, 1869-03-02
FINANCIAL AND CON HEKCl3L.
MON ETARY,

NVduAI 0SlAkAHt H L(A
The bil!, Known Is "4etezA 6caenck'a ILL.,"
for strengthening tho publc credit, which passed
the Senate on Saturday, was 20 tuodidet that It
will have 70 20 back to the nouts, where II Will
probably be put upon its p1ssakc 1t oEce- The
1leided vote in the House, when tbs bill Was
pared ,hero setore going to tho seulte, renders
l's pasaage altogether probable. as the altersdons
made In the Senate do not materially affect the
original tntet,ion Of tho bill. which. ~ It hss
passed the Serate, pro rides ior the declaration BY
Congress, 'That tie taith Of the URlted States is
folemniy pledged 10 the paymcus IN eain, or IT,
equivalent. ID all tic Obligations Of tho United
8 a,es, except IN caaes where the lsw authorizing
The ttsus Of a1y sueh Obligation has exp,eAaly
rfoT1dta thst the Fame may be paid IN lawful
money or ether currency than gold and silver"
Vie 0Ld in soIne Of our exchanges coutsderab}e
otpositlcn TO Ibis bill on the ground ttat be.
cause the prospect OF favorable legislation In.
trfar.s The value Of the bo1d 10 foreiga bond
toldet, bis gain Il IN sone way ou: loss. Tne
Lirc,nnAti Gdzstte has had several edltutIs
tsAicg this view OF The question, which. though
,tty s1e cnely written, are dscidasiy at tarIt In
tht1E reA1oniBg. l. says:
at u Tor our advantage that The bonds. After
We hare rold .nes. shguia renain - lax as II.
10 tht county 70 have than rise.
''1t the bords hid rem masue1 IT sixty, ~e could
o,s our satp9. 5svs5ae ~ eay!Sg ias@ a1 ~ n a.
inlo uarkel and a. tata as any othes purcaaser.
Ofeortsa we eo7ld not prevent taeir rts11gto
rome eItcrt upon our improved pros tpcets !; pus
ell tao rtas is tu our nsnneial dissd eaurage."
A sufficient reply 10 this Is, that, In the dtas
plAce, We have hal no turplus rtvcoue to spare
with which to buy bonds, hut the prospect Of an
economical marH4 encut Of the revenue by the
new Edmlntstriton, nnd tor prospect Of having
surplus, made the prcs OF bonds advance belnrs
General ochenk'a bill waa introduced scd eveu If
krn6r stood tiYtY thH
fhould begin to buy them, the very taet Of !ta buy
lte wout5 put mp the pt,cc At once. Aud thcFe IA
10 way OF fctung them IN At neythtns ICES thao
tier face except by repudlato1 In o1c fo:1
or ano.tcr. 1.-The soyeInneu: hai surplus flnds
with which to hay tonds IN the market, and b.
sAa to Go 60, uothing but the threat
md ctrta:n:y Of Ia e1eeu,oA-A
"pa5trg in ErecnhscGs" would keep hsrn down
htlo~ lxt. Tee AZ oont OF annual inte.est 10 ba
psfd on the bords !. tie ssmt. no matter whelher
they aie selling ~ tfty cen:. or 1t par, so there
ccu'd b, % lo In that direction by having tho
| to1ds hhrA, ee. Ga The eo-t:a.y, our aavaE age
]sc. In hsy11R the bonds atvauec, 20 tna:ihe pfr
ceut al be above pr and The per cetts at east
al p. + in iottlEn CMEct", 1-d ut which Few Eve
per eat loan could et fuA.et, which wcold fer
1lsh TIC N, ara teT taking up tho . aos d: par rs
ta.l :. ihty m1t1zed, thus changing The tLtercAi
On tic debt fsou to pe. c:rt.
Thrrc WAS An xct.vc hnslne,e at tbs bAsks
to-day, on account OF thu u1ulullly he,r1 sstt;e
| merits Of tine contracts tor pro.ietyns and s.str
ii eloec Of The no1th, aad The elcarlr gs wers
b. ayief to-day than they hate bean for year TIT
l srtden revtrtal Of indebtedness triween hsnk:
hAs 1ef. rome thlt hsys been feeling cay ra:h",
| skrrt Of lo1nAbr funds, Ind others with asun
l Once that taye been reporting money tight
Atldc RON tho activity created IN tfese petite
neru, there Ia an setlvs dnrnand from The ner
capti!s community whosc collections II tn
country arc not very ratis'attssJ-
A demand has sprung up again toe euzre,cI Il
| 60 to tbs country, and coma coo1ldezshl
| am unts were rent out into The corn district
along the Burlington and tie Alton Railroads.
| ExctalTe c1peTierted large decline 10 day
osi1c to the necessiliea Of some Of the banks 70
Ho.c currency to meet thelr indebtedness 1t ii
Clca,tusr, AID which obl{rcd them to sell savt1.
Of exehsnga 10 get It. In tho ictecooa It "a
quoted II from boc to e0c per 81 90, premium. bu
| IN the afternoon broke down to p.s, at which th
, fcar,est sales wcro msde. At Tho counter tacl
css' ra1es were unes sznged-vx ceiling to tn.
custoue1A II lilo premium. and bpJinx n IL
! cisecnut.
.. Govtr1utn: Doads we're F1h}:ct 10 wide hc
tuAtions a8a!n todsy. They opened At about OF
: rer cclt atvarce On the closing p:tees OF efsu
cay, bat : decline OF eves \ OF Per cent tn Lo
!, don caused decline Of nesrly one psr cent
American n.tkcts this Afternoon. A. long
Z | folQ 1cEa11Es ABOUT e.Audhfy the 41otu0Ha II
e bonds IN New York Will follow the London nj
y &c. elostly, but any lasgo decline In gold Won
Ie rtcsce the currency p.tee Of bonds In New 70
jrst The tame as It would tho currcccy price
q Anything clee, though the reduction would b nc
s. tted by 1ha advance In London For instance:
bonte should adyance one ccnttn Loudue, and Tc
=. sntuld tt cline cue cent IN New York, the p<
Y. tf bcodh IN New Tssk Would only adrkrca lao
,r cne per cent, CT Just crough to ores the did
ente in s1chsrge. Bat u, vhlle bonds xdvarc
be one cc1t in Loctoa, gold ehou!d decline sa'
Cd ctrts In EeF Yosk+ bouds ought to ceeltnc o.
~ PIT cert In tie cu.rerey quotat.ors In N
r. iotx. Il hcrds advance IN London, SD gold
The saEe time adFan'cs IN New Iork, the euc7
e quotstion Tor bonds In New York would
&c vknce fAtic1 thAn the gold quosauonl Of Lout
,or b&cau*e BY The aoysres Of gold currency Ia N:
te- | appsten!ly OF IesR %atre,
Uealtzt quotations. fer buy1nZ and tellins G
l." emmett BoEcs, Local Stocks. Gold l1t S,lsc:
/ tntr market. this Afetpror, Wefa - paloW: