, 1869-07-20
MONETARY AND CONNER CIAL
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). MONETARY. =

There Eeeo1 reason fnf thinking that tue era IN
which m unnnA Elut OF money IN Nen York cyesy
sumuacr WIS unavoidable. Las passed away. The
!. nusi1ng e1pital pt Western b&nfa nuds 40 much
Hsorc occupation tn new channels, In the eontlD-
ued Development Of ncw rtsources IN the West
End N the Territories that conpo&e the II New
TcEt " that tbe practice OF Western nanIe send-
ing rheir balances on 10 HeN York for the sake OF
the four per cent interest patd by the New York
banks, Is last becoming unnecessary: Tna bank
ting capltM Of the wealthy cities o. PENN
Eyiyanta and OF the Ohio Valley
also tDdB an enlarged 1elh OF
occupation n the rehabilitation of t1e Eouth, and
It is probable that Il will pe many years before 50
large proportion OF the ~roailng capital Of the
West NIL agnin be heaped mp in Sew YORK II
thtso was last summer. II To mainly for tits
reason t1st the uscA1 summer tnnaton OF railway
stocks In Nem York has proved III great meaguzc
nhor1l7e this season. 1t IL tue thai sone Of the
stocks Ike New York Central hnye been eooruous-
lf Hatered and inflated. hut The bubble in these
cases Ii Kept up ainsy By the great private wealth
Of the eAQnes who control them, and there has
been no such general rise IS wns predicated upon
the expected inrux Of Western b,uk money at
'tls usual stnc In tha sr0uer. The people Of the
West ms, therefore, eopgtntulate themselves that
the uorcy which they Keep IN t,anr Is E.fer from
the isct that there Is ess Of It in New YORK 10 be
gann1rd for ty tho stock -Jobblpy c.Iques OF that
IuH NCN IOlh, 4pGIlAA4L4&y u EOu1zc3
encourage Ill tcnemss inst harr for their object
tho con.luuence Of rtts periodical gtut OF nonay
IN thai eltJ. One Of theset Is tho ahoplon ot some
so1t Of nystem oi, !" metropolitan redemption" Of
National Bank potee, which We Ind advocated
from TING to time ID one Of tie leading financial
tcurr als Of that CITY. A scheme With similar
object Dss also been adrpcaied BY the Comptroller
OF the Currency, under fhe tile Of q Central
Redemption Dank, !" 10 be E,cated IN Nen Y0st.
These schemes are 20 vAgue n detHt thss they ere
hardly .sasceptnAc Of crittc4su. but a. 4ong as
there Is no speS redemption, and no difference
In the y114e OF !3$ttapnl Bank notes and gfeeu.
bacer The only result Of any Buch regulation or tr
rangenent would be to force m accumulation Of
funds in New York for the use ol the stock gata-
hletR- But fhe people Of the West are now finding
other and better use tor their floating capital II
all teascns uf the year, and do not HRnt any such
hunbug redemption To nd tho stoek gamblers .
The local money MARKET Eesantns In juas about
tho samA condition u Il the close OF last weet.
u tne1e u my change !. at hl, II
Ii IN tho direction OF increased case
xnd decline Of nchvlty In oil LINDA Of financial
transactions Every few days. and With every
change of the weAsher, tnere Will probably BE-
little Bpasms Of Increased activity tn the grain
markets, and consequently spasmod.c calls ter
nancy II tho banks, nns the general CONDITION for
tho nr1t sex week. aeer1s likely TO be ons OF com.
p.tatye ease. Tue nankb- Are loantug with mod.
esata ffdorn 10 regular caAtonets ii 10 per cent,
but are hktng scarcely suy ou1ddc paper
:. Tho .moyrmentx Of t1uTency between, the city
md cnunrI RE onlJ uontnal There Ia nlle
gong oot To raJ tor Hool yb1t to,ty as much CON-
inG tn, Thesn Is tcarncly any other movement ,ol
funds In my direction IN CONNECTION with talA city
xtnYcscuE -. <N y =
= 'EIebznse continues hezzy, owing 70 tho large
amounts making against grain aaa catsis Shtp-
inentt, and sa1es vera 1cadc between hanfs to-
DAY Il tic 70 tl.oo per tt.o0e discount AZ ths
counter fRte1 continue norn.naly unchanged, ous
-tzsErnezI' Selling rs.s u nov par fo1 New York
funds tnstfa1 Of 1.10 premium, Il ass week; Tho
buying rite Is 1-10 discount 49,,
"A tcstcr received Ia thia cttJ fo-day NON Aont-
EomsTx Atstama, EpenSs ef .the cotton crop tn
that ssate II likely 70 Be 10 Large ~ serkouar 70
affect prices New. 3u9k Tste7 sSe now ss9Sko-
]or October, qsXe 70, sNese,nheE. fassbKc for
p+eeinher. and sc tor lat,asV, On :tss baEs Of
&T6s Fev Tom FE.s7zlaa cA,6,,t:f OF the I'm
= s.Ons Of tho nos. striking peeuitasttcs Of toes
nc<1t st1lneenoy money u thai Il hi produced
10 NIL In sho pfiess of s5ocbA. Berustea OF 81
e. e ae4 ca's Z Sc sa g q 1
seenrlnes.: one ckts zos fspecn'Atoss .hsse thus
ases5 e n!ndr "a a. ssss
vt1er rna4 langulkhed, and rbustnt1r men 'hsvc
rs1sd to st re usal seoou odstson l.pm tns
They were 90 busy helping the BpecolatoT1 toas
they Ind no ruuds ro1 rort leg.ssroatn borrowers.
The indtaf1cnS Ge, rs He nHTr Esd, that the u1a-
n9uS1ea al no mnEeJ- -4ohdag ehqnea srr over zas
lhc pres<at :, ,And NhatsVef becomes Of the Eros
enhohs FUR EsuIJ under tao Law Of May, 1854,
trrr I. rttr no1bs IN; ne noania h ossrf for me
Present. -, =. i.
i 1ne London E1omos<ist nf Ioly 5 ssys:
- niEpTess1ou YEerais thnt We are shorty to
sce The h4nf rate lover, and to fndsr nun the st-
seoca Of s5en, = toaesahy good su1pty H eom.
EEIrtQ 4-pt oshtt uean1 at present n2pn
&ealA Tui1HenE 70 c111 on tor xn1Rns ac1n1Aoce
Of noney that will now be thrown upon the mar-
kes;-ft11nN ne- grsute6- -rs1t tn 1ndIcx,lps arc
certainly II lAyV OF 4 reduction. Tho continued
rtt1pGftsstSe Increment Of The French E1chsuget
however. Huta about th4 end Of MAY, potOrH 70
The trereaatnx Erutatdlry Of gold being exported
70 Franee, Although Tar the fnesnens tne1e =
nalhtnksc aPfreh md, ns q further guD haS heen
pulcsased py The baek to-daN." -.
.Dcalefz' quotnttuass toT buying aod sesrrs goE-
mett nonds, local Stocks gold md s1yer3 n: thtf