, 1870-12-24

tncnced by these to Increase his ho:d put-
chAses, which hlre BEEN una:couutabay liai.
ted latkly-conAidczing the iatea balances OF
both gold and currency in the Telsur!-the
retult will be that the Treasury secu-
mutation Of cn.Taucy will he set adoas
Hc1ld te fxrerienced anyhow, ,saiter tho frat
Of January. and thst tbs Secretary will bry
bo1ds At = higher ptice than be could buy
them for now. Il 10 not nfob1bls that auy
hnmAn being could conduct the sffairs OF the
United s:stee Treasury without becoming ths
ciea: In fact, ntsllissnt and continuous
ct.t'c7fn ~ tho PUBLIC presa il ~hat
should look for, And regsrd~it u Il means
OF hudinE cut when any particulkt policy Eas
beipg pushed beyond reasonable limits. and
the corn'ry. But there arc cestain pasiodic
lnoFementa Of crops and capital. whieh may
BE- ezp< csed with such regularity that the Se:-
rttsty OF the Treasury ought to anticipate
Them. and prepare fog them As much - he
dots Tor the payment Of ins.aI]usnts OF io-
ways requires more currency during the period
from September to the middle Of December.
than At any other seascn Of the year, Aad dur
6 that period it slou1d be the policy
Of the Treasury to run It's currency
baIaEce AZ low rs wss safe. AZ
lons So there i. no reduction Of ta1atioo, aod
20 determined policy in regsrl 10 = Eesump-
tior Of .le.iepayments, and therefore no e1n-
trac!'un Of the currency calls1 fo= on that
scc1e. the Only use to which tho surplus revo-
nEf c'n be iuliciously applied Is the purchase
Of to1dr. This is the only way tho currency
c2n be got it to circulation agxin after it has
onee teeh drawn iu.o the treasu1y By The col
lection Of internal revenue. Everything
ts's re;ore shows ttat the fall and early winter
a1e tie seasons when the bond purchases
Of the Treasury should bs increased. This
hse net ben the policy OF ths Treasury this
Beasop, aud the et5ects on the money market
hsve beer; to decrease the amonnt Of cl,c1Is-
tinn At the stringent eeaeon. and r-obAblg
will be 10 increase it when money u abun-
dart-
Notwithstanding tho slringency Of money IN
the commercial market for ordin1ry trade pur-
pores. 1t il worthy Of note that our loctl mar
ket ID ahuncantlT supplied With capital for
more permanent Investment in mortgages on
frst-ellss real estate. On sach security
It on:y ;.1s = :. s'ees pc 9sssa esst psr .nse
and on medium class property there
ia good supply Of money to be had ut 3 Per
cent per annuta. Al Of this kind Of capital now
in this market ie from abrosd, aud shows how
Chicago stands In the estimation OF capital-
isis in other cities. It alzo showa that the
the scarcity Of capital thaa by tho scarcity Of
IT in form asA;Iahle for circulation. The
principal borrowers in the local money mAE-
ket now arc the pork packers. Grain opera
tors are not Making for much, And the mer-
cautiIe community eeem to bo getting along
without aeHng for much ssd from the
banks.
Country orders for currency wers larger to-
day than yesterday.
ExchAnge waa sold 1t from 75c to 5l.00 per
81, 1,G0D discount for sales between banks. At
TIE counter bankers sell 1t lilo premium and
bug at LILO Discount.
The following quotations for buying and
selling government bonls, local stocks, gold
and silver in this market, tliis afternoon. are
II Cfllk etreet: