New-York tribune., 1867-10-17


AS IN honor bound. 1t has put into funded
debt the hundreds Of millions of legal tender notes
and short debt which debauched the currency and
put gold to go. The contraction in legal tender
forces similar contraction of credits based upon IT.
and lower market prices. The quantity of money is
steadily being reduced. and to the trading class ia
brought homo the unwelcome truth that what
came so rapidly by expansion of the quantity Of
msney. disappears us quickly when contraction rs-
ours. with this exaggeration. They as a rule, mads
money small adventures by the rise, and now loss
in larger sums for the simple that under the
seemingly increase Of fortune they spread every sail 70
the breeze and suffer on large amounts OF prop
erty bought at higher prices The existing inseca-
rity of financial affairs is unsatisfactory, but waS
clearly forcseen from the start. Prudent people win
look the facts as they in the face, and not waste
tme by thinking Of what might have bees.
Commercial paper is quoted at 7Gl0 per cent.
Exchange is quoted nominally: London. 90 dsys.
1G9s4l09s do sight, 1901 01O9s; do. commercial iosi
0lOSa; Paris long, 6.ls'05l7l; do. short, 5.l6as
Antwerp 5.So05l7l; Swiss. 5.9O65.l7s; Hamburg
SJ,0SG; Amsterdam, 40sl041; Frankfort, 40s04Wf
Bremen, 7Ss@7S.; Berlin. 7ls01.
Freights are steady. To Liverpool. 1850 bush.
Wheat at nd and TO Glasgow, 1900 bush. Wheat al
lid. We learn of no vessels being engaged for
charter.
The transactions at the Sub-Treasury were: Re
ceps for Customs sss2OOO Receipts for Gold Notes.
$s5SOoo; Total receipts, $2Os9OS2 &c. Total pay
ment, $EO5 SGT II Balance. $11S, ,799 90.
The following will show the exports texclusive Il
specel from NewYork to foreign ports, for tho week
ending October Is, and since the beginning of ths
year:
For the week .lssi,Sos 1870 sa,sss.lo sssi .siss.
Previously reported. l2o2issso iiS25s,aa iss77sss
s,nco January 1 si2i,Sso,sSo sicO.64i.sA ti2Oos9u
The Midland. Railroad lhas attracted considerable
attention Of late. There is report that the man
ayers intend to adopt the Ssndbury route by the way
of DIiddletown The valley of Neversnk is generally
regarded IA preferable as by this way the distance
would be shortened and the road pass through maV
large towns and villages. The grade too is almost
natural and there would be very little filling aak
cutting TO be done.
The Michigan Southern Road earned the second
week in October:
1866 .. sos GO 1861. $filTG0 Inc--.- SHs
The Marietta and Cincinnati Road earned the iirst
week in October:
1866 ...-.-.t24s66 S67-- s2s221 increase s'"t
w. p. Wright says, of cotton:
The accounts from the cotton growing region contnus
OF favorable nature and good progress is being made
in gathering. The weather has been seasdnabe, sae
the month. good crop will be secured H. as IN soms
seasons very late frost should occur the crop woulH
exceed the current estimation Of two and half millions
Of bales The Sea Island crop has suffered from variety
Of causes, and promises to be small The downward ter
here, and In the South Public opinion sees.
the production OF the article exceeds demand fos
consumption. and that low scale Of prices for some ts:
shippers spnners or spectators country enter
upon large operations. The arrangement 10 the usual
m0neyed facilities for moving cr0p al the soutn
by the disasters TO old aud weknown houses in tho
trade leaves factors in condition poweress 10 resst
tho decline Money scarce at ell the cotton centers.
FOR the week ending Friday last an unwiedy accumn-
Iaton OF cotton at all the Southern ports is more than
probable After the experience OF the past two years.
neither planters factors will be willing to consgn
hand are few and low limits and quite insufficient -
relieve the pressure to sell Cotton IS therefore pens
moneys already sent for the purpose, or for sale with
orders remit proceeds immediately in currency Tha
city will natural consequence, receive more largely
of cotton during the coming season than ever before ana
will offer greater Inducements than hitherto Tor the exc
cuon Of orders from foreign consumers during isss
season. orders executed here to e.
mrai rest OF the successful working OF the cable"
Our daily steam communication with Europe enables
turcrs in two weeks while from South the bulk sf
the export must 20 IN sailing vessels ana tnieo oh'"s
often consumed IN reaching the same oesihaton
The Boston Post says:
The authorizations which were INDUCED to a considers
BILE extent three weeks since IN regard 70 an easJ
condition OF monetary affairs amer ss ls ." is
brisk demand for money Ia the discount he' ns snes
supplied at less than per cent the exceptions
below tins figure being in favor OF such parties keep
good average balances, and considerably outnum-
bered by applicants who prefer to H. and IN
instances per cent rather than outside OF tho
oyernment or other frstclass coatera the traDsac-
Ons mainly at 6ia7 per cent, with occasional bss
rather rare exceptions at 6 per cent
At Chicago, says The Tribune:
The Money market presents features, though
demand grain operators ia the increase
which tends make the market closer In view OF tho
fact the banks making preparations 10 meet tbs
OF the packers some OF whom have already cem-
operations. The offerings OF sight bills Light,
bills against shipments In some Instances these arc
credited up the usual rate but general rule theirs
s disposition the part OF the banks TO sucn
paper. The mercantile demand il moderate ana de-
pOsitors in good standing accommodated TO the ex-
tent their at the usual rate In the open MAY
York funds in active demand, and higher.
with sales between banks par This hrnness is only
looked upon being temporary one, induced by the
falling shipments, and the increased demand on
mercantile account The counter rates were unchanged
Mr. f.. ID. Foster, of the NewYork Stock Exchange.
has been admitted to partnership in the firm Of
Puleston Raymond 4 Co.. bankers and brokers, No.
Is Broadway.
Lehigh Canal coal trade for the week ending
Oct. II:
sj,l2O Il 774..7I 10
Corresponding week last year. 2s769 " $3.50 "
GOLD OR LEGAL TENDER?'
To ns Editor Of TAe Tribune
SIR Your correspondent, +. NJ. D., in correcting " T.