, 1869-04-09
MONETARY AND COMMERCIAL,
MONETARY,

TnrsRpAv EVENING, Arril q
The money market presents no changes worthy
OF note. The Major1ty Of the banks still report
money scarce. balances are low, and loans ex-
tended rs much as banks dare allow them to he
Endcr prtse1t circumstances The demand for
loans from the mercantile part Of the community.
the wholesale goods merchants. seems to gradual
" grow less, but grain operators stand ready TO
take all the hanks Will loaa them, 10 that on the
Whole the supply Of loanable funds Is about as H.
adequate az ever. The strtngency has become
chronic, and PEOPLE have got accustomed to It. but
the getting no has Obliged the suppression Of con-
siderable business enterprise that would have been
Of benent to The city and the country tributaries
toit. In times Of continued strlngency: Ike the
present, the rate 1t which money can be had Is
matter Of greater importance than when finances
nre In normal condition, but this Is jost the kind
Of time then 1t Is most difficult to quote conclu-
etsey. The banks favor their bcst customers with
money at len rer ccnt-though difficulty arises
With such quotation from the fact that every de-
ros,tor conztdc1s himself one Of tho best cusso-
meEs- From ten per cent for bank loans, the rates
range up 10 per cent per mouth in the outside
market, and even higher, In accordance With the
quality OF the paper.
Scarce as money Is IN Chicago, It Is not any
more plenty In any other city except New Orleans
In Boston, New York, PhilAdelphta, Cincinnati and
ST. Louis 1t Is fully IS stringent as II
Is here The New York Ford shows
h9 the following figures that that
city Is much poorer than at tils time Inst year:
"The lawful money held ty tue Treasury Depart
nent and New YORK hanks is the barometer to all
the money markets OF this country, excepting that
OF California This controlling money power held
last year, nccoriinE to Official statements, SIS on
oo Of lawful money. against t D11 ol0 this year,
showing that tile Treasury md banks arc poorer
In lawful money about Seo,nn,ooo compared with
the corresponding period Of last rear In the face
Of this loss OF 5 oo1 01o In lawful money the New
York banks have Increased ther loans about
sS00o,An instead o! decreasing them, at tho same
time That thNf lrgal reserve ts now bat s., ,o1) o,
ugulnst about 800 last year.. In all the other
Northern cltes the depletion OF loanab'e funds VI
compared with last year l. In about the same pro-
portion a. It is In New York The Causes OF lhe
st1!nEency arc various and complicated The low
price Of cereals In England has Much to DO with II
In the Northwest 0s On that account m UNUSUAL
proportion Of the crop fcnaius unsold yet The
continued necessity which the banEa now cxpe
Tcnceof keeping their full Is per cent reserve OF
| hand hzs also good deal to do with 1t, hut the
| principal cause Is the withdrawal OF currency te
| the Southern States, which have grown compara
lively rich since last year, nnd are now ah.t
to keep ueney there instead Of at once sending Il
alt hack to New YORK to pay their debts as soon q.
1helr c1pp was marketed There IS no doubt thA
the proportion Of currency to the business and ~
grcgate value Of the products Of Industry, Is b.
this rucans.madc 1nueh less thau II was last year
| As long rs the currency Of the country Is com
posed sf paper money alone, we shan he subject te
such troubles a. the present. because the currency
Is nIed quantity, and It IL impossible to make II
i7c1leeu1aslc paper currency ANYTHING else but .
dxed quantity, but II Congress- or the banks, shat
t,c able 10 devise some mcans by which the gold
which Is now In tho country shall be brought Into
l