, 1869-10-13
MONETARY AND COMMERCIAL
MONETARY,

MONETARY.
TUESDAY EyES1st'. Oct. IL
The t,c!a3 Of lhc Comptroller Of the Currency
calling for the statement o! the National HANK,
which they have been ex;xctiog for the last
Month, has a vrry unfavora.lc eject upon rnnnccs
Il thiy 5nartsr o! the country. The circumstances
4udsr which iheec staten cuts arc made uAkc 1t
,ln ott out OF tac question for the bunl> to aso1,
4. Iea-', shaping thtir business 20 that about The
tiue the statement u expected they hllall hc sure
to have the q per cent CT legal feterve on hand.
aul something tnorc, II possible This necessarily
tmriits some preparation for the statement By
luaI.. Banters cannut sel1 At what
hour soe one Vi their heaviest epts!torr, who MAY
POSSIBLY have kcl,. iaige balance for slx Eontha
past, = III check II MI n"t. aud m for ooe day
se,lacc their rese1ve 10 m amount tclow tue x5 !
Iwt cent Ut cIrruu:on AMI deposits required to he
/, III On Eatd III law. We know ihat Il Is often !
1rpu Cd mat tic Inv reqnit.E that the Satloaa1 |
tanks In certain rrcttlt cities shall, q: al fasa,
hase IN ham, nn Ill ount equal 10 =; Ier cent Of
ther circulation. amt deposlts and thss, therefore,
any preparation by the hunks lot Il statement Is
cstdeuce OF Hi lIitga! condition Of ths b4s4k NJ
iLtsrMt,ate liner, tut 10 literal CONJUNCTION OF
the law does not warranted By the object In
nlAklug the lnF, nor do We tleSe that il The reAl
intcnt. II tic banks nrc to Keep
eqrai 10 Is per cent of thelE circulation
anu deposits atlruya on hanl. md uns1uchcti, In
gTeeutaCls they might ~ we'll lake Tint amount
Of money when they begin business aud lock II ur
In eaie and thruw the lcJ awaJ. The real OBJ
cct OF this e3 per cent reserve II, We believe, not
only ~ kecure the derositurs aRalast toss BY the
failure Of the bank Che noteholdeFs are already
amriy secured iu the bonds deposited with the
United States TreAsures}, hut TO have for use. to
| home extent, IN all c.lse* u general emergency,
where It Is necessary to safe the mercantile COM
| nuults fiom nnnectsssIy distress Ia the uouey
market. The law Eeens to admit such use Of the
retcrves bccuukG It contempatcs the possibility OF
| ibe bauks having lIas than their reserves At
tines, and provides the zesnes,y by specifying
| that I" 1htEerfr the laWfnl Intiey reserve u OF
| my Of the banks In The ctt|es tpeC!1ctl "sha be
t]ow the amount 0i Is per ccatun Of IT, c1rcuia-
ton snd depotttr, 6ueh hank - shal not Iuc1easo
its liabilities iy mating auy new leans or Ills
counts, otherwise than" purchasing bills Of ex-
| G. tnper pasnbie nt eight" \ fa'r construction Of
the Inw sceuls 10 a.,1nst the probability Of the
| banks having occasionally less than their illegal
| reaerre :" iu auy cafe OF emergency. But res.
eo1Abe view Of the object Of tho Statements to the
Comptroller Is. that they art to sho~ that on tAe
are.a9t. the banks DO havc the Is per cent On band
required By Law. II, thercforr, thc banks csn
SHOW, i've times in the ear, that they have tnid q
rer ceLt On hand. that Is reasonable evidence OF
their ability 10 have that mach at any
tine. In lhis view Of the cAsc, It Is easy to see
thar The b4rks would necessarily nl 4ays make
rfcnaratnn inr statement b. calling In koa!r oi
thtl Il aLs, a1l th1t enc pr pa1alpn 10 tines Vi
euLt cclcy liAe the Present, Would RrrailJ aggras
,ate The ssr,Tgency. II The reserves Of tho banS,
to te useti Ut a fuca times - thc present
we.l.l item 10 1t of the ctncrgrucirs they are
Ialtly in:cLted to 1utet- Hut no banker likes u
n = the I!sk Of berg called 10 account ~ tho
| ElHptTOIler Of the CnrECLcy. or ereu 10 hare BIZ
siencitnc5 pntlshed atd cou mcnIcd on bS ne rs
Papers. The Con p.roiler OF The Currency
ls inquired by law to cali for ase STAG
meLt* within tho fear. II IL now oter fonI
months tilcc the last cuc Oh June II, and
through all tie etrpGepcy Of the paat three weeks
| the bauks have teen obliged 10 keep this state
1ncut IN view tsupposlng that tho nye would b
toneMheree near eaniitsf faut}. Thft has produce
IN the Northwest an additional pressure on IN.
money nsract Tint eeens unnecessary.
The TurnDr OF "a panic IL Chicago" which VA
current III Walt strr*t yesterday probably grew OF
Of a RIDICULOUS Btaicinent in the Chicago Tints
. on SATURDAY., which was 70 tho effect thu
a1l banking tusiuefs hnt stopped In this city o:
! The preceding ia, {Fr,la.l. Tne saturday tssu'
. Of the Tsntts containing this statencnt rcachrt
| New Tp1k OH Monday. Sumo Wall 4tEret gatntfer
who had schemes to all by 1t, rctzcd the pppoz
tunlty couple the 1tuta report with The fail u
wheat here On Mondsy, and Atntt the Humuf tha
such rumors, anil there would bc no tack D
people 10 circulate tho report There IL matter 10
: whole Toiulnc 10 Re written Oh the ubussa Q
: print une Of the co:rmoncst forms Of this |
q ts large class of 'scslltora'+ who inaRta
. that the chance BY which theF happened 10 get III
privilege Of putting ther "*tul7 . into pr4ut eay
item also thr night 10 make Themselves black
RuaEsls. Ou The theory thai "Hhat B IN q nan wi
ont. rcEhsrs this class Of persons arc right. A
lone m they connue themselves to merely calllo
tnh nsnlcs, they do m particular harm to AM
one hut tnen'sr!ses: hut when, In commercial m
nbauctsl Reports. tht iacs arc deliberately fals
frt'. It IN a darQurc 10 the community at l&Tgs
Instances Of shls Aihd, Ike The following state
e nrht III the rhlcagn T'.r<s ot The Pin, do harm
Y the huslhcss OF the CITY. The 5in%fs Of Salu
- tnt tasi:
j. "Se ntc deposited nns mouey OF paid up an
y 1o'c* NJ AZ. Of The tank. on trstertsat. becaul
II, 1uulIr Lad NH noDr. 4Gh which 10 make \ ti
r. Int!t " ~, IL nnie. M drew auy n',nn, q"
III III aly IL The f,uA. TN rhtck& or te,etsstei ~
nlcs 1t my Of the hanks on sc.stfdar t,ccansr
nf tRik% haI i'll I1ubrs wiIh which 10 discount mott
in u faJ ch,rks. u there Ia NTH thug riatcr
It ityatrt th~u the t>htcaau uu.nct n.asAc, II It
a | .rrr.+ut tin =. y nn rn khnw ~hRt It Il. AMI
II. ihtr II hr. CIsts el community IL 'skta "a
,,r tnpn lat Aert me- ~ a. wr Ars ighnsAnt Vi whr
qu tfIMt t!Rts Gr In lttn1rl
il. Sen. r. it' r. r.. rn.ttng unusual IL rannc
III tinu wt;h ntnLttk III Ills city On FT1ar, II
;" .tn} hasrs tn4't~l raa,sIs ~ lhr tour uT live RI
4 tc,.tR days had ra''r., In +hr'. ~ thcsr M.
II, tsr 41IEhittt sssHsaw uf IN. ns1ltun Er atJ su
it, .sSori u thr cGis!Itloh ni s;a'rs hrrr Il ia
o. sEns ir tr:rtit I'll NM ali Ill, tAlr11 Hai Mo" Ia
10 t} iai.r. Tie 7t"ts Matrs thr An'1'tns eSs'isF
n | ltuH thiA II thlhR that:
n~ "Thi j'ptaar,p'I III G,r&'iuD depends scfy mi
u. III lie rA} u h tryKr,lrd -
~ Mr I,nl.} III ten ii. 10 il hh, rsrstrt tut IN
~ III. VT tt,t tsAni thr u: HI''h ana'ta:e fft
A. tssasalI stu ,"ta"n,, IT IT." Pafagta ltl 81 Ma
s ii that ,l,r:'iY In orss's'on :" the lac
~ Thtsr t. Ltt lf:r thHnkr ~ Lois III ihr mot
~ ~ mnraa VI rr y .Irrhhy. he h''nanh 3"F inah$
~ lul Errtstns tut t.rr ht,airtn~ut IL raftt 'e
h0 TIT fact thai hruh, mtn wanht arnfy Int arro
"a t n.ssia,irn tL.t.k It .us ltli.n ute 10 'lo
~, AHr fasnFab~ tcaturr, ha~tst1, II II
Irr 1hc '1"tnsiA, ffo'n thu cos1HtEs foT r"Ffst
TX ttrna III tns rptly aiat.nH. Morn thsn
H.. u'l.al Mtr,kr hn;nunt q currency 4as alrta
irrn t.lt ,nlts 1ht sr3 this lA, AM! little
IN u Il t*'rthpg 10 coz" hack to tse nnrfrnsnis
al. Collections. AH this 'sfll nov steadily itfTeasn
'gh nas hc asAuNlrd that llIe worst "p!hch" IL o.
nn NC Nw York exchange WAS sad between bat
= fo'ta. at &C PR t!.ao premium, aud the asnol
es of r!odarc ta!lh on the market sceca TO tc g7
bis rally !ncIeaklLE. NJ the counter, bsnkers
der Srs5 York iufis n LIN ,,tr,nur,, nra .tnts r.
~ ~ par 10 l.1U discount.
The following ts'le etses dcs}ers quotations
nei huy!tg ND tclnG gortfamcut bonht, local toc
.T- gold and kEyer In Ills nA1Ert this afternoon:
Gy .y semkannEst ansetc.s periods Of the Cnted Sta
NJ! t<nds are alko given:
Du,1nr. Efti