New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-10-24
Since January sl27,7ss,lO7 sl55,294SO9 sil7,2649

Since January / sl277sslO7 N55294SOs sl47,264,9s5
W.P. Wright says, reviewing the cotton crop:
During the past week we have had magnificent
country n has been highly beneficial to the cotton
plant and great progress has been made IN gathering as
well as in hurryiDg the unrpe bolls toward maturity.
We have not seen in the correspondence from the South
in the accounts by telegraph single wellgrounded
vents many parties from entering the market and keeps
prices below the parity OF Liverpool.
The Chicago Republican, reviewing the week ending
Oct. 10, says:
The greater part of the week Just closing the market
for money has been characterized with more than usual
cCsenes The demand throughout has been steady and
large not only on local account but there mas See 6
mands most urgent have been met ny the banks ad par
ss IN gooS ets IN 9cS fSe eT STe been entitled and
but few accounts have been overdrawn The marked de-
cline in prices of produce which has taken place during
the week caused uneaness in quarters and as
of the banks are carrying large amount OF pro
duce paper the general disposition manifested mas been
shorten the line Of discounts and TO contne loans to
parties who engaged In strictly legitimate business
operations 1t has been particularly tight week for
Spectators and losses have been sustained by parties
who dealt largely in grain at the high prices OF week
ago. but they have been widely distributed that no
serious embarassments have resulted from the decline
AS margins narrowed down, the banks promptly called
for additional securities which, In nearly al cases met
with early attention, although good deal OF snnng
around required at times The general trade OF the
city has been good the weather has been pleasant ana
favorable for outdoor business building enterprises have
progressed rapidly and extensive scale and In the
dry goods hardware, boot and shoe ana the grocery
trades merchants report their transactions large and
entirely satisfactory. The demand for money to-day was
good and in the line OF loans and discounts the leading
banks did large business. Money fully as close as ON
Friday and requires business paper TO be gilt edged'
TO pass The rate Of interest is firm at 10 per cent per
annum.
Mr.. Jay Cookies defense of the National Banks, in
leading points, refutes itself He says The notes
of the National Banks possess every element required
in a good circulating medium AS already remarked,
they are uniform in appearance, everywhere equal Ill
value and just as secure public and private credit
iprf CT
ment, which is enforced by the arguments of MIR.
Schmidt, who convinced National bank officer that
his notes were of superior value to the credit of the
United States Mr.. Cooke closes his argument by
quoting Mr. Treasurer Spinner who says: 1.-The
notes of a broken National Bank better than
those of solvent one" In this Mr.. Spinner is right,
and demolishes Mr.. Cookies argument as to the uni
form value of the notes Mr. Cooke is leader of the
"irredeemable school," and in this view of the case
the National notes are uniform" They issued
by so many banks, and in such bulk that physical
inability to sort them and present them at the place
of issue or redemption, makes them irredeemable
Forming nearly one-half the circulation of the
people, it is now financial necessity to consider
them equally valuable with legaltender
Mr.. Schmidt may think he improves the circulating
money of the country by adding his name to the
notes; but Mr.. Cooke, when Mr.. Schmdt's name APP
ing it under the market, the ground that having
Mr. Schmdts name on it is not " clean"
Nothingis more uniform than Teenbacks, nothing
better understood by the people, or more popular,
and all the arguments in the word insufficient to
prove that the National bank note. redeemable by q
greenback, is better than the redeeming substance
Why does not Mr.. Cooke 90 step further and claim
that paper dollars superior TO goldY Such posi-
ton would be wholly in harmony with his argument.
Assuming that the greenbacks are the superior cur
rency and that under present heavy burden of
taxation it is the duty of the Government TO make
the profit derived from supplying the circulating pa
per money of the people and that at early day the
Treasury will be prepared to redeem its paper prom
ises in gold, the remainder Of Mr. Cookies argument
has small ground to stand upon. The strength Of his
position depends upon theory that the Govern
ment, by giving the banks the profit of circulation,
are able to get out of them in taxes than they
make on circulation. The account current between
the two parties he epitomises as follows:
In making up the account between the banks ana the
Government banks stand credited with the following
/ six per cent interest on Sll4,O0O.0OO In legal
tenders held by the banks AS a reserve. 49,.
IT s iSF n Sgp sent interest on held as
H. ' reserve tTT sf FOR Circulation ' 100000
III cir Circulation ton ~. a' ' 90 100000
w. V5s Zoo St OF Of deposits sits ' 2s55ooo
" One half Of one per cent per annum tax on
amount Of capital Of National Banks not
invested in Government bonds -. tooVo
VI One-half Of one per cent per annum tax on
funds Of bank during the past year -. 100000
VII i to2 ON Ssai 600 Of captSl... $4,000
VIII Amount OF state taxes paid by Tic Nation
al Banks during the past year, as reported 49,.
10 the Treasury Department HOOooo
Total.................................s28,8 lsOoO
Deduot six Der cent interest on $500 5000 OF cir
cuation furnished 10 the baDks.......-..Sise"VO