, 1869-12-14
MONETARY AND COMMERCIAL.


-
Everybody has heard Of the Ean who, nxvrpx
bought cook ttovo that saved half OF the wood,
hocaht Hu additional one to eays It au ' and also
Of Tho man Who htsed himself up BY hts boot
tuape. AID invented perpetual motion. The genius
OF tnose lndstttuasE. however, wa ANAL COMPARED
TO tho Inventor Of the 1ngetsoll currency schsme,
the PRACTICAL EWklrg Of which r. set tozth In =
formidable army Of figures By the exponenA Of
the 1ngersoll idek II Nr. Ioeetso.l Of Illinois,
l. corttctly expounded BY hts edheteats, hi
notion Ii to prtrt $tA,oco, ooo more OF non
interest bearing notes TO b paid out In the pur
chase OF 5 20 bonds. But, oyeTIooklrH the 1mpof.
TAFT fact that The Increase Of rtedeem1ble sreen-
bacsa would at once pur up tho price Of gold to
thout lsa or higher. he assumes that this a.
coo.oeo or K1ee1hacIa would buy t5a 900 Of
aaoa 1t the sAtne phce N Rreetoacks ss It pic
sent Then, By so1t Of hoesls poeas arrangement
In sinking fund, this ~ 600 900 Of tr,otee.nah.e
notrs. which he prcsumes 1in not deproc.ase by
be1pE Increased IN voluUe, are TO be made In
efte1n yeas4 to hke up soo, COO oco Of ) % honds
To caIrg tho theory Of Mir. Ingersoll 10 its
logical coccoson, tho issue Of q, ,1oa 600 900 Of
aztetbaeks wo7id buy up the euIre 9s, %ss ku,7ys,
which ID the net total OF tne debt.
This scheme for N tncreAse1ot hredetnab'e cur
reue1 VA gotten up tn t1o interest Of xpecuasors
to oounteract the natural downward tendcncY Of
prices which u the result Of the larae exports OF
product1 and the r8pd Accumulation OF gold Ii
The country, BY reason Of 1he cessation OF guld
exporte It Il strange that many viii not nee tn2.
The real Cause q the Rf1d1a1 set1llng down Of
pricea Of al kinda OF commodities, gold H.
c4uded, is dne to tho large surpl7s Of expoxts-
ble Erodnets from the abundant crops Of
the past yeaf, znd that this operatea to depre.a
the currency pztcea Of prod0oss IN two wayx vtx.:
nrtf, hasinx Atser surplus to sot1 thlu usual,
and barg obliged 10 sell It IN foreign martesk, the
pttres CT oar commodities AFe depressed IN t.pse
nAtteta by out abundance. scoond, hy the acc1-
mutation OF gold in this county. and IL cnase-
aueht decline In Price. which makes the currency
more valuable In comparison wiki gold, and 10
gives tbs former greater purchasing power. In
accordance with this tue currency price OF pro-
ducl and commodities Of Ii kinds has been set
ling dcWn foF the Last tNo months though
the pytoe III gold Of tho ssue rommodlaeA
! has charged oonpa1asirely bat little Ia tbs same
length of tine. Tnia ought to rAxe II r1ltn to
lateillgeIt pcf1un1 that Il "a not No much the
scarcity Of eoHeccJ inst pruducea the general
veakuefs IN prices OF everything. Is 1t u tho ln-
c1c11e Of Io!d In proportion TO the volume OF ps-
/ per money In ctcnntioa. In the eases OF sons
produets such - wheat, there IA also superadted
tba t1nrcree Of the lA1xa crop To n1sks p2ata
| tho folly of tnoso who encourage The 1nfeTsoG
! method Of bols&eSnE up ps3ooa Of commodities,
some OF h1z friends ought 70 sugzess 70
htna thu psupxtety Of Introducing Z hu
n Corg1aa4 to stop oue-tAlrt Of sAh
present ezpstatsou Of cotton, hreAdstuns
petroleum snd provisions. - n to cauta the az.
poe4 OF ahaur tvo ntllsnna o. goid per week IN
payment OF cur foreixn trade hatanca- Tns s1pe-
dent woold run Ins price Of gold up to 1sa N 4
month"; And. sftnouzh ths prices Of commodities
| IN real MnLeJ [Rold) M1[tt decline son1o On r.
count os tie scaety Of xoad, toetr p7toes IN cur
| reney uoaId fncseesa- Whess FouN not be worth
! ~ mren IN Rold ss It u nov, but the earTe1cJ
Arn f-M
I pnaheI, tne Dontuai prices m o<her things wpoh
also auyaues u proportion And tho raj object q.
tos ln9efsoU scheme, 10 cheat people into ths no
I ttdn that tney veFs Gstu0R more for rneir com-
n0o4trtes, when they wa,u IN rssnsy Eesttng 1ess
wonh be equsEJ wen accomplished wHaout m
tnerzH Of the currency.
Tns local money market shows but little eoa13e
nom the CONDITION o. last week Bsnkees say
| thas the bulk Of 1het1 loArAhle fUE61 u zdu 70
| q1tssd By Iae paeterx. TIA demand trun the
Wholesale HelcaAuu ls not very preasing. because
| the EatHtty Of them know n II useleaa to a1k
| The nrore setStauttai class Of merchants, tnose
! who hare respectable capital d their owr, nnd
! who have not oeAn caught With 1A11e ssock1 Of
Eoots On hand, sIe thought TO BE- gesttIx along
without my perioos financial dlMnlts; bat The
| weaker oaea, Who are owing for Foods bought
| shsn gold Eas hlSbez-zn other words, when cur
tescy va detrsetated m0re than II u pov-sEs
feerng the letting ont Of tho vster vefT DeusbIy.
4 and |; Is altogether probable tnst good nsnJ
| failures Wi occoS tn tho neIf two OF three
| nontnA
TIE now OF currency TO the country CONTINUES
IN moderate volume, nor funds aze coming back
| In the noc1N receipts Of grAin md ,nogA kud Z
| good may Of The country h4nfs axo now orcenng
| femttanc8 Of Ne1 TMt exchange.
EIrAaoge VA nsua, n NON pr to - Pc q, GO
1 premium tor ssles between bAnkl At the counter
nAnkeza sell II l.1o Eseuinn nd bay as 1-10 dts.
| cpunl -.
o ". Barrett, agent Of American NerchAnta'
! Cufcu K1press Company, n TIM city, and Of
| Wells, Fargo ca-1 Pacific Kxpr~ss, Quosas CALI
lpznta excxznxe u tnllo9s: gold DRAFT, pars cur
! rency dra1t I per cert premium. Taese drar1
\ viii be e1seed At Auy Of Wells. FarIo + Co 4
! oEce, In CsHurnlA o. 0reguu-
| There xn1 bpI TITLE animation n tbs Stock Boan9
to dsy. th1 ocls tAnaaeson being -
f2,pW q. s e5S r1 1S6s.
The following bids md oners Herc a.1o made: