North Iowa times. [volume] (McGregor, Iowa) 1867-current, 1867-10-09

into the regular service. Persons who
served not less than two years during the
rebellion can make application for exam
ination, stating their age, and forward
letter of recommendation to the board of
examiners now in session at Philadelphia.
Financial.
The following from the Financial col
umns of the Chicago Times, tells why, in
the midst of abundance, the country, in a
business sense, is in state of constipa-
ton. Everybody knows that if McGregor
requires, 100000 a week to ''run'' its
grain trade, that a contraction Of its
means to transact it would produce embar-
rassment. Secretary McCulloch and the
active workers in trade are beginning to
realize the folly of trying to put heavy
breaks on train and expect it to "make
time '
The contraction of the currency during
the past few Notwithstanding to some
S59,O0O,OO0 since the LIST of June, and
S33 100000 since the beginning of August
has been productive of serious embar-
easements to the general business of the
country. The condition of the New York
money market has been completely chang
ed, and, instead of being glad to make
loans 3Ca4 per cent, the banks refuse to
lend at anything less than per cent. on
call, and frequently demand and per
cent. And the market has become so
stringent that accommodations are not al
~ III
The grain movement has been severely in
rerrupted and retarded, and the general
and mercantile trade, which was just be-
ginning to display some symptoms of re-
vivinsilife and activity under the stimulus
of the harvests, was suddenly checked in
its improvement, and business men are
now beginning to realize that many of
their anticipations are to remain unfulfill-
ed. Any one who could have predicted
Just such result, from such cause, at
this season of the year. 1t is we'll under
stood that in the fall, when the grain crops
are to be moved, the Legitimate business
of the country absolutely require the use
of some twenty to thirty millions more cur
rency than can be profitably employed
at any other time. But Secretary McCul-
loch seizes upon the very time when the
country requires from twenty to thirty mil
lions more currency than at any other sea-
son, to contract the currency some sixty
millions. Any person of ordinary COM
mon sense could have foreseen that such a
contraction at such time could have pro-
duced nothing else but disorder and dis
tress throughout the whole country. And
if Secretary McCulloch had desired to en-
barrass the business interests of the coun-
try as much as possible, and to have Grip
pied, to the extent of his ability, those en-
ergies with which the people were endeav-
oring to repair the injuries he had previ-
ously inflicted upon them, he would GER
tainly have contracted the currency in such
a manner as to have given the least money
when they needed the most. We have
never doubted his intentions to discharge
his arduous duties in the manner most con-
ducive to the material interest of the coun-
try. But we do believe, in the light of his
numerous and constantly recurring mis-.
| takes, that he is deficient in the ability to
fulfil his own honest impulses.
During the present month alb ut twenty
millions of Compounds mature, and he can
also exercise the authority conferred by
to the extent of four millions, and it is
extremely possible that the close of this
| month will see the volume of the currency
reduced nearly to the extent of twenty -four
millions from its present point. 1t is pro.
bable that the secretary will issue portion
OF the three per cent. certificates authorized
by congress. but we fear that the issue will
be very small indeed. None of these three
per cents have been issued, as yet, but, il
Secretary McCulloch is gifted with the fac.
| ulty-which is not often withheld from
men Of his calibre-of seeing his mistakes
after they have passed, he has discovered
enough by this time to show him the Grim.
inal folly of agSravating this last serious
mistake by seeking to still farther reduce
the volume of currency this Fall. His in.
stinct should teach him, what good sense
would suggest to most men, the necessity
OF issuing three per cents in place of every
dollar of Compounds falling due in Octo-
Der and December.
Local Financial circles seem to he sliding
| along in the same well-worn groove, which
tends continually to increased strin.en
The drain of currency to the country was
enormous to-day, nearly all the country
banks keeping balances in the city having
drawn them in order to have all their cur.
rency at home on the quarterly report day
One single bank in this city estimates that
it has lost something like $500, 900 in cur.
rcDcy during the past week, and which
was called home to the country, in order to
figure in the forthcoming quarterly re.
ports. This is the last day of this demand
however, as currency ordered tomorrow
would not reach them in time. The local
demand for money on general account was
very good, perhaps fully equal to yester-
day. and borrowers do not seem to be
backward in pressing their claims upon
tie banks, from their knowledge that the
supply of currency is small, and the chan
ces decidedly against their being accommo-
dated. The shipping orders for grain were
lighter than usual to-day, and the amount
OF grain paper on the market was small in
consequence. A better movement was re-
ported in wheat than in anything else. and
it is not excessively large. Grain paper
payable at sight was negotiated without
difficulty, at / on New York, and on Buf.
talo; but, aside from grain paper, the
banks scrutinized everything closely, and
refused accommodations whenever posi-
BILE.
CALIFORNIA TO OHIo.-Hon. Allen G..
Thurman, the Democratic candidate for
Governor of Ohio, on Saturday last receiy-
ed the following telegram from the Gov
ernor elect of California
SAN FRAssIsco, Sept, ID. 1867.
TO Alen G.. Thurman
The Democracy of California send across
the continent words of cheer to their breth-
rem in Ohio. The fate of the Union and
the government is, in some measure, in
your hands. When the great and funda-
mental principles of the constitution and