, 1869-06-23
MONETARY AND COMMERCIAL
MONETARY.

TrEspAF FTEN1fo, 1unc =.
It 1crld, pcrhap4, be Impossible for the Sec
rctary Of the Treasury 10 ulanase the req
euue Of the government Nti2l1 exercising Al
every turu great influence upon the money mnr-
ket. But II Il evidently Ills c:: - 80 manage the
atetrs OF hts Office as to hsye the leagt poasthle
o1aar7nng,ng er npon general finances and
uade. lie 5.--e Of our prea-a currency being
a 1.rre 1:.:--:tJ. business ia VINO Know the
xor; ing Of catcrl ..-"s Of ananct
and trade, under such ctr:.2staeees, know
Whist TO expect mud hsu 10 eAcQAts
Tor the 1utu-c- But tie atte:7' 10 set an suca
natural sequences aside and % resolate me Tol.
uEne OF the currency, and Consequently. tne oosl.
ices Of the whole country from uonfa 70 mon1o, u
accordance With the notions r one nan, u m a.
sumption Of power which the .Iop.e a. latxe VII
hardly regard with complaoe.c:. It nas Deem one
OF the chief complaints against ocf ffedeemaols
Currency that its volume wae -ot elasdcs that ne
have required during the list few geats neaffy
rtty millions tea. currency Il :1e summer than IN
the epr.ng and fauJ aud s.at some means
OF temporary contraction tct!ng tie eammsf PIE
thora WAS needed While It Tas, n 1eauts, oe-
sitzble thAt seli-reCulaunc elasticity enoalo ba
impaired II possible 10 the yo.rEoe Of the cut-
rency, 1t wss mtsta1e 10 srplcse fha8 an aEoi"
uarr regulation BY one 1ndiv!lcal Woold eject
the desired result Men are lpo ahae TO efTorS OF
Judgment to entrus the continual adjustments OF
such great interests to s:ng!e t1i!rtdualz Unter
the old state banksEg Asstems the
tanfs tssued new notes % meet the
increasing demand for currency =, active aeasons
Of the year, and when these Eo:es were no longer
needed IN circulation they we're PRESENTED for re-
detnption. This waa III eIastie currency; but It's
expansions and conttaclons were determined by
the aggregate tendency Of thousands Of ctrcum-
stances. By each Of the fnulvtl1ai BANKS engaged
In the active contraction Ct eli a1son Of this cnE.
rcncy, the whole caanc1al Eta.ton was viewed q
little differently, no tso, pertaGs, viewing It e1-
actly alike; and had the reguL- Ion Of the whole
been LETT TO one bank. or one Ea0k President, he
wo0ld. inevitably. bare Iaade a botch
Of It. because he could not possibly
fortsee ICE meet the eugeLeea Of each different
section Of the country. let number Of the
Eastern journals, and among them The New York
fifsaneial chssnir.e, have assumed that this a.
dnous task Il q part of Nj. boutwcllb dnty. md
TINT he has been absorbing currency IN the TTeas-
pry to the amount nov Of nearly thirty millions.
NTH view ct creating wholesome depletion In
the currency during the dun season, and with the
intention Of letting It out nSatn when the fall
trade begins. II this was Ay. BoutTel's object, 1t
e evident he has made-icst as might have been
c2pecte6-a botch Of his experiment, for be seems
10 have entirely Overlooked the absorption Of forty
ul{3 lulluDuS 1nQTE u III b4E LEW ueIA0
Of circulation IN the South aud West, and also the
UNUSUALLY late grain movement in the Northwest.
II Is probahe that sfr. boutwell, has succeeded 81
rel az any other cnt n4an ever wi! IN regulating
the yo!nnc Of the c-1cncy, but It Is power
which shoull not Re as s:aed hy ang one Enan.
In TIC local money n--kct tncro Is a moderately
active demand for mpney from ali departments OF
trade The banka 1oweeer, afe roiefxbiy wei
eaI.Ille3 With funl-, ald arc accommodating all
ot tae.r regular custentc5 With all the acc0uamo-
tiatiuns they ask for at 10 per Cent, though none
Of The banks are taking any outside PAPER.
Exchange was higher to-day, and sold between
,,anks at Pa, with u,so la.se taqa.1ics from St
Lon!s, Milwaukee and Other places, 70 bur. The
.ales 10 St. Louis banks far I've Of tix days back,
have leen large, AMI hare brought heasY remit
ssnces OF currency frc. there In return, 40 taat,
at1houeh fair Amount Of exchange Is making
against shipments Of produce from heFe, exchange
u comparatively scarrr md currency ta accuc1n-
iailng herr. 1t thr tsunte:, bankers continue to
sell to customers a: par, and to buy nj Lie dis
count on New YORK, Hid Il on Bulfa1o.
The Lo3don quo.s:nn for bonds to-day was so's
against soss yestent.;;. IL New YorS there Eas
but little change 10 :4rtt prices.
The Price Of gold NJ, ars uncertainty, being de-
pressed On the ono haac BY the prospect Of the
disbursement Q. E,s,. 1000 for tie 5ug interest,
and Temporarily Strengthened h5 the prospect OF
tho decrease Of sales b. the Treasury.
Dealers qao.at1ons tot buying ind selling gov
ernrucnt bonds, locn. stocks, gold md silver, tn
lfte m1tEcs. ttia aftet..poc. 1Tere aS fp1OE5: