The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1866-04-21


Bank OF Tennessee ..-.,....------.rr---..-r-.sec
Planters .-59c
Union Bank..;;...-. .S9c !. 4
Virginia, North and South Carolina,
Georgia, Alabama and La,....l0 to soc =
Our remarks on the 14th, on the subject
of Exchange, have led to several commll-
nications in the JOURNAL. The two first
we need only to refer to, as it is supposed
that the second settled the first. In Thurs
y'sJoURNAL third article appearad on
O. new tack, though as q reinforcement of
the first. Unlike the first, however,
this is from a man who, notwithstand-
ing his disclaimer, may be regarded as
qualified for journalism. We think, how
ever he should be careful in committing
himself to assertions received from others,
until sure they are facts, and not assump-
tons He doubtless thought he was on
safe ground, when he charged the writers of
these monetary articles with " nlisrepreseiat-
ing the Exchange Market of Evansville"
In view of this charge of misrepresenta-
ton, we beg leave to make a few remarks
in reply. a{ sA
The writers of the monetary remarks
which appear thrice week in the JOUR-
NAL, stand at a point where they have as
good means, to say the least, of under
standing the market, as any other dealers
The sales made under their supervision in
March and April, to the 18th, amount to
S725gpe, which is believed TO be quite half
of all sold in Evansville during the period
named. In giving quotations they have
had In view not only their own transac-
lions, but as far as they could learn them,
the transactions on the street and in other
banks-the quoted rates given, unless
otherwise stated, having reference to the
controlling regular bank rates at the time
An occasional variation, on frequent xari-
ations by one bank, for some special rea-
son, unless 1t be powerful enough to con-
troll, does not, and is never understood to
| fix the current rate. The question is, what
i is the true price in the market-the gem
eral transactions of the bankers being
considered? Thus much on the general
| subject. Now, as to :" Cheapside's" Bill of
Particulars. Hequotes us as of April 9th,
as follows: Exchange scarce-aetive de-
mand-par buying-l-l0 selling;" and as of
April 10th: Exchange firm-par buying
lilo selling;' and this he charges was mis-
representation. Let us ask him a question
or two. Will he say that those he repre-
sents were prepared to meet the demand at
lower rates? And suppose they were,
/
the actual transactions of the market?
Are we as reporters to guess F" at what
somebody would do, if he had chance,
and call it the rule, or are we to state the
market as we find it from the business
done? ssastet ssi5rt.E Aso5
Whatever his friends may say, we reas-
sert that, from about the LIST ofApri1 till the
18th, the supply of Exchange was scant,
and would have been, had they put their
whole stock in the market. One city bank
alone would have been glad, at. any time
during that period, to have taken their
whole surplus of Exchange at within q
fraction of the quoted selling rate, and
then could not have supplied the market
demand. This bank, to meet the call upon
it, had to procure, and did provide from
ontside its ordinary sources of supply,
$4,000, an amount which, if coming from
= Cheapside,saa friends, would ave opine,
have left Exchange as scarce with them as
/ in the market.
After giving the quotations above con-
sidered, and pronouncing them +" grossly
incorrect" g Cheapsides y proceeds to say,
that these examples s'show the general ten
or of our reports, which have been nearly
synonymous for the last sixty days" Ana
: lthen, with an amusing impudence, goes
back to the first of January, being forty
days beyond the sixty days, and three
weeks before we commenced reporting al
; all, to bring in transactions to inyalldate
the correctness of our figures. No one en-
: frightened in Evansville Banking, since the
r commencement of the year, will deny ina
there have been times since then, WneI
our Banks have had lack of Currency ano
: a surplus of Exchange; and all the nourlsi
: of "Cheapsides y about knowing whereo
he af1irnls,D amounts to only this-that n'
knows what everybody else knows, ane
what nobody questions, or has Questioned
And, Notwithstanding his assertion ina
h our April quotations are g nearly synony
n NOUS" with those for the last sixty days
e we propose to show that we have on re
e. -peated occasions-whenever the facts re
Z CURED it-stated thessame market wnlci
''ee he so triumphantly asserts existed, ant
IS takes so much needless pains to prove die
| exist.
We viii now quote from our reports sine
January Y, when they commenced: