, 1869-10-14
MONETARY AND COMMERCIAL.
WxpxxspAr Evxwrht,. 0cs. II

Tho repeal Of the LcRal.T.'udcs act u t'cfak uVci
by 70 respectable All authority ~ the New YorK
Jo,is,.ui n tttn~etct, o1 tho mistaken Hrouni
that 1t would tr I. stun cut !" to tbc resumption
ii sptrle pa!inrptA II elaine tutt OF prupsictor
eA!p In the tuca, hy ft9nI nj dscortry, and EayA:
aFrnm All quarters CONS too as,urancaa that
our proposition to rrp'2s tae legal. tcuner act aud
take the bllnr, cut " spc,an yayhont- IA RI.plAs
+,hec' and T. a. It T. s,+ 10 kr the only fc1s...lc
nrtNcsi oi n1tatnns That 'r~,Ha ahAe copsumtns1sBn
great Tafsci5 Of questions hare 1senu addressed
10 ~, In Stow u tho Measure pfopoAci: What
~oL1h ttco1r Ut yu.l col.stsctn : Thcy wu:,id
be I,nths1t III GOLD a. u prvscnt. WhAt OF COZ.
!Inc!s now ma,ts parable IN legsl:tcn'ser4.
They, too. whHid fe paid In Roh, but on h
tAtis OF discount equal tu tae din-rencc between
R,ld pnd ereentsCta. We prcsumc taat LIZ 0,
captracts matte tefure paspruston7 Thcy would
be paif ln coin, without sconnt, ~ ttier al #ass
ahould have bcco, Including Interest on load and
tonds. Whit would t,econ. Of the gr~enoarks:
They would he funded ny the repeating net, 1t
par. IN 0ostrnmtnt bends, PAYABLE pr'acina! AMI
81 The former Tor sltp Ut she latter What of the
~ e T1s p Sc
eminent might exchange tue ilbdsnfc ie9ai-lcn.
'lcrs Tor them. q. whA' would u .hr same thng,
allow lhc ho!dclH Of INC Lat1I notes 10 fund them
directly, or 10 exchange them At Etren rae for
The new gold Eo'e Issue, Ia" latter might ~
Treasury Issue. aF = secured bsnk 1ksae, rtdeema-
bic on demand Ia gold at par.
Tie pima Of The Lpar,tal " Cmn,rret f., 10 short
to either fund all Of our present seyca hnnnfod
millions Of currency Into rer cent touds or c!se
Issue r0ld notes to he paid at the ta:c OF soc
IN The dollar for all the Ffeben. currency. A. the
necessities OF trade for cuttcncJ would ptcrent
my very rap!i funding Of the currency, the rropo-
Ftlon would te REDUCED ~ IT. practical working,
10 the exchange OF the present s7it,hE,,f00 hf
gztenhacks, nationals, fractioRslt. 8 per cents,
ann compounds tntn s3<:9.uc0t'0A Of the anew gold
nttc 'ssuc,s' Which 1t f. proposed to make re-
sltcraabc on demand IN gu.i at par. But
What Is 10 male lhis new Eold note
"srtleemsble Oh demand IN gold At par:" The
mere printing Of thoee wtFda on l!ie lace OF the
bLl.-thUuEh they would be evidence that the aoia
onrM 70 Be 80 Redeemed on demand t--woulh nDt
1urrt:a the Eacest-rr gold 10 do IT Will. What IL
| tie rtasaa that the present nrecnbacks and Sa-
toual Iank nucs arc worth only = cents Ia goLl,
cid 1uc;uate 10 cold value frcc1 that to II cents
| On the dolar7 EuTucstlOuanly 1t Ia owing to the
scarcely OF gold, which il such that the govern
! znent nnd the banks cannot pay their no1eA Rc-
cent Treasury statistics eho that all the National
)ianks III the connry hold only sl7.Ooo. .o00
tf specie, and tho Last statement
| al the Secretary OF tie TTrasury
| fhoTs that The government holls 5lisa JU g0l.
TT this aIcoun: ss1nU,'ho Pledged agatnat gold
| cer1Inca1eF-Whch are In fact "gulf notes" al
[ ready In c1EculaIt0u-bul. tvcn II we count the
whole GIFT and aid It TO the sl;,0o 600 held by the
bants, It makes only sls5 No ote wtsa which 10 re-
dcen the 1862 "0 0oo Q! propoaet no.es redeenahle
] in gold on demand. L. plain ihst this or even
tw!cc th.a a1nocn. would he an insufficient specie
| reserve Hith which to resume Confidence would
not be established, the new gold notes redecaa-
lie on demand would be presented for payment,
and II theSe was not tho gold to redeem them all
1 Oh denaE', they would sink below par and be.
| CONC deprecated and dlshonortd IA
Per Just lie the present currency
The reltal OF the Legal. Tender net wonid hripl
| IT. toa specie nass Of rrcts nj o1tcr, hut II l.
p!alp that this ia no short cut 70 the resumption
ffec.c 1Ayhent4 bn the rIGsett National l}AuE
aud government cutTerG5. Tacrc csn bc 10 r.
tu1np,on u srcie ~, sneE,s hJ ahy means at a!
compatible with The commercial Interests of The
couutry without much Ereafer accumulation o.
stcric florc the attempt ts natIe- hut The Trss
Try Of The United States is not the best p!aet
for Inc accumulation of The vast hoaril that VII
hc LcccsEary. II uccunu ate41 there, II wo1lt on.J
De rnatIe the object Of ecncIne. or corrupttcI
and rupdcs. There Is no sf,oft cut 10 Eper1e re-
sumption. 1t nuss leceasaltly take tine.
The easiest way, apd the safcsi wny Il
resume. is to iatd the gyecubacks, anil to make
| TIT pAtonal EankipR law fret, thus giving 10 the
au4ineas canmuui1y tho llocrty Of 1urnlsnlul
| themselves with d much currency - theT want,
coupled with the ueceHssty OF Furnishing ths
| requisite Enecle reserve to keep II NJ par,
The money nhrkct rctualns tight, and rrohlhlJ
Will CONTINUE 20 until the tbprluK movement o
glnin Increases and until alter the Natloua
lMnts have mble thelt statement 10 tbt
Comptroller Of the Currency. 10 a loea
point OF view the drst Ia the most important, he
cante tl,ero Is larger amount OF local capita
ppw licked Up In graiu held ne,e, but the rrlie
| That mny ta rtasonnnly expected from The t,auk.
having got through With their abatement, Is O
10th local and general Importance. and wnaId b,
nrCarcut ID llc tEcrensV VI bahA accommodation 1I
| III III parts Of Tie country. uut even under pres
t!t circumstances there Ii evidently aomt
tftdcnry thxnnf Improvement. Merchant
are collecting with ir1.cr sncctas Ia tic country
AMI are paying up their obligations TO the bank
! ,st'huut ueklnR Tor 70 many renewals. The naa
81 currency IN from the cuuDtry III now naart,
c17al 10 the amonnt co,ne ont, md, while tos tn
rrreent the market Ii yet tight, the prospect faTo1
| eAAe Ill the nt.zr future
EyChnnec wus solt between bauks to-daJ 4, rs
per e,,o'0 premium. the salEn price ns yesterday
NJ tho counter, &nrk kcrs set New iurk fanda a
LILO premium, and buy al from par to Lilo d..couu
I l'u1stn bids arc iakcn al = discount.
TIE following ka.lr R,rts dealers Qau,a'ioas fc
bnytpg and telIlpg gorrrnurut hondA. local stock,
gold ami sfver In this market this afteruoon; IA
eclpt.annual luteEest perlnls oT The United STATE
! t.rt.t mn alma ntrng,