The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1869-12-28

Upon the question whether there is too
much money in the country, the follow
ing paragraphs have more weigh. than
oil the theories ever written. Against
such facts theories are powcrlrss. They
arc taken from the commercial columns
of the papers named, and are from all
the large commercial centcrs Of the In,
ion; and all of them of recent date:
From the New York Herald
Commercial paper was steady and
witiIont new feature. Prime names were
current at nine to twelve per cent. and
inferior grades at twelve to eighteen per
cent. according to time and endorsement.
From the Philadelphia Age.l
The dullness now existing in financial
affairs exceeds anything experienced for
years past Spectators have suddenly
become cautious and conservative, con-
tning their operations within very mar
row limits. We witness the
stringency now prevalent at the financial
centres, and listen to the complaints OF
hard times that reach our ears from all
quarters.
From the Chicago Republican.
The local money market continues to
work very stringent, and it is with diff
Guilty that bankers are enabled to accom-
modate their customers, and in some IN
stances we hear Of parties being refused
accommodations that have heretofore
heen enabled to secure about all they
needed. There is no disputing the fact
that money is tight-much more strln'
gent than it has been at any time for sev'
eral months past, and bankers, without
exception, are free to admit the pressure
is very severe.
[From the Cincinnsti Gazette,
The market Is working very close, and
The prospects of any relaxation soon arc
far from encouraging. Outside partie:
have generally ceased making appllca
Itions at the regular discount houses, find
| ing it useless, as the latter are restricting
their favors to depositors, and even they
are in some cases denied accommoda
tions. There is still large amount o
paper afoat in the open market, ,and higl
rates are being paid for money. Depos
itors are supplied at 10 to II per cent.
but outsiders are compelled topay 1t tc
2 per cent, o month, according 10 th'
character of the paper and the nccessi
ties of the borrowers.
/ [From tbs st. Louis Republican.
None Of tie banks report any abate
ment in the rates of discount, which ar
still quoted at In to IL per cent. and il
the open market Ii to 2 per GEM. - atil
the asking rate, but the majority OF trans
actions are now at the inside instead G
outside figures.
From the Louisville Courier.
The complaints of the scarcity Of Gu
rency continue, and the banks are sti
unable to meet the demands of the bl
s;ness community Under cIrcumstai
Crs rates or interest are Irregular an
|. fluctuating. and reliable quotations Cal
not be given. Those who have funds
loan are able to make their own term
J and the majority of transactions are
rates ranging from Is to 20 per cent.
TFrom the New Orleans Commercial.l
} The money market worked still clos
to-day. The demand for accemmod
tons was greater, and with n compar
lively limited supply of funds availab
for the wants OF borrowers the sire
rates showed further advance AL not
). with unquestionable collaterals P
q cent. per month, and second-class ?; 4
9 business paper without collaterals I
4 -, and second grade nominal at 2t.'
= Mortgage notes are quoted at 10 to-
a per cent. per annum for al, and II
Is for second class.
o A little figuring will show that the a
erage of these quotations is over sert
% teen per cent. Is it not simply prepc
ferrous, to claim that moneyis too plen
when it commands such ruinous rates
interest?
But even these do not show tho wo
features of the strlngency for it MI
" be born in mind that the points nam
y are the money centers as well as the co
" mercial eenters of the country. Aw
'' from these ceuters lenders ask and {
;, tain just what they please for money
- The only limit to the rate Of interest
- that which the lenders conscience iml
- ses.
Yet with all these facts staring tn
i" in the face-with loud demands for re
'e from every section of the country, c.
!" gress not only desires relief. but thre
:" ems still greater stringency.
It's alleged that over one third of
- members Of Congress are bankers !
;. only credible explanation oftheir con
:, upon this subject is, that they, with c
:. ers interested, are using their power
- =, legislators 10 augment their private
= tunes by cxtortions upon their const
cuts.