, 1869-08-11
MONETARY and COMi1ERCIlL
MONETARY,

nVNE4Ad4.
TrEspAT EyEs1sG, August TO-
EEer7 noT and Then We dnd nnanesers and
financial Writer'S who give the subject OF our de2Te
cAfed currency much thought, Tererttng to the
idea nf eonEerblhy into gold bearing bond+, s1mt-
lsr to the proposition OF THK CHICAGO TRtBESE
tHo Tears ago In regard to the coDVertblut5 Of
Hetnhaeks into 1910 bonds IN the recent cnn-
1en.ion Of National Banks ID New York N Icne,
Hon. Z. e. spau!dng, Of Buffalo, made IN address,
which has jnst been puhlLahed IN full. and from
which We clip the following IN that connection:
~ The frsi fundamental principle upon Which
pan1 E Eenene{ esn DC kspt a. pa5 batne.s "a.
INTO gold On demand, had to be ignored by the
magnitude and o1erw helnlng necessities OF the
emergency. wzs 10 provide 1hst the not Is should
oe conSefhble at any time tnto per cent Eola
hohas O. par, and that k1nl!ug luaa hlou:h II;
eAlaOlahed to support the cfe-lt al the ho.ts La!
noLea, and kEep thet1 aa neAf ifar As poe-lht.
i'oln OF these rrovinInn* were subsequently,
u. eaye teen cut on and allowed for several years
past, 10 shtrk for themselves, without much care
Or q, p'Itscnon ns from the g9se1nmeni, EXCEPT Kept
arg prusnise that theJ sha1l. ultimately IT
ser rreentseks 1t any time into gold bombs At
Iar, tesides belng unjust IL The holiers, has
worked auho+t !healcu'a,'e mischief IL The H.
.itLul EnAnctt. This s.enri. fatal clause, incI.I
IN the 800 TO to san att cut the erren.44ck
rency Iotse fr0m the guld t.Asis e,ta.sNrI bY tne
Ent "a gu tender nc'. and there has not ixc. l'rac
tsc4'!y Ahs Frttetrrl0u tf II hnre lie IA vi 1,t3
"ept into Effect Hut for that iax. Rrctnsacks
Noqld nov he IN q par ~i.t 1he gold Grpls. and
read the recently Iub'llAc,l uuuns1a history II tie
War. tnifracIpR The t9*t,hH,'-t Iuan art, ami n''-
se1.e nc aEsat inoation Of thu paper currency
ant auT1Iee In the rr;t" ct gold, rruw-
Ing cut Of thc Hnr, akru ra.r:t>e Il tic
discretionary power thrn IN the S+t'rr1lrs
Impressed viii t6c W Ell ci+cts a"'ui u,l, ~, ;iIs M
tutrE1cy Lid ltIcrs II hEeh fn,wrd lie r.,ri lag
~ the inv ,hsn execution. f'T'..ir;i4 to tile lrp-
gallon nf the right III Enu,trt ErrenhACkI into
Eol1 tDfda ut Pnf. therr Was In great r+ilur r.srv
VI lltthula u the currtbcf, !nr The rca1nn tlnt,
~ lL.t " II accumulated In exfcss u tK,tliIate
HAttr tic hHl!rre nuu1'i rttEthi: at bncr t. tsc
g'.stfuhsen.. not fo1 RuI''; lat Tor Vcti Is,n'ts.
which was Practical te"mrtinn "f'llr rutttarr,
from being II tlun'!ant, nr1 ui. kept lTt.t!t lsy
IN "a Eu''s hnr1s II ~s4a Rs'N mistake ipr Ill.,.
Secretary III n!.IoVat" th. hrnlths rr'l"tnrtnn NJ
the currency. II the original Law "n-f f0a III force
II ~unlh Ene. nat sllaIity 10 thlr present lis
Ioi1osrtl cutfeiIcJ. Ar the 1aw huW +tau'l,, the
willie IN pro'ist II vi II l"'iH for Ir.l'c'lI'nx
lie rss dug Ffrcnt,Aek currrHcyt Ana they HEe
e"naputp.'t hrprcca!rd u per tc!'i. ,,.,
While nil The funded dctt htt'luhl!r0 to uftr
t2lh'.'ssth q |. placed by law uton = Holt basis.
- t1At ~'ll Trnly .lss oHt q ll'p s,nntfy tDs
niis ali htIre .nnI Btsh'r IN lay aho !Htrrst fl!
ruiz. Ii't' Htfrtasy OF sllu ffcAau!y i prohibited
ss ,r. ss ts uo,s" a sa s5tSss ascr. su
hhyr tern At Allple.1IthRt nMPlr provision sanuhl
hatc ssrt stan t"t laYlIIf ~ I'm puA!s 'leht ~
r.tn except thAl which II now dur. and which y
I!rni> ttrlrtclatrd sNfnuau h1 rrnf.slun Il lnadn
i"r la tny tnrnL"
After knIug Thoroughly over Tho who's su',Icc.t
Mr.. rtaulilng says tha, thr gI4t nf thn woEr snn.
Ter, III Ergaff 10 EcAnnrton II siinplJ ltlRt there
II tto great dldIur;ty lH'iwenh tho Rntd rcscryc
OF the Treasury mud ths yoll.,r If RFcrnhackh to
I.r ,sA sryrr h,@ ttAc1j,S} N 1h1
grecnt'ncln shall nut bc decreased, 70 that thrrc
can lie no equalization Of gold and gsccubacka hy
iha. mcnnk, and, that b~tng the case, leavca but
OLE oIher alternative. viz: to allow the sotf ~
xcrve Of tho TrcaanFy TO accumulate to nhous
ie00, ,rH0, ,oon, ant ub!tse tuu National yanIa 10
accumulate 4 silD'aE specie reserve. Hacked
BY such FESTIVE Mr. apanld!ns thinks our entire
volume o! paper money would circulate ut nearly
par. There afc, ho scycr. totnc serious oslec-
tons to the accumulation Of 30 large reserve OF
unrmployrd gold in thu Treasury, md much tho
easiest WAY u arrErclatlng the greenbaeIs word
he BY restoring their or1gtnal character Of conser
Utility Into gold ooudA- unh Tho proposition OF
THE TAtaCSE to make ErucnbackS convertible Ia.
To 10 40s ten adopted, gttenl,ackx instead Of be.
ing worth only y cents on the doftar, AS now,
would LIZ at psr wlth tho l0.1os, and would have
advanced per rent during the Inst
few month"; as tho 1o-4yA have done ani hai.th,
original privilege 10 convert grecnb1cks into o.aa
rena1ned 1nErpealed, gtecnhacks would now tic
worth 70 cents In gold on the dollar, In ac.,rl.
aucc With the price Of e1's tn Loncon-as the ~
| rtr cent exchange nales thc present LONDON
rIIce Of condt clc7la'cd exclusive Of a:cslct1 H.
seEcst. equal 10 % ceuts IN gold IN New York atsl
a. the bonds sccn altogether likely 10 reach pat
| within ttie ntxt Two .eaFr, We ehould hare got
buck 10 specie resumption BY that means without
| q catastrophe
The prospects OF good geld Of wheat 10 nesry
every one Of the principal whea-tproductng re-
gluls Of the couttoent, seem 10 inc.ca:=. Per
sous who have visited Western Iowa, say that
over ,owatd the Missouri RIVER the crop ron
some lelds has already been cut and Is benG
,nrcsned, and that the yield in some Instances Will
te as high as forty bushels to the acre. AL the
accounts Of the California crop also favor larse
| WE'LL The San Francisco Eoeatn1 GuutfiH OF Au
gust says that the wheat crop Is not only larger
this year than last, owin. to the greater acreage
sown, but !s also coming forward more freely tat
farmers being more anxious 10 realize on Eslne
market than TO trust to the chances OF dong bet
ter later IN the year. Cars and steamboats, lcare
| erery grain Fort In the Interior loa'led. The
| MnrJsyfIle, Sacramento, Stockton and Vallejo pl
! pess abound In items descriptive Of the wealth o
! whea, pourtug into market.
| In connection with the war between the three
great lInes Of railway from the East to this city
We stated, yesterday that the rate Of freight hac
been reduced to CSC = 11 rs from Chicago to New
| Yorr. The same statement was also made h,
| other papers, both East and Vest Ne learn fro1
| tsc freight agents 1T the 1nads here. however
that this is an error, nnn that 1t Is the rate from
New York 10 Chicago that has been reduced tc
s5e, md that the. Eastward fseighis remain un
changed. It msy also he stnscd, on the authorit,
Of the Boston Ttdreii, that freEghts ftom BostoE
| to Chicago have hcen reduced by the competitor
OF the roads, to the extraordinarily low rate OF !.
| per ton IN such hesFy irelghts a. sugars aud mo-
lasset.
The local money market remans.easF for born =.
erR slu1t tirlr, anil aii ho produce +atfsfhco
n colateEna hnd no du1culty In getting money al
II rer cent Some Of our private bankers ate eSen
| Offering nouc, on call, on government bonds Il.
| colla,essl., as low as per cent per annu11.
Excbange bsule down to-day, aud sales were
u.atlc between bauks a. &c Per tl,ep.
jiscL1nt, Bri zone cf the usual Sellers woaid
have tern glad 10 sell Large amounts 81 that price
At the counter, there IS still considerable rln6s
Of Iates+ Some banks charge LILO premium sell
ing and take at Lilo discount and Others sell st
par, ant thke at lilo discount
The London quotation for bonds tc-1ay vas s353
against ss.4 yesterday.
AZ may he Eeeu ~ an advertisement au oar drst
page, "The National Bank Of Commerce Of Chi.
cago has received the proper authority ffou lhe
Comptroller OF lhc Currency 10 begin business.
and will plohably Commence operations at IL:
Dearborn street sometime between this ant the
lst Q! September.
AT a meeuI 6 OF the Directors Of the. Manufac.
iutcrs Snt!opnl DAnk On the 9sn, Mr. Thomas l..
Fo1rest WIS elected assistant c1shics, aud will S.
sltDc the duisc t..of his of.lc: III once.
Dca!css' quosations for buying ami sc1l'n7 Eos
crnncus tond. ioca! stocks, Etlrs and silver. II
this market, this afternoon, Ntte:
EH:Ino. Sri.n1-
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