New-York tribune., 1867-08-22

ment of the compound notes, OF what at lts plrth
was "currencyD and which helped to advance prices
of commodities Later in its history 1t has been the T
serve upon which bank credits have been based Inc
process of funding 1905, which were currency at
their birth in great degree, with the power OF COM
manding currency" at maturity, If at that u"e
United States not salable at par dc
was the case late December ], 1900, "hen ed
520s with one months interest, in gold, sold at w.
Thisis another process of contraction lnashuoli 40
turns security with rights to currency into DondS
due 20 years hence thus locking up SNORT uoo' NV
long engagements. The payment of the one-year
certificates of Temporary loan of interest bearing
Treasury notes arc each and all "contracuons, re-
stricting the ability of the banks to issue creuts,
upon which speculatOrs have prosperedlnthe pasl'u
will bring about lower prices for all comhoul'ieS'
The sunply of money and bank credits being Ieuuocu'
the prices of commodities, by the law oi supply anu
demand must fall to enable the remaining money
and credits TO perform the work OF mohey-that ls'
exchange the crops and labor OF the country Ior
other things For some time the market VIII DC
tbronoed with borrowers for a decreasing quantlty
NJ money and competition for IL De SHOWN Whlch
,nl advance the rates of interest and cause q de-
crease in the prices of everything for which money is
exchanged.
W.P. Wright says of Cotton
We continue TO receive favorable accounts from 1e
cotton growing region with the eXCeplomo VI h n%
and even from that State the complaints are prooaoy
aggerated The weather recently, as advised Dy h h5s
o the planters could desire and the crop has maze
rapd Improvement During the latter part ol last Wce
we We're visited by severe ranstorn OF about 81 loS @
duration Should TINS have extended over d Ii iSo p poi
ton of the cotton growing States we may eHpec 10 near
Of some damage; far however as we can Iearn, IL
seems to have been confined 10 the Atiahuc ooaSl.
The first bale Of new cotton Was Ieceye1 ,6d, ON IGe
18th instant at NewOrleans. IL classed MlId1Ing,
and was sold at 33.c. Two bales OF new Alabama
cotton were received here yesterday; the staple is
good and promises well for the incoming crop We are
later This wear In receiving the first bale Of new cotton
LAST wear The first bale received IN Texas on 4 OF
August Jp 10 llh Of August last year three bales Hau
been received III New-Oreans There had also been
hale received In Georgia and one IN Memphis before the
10th of August Receipts ut the ports for the week under
review have been 200 bales BY telegraph learn that
the same total There Is very little interest Just now
attached to the question OF reeGp nor eau we eNPett
any change this subject until tue new crop begins 70
arrive IN quantity. This week we have only shall
movement to record in the foreign export OF cotton nor
can we look for any change fer two or three months
Our supply nearly exhausted and the new crop promises
be late in reaching the ports Foreign markets Oer
no inducements for shippers, being below those IN lhls
country and there are few orders mere on Eurpe. a
count Some small shipments are III progress DA seal
crs 10 sail hence within week for Liverpool Inc nm,
tied stock IN every port IN the United states mas eti
holders maintain prices ana ~ most markets. 10 oDt9h
an advance aided, they have bcen by more iaNOdc
accounts from Liverpool The business has beon quite
respectable for the Not much has bee uOne LOT
foreign account prices being above the party OF Euro
pean markets. Domestic consumers have beeI operating
TO moderate extent, and some transactions nave Dceh
made on local speculation
The shipments of Pittston coal are reported as fol-
lows for the week ending August II, 1867:
BY Railway 2oo2s tuhs
previously, IoOi ''i'
Total ..........................5 81 e59 tuns
To same date O5 TINS
Increase -3lo5ol luIS
Conparative earnings of the Chicago and Alton
u g., 1l,o Il i'm