, 1865-02-28
FINANCIAL dNB COAARkelAL.
MONETARKs

MONETARH.
MoxDAr EVENING, Feb. n, 1H8$.
Tho leading topic OF discussion In monetary CTR
cles- at present. Ia the extraordinaTJ dEmneas
which gold h4s maintained in tho lace Of the re-
cent Federal Victories won by Gen. Shezn13T 3The !
dtclipc hxs been hr less than Was expected, even
BY those who array themselves against the Gov |
ernnent Columbia, Charleston and Wilmington |
have MI come under The United staiea dag, and |
gold has declined only from 90A to about a0o- |
1fnc. 1t fell one dsy a low Is 1851, bat II BOOB
rallied again to o, and for several days It has not
varied more than from TINT quotation. At the |
East, where money is unusually abundant at pres-
ent, the blanc Is gcnesslly laid on the Govern |
ment, because or the amonnt of currency a1oat
But an examination OF the actual asures
will demonstrate the fact that the Government has
not increased the issue OF Tfeasury notes for sey-
en- months past more Than e,O00, TOO. According
to the report Of The Secretary Of The Treasury.
there we're aoat In legal tender notes on the Soth
Of juno last 84s1, ,179 Go, and on the 31st Of Jan
ua1y last this amount had only been increased to
kt3o, $50. From this, 1t will be seen that Mr
Feaeenden, II be has done nothing else, has won
the gratitude Of the nation by putting stop 10 tho
issue Of legal tender notes. It IL also proper to
state In this connection that there has been no ms
tersl 1ncrease Of 5per cent notes, and these axe
being rapidly retired by investment IN the Seven
Thirty Loan True the National Banks are increaa-
ing at the rate of three four millions per week.
but large proportion Of this Is taking the place
OF State Bank isaues, which are being rettEed-so
that the increase to our currency Is really Lighter
than at any previous time since the breaug out Of
the rebellion At the same time, it Is trne, that
the amount OF currency sfoat should be decreas-
cd as fast as possible. To this end we hnse advo-
Gated the taxation OF State bank Issues, the pas
sage Of law prohibiting any further issue of
legal-tender notes, and the amendment Of the
National Banking Act, 80 that dishonest bankers
could not increase their circulation bya fsudu-
lent Increase OF their capital Az gold declines,
there Is less need Of currency. for all values de-
cline with H. and merchants and manufacturers
require 1e2s. 1t is therefore important that the
subject Of reducing the volume Of currency
should continue to be agitated, for on this the
| prospekiE Of the cotnhy Is largely dependent
| But in83l do o,Kood 10 rail at tho Secretary OF
the Treasury and accuse him Of doing That OF
Ehlch he IL not guilty Congress has the whole
f9ter in Its hands. II they will provide. BY tx
b, means with which to carry on the
! Government, tsx State bank = Issues, xtap9 &:
throw additional safeguards alRnud the Ne
sabsolutely Impossible for bankers to initiate their
circulation illegally, then there need be no fears
| OF superabundant currency. When all this has
| been accomplished, with moderate success to our
armies IN the deld. gold will fall OF ttA OWL
weight; and tho efforts Of every sound business
man ought to be directed towards this result
There ia one point, however, connected with the
apparent slperabundauee Of currency, which
Enste.n Journalists do not seem to- appreciate. It
is this: Atpresent the great voluns Of currency
| is at the East and almost the entire hogcrop Of
1876 Is in the West. As soon ID navigation
opens the pork will 60 East, and currency will
| come West, where It is now exceedingly scarce,
This viii not reduce the volume Of currency any.
\ hut 1t will keep It from becoming stagnant as it
il at present III the East
The inonsy market continues close md st1in-
] gent The bankers still complain Of i reduction
| OF both city and country balances, and with
drawal Of large amount Of currency from the
recp1as ehpnne(s of trade for Investment In secu-
rites. There was good inquiry for money at
Il the various discount houses but none but the
very beet customers were supplied. even meagrely
| at the usual rate--teu per cent per aunum. On
The street, rates we're firm at l}9si per cent per
month.
!: Eastern Exchange was In fair demand, and un-
der limited supply, the market ruled shade
h1mer, at par buying, and premium selling.
Gold vas a shade higher to-day, owing to ra-
mors that Lee has gone South with 4 portion Of
bis army, to make a connection with Beauregard
and Hardee, and thus overwhelm Sherman. II
opened In New York at ECO, declined to 199f, and
closed, at p. H., at e01. THE following are the
quotations. telegraphed toJas. Boyd, gold broker:
1l:00 .. m....--.....199t 209 p. ua....-...--,20t
1l:3o g. .2004 SEQ p .20if
1s:0O m........... .200f 4oe p. N. ...........A1
Here the market opened On the street at 19a, ad-
vanced to 1884, and closed steady at tina: quotation
On the Stock Exchange at the morning. session.
aales were made at 1as3@199, and IN the after
noon 1t 100 3200f. .-..
Silver remaine dull and nominal at saA1oo.