New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-11-09

BUFFALO, Oct. 81, 1867.

Ar. L. y. Sfauulng VI buHLO HIS "AAV1eH 'A0 AOi-
lowing letter: - -. 500,
JAY COOKE, esq.-DeGr Sir: Ihaye read your printed
Your argument i'm favor OF the system OF National Banks
Is able and conclusive IL comes IN good time, and /
You are entitled 90 the thanks Of the banks the Gov
srmeut ara people, for SO clear an exposition OF he
nutial advantages resulting TO All OF tneh III tne eso
lsucnt and maintenance Of this great y stem OF Iailoa
eenAlnG au ~ ms eI! YE 10 70 III 5 l y IN =,
rLkoTing Win TIE National BANK nc. WVuv 20 aels
Z produce disastrous consequences 10 the finances OF the
mn We are ,yornc steidy toward specie payments,
EId hope that Congress VIII be quiet on TINS subject and
thak that Secretary McCuloch and Controller Hui
buTd have both done well concur Iy IN the bnanciei
policy OF ar McCullOcA, and think he should be sus
tagued look Tor able annual reports from both these
gentlemen ana trust that their views WIZ nave an I'M
-S snlref ana III the politicians viii stop aitatlon we
Presidential election.
The Cincinnati Gazette of Wednesday says:
The noucy market continues the same stringent con
citian which mas characterized II icr many days The
nave enough do supply their dep0sitIrs
Eua sin taking satisfactory paper az 8Dl0 per cent
Nom eu Du ~ tAe open Ma het histcIass s4sha.utGs
be had al 2alS per cent and the supply of money Is
eiua tie demand at these rates There also an
a,tyc demand for money call and considerable more
4 bong loaned in this way than usual al 10 per cent on
t6 receipts from tho country and neiSl6enag cities
being large. ana the market Is not as irn although Tases
remain steady - par, buying. ana Doc premium selling
The Chicago Tribune Of Wednesday says:
The discount houses report material change in the
situation. Grain borrowers find the market exceedingly
the currency short time paper against carg0es. There
Il an Increasing demand from the packers but their
In obtaining all their requirements.
Tie London Economist of Oct . says:
Those who have read the English economical eontro
Dus q body as thcy were Once-vin remember how per
ss;enty it maintained that the debt having been
par IN gold currency IL was seriously commended
~ Parliament and ont Of H. that sir Robert Peel had en-
lrrfdi nv eNe Act f
tue country ne thereby made the nation pay fu
ln ON what Al had received az discount II patl
been resolution ~ tie House Of Commons 20 return 70
o5sb pavnCnts within certain tine after the meeting Of
PARLIAMENT The English Government, therefore got its
paper upon the contract TO pay II IN gold, and though me
tarn costly, 1t the best which could be made
n the lime.
Tie same question now arises in Ame-lca, ond in
1eiy curious iolin. 45e -, s, - ~, 80
anu "a tAe holders option n ~ years. specify tlat INC
Interest Should paid CON- bat do not that the
PRINCIPAL shall be so paid; probably strict law, pay
tiert iu money that IN greenbacbs, which are legal
municipalities have paid their debts, aud there IS no
leg4lrtsson why tho Federal Government SHOULD DQl go
e. also There are however Two great reasons WI!
should nOtOle Of morality, and one Of policy AS 70 the
pofaity exactly az ~ the Lsiish case tAq nDLey T1'
borrowed upon tae iath tlat te issue OF
papcI temporary cXpCdeLt which would pass away
VII the war; OF DeIole t!e ".l, ne -
supposed that the Government notes would be at Dis
euently tic Americans much bound to pay in coin
= the English were And as 10 the expedieney, TIE
United States win ruin then European credt they pay
a. paper for who lends 10 them hereafter VIII ever
know Lat lie wih receive.
AZ yet, these views those OF ell parties The
Republican party borrowed the money and established
khe National Banks, which large b0ndhCldcrs they
are therefore, hrm ana the Democratic party do not
seel % nA ID VIII pay to start any soIt OF Tcpuda
hon What mas happen IN the after times IN 50 confused
thing American finance 10 one can say, but yet
saere risk None OF those who propose payment
pzpcr possess much influence, worthy Of any
Respect.
The shipments of treasure from San Francisco, from
Oct. 70 date were as follows
Oct. PER California TO Vctoria......... $4,000 90
nef "a