, 1870-04-09
MONETARY AND COMMERCIAL.
FRIDAY EVENING, April 4

Tbs decline in the p1otitAbeuess OF I!sas
generally, and also Of productive 1nauAu! ~.
rest e.,sn not only u ri eIsa a1,s e eubiee. Of
.oumen. in.the lsr.nssion Of Al poiiuco.nnssn sa-
,isl questions II il reaas1kel that wtule 1os
Two YEAR in the United sta1.a We hare osea
favored with abundant crops 81 almost eteI!
Thing, the products Of The soil. with The creep
ion of cotton, have paid the producer very II.
tle protit. Wheat and petroleum. tho Two
mo+t importsut articles Of export next 70 cot
ton, are being sold for export At prlses ns,'"
The cost Of production, cosa vol 1a' IL ohi Ills
country @ Ne doing business at los:
extent With tie cotton manufacture, both in
this country and III Europe In TINS counu:.
the depression Of trado is due, N = eseas
measure, to the unsettled cono1ttou u I
aleo, 70 some extent, b! the burden OF h1A-
ton Which il now male more nouceahla ps
The falling OF in traffic from other causes
But, aside from the influence OF heavy taxes.
and lcpreciating currency OF ndctuauni
value, there nte euuc other md more general
CAUSES, which AFFECT this country al well ~
Europe The chief OF these IT, that for hSe
yea.s now, tl.eso hha been no great disturb
anee Of the peace. With the exception oi tae
war in sEain. and the Cuban rebellion, neisa:r
rest ot the world for my, great III.
crease of supplies, AMI neither one OF
mich has had tn11ch effect 10 diminish the Ag-
eregato production Of the great staples, tho
whole energies OF the world have bean turned
10 production, and the world il surfeited with
ruInm4litie.. California and Australia, which
for many Year, stimulated production, and.
| during the ti1et veara Of their ecttlement anu
| growth, Lad to lsc fed, are now in the markets
| Of the world themselves aa compctitora With
the original sources Of supply. Oar war was
| thc ncana Of deseloping tho resources OF the
rest Of the world for tho gruwtl. Of cotton. AMT
now that The complete Rehabilitation OF the
| EoutheIu States has been established. even the
production Of cotton may next EGsF DC 1o4nu
10 yield 5ut a comparatively email profit lhe
profits Of the manufacturer and tho 1nesehan.
dcrend upon The consumptiSo da1nsnd, oas
When all are producing, and mono are confum
ing tlcir capital in wars or urlng it in the de.
| vclorucut Of now countries viuet
have not yc, begun tu yield 4 return, ,pIoduc
tion of b1tA The raw aEtic!e-faEored ny IN
article temporarily ruu ahead Of the co1isuu''
tive demand. Hs present condition Of thing
only demonstrates th.t 1t il impossible ~
everybody to 'tmake money. as 1t ls eailca
| continuously. People may always accumulat
commodities, but there Aro times when til
| commodities il, general count for less In OF
liz New Yofk Tribune comes ont square "a
0 tue rcrudia,iun Of the Public Credit act, b
cause II stands in the way OF W: Gout"sll
5 scheme to 1lan1er the Natlgna! HANKS, So; + =
Tribune acknowledges that ths lattez eoalile'
. with the former, hut tippanu7 saws:
"a sThis Is matter To- wall not give any trorhl
a. a few woHS ~.1Il sltcf or rrTHa! the act bf !,
Gsart.T
% IA few wor,ls I" So then, the most i1upre
rive announcement ever made by this COVER
1ncut i'll connection With its financial honor
W platform Of integrity wlAicl the present hd1u
ietration solemnty accepted on coming IL
l. Office, il all to he cxrnnsrd by a few words
= Tho Tribune scena to llavc forgotten the
ru!atity Of the Pubic Credit act, which gave
more weight, An,l more untnnpeachahlo ch
'r after tl,an uluAl. This was AL anthoratlEe
~ terr1etatipu OF e1istipg laws by the law-lnakI
o. mower itte1f, and thu faith Of the Eovesnut
1. Wiz eolvnnly pledged tlsas Alis in;eFt'Ie
1un Of the laws Ehould te accepted as LII
=, Hear how il reatls ............
oa N il enee.t,t, That In oricr 10 remove any 90
m a. 10 the purpose uf the government 70 dtsena
se ull ,ust ui!Ratiuns 10 the public creditors. ana
60 laws ~ v,tIuc VI which such ooltgatlons b
in Gu :ontrac,s y ns1e' ,sn ,r nsxt ststa an. !,
- frnn{y tttdar!, etc. .....
aal In lie foregoing declaration, Congress
49, all that was in its power. to render ;!
s an other interpretation Of the laws imro!si!
~ ~ and to rei,lc the public credit on firm by
o"@ hut the Tribune md Mr. Boutwell, mako Il
Of this solemn declaration OF ConSrs
~ "No,ti1.. - ;. wortls." only words!
lhs this can bc readily nntlone l's "a few wor'
70 It il true. words are powerful. The few VI
~ in the orcning paragraph Of the Pubic CE
u act. Which We have quoted a!nvc. dill NOR
,uill up tho national credit 10 it Present
@ o. has dupc since. and it il quite true
'oss "a few words" may undo tue y
iess work, hut the s.rerear-as tho Tn
= .3 o. chms4r to call it-of such declaration ~
H.; Public Credit act is rothtuE less A3n sept
LAA4 I a, ri, rt.1{tsa fhn C%0T
,ule .n ment could make. and would prove tin
Fes- rYomise wasu't worth u Continental"
IL, would rot he likely to mid very much in sc
t1'.t iper cent bonds at Ear in gold, while
49, 49,, ceuts arc helow rar. Many OF those VII
,r a yur the Funding bill seenl to have beeou
- rear "crackclS with the notion af IN:
, w. something out of the National hanks,
W: tLcy arr ready to submit to any sacri:i:
t,,a crafty tho detire. The u-.scr.,l l1llora IT..
~ IN which this Fnntliug bill -ani p.rticr
:; Nv - tho bank sections have besn prtssc
III, *, ,rcduiyocn; proofs OF Tie unporuiarity c
vas present National Ran. monopoly. anu
,",.. 10 convince Congress of the necessity OF
~, ,' i,s banking free. Common scslse rc!at.
- ~ !, tue way in which that ought 10 ba done.
- crtcElacks are tie clief Obstacle to tht
80. 1rtc;atitn Of the rutlic credit, nathese
r,,a1, IL be made iuntlabIe into thanking bnrt
lali.y or Tel eeni lu.Sl w. ~ ,Hs
dJHi
N "a taxation.
III Trade and finances continue cxcessiycl,
MFR In the grain markets the weakness OF the
rlatly - or Efeat staple, "hcat. tal t!4e
v: Cd foreign demand is mt able to N
exist turine-s at tie complete opening Of n
that titn. The backs still have consid'
is1 as su,rlus al luanahlc funds, aud
- ,,r proved borrowers fluid Int
w difficulty in getting all they ark for.
% Ao seeEs 10 be vesE httle doing in the coan,,
:, ~ The crilers for currency are very small
.,.o,,, ccrttsy t,al.k balances are increasing
= A. city GauEs.
Exchange vas irregular to-day. but g
IN II TIE general rates were fsoEa 5tA' to =
~. ~ IL. II. coo premium, though eone sales were
1t le.N.r figures. Some Of the !,anks, lo
'stea. s.c we're unable to euprl. themselves anl
- ~. W. -l:rrirc cu,re1.cs 10 New TURK. At The
- y e0 tsrtas!ktss s,H 4. Ito premium ani
ITeye- iar. ,-.,..-
~ shares Hcrn,.r. Insurance { lrpany. y.....
s'f Oh The follawiEE bids and ct!eTs were nlso
a AfItkt1I