, 1866-12-06
FINANCIAL AND COMMERCIAL,


FINANCIAL AND COMMERCIAL,
MONETARY.
WEDNESDAY EyEStso, December 5,
Elsewhere We publish the rcpurt Of the Comp
tso'ltr Of tic GGffcncy, which In some respect.
mny be looked upon as m addition or snnptc
nsent tn leat Of lie Secretary Of the Treasury
II, however, contains eomr facts and suggestions
"isca The Inter docs not comment upon. Ac
cofdihs 10 tho Comp:roler's report there have
hccn organized mp 10 October 1st, I,cc3 National
Ess!h having paid-np capital Of $tl1,2ti,l5f
WiIh circulation Of ss9.6.l,15s. Since that date
the circulation Inns been iurt scd 10 SaG,9jaaa3
-1eaSin. S1,1i",f13 TO hs issued. -Four Of the
banks never completed their organization; two
were Superseded by subsequent organizations ;
three arc In the hands Of Receivers. aud seven
have c.oscd or atc nos closin. up. In conformity
With scc'ioc u Of the National Currency Act.
The Increase nf Circulation for the fiscal YER end
Ing 0rtobcr Isl Is slG1, Sellers.
The Comptroller IsAtro cly IN favor Of and urges
The adoption Of the central redemption sctc,nc,
which, loWcvcv, will hardly receive the approval
Of thu eanGis.; Interests OF tue West. AT the
Ban-ers' Convention held here In Sep tembee last,
very strong opposition was manifested toward
the sclcme, ard the gentlemen composing the
Convention pledged themselves to do n1l in their
power to prevent the passage Of - Hooper y
Bill, which WIS presented at tho Inst session ot
Congress and laid over. But ttanpeirs tha! under
The existing requirements thirteen hundred and
tsctay out oI the sixteen hundred aud furty-seye,,
Natioliol Hanks have voluntarily cho.en 10 re-
deem in either New York, Philadelphia or Bostor,
These b.nss represent sai0,00o03o, tt1cc four,hs
Of which arc redeemed in New York,
At the present t.mc we do not ace the necessity
OF compulsory central redemption. Our currency
IL redundant aud inconyer1ib!e, The legal tcndess,
In which tie NaiioLnl Banks arc obliged TO redeem
their iesucs, a.e inconsertiblc, and will be 20
unti! The resumption Of epecie payments. The
idea Of converting one iuconvcr1blc currcacY into
another rnyrcncr Of the ssmc nature is altogether
unnecessary, aud aaords not the sl,shrest particle
nf relief nom the evils complained II by those
who advocate t'.e ccu.ra1 redemption scheme. The
tune-cy Act rx:sessly provides that tic rolcs or
I'll; Aa1oAal Baul shall be 1aken at par il na7.
'ncnt Of atl debts dre any o:kcr Nj
titn1l FaEE. 4 Ipt. issued by 4
san Francisco National Bank ,7ll
discharge debt due similar bauk in Chicago Or
New Ss.S. II Is m established p.incipte In
finance hat teprcciatcd currency will drive tho
Standard ono cut oi circulation II the people will
"ny nscnt 10 take It at par, mt i! not, 1t will 70
OIL Of circulation tczccpt in tho immediate neigh
'u!hueo OF the place OF issIc) unless provision
ior its redemption b" Elatc in the great ce3,re OF
tiade ;nd commerce. Whenever the cu.reacy
al:sH be contacted 10 tho wants Of a healthy ara
'r:itina!c trhdc, aad specie pay Hents he re s:, o
lhcn tie t1nmE'abIc tlonSl unwrfiten Law. u.
trade shA3l rEesntl. without ia assistance O; 1T
LEGISLATION. A bank bin that will be tn:..u 4.
ar In New York In payment OF private debts will
lie custnt value iu= its tacc throughout the
country, ard II not accepted at pa7
III New York, It : sill be discounted
!" an extent sntiiclcn. to par the
expenses oi consefiin. It. For Mt least cfebt
months in the year tic balanr: OF trade Is ii
i:,1os Of Ncw York and cusrehcy lows thlhcr, and
~ nid"r r. make the currency available IN that
civ, Trtvision mrst Ee made for liz redcmrt,oa,
s':cli II the law OF cnm7,ercc Of the subject,
tEdcr The old Statr Ion!; Laws Of Massachusetts
all iaShs Of fssuc in thu State wcsc Obliged to re-
deem IL Hotttn. Those that did rot maxi. s,,c1,
provision ~ere favored nearly every day Will, m
express package coutalLin;; notes sent lomc for
retlcu + inr.
TIC Comptroller takes strong ground against
she system now so m.eh IN vrEuc OF nayin- in.
tcscst on daily bank ha,nsccs. The prac,1ce i. n
drn1o' alizing one and Is condemned BIZ all n,uaent
eankete. bank Is m institution 70. lendinc
fnonc5, not Tor borrowing 1t. The poltry Of nav
anC interest On deposits IL productive Of many
evils 1t makcs the banks carcl:se. roas them or
pFucncs, aud IN 'naay Instances rcade.s them
reckless. The funds TN deposit hare 10 be used
or the banks lose money. and III or:es tu kee thcsu
employed take rieks such us no prudent bans
oneht 10 do. This policy Il productive OF eoecu-
!at'oh, oseHradin. and Generalization, rr.c to
bc suceeedcd by ateaster. Abandon III. lat.scst-
paying System. and these crils are avoided. The
Comptro'let Is strongly In favor of Congress
aIoi,i1nr IN amendment 10 the Currency Ac: fur
oio11ng lhc raysnfnt or teklnr Of interest on all
hanE balances. Thla We most cordially culo.sc.
and trust tllst toucrces will not f.fl to fas. ar,
ton OF the snb1~et.
The Comptroller n-ccs the recessttv of fur.
ntsh1EE the South w1t': National Bank ciYcn1e.
utn. but knows Of no Nay iu which 10 do It es.
ecpt ny Increasing the &anouut-now l,nutcd 10
fStV'l",GoV. lie proposes to cSpand this currercy
to the cstcnt Of como 81, 600 oO, At tie rsto OF
ono OF two millions per month, while al the same
[ime The cfccnbacks arc being retired 1T the ratc
o' fonf millions per month. This policy the Sec.
lctas5 q The Treasury docs not c:du.:e. l,t on
poscf, aid We think wisely. Let tho currency h.,
contracted to NEE, tbc legitimate reani.e:n MS or
trade ri the people hasc resumption oi s3es.c
:sn't mis- aud 1l,en f,hc $a9 dk1 tao OF national
currency, together with TIC legal 1eaGc.s tha,
may tc IN Circulation IT that Tine ale no, enough
~ " sa,is'S INC Necessities Of comrarscc, To us-
'onn currency may then very properly bc c5-
padded to aaotu euci zelief-but no tut;hc-.
The report pays handsome tsibute ia 4ho "a,
.iftancc rendered By the National Bank, to ,he
EoScsnment In paying coupons. scl1rc bonds.
'Ed N the redemption Of mutilafsd cnrrc-cy,
lie HURON and onta'io Shir Cnnal eeheuc has |
'ecn acai'' revived, this ti.nc We .-ust Tor erc
,csstEi accomplishment. The Company have en-
t'ectcd the line. aid the .onrc Is pronounced cx-
'rncly 1aSo;ab1e-thc deepest cuttings showing |
20 ltsu'monrtsele obstacles. Tie Boards ot |
E11dc ot Chicago aud Milwaukee have been i,-
'ited 10 send dei:&tlocs 10 Toronto. 70 confrr !
*ith The directors Of the caaal On the best stmc1rs
u securing til" early prosecution Of the cntst- |
rise Our Board Of Trade has appointed "a
Ech committee Hon. VIM. Bross, Charles Ian.
1olrh, Wesley Mnrcer, H. c. Rauncy. J, s. RIM,
cF. das r Ballantync aud ", N. ESan, Ernsr.
These gentlemen propose to leave for Toronto on |
h~ III pfoI.
The discount hcuses generally report IN In.
sfas'ne aemaHd Tor Accommodation fnqalry
:e'ns oos eonnned to ans one c1ass, hat cmana-
'ns 'oa all quarters. The want OF fc IN nil dr.
astnfnt OF trade. and tho slowucss OF collcc-
ions III ttc interior require ali classes Of Traders
Q nave littlc money to l1cct their maturing oh
'ga1fous In eoule quarters tic dram Of currency
0 Inc Eafl-ehoW1nC a. yet TO Signs OF a .,fa.-
p lis being more ihan pcr1eptibly fe.t. In The
c6Eeeatc the market Is working closer each enr-
ced'ns day, and with anything like a sudden &C.
nc remand. wonid be pronounced stringent,
~t'N' = A%t4Vh1t AtFEt4tulI&4GGz 4Eo Int
IL best names 1nd faror At the dItcount houses.
u the open market rood outside papcF IS de.
ounttd at II T cent, and less acceptable at 1sR1s
cent
The failure Of J. 3, Champltn, a rather pspmi.
ent grain operator, was announced this after
ocn. His checks were thrown out Of the Clear.
y house this morning. aud as be canno, be
,und 10 make an explanation, those who hold
ae autograph nsc Of the opinion that he has dts
ppeased. His liabilities arc not known; assets
itio. ~~'~'0
~ Inc scarcity Of Exchange stIll continues, and
I'm an active counter aemanu, the banks ara
onpel'ed to make shipments OF currency asily.
es~een banks We hear Of sales at 10 cents mr. i
''um, out even at this figure there is very little
be had. Tic counter rates are nrm al mr. hnr-
'g aod Ito premium selling. puEa,o and t;ans.
drafts are taken at 4 discount.
E'te"here. We publish tha particulars ar =, ,u
osiant decision Of 1he Supreme court of ~.
late, given in the case Of burton, oppf1cnt sns @
usyea, 01sp'lite. The question tnyoised ~ III.
lsc vas Is 10 tho negottabilIty Of w.r.hon.o
'ceipis. The case 1roer out OF pork t.sn,ac,;or
this wise: stores H'o hrls Of pork win
king h's receipt for eamc. 4 eella the mort to
. e1dorslnc the receipts In blant;. entrpst,