The New York herald., 1869-03-30
FINANCIAL AND COMMERCIAL.

FINANCIAL AND COMMERCIAL.
~@-----~-~~~~-------
MONDAY, March so-s p. N.
The question OF redistribution Of the currency b
the prominent financial topic now under discussion
an Congress. Az far as it has progressed it seems
Hsely TO receive q solution which will not be
tnimicai to the interests OF the banking capt.
tal,s,s OF New England and the Middle States.
The moneyed despotsm which the national banks
aave manifested ever since the circumstances
attending the rebelhon placed such enormous
power in their hands u likely to prevent
any other consummaton. According to Q Boston
paper committee or the banks OF that city, who
have been iaborias in Washington against the pro-
posed legislation for redistribution Of the cur
rency, have returned with the conviction that New
England must either submit to reduction Of onehaf
ot her nation al bank circulation or favor an imme.
date increase Of the currency for the oenent
Of the South and West, to the extent OF nfty
millions, II those sections shal desire that amount
The delightful impudence OF this assertion is
refreshing The capitalists of the wealthy North
eastern States enjoy o practical monopoly OF tine
banking business. II has been often shown that the
profits on the money employed In these institutions
are not far from twenty per cent per annnm. The
South and West are comparatively devoid Of banks
They must use the notes coming from the New Eng
land States The wear ana tear OF circulation make
n
and burned and destroyed in hundred chance ways,
are steady percentage OF gain to the banks. the
wider the extent OF territory circulated over the
greater this percentage. The sequel may easily be
guessed. According to the same authority
meeting of the Boston banks was held
ut the Clearing House to take the matter
into consideration. After . full discussion
series OF resolutions was passed. the most impor
tant Of which one favorng the further imitation
OF the currency tothe possible extent Of fifty mil
Mons rather than to part with the large portion OF
their circulation which might otherwise be taken
from them The majority, 1t Is only fair TO state,
assented on the ground that as IAN early resump-
ton OF specie payment is necessary to financial sta
bInty as well as to public and private interests they
are willing, to further that end to submit even to
material reduction Of their circulation unjust though
they deem such deprivation to be- rather than to
assent to what they deem to be wrong In principle
and Injurious not disastrous In erect" Indeed
there Is disposition manifested to shrk the odium
Of the whole movement now that 1t has received
ventilation. The Boston Traveller Of Saturday
says
The recent vote OF portion Of the Boston banks
IN favor OF an expansion Of the currency Is not re-
garded as fair expression Of the opinion OF the
ens bank. az Il @ tnas %seng Of which iouT
Teen voted for expansion and nine against It. Since
q ss ey now oows on that as
$500 s:aIs ss
t.n.,, Aa.ua, redemption. National se%cnray-M % 80,
ss,' fremont Columba, Essles Guy, Norh,' Merchanis
H;ss ss
s.1s. Revere Bank Of sss Republic Mount vernon Third
Four banks are neutral on the question-MarKet,
Raneuil Hall, Boylston and Continental
All the banks which are In favor Of expansion were
present at the meeting alluded to- as were also the
nine banks opposing 1t. designated bya+.
The money market to-day gave evidence Of the
contractie movements OF the banks, but there was
Mttle or no excitement among borrowers. In the
forenoon there was an accumulation OF inquiries,
under which loans on call ranged from seven per
cent exceptionally, on government colaterals, to
seven per cent coin and the legal rate plus COM
mission OF oneeighth Of one per cent per day. in
some instances on pledge Of stock securities. The
demand was satisfied early In the afternoon, show
ing the facility with which people are adapting them
selves to the situation, IS well the tendency to
be conservative In the matter OF new engagements.
There were fewer stock transa ctons than usual but
the inclement weather, doubtle S. operated disad-
vantageously to business In the morning there was
difference OF one-eighth Of one per cent between
aAcashn and regular" Toward the close OF bank
ing hours money was in good supply at seven per
cent, gold. The banks were again shipping cur
rency to-day, and probabl not less tnan million
Commercial paper continues unchanged, and the
best double names are discountng ct from ten to
twelve per cent
Governments were heavy and lower, declining one
quarter TO oneha per cent for the domestic bonds.
The '62s sold down TO u.s. and at time the quota
tion stood 117x u.s. but they became . shade
hrmer at the close. As Easter Monday Is holiday
IN England there was no quotation from London.
That Of Frankfort was s7h. The heaviness Of ex-
change keeps out the foreign buyers and the regular
dealers willing TO let the market sink prelimi-
narily TO laying In fresh stocks, while the ordinary
speculative interest In checked BY the activity OF
money The market closed with the following quota
tons:-United States skies, 1881, registered, IFS
11sk; do, coupon, llsk 1l5k; do, fve-twenties,
registered 113 a1131z; do coupon 1852, lis 11sK;
do, 1864, 113s< ia; do, 1885, 1l5n 115k; do,
new, 1885, 112h 1l27s; do 1851, 1l2k 112ys; do,
1S6S, 112a< 113; do, tenforties registered, 104x
los; do, coupon, los 1861; currency bonds, lo4k
a1o4K.
Gold was nrmer and sold as high as 1917, but the
majority or transactions took place at I3lk 1917.
There was q wide nuctuation In the supply Of cash
Eold and loans were made at from per cent. 1-ss
aud nat for borrowing, to per cent and llo for
rying up to Clearing House time. Later In the day
loans were made nat and at per cent for carrying
The range Of prices was as follows:-
10 A. A.M..............131k NJ. 1P PM..............131Z
IL A. M.."........l31S l3ix
II I2M................131k 3P.
1855 7. M..........l31X 4P. 4P.M...............I3iT
The following is the report Of the Gold Exchange
bank
Gold cleared. $50 s04 600
1ol balance. LIB 292
Currency balances. ACKNOWLEDGEMENTS. L710s76
Foreign exchange was lower and rates show bat q
small margin to figures which would induce gold
fmportations. Indeed consignment OF 81, 900 600
OF American gold Is on the ocean en- route for this
port. The lot comprises the smaller coins but there