~ .tamne ~ nn.9 p s nnu snssk
a1s hsyn ad line tn naI,n the stanns r. ~
| xhs1l na-furt al surh drcnmerta fEe ,nnman
stamps are TO be had By etanping then. This
stfaa sa'oA' WILL e@'A7'e n'' os pasos'' 4fo1a pe'