The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1865-10-18
.1mn1fnh IL G1nnlrdh.
s5es4.y 80. =, - s.a1 : oa''


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xhs Tlbsse's sonnsrsiA editors n EpaaAyia
issss furnishes tho following facts IN relation =
.s s-.s''~s' - y probable 80 2. western
The vssk slosss With probably more Stringent
money MAsk6k than wAs ever before experienced
ct this season of the ysas. Every day during the
to-day seus beaksr, II order @ n6st tAeif bal-
e9ess q the ClsAsisg Hsass, had - 1ssss 1gtsrn
Sx6hanRs On ~ nafkse shd sell - 70 pr cent
discount. Il hss been thought for some time thaa
the cosehess 81 the market the result more Of
dstsrniAstisa ON the pert Of bankers to Sontfaci
means bat this idea is dissipatsd. There II nm
douhtsdy aplactnAl scarcely Of csrreneyj and that
too On the eve n ts actfvS prcvfsionseason when
our pork and bsef packers will require large -
commeaa&ions, asd when the money MARKET Il
usually easy. But money is not scsfce IN Chicago
alone. In Cincinnati, St. Louis, Pittsburg End
Milwaukee, there is tho same complaint-want Of
money. In some respects II is understandable; fos
the markets 1t the East axs fast working into the
sa1Ae condition. fz@
True. We have in Chicago , large amount d
rruiu and other produce, butwe have often car
ried moro when the banking capital Of the city was
not half a. large - it Is now, and particular
sIrl0Reucy
or pork in store and bankers ought 70 - able
to carry every pound Of produce in the city with
ease. II they arv in difficulties now, what viii be
their condition next spring, with the entire Win
tsr's receipts Of grain and the seasons pork and
beef on hand?
Within . day u two surrsnsy has arrived here
from the East, and this will continue as long ~
Exchange is selling st . discount. In this way
the market may Be relisved somewhat, but twin
only be like "drop in q bucket," - compared
With the requirements Of the business community
during the next ninety days.
q There are various opinions expressed - - the
cause Of the general scarcity Of money; but tho
true one in opinion. it, the imitation Of prices.
For several months pss t,e .tsndescyiA values
has been steadily upward, And the currency Of the
country has been absorbed. When prices were
low, there was too much eurrsncy, bat Il Wa this
very fact that drove prices upward, and We viii
have to awaitfsr . return - ness moderate quota
tions for goods and merchandise Of all kinds, ~
fore We can again have an cay money market.
As Mr.. MeCulloch. expressed ia few days since
in his speech at Fort Wayne, the commercial af-
fairs of he country ars in unhsaaIhy condition.
It is the result of . deprecated snd inflated cur
rency. Probably the announcement Of the Secfes
tary of the Treasury concerning the funding Of the
Compound Interest Notes has had some effect in
tightening the money market bat ths maini cnuse
in opinion, is the imitation of values III over
~ sesatxy. -
1t is in IL nature Of appreciated cerrsnsy,
that the greater the supply the more urgent il he
nsre1oiU fr IN increase: aad - ft il i'm the
preset instance. 1t would not help matters TO
increase volume Of circulation, for prices would
speedily advance higher and absorb the increase,
and We would soon Be in the same condition Is q,
present
The bankers to-day resolutely refused 10 cdr ance
aingls dollar on grain paper, unless accompanied
by shipping bills, and even then it was dilcult 10
obtain the necessary accommodations. The rate
Of discount remains already at 10 per cent per
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