Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1866-04-16


Compound-int. Notes, ls64-.-105@lu7A 1O69lU9
COmpcund-int- Notes, ls65--lOl9lO232 lOzGlO5
There was a better demand for currency
with local bankers to-day, but no pressure,
and prime paper passed without difficulty.
The week closes upon a considerably easier
market than did last week, and balances
continue to improve. Eastern Exchange is
stringent, and a good demand keeps bank
ers very close up to the currency-shipping
point. Rates are firm at par buying and
lilo premium selling.
Currency and Exchange are reported very
close both at Chicago and Cincinnati, and
bankers are daily losing currency by remit
tances to New York. The rate for frstclass
paper, at both points, is 10 per cent
1t is not probable that the Secretary of the
Treasury will do anything under the fund
ing and loan bill during the current fiscal
year, which ends June 80, as he most likely
deems it inexpedient to i~naugurate any
measures which could in the remotest de-
gree adversely influence trade during the
busy season. There is moreover no present
necessity for restrictive measures on the
part of the Treasury, the business of the
country being generally very free from
speculative influence, and steadily tending
toward a healthier condition. For the con-
venience of those of our readers who are
not familiar with the terms of the funding
bill as it passed Congress and was approved
by the President, we republish il. 1t is as
follows:
Be it enacted by the Senate and House of
Representatives of the United States of
America in Congress assembled, That the
Act entitled " An Act to Provide Ways and
Means to Support the Government" ap-
proved March 3, 1866, shall be extended
and construed to authorize the Secretary of
the Treasury at his discretion to receive
any Treasury notes or other obligations is
sued under any act Of Congress, whether
bearing interest or not, in exchange for any
description OF bonds authorized by tbs act
to which this is an amendment, and also to
to dispose of any description of bonds au-
thorized by said act, either in the United
States or elsewhere, to such an amount, in
such manner and at such rates as he NAV
think advisable for lawful money of the
United States, or for any Treasury notes,
certificates of idebtedness or certificates of
deposit, or other representatives of value
which may have been issued under any act
of Congress, the proceeds thereof to be used
only for retiring Treasury notes or other
obligations issued under any act Of Con
gress. But nothing herein contained
shall be construed TO authorize any increase
of the public debt; provided that of United
States notes not more han ten millions of
dollars may be retired and cancelled with
in six months from the passage Of this act,
and thereafter not more than four millions
of dollars in any one month. And provided
further that the act to which this is an
amendment, shall continue in force in all
its provisions, except es modified by this
act.
SEC. 2. And be it further enacted, That
the Secretary OF the Treasury shall report
to Congress at the commencement Of the
next session, the amount OF exchange made
or money borrowed under this act, aud of
whom, and on what terms and also the
amount and character of Indebtedness re-
tired under this act and the act 10 which
this is an amendment, with a detsiled state
ment of the expense Of making such loans
and exchanges.
A fair business was lone in local trade
circles to-day, but the market cannot be
called active, except for a few articles Of
produce. Goods grades of Flour are in mod
crate trade demand and prices are firm
There is a light demand for car-lots of the
better grades Wheat, which are scarce and
firm. Corn is in moderate request but re-
ceipts are light, and prices firm. Oats are
quiet and nominally unchanged. Rye and
/ Barley inactive, Provisions are unchanged
and firm, with a good brisk demand. Butter
is in better supply, but prime qualities are
in good demand and steady. Cheese is quiet
and steady. Eggs are active. Higbwines
are dull. Petroleum is quiet, but frmsz.