, 1869-03-01

t,es, 10 thx., though tade bas neen dc1 ana nF
chants unable TO collect IN The country, The Aver-
age money market has not been tight. 1htrn y
quite m active demand for p" high priced n oos1'
IN tic open make; tpeculato.. and Diners ha'c
been wlllttE to pay from ~ and evsn tHo
PEI CENT Par month. IN sona tn:taneea. 70 CT
uoufy, thnuzh 6tst-cltss ooz1owess have hAd no
trouble in getting what they wanted At the ninka
1t ten per cent.
There eecua good reaAou 10 anticipate greater
at{ts1ty tn money dU11nE the eotniLR
month. Tho West IL comparatively baie
Of circulating capital. The gteates portion oils
cxch1necaolc wealth created last ye.r II JET in The
shape Of ptodnce hsld by the farEe1'. aod fas
which The norey must conc from the Kss'. sno
be stnt out into the country before the 'srne't
produce can he eashed ALd maoe available 70 pay
debts snd bay goods. In the brR:untoe q tee
novt mert the csFttal Of tie baEks w1E oe W
Ettat extent rendered unays.laole eJ b. 'n1 ~
t1srsit. aid. ~ II Alx8yS the expcstncs II FUN
timer. make money tight.
Perhaps tho most promincns hntre!fl 'ta'u.s =.
the wcek has tccn the great fa-tuAuons - ~
advalse in he prices Of gose.1ut a: teeuiioe 49,.
all markets. both Of Europe and Anenes 49,.
advatcc h.s tcen greatest in L9naor. aua -,
been 70 unusually large. for ihe'e thai II GOV, 49,
stem iurrooab,e that they might 30 to rsf IN sua.
market IN few months. LIST Saturday eonss
1869 were quoted in London It ssf. ano to'oAy
they are quoted at IS, which eno3s ~ ... 49,
nesrt, per cent u American gold. suo ta'e. - w:
In the fscc Of the ebfpueots O. Sio.V',r ~
bonds 10 Europe eiEce ihe 1st o1 'Aaoat5' .1Iss
In New York. towe|rs. hase net ~ - - ~
eauc p,opor.lou, because TIC oeealae Ii Hu4a ~
ro7r,.,,rn IL TO make tho operation
~ .he., rf.etts little no1e plalr, let rs toppo"
tb,t hnnds ADVICE to PSF In LoEdon. 1hey
von,d srly have to adsnnce . cents mose IN that
market 10 be aquA to pr In Amer c1n CAD, OF
thev would then be ii "a cent? there, and calculate
i,r STIRLING Exchange AZ per cent, which IL Il
nj ner cent below i1 par. "a cents in LoIdon
would be cqual to 100 25-i00. OF I traction oTes
m, II American gold. Now, let us 1lan tunpo.c
That II the eanc tlIae gold ehould 80 down to pt1
In New Yo.k. It will be Eeen that the pdca ol
oords in New York must fnllov ths price Of
rold In spite Of Tic advance Of bocda In London.
ul course there is no prohAttty Of gold going TO
par yery eoon, but this eeFTes TO make platn
n1w sbe price OF bonds In Eev York vtbta:cs BE-
tween the price OF honds In London snd the
n,,ce Of rod in New YosS. Any dc.hne. how.
e..4, IN the quotations Of bonds In New Yurk by
,catop tY the decline IN gold is not entirely real
beeaute tie decline in gold IL all the tluo making
| tic cusstpcy In which Il Is quoted nearrr the
| euu1y,leut OF gold. Utder the present amprngirg
| condition Of the government credit The natural
tendency of ID to Atvtnce. and Ct cold to de-
| cine; in other words, bonds and srecr'
4
eoy.nrent bonds beastng ro Interest
| Ee advatc.pg together, but the Mes
To,k market has got Into m sbpoEns
coz ditton In which the prics Of gold has been ut
naturally tersesAcd BY immense short faiea-dc
prc.te4 beyond point where the fmproTed coz
diuon Of tho government crtdlt wts1snis-and Il
she operations OF tic bulls and bears In Wal
| street m1y euedeuly advan.e, and cause deel!nl
! OF eprds In London, which would react OF th
| prce Of boz DR. In New Yo7k. 1t II, ho~orc1, u
together p,ubabso that tho time will conc tn ,
year CT two It uos:) when ali our bonds Will b.
quoted above par tn the European naasksts. Wae1
that time does come, AID the 1o-s0s CAL b
reid there 1t PR IN American gold. the govern
ment will have the chAncc to H.u
thtn atd take up Ill b-9oa a
! par On which The d1t-JeH option ma
have mature1. It will be seen by this TINT tbs ~
prcclstfon Of the government credit 70 ~ t
b ing the 10 40sto pr In American gold in Hurop
will give the government the opportunity t
cast 60 ,hn 9 per cents Into per crnts wi:hog
aLy lcss, thereby saving oue-atth Of the in:cie
| en- the national debt. .-
Exchange has been very firm during the la
three O. four days. The price for EAles bet~ee
| banks Las becn nom.nally 756S0s premlu1
though but few eales have been uadu, Ard sescf
| banks hkvc been shipping eurrrney to New Yo'
| to axe exchange. Some Of the country hanl
. lave tlso been ordering rem!ttauces Of tun3t
. New York. 1t the counter banklrs' selrirg rat
tc1Ncw York funds A1e 1-l0 premium, ard bus II,
: | at from par TO 1-1G discount.
, The following table Ehoxs tho closing prt
Y Of bonds IN New York to-day. a. eonparcd Il
!. Ito sarne On the corresponding day os Last wee
y. and a1so IN the cotret bonding day Of last rear