, 1870-03-11


three the rrcs has averaged nbou! Ill, closing
tc-ssy ~ 11sh. or y higher thsu daE ossoro yes-
terday, ard per cent higher thAa yes:stdsr,
1tseema rot improbable roR that there may b
no further decllt c for the present There "a 10
better reason icr this than toae it has frfq 1ently
been 60, In Ill tho decline hon $50
fn October, dawn to tns ptesens
tine. Attsr every ,arre deonre thera csue 4
Temporary reaction. After having decl,usd
steadily through November from 1es % IL, It te-
acted in December II ISL. Then 1t began anothsr
descent, snd touched 11o in the hrss week In jan.
uAiJ. From thst point Il reacted, sdvaro!ng
gradually to- l.s on January :, and from there be-
Rsn to cec'sno sQt'n to 11nx, which WAS tie
clesina rate yesterday, and the lowest quotation
thst haa been touched sirro Juiy :, 1853. These
nnc:usrotH ahow thst though the primary causes
OF IL declcc have remained in full force d1rtuR
the whcle Of the past sig Eoutns, aud have
ptessed the prics Of gold down twenty potnsp. Tho
decllre has not been stesdy Ard continuous. but
nas been SUBJECT to Iesctiocs Of fron 9 TOD per
cesi. II gold declines to par 1t ia
not 10 b EXPECTED tia. 1t will get
there without zeveral euch reactions ~ naye
arehdy been experienced. One Of these teupo-
raTy reac'fon1 may be caused tooo BY q decllre ID
The price o! cotton, which vii temporarily check
eh'pnerts OF Gotten, aud 20 make au Advance in
the pltos OF aterllug exchange, and ca7se rho e1.
port Of aou1e gold. Tho nrss cargo Of Indian cot
ton cane through the Suez Canal on the 5:h uls,
ard X theie IL succeasI attempt to "bear " the
Liverpool cotton market in connection With that
Circumstance, - IS ruuosrd, tie resals On tna
price OF gold would be TO make teuporary ad.
vaLca Bot even II this should b tho result, Il
should not persuade any ono tt1s the prlcs OF gold
will react pe1nareEtly. Fnll half OF tao export-
able surplus OF cotton and bteadstutYs iron last
years crops "A IN the country JET and a1vo the I'M
meme accumulation Of uselefs gold IN which a.
least stoo, 0to COO OF private c1p!ssl Ia few OF
the Atlantic ctliea Ia locked up and Unavailable
Until 1t Il turned Into green eacka The holders Of
this vast smouDt OF gold will, Of c3arse b:trR
powerful II d0snces to bear IN orter to get tue
price up to where they get nd OF their use1ess
commodity without breaking 1oun thu market
before tncy d. Co. but a. each ue1 sat Of the hold.
era Of the Load Of gold are obliged to do shia It
will SO up less. AID 20 down uore with each en-.
deavor+ As far ss sao Treasury hiss any lBtq-
ence, ii operations for the rest Of this month Will
probably be favoEshie To An upward teudcacy In
the price Of gold. The programme Is for tight
gslea, ard there will be 40 tntertss payments on
the bonds until May l. when there vil be SIS ooo-
COO djsbursed for interest on the 6-9os Of 1sa3 ~
aEd Is. IN tue meantime tho cuatous receipts
are neart. sla %" COO per month, which viii take
great deal etcua gold temporarily on tie
Earke:.
1n The slns'e, yesterday, Mr. Cameron gave
tosIce OF IN Intention to propose = resolution
ameDdirg the Funoirg bill 40 a. 70 require the
Secretary Of the Treasury to redeem all fractional
catleEeJ eJ July I. The eject Of this uea1ure.
Il ltepsIdeat Of its connection with the Funding
eir,is probably Intended 70 obliRe tho use Of
silver fer cba-ge for IN case Ct The redemption
IN RretubAeks Of the 600 Of fractional cur
rercJ We shoud have DO resource for chAosa but
silver. The currency balance OF the Treasury IL
itsetucsert 10 zedecu the f.acs.ouals without b.
trR recupefated by large aales Of gold; AID ons
OF the enecta Of tae psopoatd ntasuro wonld fa
to tnror thirty CT forty millions Of tue surpusof
f6e 90 Of idle R>ld. now Ia the TIE asury uton
tie naIfe1 which would certainly send lold
down 70 pat, though It would not neceassttly keep
It there. II Mr. Cameron or somebody elsS vii
tnedsfy fte p'ac joFt enough require tbs deere
tAry OF tho TfeAtury 70 Anrounce speoo pay
neuu in si7ttr on the fractional currency,
and male II irdtpa1 dtnt Of the Funnu4 BILL
No'ca IL Rs!''rK to be IN Ompibua Hit viii
meet The setrsy app1oyal Of ulne-te,tna Of the
trading cou mpnlty. The reone re really II
easne+s atout having nilyer for change. TIE
HoveTtns referred 10 IN THy TRIBUNE yesterday
Leieases, AID Gle tank IN ha's city having lArge
1irc Of country batk aecrants, reports hlvlng rs.
ceivea orders to.osy, fra treTy one Of its coun-
tsJ cor1tt pordentB, 1c- Alsef. Other banfs, also
have Iece vtd great rinbets OF ordeIs from both
country and city, scd sone baEket1 have t&le.
etasned to Lonreal to dad ous whether the
dsmLod cau b. supplied tbero At rates that
~nl lustisy transportation, - there d
Eo stock OF silver here II A.
This expression OF the desires OF the trnd!ps pup-
lc nas been Ench the came IN sll partg OF the
country. and ought Al 1east 70 convince Congress
that. It dees nothing elaa In The currency Ques.
uop, 1t ought to provide for an increase Of tho
slseT colt Ego or tho mint, aod FOR tho auuoQnce-
EeLt OF kpecie payments on Tue fractional cur
repcy.
1n The nouey marte. the sams general feeling
OF dninesa rIesA'ls 81 has been noticed for ten
taJs paft. There IL pretty active demand from
grain dea'els, who sre carrying large amounts Of
cron IN store here but in general there IL 10 dis
position to tnvtst in commodities OF any lind ss
'he'r present prlces m currency. Country me.-
ctautf, A'so, are buying but few goods nt time,
prtte1r1rg TO Wat until currency pr,cea have set-
lied down IN accotdsnee with the decline OF gold
telofe huJlEK largely.
E1ehst &C Ia getting Acarce. owing to the email
al cunt OF produce bills On tho Market aud was
told between baIks to day At SOC peF s.,ouo prem-
nm. At the coulter bAnks EEL ss Ito premium,
Ard hay as 1.10 discount.
Sales at the Stock Board to-day were:
tatoo aos, ls6s....::...
The following tahle ahowB 1he bids for aud otYers
Ct ftocks ana alao the per cent PAID In On capital
sloc1 Of insazatce companies: