, 1869-02-20
FINANCIAL AND COM MERClAL.
mON ETAHY.

Rk4DAX kVIk2A1y AZ
The bill 10 an md the National .urfeney aet
which psstcd The honee yesterday, contains IN
Important section In regard To tho redIttloue!sn
Of the currency. l.
ltprovldes that the amount Of National. Bank
circulation shall be kept within tho pte.ens limits
Of $500 tuJ,c00, and Of nl' amoont
16o, ,ooo 600 to be ditt1ibn1ed. a. now
according to representation IN Congress.
The causes arc substantially the fAme a. IN tho
act Of March 8, 1865 Under which the original dts
trbuuon was made. but that distribution wAs
made In &uch uay shst the real intent Of the Law
uas not carried out In regard 10 the remaining
$3.50 COO 100.
Tho i.v provided that tits stou1d
be d:etri' IL ed with due regard t. the existing
bankibE capital, business, End resources OF the
S:ales. Fad this tecn observed the West would
have got a much larger proportion Of bank 'clscu-
latiLu, butttie act also provided that any State
ya1k might alec bceome National Bank with
The came privileges and powers, a. all other Rs
scctattocs organlzed under 1t.
Al the time this Distribution OF the circulation
WISE made, the West had hut recently passed
through a nieis, which had swept away
Ee:rly all the State Dauka. hurd1c5s OF
wildcat ba.ks IN the Western States
wt1c bas.d upon Southern Stas boIds
Which BY the war were rendered worthless, aad
The Banks had wound up. 60 thai there were but
few State Banks, while In tho Eastern States they
were more numerous than they had ever been,
There numerous State Barka wcie permitted to
become Sa,io1al Banks by merely changing then
nsmes, eepositlne their bonds, and taking thctr
circulation frou the government, In place OF issu.
ing their owr, not even change Of directors
was required. THIS was an immense banking
capital already orsanizad, while the banking cap.
ital OF TIC West, for the rtasou8 abors meutioacd
Was rot organized, but WIS mostly in private
banks, and before the proper or
Plantations could be perfected the
circulation was gobhled up By Ess.ern
State Banks. The reeult Was that some Of the
Eaetesn States got nearly donblc the amount Of
circulation to which they would hare been en-
titled. md though maly ORGANIZATIONS wero soon
Perfected IL the West, and some had even Eons so
far as to buy their honds and forward them 10
Warrington as eecn1ity for circulating notes.
they could rot get them. 1t was stated In The
H0ufc the other day, BY one Of the mem bers, that
the Wcit had the same chance under the law, 10
GET circulation At that timo that tho East did, bat
It will be ecen That, owing 10 tic dtaorEantxed
condition ol tho banking capital, this vas los the
case.
Tho brl which passed the uoasc ycs-
tctcay, recognizes 1his inequality, aud provides
ttr redistribution Of tho f15o,0o3000 Oh
the basis Of Tic appraised value Of the raj and
lsrkondt proptffy ,clthin the scrcrai States, and
10 arrive al which, the Comptroller OF the Cur
rrncy ie required 10 make new schedule Of the
e1ccss and dracieuey Of each State. II ia TO be
fear&d that lhe bill may not be got through the
Sez ne Letore the close OF the ecsslon, for though
The justice OF this portion Of ii Is utquesuouable,
the inf1eLcc Of tho Eastern mrlobera will be
brought to bear to delay It, icF tho purpose Of de-
feusing Il. though Ii justlce 10 ihs Wcst should
be passed.
TIE demand for money In the local market con-
tit ues ahout the same as during tho previous days
oF lhe wccf. moderately tct!vc but not pressing.
except at few lanka. The rGa1s In many p1rts
Of the interior arc represented as almost impassa
bic. 80 that In many dsecttors the marketing Of
grain or other produce Is brought TO q ssards..il
u,d all trade with il, which Of courae makes COL
lections from ths county merchants ui1lculi and
obl,.es city merchants 10 borrow Il the banks.
The TOW OF currency to the county, which,
week ago, promised active trade, hss bceo stopped
By FAC c!dicu.lcs mentioned above. and there 10
very little moving in any direction now.
Exchange was flmcr and higher today. There
were very few transactions, and we heard OF but
one sale between uauks, at l9c per Il ,t00 prc,nt
I'M. Attic courier bankers continue to cha.ge
LILO premium selling, and deduct 1-10 discount
buying.
Government bends were weak to-day, aud sc
lower On some lstucs. Dealers Ent:s for buyluE
and sc}hnp Government Bonds. Local Stocks,
Guild aid SllSe1 In this market this afternoon wese