, 1869-06-19
MONETARY AND COMMERCIAL.


FRIDAY EVENING. jane IL
Tho financial sltuatod b n1auMing an aspect
With ~Arna 12dscious people 10 exercise great
caution tn fey1zu 10 the positions the1 nav be
placed III during the next few months. The scAr-
eirt OF money IN the Eastern markets., 50 pnusuA
at thia season Of the Jesz, mnst, Il 1t continues
gradually extend to all the other principal mar-
lets In the country, .and among them Our OWL
Most persony have been SLOW to sinnis that the
present extreme stIingeucJ IL the SeW YORK mar
fet VIA AMI thing more than one Of the usual
stoct- -toohin2 games by which money WAS uada
aztineiallJ scarce for the purpose Of breaking
dorD the price Of stocEH but 1t Is apparent now
hist even il the asEnsancy began IN shy such
nnycnent, II has extended beyond the time which
such operations u8un1ly nst The de-
eraiches from New YORK. printed in this
mornings apes, Indicate thst Commercial dis
countA By the tan-s have 10 reality been au2pend-
I'd IN that city. ard shst some heavy failures have
been Tho result The CONTINUED decline 10 E.ocks
to-daJ also Indicates = contlnuAuca OF the strtn.
RencJ. !, IL lossitle that the pressure there may
may be now At It's worst, and thas II may not coz
dnae long enough 20 extend to the resi- Of tho
country IN degree that wi. result IN harm for
the present. Such large anountA ol currency
nxve Geen dr4<D from New Turk and distributed
throughout The West aud Northwest within the last
three 0F f0nr weeks That aee1nA that the demand
1ust soon be supplied for the present There are
sound teasobs however, for thinking tnat neither
the demand for currency here In The West nor
ertn the large absorption Of currency by the Nx-
uonAl Treasury arc anything more than secondary
l1ses, which for the present only help to az
grsvaie scs1cttI made by the 1mmensc ahsoTp-
ton currency In the Southern States and Western
Territories Even II money Ahould become tem-
poEaEtly abundant xgti1 bet Sceu this and the
middle Of August which It Ia not improbable will
be the case, the saUe causes are stiu at work To
make the scarcity Of money, Is It Il called great
er Ena fall than 1t ha4 ever been before. The neN
OF circulation for currency Ii not only extending
townrd the Hc1t, out, should As large crops be
rniseA IN the snmo States n iAst year, the pro-
portion between the aggregate Of metcn21tabEa
.yalnes In the country and the volume OF pape1
currency, would BE- 80 changed thai less OF the
Latter would be paid for = given quantity OF the
former: In other words, the currency pr,ces' OF
commodities would have to come down, which
would only be getting down toward
spccle basla Of rr1eea Whenever the proper
t!on between the Aggregate Of mercantile con-
modl1iea and the whole volume Of the paper
money circulation has been 40 changed that the
paper money Is insufficient TO erect the ex.
changes, 4nd part Of them have to ba ELECTED
with gold, specie tasis Of prices VII be estab-
M8hed- Under these circumstances, gold being
also "IAwful money" would soon become the
"mpney OF account =" Instead Of grcenbatk8 zud
the latter would pass at discount IA Is now ths
case IN California How long 1t will sake TO elet,
this change depends upon the rapidly OF the In
create Of mercnantsh1o wealth In all parts OF TIT
| country, but the present unusual stsinsancy ol
norey tn the Eastern markets indicates that rapid
/ progrt = Is being made IN tn4t direction.
In tho local money market there has been Scry
I little change for several days past, The demand
| for moncr Is ycrT active, but BY counulnR thell
| accommodations To regular cuRtomeFA the bank