, 1869-08-23

O0AGe LII WILL an 62QlaDA11Q4 OK IQ6 cause
OF the excessive stringeney in tho money
market Of Eau Ftnnciseo for many months
Pastf How happens II that, with bank
ing capital Of twenty-five H.illions Of solid
coin, the wbeat buyers Of San Francisco
have been brought to s.and-stm for want
Of gold wherewith to purchase few cay
goes Of wheat on their whnrEos2 Why is
it TINT they havo been obliged to send such
besecching !elograms to Secretary Bout
well, to loan them few nilliors
Of the government gold in tho sn3eTreaa-
MY in New York? Why ware they drivon
to appeal to tbs Vice Proddent-who is
now a guest Of thejzs--to Csc his Official
and persounl influence with the Secretary
od tho Treasury, to scnd them somo money
whe1eEith to purchase the wheat coming to
that market from the sacramento Valley
II ~ tho primary object Of the great banks
Of 6an Francisco is to market tho natural
wealth OF the State, whether "farning or
mining" Why don't these banks do it7 II
the business Of the Bank OF California more
directly facilitates the general business Of
California than do these Of Chicago the
business Of the Northwest, why does it not
facilitate the purchase and shipment of the
only agricultural staple which that State e1-
ports7 II TINT bunk alone has discount
line Of SAG, ,8o1, 900, while a1l the National
Banks Of Chicago hnve a discount line Of only
S14 ,3'8, ,2oo, it is Little singular that it is
po#erless to render aid to the wheat buy
ers ut tho beginning Of their seasons opez-
aions- And unlcss tie explanation Is
stated correctly by cur correspondent,
.'That it's relations are mostly with cor
poraions md mining companies" We
are utterly at a loss to account for its ina-
bility to furnish few millions of money to
move the wheat crop Of that etate.
The banEs Of Chicago, with their CON-
paradvely limited capital in despised
national currency, have not reduced the
produce men of Chicago to the daplorabls
necessity Of appealing to the National Sub
Treasury for advances Of money. The
e1ports Of Chicago ( I agricultural products
nre irn1neasurably f;reater than those Of
San Francisco. Chicago shipped last year
q, 100000 bushels of wheat and
-four reduced to wheat, being
more than double that Of San Francisco
and this case was but single item Of her
exports. She shipped more dollars worth
Of corn, or pork, or cattle and beef than
the entire exports Of San Francisco other
than gold. The value Of ali her exports
were Mt lenst thrice those Of San Fsancisco,
Spc11r3f+1ry rnct3 1St1$ tvo 1o{n nJ1 }1t
desstand that it requires much banking fa-
cilities or bank capital to export gold. We
suppose gold to be Kind Of export that
requires only receipt from IN express
company to send il to its destination. II
our correspondent has fallen into an error
in regard to the facilities afforded by the
banks Of San Francisco to tho merchants Of
that city, tho source Of his misinformation
Was the business men Of San Francisco,
who bitterly complained to him, and to all
the members of the Chicago commercial
party with him, Of the manner in
which they were deprived Of banking ac-
commodations. Many Of them stated the
cause to be TINT the bank capital Of the city
wus chiefly invested in mining stocks and
real estate specu1ations; others attributed
it to the exclusively coin currency in ci1cu-
lation, which prevented the banks from OBJ
taining remittauces Of currency from the
National Banks Of the East But whatever
the cause Was, they NIL agreed in tho oom-
plant that money WIS excessively searce;
that the rites Of interest wars onerously
md onnrnssivp1 firh. TINT tftneH ysare