, 1869-08-28
MONETARY AND COMMERCIAL.


FRIDAr EVENING. August 81.
Ttc recent money strlngeneJ In Caltfosuia has
bccn coade the oecssirn tor getting up sone ittua
fecnEEo! teaieusay Of thc government an tde part
of San Ff1ncisco banking houses, and feeling Of
pqne In sustaining tattr coin circulation to tho
exclusion Of national currency. There MAS
large amount oI coin IN the auo-TscasurJ 1t Bao
FrAIctsco, being tho accumulation Of taxa md
import duttes. Aud ut the aAe ttso the coin cir
cuIston Of The State was 70 eearce that trade Was
brought 10 stand still Al the coiu dtstuIse-
ments Of The government on tho Pacdc eoaat a1e
very hgut,' II has been obliged 70 tran4fer i.A
talsEce1 to New Tori, wnern they could
be sold. OF paid out for Interest On the debt,
1aeso Ea3s'esR hare been HlAde either hy actual
shipment Of tho coin or else by allowing the Nr1
Tork correspondent of some Ban Francisco hank
ing house 10 paJ the sum into The suh-Ireaxur! It
New YORK, collecting ol the government at the
saI1e time ths cost Of shipping that r7nco coin
from San F1ancisco to New Torf. and then send.
,ns an o:det to the suh.Treas1ry In San FRANCISCO
10 pay ia tho housc In that city the fun amount In
co!n- In this way tho coin Is retained IN ctrcu-
laiiun In California, and the nctual shipment Of
treasure avoided 10 soIce extent The Dank OF
California and tho PaEitc Natl Steamship CON-
pany, through whom theKe t:ausfeTt had nearly
| always hech made, had csarscu ;hc government
one ct cent for the trlnsftr. au1 ilHi nnaly come
! to velw the transtet OF TIE lovernment balance
from San Francisco to .ien YORK Is their CT.
| elusive right; hut recently. responsible t1ukin3
ho'.sc IN san Francisco Ind proposed to make tue
sranhiere fur = Of per cent, and contract WIS
entered Inio With them, hut eua.eqneut TO this
contract II seems lhst, by aotne conniyance on the
part OF the iAtc Absstant Treasurer IN New FORK,
TIC Iank VI California lid transfer 5sooG Ut one
pet cent, b5 which the Rorcynment lost e. oo7.
| This, however, was peremptoTly stopped by Gen.
efrf EnfnUpF n tFNh af al M rail-
and tnneudos tha: have been circulated In
California, IN regard 70 The government being
t,la'arJ ta Eectteg the Eeoess1s!es Of the
Pacific coAst for cotn. hate prigtcated
with theEc who would Ike to have the pruutaale
one per cent business continued Tor thclr speclal
benefit As the f1a.ier ktands ROW, however, SUI
dctent coin has been released from the 6ub-Treas-
uIJ to relieve the money sl1in2ency IN California
In other worub, tho San Francisco banks hare boz
foTed Of tAe4E feH iozk correspondents who
hare deposited the gold in the New York Sab
IraEarr, In tho tuattsr Of any change tn tho cir.
culAing Medium Of California, the Introduction OF
g1ccnoaels Will be likely TO meet with ssetdy op-
position ffuta tic present leading naAacal insitu.
iloo1 Of that staic, and taey arc looking to New
York for support In the cndearer. It Ia clatmed,
ard undoubtedly with sona Justice, that tho tn
ereAtng operations between the two markets FILL
increase money transactions in gold md help to
retain The present system
The recupe1at1on Of the South Is one OF tho
u'a1rcls If the Inst few yea1A Few people can
realize that the states which, two years ago were
80 noTelt5strcken that b1eal 10 feed The starving
tnhabItAn and clothing TO cover the1t naIedIeas
Lad to be sent down fspm the Northern States,
have for two Jcasb Raised moro valuable crops
pr e1pita-th&a the people Of tho Northern
s.s.cs- 4 South carollnx paper says that the
"south tas every seasoa to anticipate crop Of
NJ fLr+1$ ri Rtf+
Vailed at Slts per bale {say Is pounds ut
IN ent, live ccnis. Vil Etse $32l ,o0o 0oo; also
corn crop OF 2s5,ooo,oO5 bushcls, valued at
&e:u, fb,ooo; End the augar, wheat, TOBACCO
aud o1cE crops will $la1 ',ooo more, giving, II
I'll, product of not less thau s7o4 c0ook, which,
with population Of not oyer 1l,o1.4 600. will show
IN asetnSe Of 81 per head, which largely e1-
ceeds that OF the Northern and Western Stntea."
II ttcse estimates IT anywhere near correct, 1t
viii be readily Seen that the South will ahsorl
more oat.ng capital III tic aLlpe Of currency this
fall than last year. and that when the dr1!1 does
begin, 1t HM be severely fe't IN MI tho NoEthefa
States, 20 that VT may 1nl ourselves In cout-
tton IN regard 10 papcE currency appro1lmaung 10
tsat which hss Just been experienced In California
| n regard to gold currency.
| The locul }money na1ket reaalas nearly un-
changed from tho condition Of the .ast ten tays.
1he demand Tor accommodations Is tolcraby nc
ttye, Int not Sufficient to occupy all the suspsua
I .uLds Of the hankA General trade, however, Is
Light, and merchants are borrowing to meet ma.
[ turing liabilities until the fall trade begins
| Tie supply Of grain and produce on The market
seems to EroN smaller, aui New York exchange
| Erows firm accordingly. Sales Teic .uadc be-
iween lacks to-day ut Is cen;a per sieo0 discount,
| ald afterwards at par. AZ the counter, bank
tfs nIc seiltEs to customers at par. and tuIns At
| ITO 70 = OF. Du1alo grai1 btlis AZ Ato = OIL
Dealers' quotations for buying and scl'in2 sov,
erunlcut bonds local siocls, gold and silver, in
| this nalIeL Ills AftcIppQn, were: