, 1869-09-28
MONETARY AND COMMERCIAL,

l
1ssS n; Angult s.......-.....,, ........ sad
MONETARY And C0alMERClAL.-
MONETARY.
MONDAY EVENING, Sept. q.
4 couple Of weeks nEb We p1oHshta socne !
ngurea showing the comparative security Of
greenbaeta anil National Bank notes which have
been copied appsovtng., ny = number II Esstesn
and other papers The reasoning Of our Asticle
often referred to By the opponents OF free banking,
to the effect that grecnbacks are IN some way
better. or safc1, or worth more Than National !
bank nctca. We showed that while, With gold
at, Fay 1s6, Greenhaca ARC worth hot 7s% cents
In gold, National Hank notea aye secured BY the
pledge Of government bonds 10 IN auount that
would Eell In the market for os cents In
gold On everJ dollAr Of National BHnk notes
in circulation, The difference IN the tro kinds
Of currency WAS summed up In the fact that, whle
the good faith Of The government Vas pledged to
the redemption OF both greenbAcks and National
Rank notes, the latter were secured By the pledge
Of the capital Of the National Dsnks - m addt-
tiahat srruri', and &hat this Is an alranta2e Ia
favor Of National Dank notes oves BreenbackA !
The Missouri Republican cziticses this position by
saying that "the holder OF . National UAuk note !
c.n demand from tue bauk Of Issue only 1xEful |
noney-thdt H. in the fntt't of the act, g1ttnbatA
for his note" and argues thar the article 10 he
redeemed cAnnos be Of more value than that !" In
which alone 1t Is rcdeemahle." Ii the preises of
the Republican, were strictly true, there would, IN
fact, be TO additional security to The
holder OF Nanonai Bank note, by
reason Of tue pledge Of the Nstioaal
lsank capital, but Ii should be kept in view that
The "iawiul money Of the United ssates " IN
which the notes OF the National Banks Ars re.
dremab1c meanA gold and silver ~ well as green
backs, There II nothing In aoy part Of the Ma
Aoual CufEeucy net which connnes the neanln2
Of "1a*tul money" to greeubacka alone. The
National Banks are Simply permitted to redeem In
United States Treasury notcs az long a. The latftr
are l42alfen National Hank notes me- not,
therefore, relecmhhle In greeubacks otons, as as.
sumed BY tho EfJNbliedn. 1t Ia well Known that
the most coulusing clement In our present 1nan-
ctal situation II the LegalTendt1 act Last suaa-
Eer, when th1a arbitrary measure t1emhlcl IN the
palanee, and the Sopreme Court hesitated be-
.x cen tho dccsiou poinlcd out by logical reason.
| ing and the determination to nrolt the
| nrancasa craAh that would have followed tbs
announcement Of IL uDconstttutonal1ty, this Ad-
| dtt!anal pledge OF the capital Of the National
I,anks for the payment Of their notes Ia lawful
money" did ASSUME m important character. In
| fact it was only The prospect OF hreaEtug every
atiopal Bank In the countrI, which It Is hellesc1
rc.traInci that decision and determined the court
to taxc course which. while Il settled tha patti
tllur case in point, Ictt the " "lcsal,ender cause
| a. vet untouched. ills apparent, however, that
such decision OF at least tne repeal Of the Legal
| Tctaer Act, IEu6t come sosue time, and that prob
ably tefose the resumption Of specie pAJments in
which case tnA additional pledge Of tan capital OF
al the National Banks to the redemption Of their
notes, wontd again ASSUME significance which
woull make II u very Important additional
security
The Milwaukee Stnnnt-wisn somewhat sllly
nspcr4ty toward TIE CHICAGO TK1pcSE for citing
what IL COMMON rumor-denief, upon the author
~ OF " Mr. Mtchellss confidential A:qusotancea' y
iha, tic Western Union Railroad IS to he consol!-
dated with the Northwestern; bnt EaJs taas ut
Is tuteuded 10 consolidsie It with any road It ts
far more PROBABLE thai 1t will be with the 81. Paul
than With the NorhwestcEu." From ihlk 1t up
rca1s that II the se,.ttntl has my other ground
than mere su1Dse for Its op!nlep, the question Of
| the consolidation Of The Western Union with one
Of the two IL quite within the limit Of probability.
As The STOCK Of both the Milrnnfee i
St Paul and the Northwestern Is largely
IN tho game holding tho rcsrlt to Individuals hold
Ing stock would be very much the snme, only VIC
lhlul thai II It ~ intended to water the stock o1
either Of these t1o with tue Improbable Western
Tn!op the sentinel would not bc LIKELY 10 md Il
out ty asking Mr. A,tchcll1 confidential acqua.nt'
ances 1t L. also possible that II Tho stoekhoiae1l
I an warned beforehand, any attempt to co1soA
. | date might be abandoned
Business In New York Is still In chso'!c STATE
fru1p the effects Of the recent tremendous Eolt
gambling contest All adsices received from tncTt
to-day sAow that bankers, and consequently Al
business men there, arc trembling get IN view O.
the consequences that will Ie1u1t ron FndAJ' 4 op
| csatopA. The whole erect Of the financial lorna
do OF that day will probably not be known for I
/ moth or 50. uonaes that nay have fasel
wen,hcred The storm will for unc appear to b
Ill right, but sometime, when least expected VII
Suddenly fail from the cdects Of thelt losse1 las
week These will CAUSE loSseA to other houses hut
banks w no took not the Bi,Rness ra1t In the Eo'
, | fpeculAtiou, and 10 the effect will be comMunl
Gated 70 many who may nov be rerfec-iy aolssn!
: The a1alr Of Friday was ono OF The most renark
nble In tho financial history Of snts county, an
i these Mho imagine tu effects Will end VIII IA
i settlements made BY the Gold Exchange Bsuk, 1
: New Yort, to-1nor1ow CTucsday,, NIL probably b
: Il mistaken. confidence h1s been shaken In Se1
\ York. There are many houses and individual
there Who were wealthy two weeks Ag
who do not themselves kuuW exsctlJ where the
will ktand until Il Is demonstrated ttas al inel
debtors in the gold speculation csn pay up, and
: Offset their losses aud II Will Be well Tot Westes
Z bankers to exercise more than usual ctfcumspet
: ton III fegas1 10 tatis ScT York correspondent.
The week begins With Il some what more urger
deusud from tnt grain dealers Tor funds to GAIT
tra,n In This n1azkes, n the shipping unyemes
5, has necn checked by The unfavoEsble condition
J. the Eastern markets. THIS Il parity the result
: the s;rpeeut condition OF the New York uonc
e market, tor week OF Two past. condtion vhsc
:, rnav be considerably Aggravated By II
. present state OF 1naocss II III
! city, As long ns the gram taose
4 aetvci. from the West 10 the Eastern consume
u there vas Go danger Of any tc1fo1s st11ngcoe
rcre, 1hcueh u the present Tendency Of gFala
- accumulate here continues, tighter money ra
= Let viii eoon he the result yet the on!y gus
tcrs where snr rreGsure rot money IL felt a. IN
q hanks whose cus;omcra arc principally grain dea
- erN Al other banks nouey Is comnaratiSelJ eas
:. Ttets c1,.ton,css- principally nefchauts-ar9 b
u c:nptnR to fcultze little rom tnts conecunns
O. ire country aud thesc help 10 neutfaAxe 70 so1
= cxtcns, the general tendency 10 strtnSency.
r. The COW Of currency to the country coptnre
It though the volume h Iess than The average OF Ia
10 week OF tie week previous socc OF the oanl
4 " ray that they hava already oedcred nom Nc
= Yorx and shipped to the country - much n
u vtole Of their average amount during airy fall =
le the past two Yea.y, ID which case It would 1es
M.e M that the necessity Of ordering currency NON q
q EAST to supply the country would nov soon beg
et 10 dtsaprelr- ...-.
9g Exchange wns drtaer, owing to the diminish
u supply OF grain and produce bills on the 1ast'
~ Saes were made between banks to-day u LILO
= but 1t could not hare been bought better than :
tn per 81, COO o6 At the close Of bus,uess-
IN The following table gives dealcrs' quotat1onS
q. buying and selhng government oonds, local stoc'
nd ! gold and nlver In this m1fket tdta afternoon;
ear seEtsunusl interest pe1tods Of The Enited sa'
p. | bonds arc also giseu.
lEs Eupias. Stla.
on | q S k, 1851, January and 1uly. ...1lsk III
ttc i. S e-so4, 1s6a May aud Nov. .,...-1aoH ~
r. &. s sos, 1854 Nay and Nov. ..u9k lts
ne [, tHox, 1864 NAY and Nor. .t19A ~
tnl- L. s s-&oa, 1883, January and 1uly. .11s4 II:
e. q, Il oaoe, 1851, January and jrly. .1itN u:
IN Il. s E9nH< 1888. lAnuAfy and July. Iii II;
rc- Il. q 1D-Sos March aad September, los 10
cts CbfcaRo Cat5 q tmunlcapall. etH 2
ER Coax County tS-.--......-.........-E EtN y
etH Ame9tcxu 1cdQ. ..l44 If
II ! SILVER ,,,.,............,....,,.,..l
ocf No regular gold quotations were received II,
~ New York to-day. !" Street ratea ~ wete given
lei, from 1ss 70 1s5-
.o&- 14TfIt. ...
kay NEE YORK Err&- st-Aazirs tn # I'll etIrek Afe =
Ti n errat extent In tunttnp b. the bloeE In b
= r1s = abe f3o4d E1rhEnfe Bank. xhtch te1arorz
fnrfs ~ epsd dcA1rrH oa 0 tAGe REnoont h{ mon
CAD ~, morrsyry kp dnht the etaudtuE at
ont NM vtih fhf natural result ot esuttnn
xnr n every branch q bostness The told
Ion rharer Bark y nsaknf ~ un tht btint*i
Az ~ s1ormnxa trensA<tfons Of Friday.
iha ioIlor Log letter bas e1on Hd1r<ssod to ih& n
her 0sss o. Aoe oGsS ~ Yosx qnto EscnAxar RAsk
1M- INV fnE1- arpt n.