, 1869-07-09
MONETARY AND COMMERCIAL.
MONETARY,

IEe condition OF 1nnuces generally Throughout
the country has been 80 unusual for the PIT two
ttGnths thai everybody Is beginning to realize the
fact Tint the situation thls year L. new one, not
governed by circumstance sm!aE to those OF last
year. and that tho rules for estimating
tho future course Of tho money market
which applicable then are not
applicable now. Money, instead OF being SUPER
abundant in tue cities, a5 has been the rule every
tfnEer heretofore since the present paper cur
rency became orr circulating medium, Is close
ever. where In the United States. In New York
the s.rugcncy. aggravated by the maulpulations Of
cl!ques Of capitalists has been excessive In San
Francisco, also, money Is tight, and though there
are, perhaps, but lew cities in the Cn!ted States
where money Is now as easy rs It Is In Chicago,
II Is not plenty, even here, and some OF our
banks ind they have all they can do to meet the
demands of their regular customers. Tnese facts
show that, compared TO lass yea1, there Ia gen.
eFh scarcity Of money Throughout the country.
II Ia lot 80 generally felt Just al present. because
there Is, comparatively, bat little use for crculat
Ing capital in the country when there Is no large
crop movement In progress, and, therefore, the
surplus money Of MI the country banks Is now col
le1tct IN tic cities THIS general scarcity OF CIR
Culattng capital Is not entirely the result Of the
absorption Of currency by the National TteaguIJ,
ner OF The decreaae OF the amount Of government
currency by cancellation, nor Of the manIpa1auons
Of tie New York sFecrlators who t1ock up" hSe
or kiI millions, md "nrock" Il again any dar,
is II entirely the result OF nil these combined
They all help 10 make 1t, and all aygrarate the
evils incident 10 It, but there Is great fact 10
Which thls comparative scarcity OF circulating
ccp:taI Is attributable more than any-
thing else, ana Tint H. that while
the currency has remained nearly at q n1ei vol
ulpc-gold being as yet practically excluded from
clrculalion-the meIchHntxb!e wealth Of all Kinds.
1,a1f Pfd nf fha hNa Ia
crrascd- We hAse not lly raised large crops,
both North and South. but yast amounts OF aalabe
p1Orerty Of innnmcrable descriptions have beeL
created. The proportions which e1i1ted last year
between the aggregate Of the merchants
L lie property On the one hauds aud the
aggregate OF the circulating capital on
the o,hcr, have been gressly changed,
70 tnat the latter has more wort 10 do, and over
ncd OF circulation greatly extended IN the South
and West All OF this newly crrated additional
4eaith. OF course, aoris basis lo1 the creatfou
also OF additional currency, ID the shape Of bills
CT cAcharge, checks, etc- but these arc available
on'x IN special channels Of busne-s1 and there Il
eyl.ently scarcity Of circulating money eresy-
wh.rc, compared to Last year. That this scarcity
VIII AFFECT prices TO limited eI-
lent, Is probable, though not Necessarily
TO MY great degree, bccauee It viii not Affect the
gold value Of our paper currency, Us the scarcity
| ol greenDAcks, when compared to the aggregate
OF the nerchantah!e wealth, docs not directly IN
c1rast the ahllly OF the National Treasury TO re-
deem 1ts notes IN gold. The pEiee Of our bread
| s.ucs and cotton Is estahllshed where The sur
| pins Of those crops ls soid-in Eurupe-and Would
therefore be but little Affected By the scarcity Of
circulating capital he1e- The only re-
suits that seem likely TO grow ont o1
this Increase Of the national wealth L.
| aHt, an unusually stringent money market
IL the lan when the crops are TO be moved
r1yry NJ fx6y%
noney has become too Email to effect The inc1eas
Ing exchanges Of merchandise, gold win also ue
forced into circulation, and specie basis OF prices
Will nc established II the country continues 4.
prosperous as now. and wealth continues 10 IN
crease nj the present rste, lhe only thing which
would prevent this desirable contamination would
be the tlIadelsed increase, IN some shape, Of ouI
present irredetmable government currency.
The local money market continues well supplied
With loanaue funds The deposit lines al The
tanks, generally are pretty well mp, though It Il
| d1e, IN great meaturr, 10 the larGe balances 0!
| county hanks sathcr than to city depostnfs- Thf
| demand continues IaisiJ active, and seeus to N
crease rather than Otherwise, 50 that oost Of Tux
hanks report = nrnet feeling In the market Al
regular customers Of the bAnks nnd no difficulty
| however, tn getting money At 10 Per cent
Exchange was Irregular to-day. and sold IN tn
lore uoon at IRON sc to ooc pes 1900 discount
though N the afternoon 1t vsa nrucr. and coult
/ rot hsye been bought Less than par. Al the ooun
ter, blnke1s wcrr seiltng New York checks at III
premium, and taking at from par 10 Ito discount
Government bouts and railway Eock1 yer
higher to-dsy, parity tn consequence o. pasta
relcaSe Of the money which The clfques in Ses
| Yort tad locked up, and partly In consequence
the orde7 Of The Secretary Of the TrsasulJ to n
Assistant Treasurer IN New York to buy S,ooo, %
nso1e Lcnds this week.
Etalerb' quotations for buying and teuia1 Eo'
! esnn eut nond,, local xtocks, gold and klre1, t
| TIE market, this afternoon: