, 1866-11-29
FINANCIAL AND COMMERCIAL.


WEDNESDAY EyESrSu, ..soSembcr -
The notion Of tic Secretary OF the Treasury IN
Suddenly calling upon the National Banks Of New
Yotk for So Cu 00J last week continues 10 be tho
thcmc OF conversation IN financial circles. In
some quarters IL Ii severely crit,clsed, aud there
are net few who say the Secretary was induced
to do 60 by clique Of operators Euown In New
York as the s. Treasury Ring" for the express
purpose OF producing n contraction that could
have other result than to break down the Rlock
market, In order to enable the "lfus" to cover
their A. shorts " at 4 big profit. Whether .hia be
10 or not, We have no meana ot knowing. The
National Banks ate beginning to tni ont that
"unc1c Sam " Is too big deposi:or for them TO
carry, and the eooner they tcfasa to act as Gov
crnment Deposttoncs the better for themselves
and The people. We observe that oue Of tho Bal
timore National Bankt hst voluntarily given up
tho Government business and asked for tho sur.
render Of Its bonds, hypo:hecated for the securty
OF Government depoe,ts. We would advise MI
National Banks to 50 and do likewise.
The policy Of making tho Nastona. Banks bsnk-
ers Of The Public Treasury aud cussoaians nf tA~
Government money!, we bare always regarded As
imboiiic. Il is prod Of no benefit either 10
The banks or 10 The people, aud should be pro-
bahltcd by net OF Congress. The Government
does its OWL ihsufinf, aud should do It's own
banking. II fthr funds Of tho Government arc 10
h loaned on alt kinds OF eollatcta1e, let tho Sec
Treasures to carry on bankln: business tn nd
ditIon 10 the dulles they now perform. 4 sud-
den call wil1 not then cripple the banks aud com
pei the for their OWE preservation, to inn3ct IT.
jnties on the public, iur whoac benefit they were
Instituted. lit be necessary 70 deposit the Gov
ersraeut funds with the National Banks, let 1t he
done In the form Of special dcroktt-thc moacss
Ia be Put up in sealed packages. The present
e.etern Is an ibducetncnt to pycztra1]ng, fpceua-
tior and financial Decentralization, At times It
makes cheap money, but this vaul.hes whenever
sudden call is made on the banks. Money then
becomes stfipgrnt, and tic enllliernls Of tho
borrowers, hypothecated Us security, arc sold oat
without srmorso. in order to prevent The banks
from going to protest.
The New York Commercial -idr<rt1str OF Aoa-
dag eays, tive ate informed that \ memorial is
being circulated for signature. praying for thc
removal Of the Secretary nom Office, on the
ground Of .nitmanaecuent; while, on the other
| side, The SceIetary's supporters are procuring
signatures 10 conntcr memorial, praying for his
retention In cf1ca-"
Thi. memorial doubtless proceeds from the
s.bul!s," many Of whom suffered severely 10 the
I tumble Of the "fancscs" In tic late visitation
| through which Wall sircct has just passed.
| Business ut the banks generally shows ro re.
| coyesy from thc iulness with which II has been
characterized during the past week Or ten days,
! though few Of the discount houses report .
! &!lThlly N3E4EEQ Nc&u4Du 1Os aEC9A0luu1tl0H--
mostly In tho uay Of mercantile paper. Tncrs i.
| no change fu tho tone Of the market Prime pa
per Is readily pesosted al 10 Per ccnt-.host date
| harlug The preference. ~ The banks prefer tt bt
In condition 70 carry tho porx crop as soon as Il
fairly begins to move Outside paper IL discount
ed in the open market At 1s1els per ccnt> accord
ing 70 the Standing Of the applicants. Wn hear Q
no Increment In call loaus, and the rair3et /,
nominal at s<is per cent pet anuum on Gosern
ncnt securities.
The scarcity Of E1chaace etsll continues, ant
The banks arr daily cxpzrssiDg currrpcy to kees
up tteir balarce.. The connter rates arc drn u
par buying aud l-1o premium selling.
Business on the Produce Exchange was In tht
aEy1cxsie 1nfet 1t lower prices. There wAs rathe1
naole doing IN Flour at slight CONCESSIONS Whea
was dull 1t decline Of SGi3c on no. l, and 3c o.
No Spring. Corn was dull ard 1H9se lower
Oats declined .t01c- Rye aud Barley were quiet
J bns prices laro.ed sellers. NhiskcF wss oull
Provisions were dull and without any marked
cnanse. Nonl was dnl, With few sales II dc
cidca CONCESSIONS. Nothing doing IN Lake
Ffeichta.
Gold was lower, though rather eccentric in IL
movements. The paarke, opened II 1<a, declined
10 lsoT md closed ~ liik. The folloHinc quota
t1ons were received By Boyl Bsos.. gold and stoel