New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1866-06-16
provided further that the act 10 which this Ia amendment
hs continue IN force IN all Its provisions except as modified


sha continue force In all Its provisions except as modified
by This ect.
Treasury shah report 20 at the commencement the
next session the amount Of exchange made or money borrowed
amount and character Of Indebtedness reod uncer ms c
and the act TO which this s an amendment VITA detAea
statement VI the expense Of making sueh loans ana Acn
Under Ills act the Secretary has the power TO issue for
tyyear SIC per cent geld beang BoHd with which he can
fund enough compound notes and Other short currency debt
to have decided influence upon the food ofeure1y which
now demoazes business He cannot expect to have an
easier money market than awaits him, nor the more
favorable opportunity 10 distribute series of bonds At
acve to capitalists alike by the rate of interest and
length Of tie bond The rate OF interest to be paid upon
bonds enough put out Of the way the short currency
dobt the Treasury object in comparison TO the adVan
tages be obtained by making some earnest steps towards
specie payments ana Of getting the Naiona GeOt Whcie
il can be reduced from the surplus OF income III ine
years. The moment Mr.. Mccullough commences TINS
imperative duty lie will DO seconded by the people, who
from spectators will be changed to producers Of wealth IN
all forms and upon which the credit of the nation will rest
with security wanting in great degree The paper
bubble must be pricked and collapse at some time, and
fewer sufferers by change in values from paper TO sod
viii be found than al any future day. lie is eaiea
upon the manager Of the finances, in the interest OF 'he
solvent and laboriDg part of the nation 10 get
the debt in order aud the currency back 10
an equivalent of gold with the smallest delay.
The extent TO which the circulating money has been
inflated during the past year is not generally compre'
hepded and can only be properly understood by compar-
ing the amounts in june 1865, and now The cur
rency in galtcnders and National bank notes compares
as follows: 100 ,eoc
Iegeircnders ........ SAB leQUV9 SigSVND wv
National BGEE NOES. 1875 $4,000 217W@uOO
- - A., ooo Se7oWwnD
Increase .. ............... lIO.5E. 90
The changes have been decrease of 81 o0coOO oflea
tenders and an increase Of $l42 1900 Of iTcdocnae
notes issued by constitutions scattered about The
country This currency fills ever avenue Of com
nerce aud has become for want Of an ofheHnt system o
redemption, a burden upon the banks oi lLo Au"n"e
cities and recent cited where has been loaned
free Of interest for eight or ten days, TO get II return
something with which the lending bank could pay its debts
10 the Clearing House. Now currency, which can only
be got into bankabe shape by this process is sheer Wild
cat' and it is idle TO call it secured" and "redcemabo
in legal tenders when the holder is obliged to 60 TO the
center Of swamp in Iowa 10 find the issuing bank 10 get
II redeemed. Congress las a single duty III this matter
and bound to perform it, in spite Of the cutlery sure TO be
made as soon as fnances under the National system are
obliged to redeem their circulation in practical FORM Tie
power granted to circulation under the law - 100
rge and has been used and abused TO an extent which
calls for immediate REFORM and enforced contraction
down to point where, with money IN demand at legal
rates the daily redemption Of currency viii be brought 70
nominal sum. Congress should at once remove all
restrictions upon the Secretary TO retiring legal tenders
ard give him power 20 put SiOOODO,OoO OF them into
funded debt at such rate Of interest as viii secure 70
him sOO as soon as he can pntbonls in exchange
for them. Redemption in the Atlantic ohes would soon
wind up the kitine banks which foster speculation
or no If
and at an carly day thcro would remain nothing but aoyent
mass of banks issuing a circulation of uniform vale and
equal 10 legal tenders. This is what intended under
the system but it has not been realized. Instead q
this has been produced swarm Of banks using cur
rency so far from redeemable that in mpory OF
eases redemption is only feasible after the death Of the
bank issuing the notes As the abuses Of the National ss
TEN are its most profitable parts reform viii be resisted
with great energy; but Congress viii fail in its dniyio
the true interests Of the country lift does not promptly
make National bank equal TO Treasury notes IN the
Atlantic cities.
The Union Trust Company Of New-York have declared
dividend Of four per cent free Of Government tax payable
the second day Of July, next.
The Government has authorized Mr. III. = Weiies 81
the Brunswick Georgia. and Florida Railroad to rcpos-
sess the rails removed by tho Confederate during the
war; The Brunswick and Florida Railroad will now be
laid down to distance controlling the timber districts.
The traffic of the Chicago and Great Eastern Railway
for the first week Of June was,
1906 go 70 1865 10 237 50 Increase. si3 %.
at the annual meeting Of the stockholders Of the Hud
son River Railroad held juno H. 1866, the following
named gentlemen were elected directors for The ensuing
year: Cornelius Vanderbilt VIM. H. Vanderbilt, Horace
f. CLARK Augustus Schel John NJ Tobn, ID. fhos Vail,
]. H. Banker Oliver Chgrlick, Smith Barker, IT,, VIM. A.
Kissam Joseph Harker, NJ II. Sanford, John Steward
Subsequently, Cornelius Vanderbilt reelected Presi-
dent, and wm II. Vanderbilt, Vice-Presiden
The Cincinnati Gasctte Of Wednesday says:
There was moderate demand for exchange hut the market
generally heavy. The demand Tor money wfs in excess
supply and the market worked close at Od2 cent
regular houses for acceptable depOsiiors paper within
few past the Government has Transferred about e3c.
currency from the depository In this 81 the East
The balance here is something over 100000
The Chicago TriJane Of Wednesday says:
strngency the market continues g. increase
nnd both bankers and merchants complaining Of scarcity
currency Deposits have vslbiy il eD of within week,
aud the demand from Milwaukee and other cOurry
bankers continues active as ever Ibis morning tie Pres
sure great that nearly s the leading banks teeernphd
10 currency ihat may change In
the condition Of affairs within few days The rate Of dis
count she banks 10 steady at 10 per cent per annum but
street rates are firm at al per cent per month Ihe nnrh't
for Eastern exchange fat ana lower Early IN the day
largo sales made ,anong bankers at discount bat IN
the afternoon there buyers than sellers Of t0t
price Counter rateswere rregaH ranging from idi DIS
count, buyirg and par selling few banks purchased Of
l.O discount but this exceptional
close Of banking hours In view Of tho fact that
OF bankers had photographed for currency, there
better feeling the market for exchange snd rates
firmer
The movement Of Dry Goods at this port for the past
week has been as follows: