, 1865-02-08

utls Ing EoIQ market opened nral ht AZ, rallied
to 915 declined 10 40, and closed At 21odbs11 The
aa1ea were rery heary. Silver Was nomlns1 At -
G.o0. Ffve-tWenty bonds were firm at 19t buy.
Ing and 1921 sc1ltns. Ten.tor.Ies, 101 buying, 1G
selling.
Thirds Cincinnati 0etector con,atns the fol.
lowing paragraph, Which assumel to give the
mode Of starting National Banks and extending
their cIrcn1aton:
4 bunk ts organized with a nomfaal capital Of
$500, ,eo3- The sum Of SO, 900 is subscribed and
paid H.. This Is invested ii United 5tates bonds,
Ss0,00o in currency Issued This is used Indirect
y for purchasing other bonds, aud further In
stallmsnt Of $500 Is obtained In csrrency. This
currency ]. received, md SO or al tqaai1um Thus
the bank (natonal) )has, on bona Ids capital Of
100000 secured md deposited bonds to Tho
he amount Of Pnt the.s together, md We 70
have $515, 900 standing On sl00000. Now LOOK at
the profits Interest on bonis, equal in currency
$14,ci0; total, s52,&ol"
Hthe above was corrsct representation Of the
manner In which S1t!onal Banks extend their
circulation, the pcrpttuatlon Of the National
Banking Act would be nothing more nor less than
\ scheme for the propagation Of !" Wild Cats" It
would only be repetition Of the syBten OF bank
ing which prevailed IN this State at the breaking
out Of the rebellion, when about fourteen milIons
Of dollars OF uotes were aoat, without capital to
redeem. But the National Banking Act has Sec
lion which Ia intended to prevent Euch state Of
affairs. It is rs follows:
*'SKo. 81. Ard be Jurther enacted, Thatno ar
pledse rhypothecate any Of it's notes or ciccula.
uon, Tor the purpose Of procuring money to DO
Psn Paidn IN On Us capital stock o. otherwise; nor
my part thereof In any manner OF form, to create
or increase Its capital stock."
According to this, no National Bank can in-
crease its capital BY the hypothecation OF ta OWL
notes, and in Section q Of the came sct 1t il ex-
preselg stipulated "that at no time shall the total
"amount Of sueh notes, issued to any such 1880
citation, exceed the amount actually paid in of
Its capital stock.''
At the same time, ne fear there is tno much lat
1tude allowed sharp fnsncicrs, who may be dis
posed to get all out OF the Law they can aud 1t wifi
tako all the shrcwdness which Mr.. McCulloch pos
sesses to watch them. It wouId be we'll for Con-
gress to pass IN amendment, BY which it would be
impossible for > bank to "whip tho dovi1 round
the stump" in any wsy.
Tho following circular explains itself:
TarAsURT DEeARr1EHT, January %, f5a5.
I hare this day appointed Mr. Jay Cooke, Of
Philadelphia, General Agent for the sale Of Gov
ernment Loans.
On and af!cr February i, pro1imo, be will re-
ceiye yonr subscriptions to the ! 3-tt Ldan, pay
Ing your commissions from that date, and arrang-
Ing with ion all details Of settlement
iou will forward to this Department. as soon IS
practicable. your account for com G,1ssons, to and
including 3lst instant n. P. FEssESpEN,
Secretary Of the Treasaiy.
Mesars. Preston, Willard & Kean have been au-
horizcd ty Mr. Cooke to net as aeenh for the
|boEe loan in the West They will allow com.
Mission 10 dealers, and will receive one and two
eas& per cent notes with accrued interest At par
No legal opposition his been made to tho pay
aent Of the January dividends on the Eas Stock,
$ was threatened. .
In New Tork commercial paper sells ut
s<e1a per cent. The Epealag Post ssys: 1.-THE
ow Of currency from the West continues, and Of |
apltal there ia IN Increased accumulation In quest
temporary Investment"
In Boston the money markets. we'll supplied |
nth cspital, and the demand Is hight. Borrowers
call are furnished with all they want On subetan-
al collaterals at per cent The Post Says;
Capitalists agree Inst the rates Of interest csn,
OF very we'll be lover, and maybe higher. an thev
refer short loans In order to keep their funds M
ef control, and Immediately available in cass NJ
" advance in theiE loanab1e Value, from anv
anse. Frtma sixty day notas Wero passed tn the
lcet Today at seven and halL"
Luther c. Tibbetts, q member OF the New !
ork Com Exchange, who has been before the |
'urt quite frequently Of late, has brought a enit
= defamation Of character against sixty.fon.
enbe1s Of that ASSOCIATION, claiming ont nil