, 1863-04-25
'Ut)ifogo @ribn11e.
SATURDAY, APRIL IS 1868.
Guat1p pHACTECE.

I
su.up pEACT.CE.
For long time past Chicago bankers
md shippers have been forced to bear an
enormous Tux upon all consignmcnts
10 Buffalo, and us at present ad-
risca, no practical remedy for the evil
has yet been suggested. As an instance, an
operator here ships a cargo Of wheat to
Buffalo, and orders it sold aAoat
or On the arrival Of the vessel.
The consignce sells it as directed, taking q
check on Buffalo bank. On presentation,
tie cashier offers exchange on New York |
at 3-S per cent. discount, and when asked
for the currency utterly refuses to hand it
over. The holder has the option Of taking
The draft Or incurring the delay and ex-
pcnsc Of q law suit So well IS this un-
dcrstood here that sight drafts on Buffalo
are taken only at halt per cent discount,
willie one-eighth 10 par would be the
ruling figures if the Buffalo banks would
pay currency on their own checks.
The immense amount Of Western pro-
ducc sold at But1alo-and the same is true
Of Oswego-is therefore taxed one quarter
to three cighths per cent. because the banks
in those cities will not pay their own
checks in anything but exchange. We're
it otherwise bankers here would order the
currency by express, and pay it out in their
ordinary business Here when our bank
crs become short Of currency they sell ex-
change to customers ut their own figures,
or throw it upon the street for the best
terms that offer.
It may be asked why Chicago operators
submit to this shave? Tie answer is that
Buffalo las become large market, and
our dealers prefer quick returns even on
the terms named, to shipping direct to
New York and besides sales there are
made on ten days, even when a cash trans
action is specified. That is. cash means
any time within ten days from the date Of
the transaction
So common and 50 glaring has this
abuse Of the Buffalo banks, in refusing to
1,ay checks in currency, become, that the
Commercial -1dctrtiser, in two labored ar
iiclcs, cndeayors to pal1iatc the odium it
has created, by blaming the West for using
SO much currency in the movement Of its
produce. It does, indeed, take s vast
amount Of money to more our crops, and
so long as the Buffalo banks are sound.
our people would as soon have their cur
rcncy as any other, always saving and ex-
cepting "Grecn Backs" From the id
1trtiser Of the 22l, We quote the following: !:
This whole matter can be summed up in
fcw words. Hitherto thu West has paid us
commission for marketing it's produce, and
has 1said the standard exchange upon the pro-
ceeds returncd. By the ne order OF things,
that exchange is s!ddled upon the East, bF
.he West, leaving us to get it back By paying
a preusiuln for it. This premium has takon
the place OF the exch?uge which the West
formerly paid as q legitimate part OF tho or
1Hr:c Il getting their brcadstuf1s to ma:lel
These considerations Of the causes and ef-
feet oi the anomalous condition OF our cur
rcncy, bring US nntnr1i1y TO the question Of u
remedy; and 1t is Of the highest Importance
that the REMEDY he both just and feasible, OF
course il will be admitted ut once by al, that
the Western farmer, or, in other words, the
produce itself, should pay the entire cost o1
lis maractilg, or if any Eastern interest
should contribute, it should be the acto,
here who profits by it. There is No reaso1
Nlg our merchants or manufacturers shou1t
pay from lalf to one per cent. fur currency
10 enable the West to receive 1o314 to 10i
cents un 2 dollar for the proceeds Of its pro
duce; neither is there any good reason WIN
our banks should be compelled to become
brokers' slops By buying currency for ths
West, OF charging our citizens premium fo
paying back money which has been deposited
No Mr.. ddrertiser, our people don't be
Ieye word Of the docrine that they mus
pay the entire expense Of marketing thei
produce. During the most Of our preyi
ous history, the West has been in debt, an
hence exchange las ruled 1T premium
She has been large borrower, an
like all individuals in the same condition
the west has been in the hands of tho:
who furnished the mems for her rapid N
astonishing progress. But she is now "a
idly assuming an independent po
lion and will very soon
able to dictate the terms on which she "
deal. Of this fact the Buffalo banks al
operators would do well to make q no
for if they will not furnish the money I
checks, it will not take many years for O
business men to find remedy against
tax Of Il quarter to threc-eiglts per cc1
upon their produce sold in that mark
The Mississippi will not always be clos'
and the St. Lawrence route, ct some po
in the no distant future, may teach
Buffalo sllazpers lesson which they II
be sorry they did not sooner learn.
least let the banks Of that city par tt
debts, in currency OF in exchange, at r
Every dictate OF honesty and fair deal
requires that