, 1870-01-26
MONETARY IND COMMERCIAL.
MONETARY,

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MONETARY IND COMMERCIAL. |
MONETARY. |
TUESDAY, Jan. q.
Mr.. EherEaps btu for the authorization Of free
barking on Specic baais aud also for au tucrease
OF The present Kind Of calculating hank notes to
the Amount OF 5000 900. was up before the Sen.
ste again yesterday, and It Is apparent from the
uEfavorahle comments ED amendment proposals.
which It called out that there ia not the snghtess
hope ot its adoption. Tha apparent objections 10
AE. Sherman'5 bill are that the ideas embodied Ia
II co Lot hatmonlze. 1t attempts to provide for
TWO kinda Of tank currency, and RESUMES that
both Wl Increase In volume and ctfcnlete with
equal freedom ut thelr respective yaluea This
assumption, however, Is contrary to experience. Ii
lhe Southern States IS 3ls. Sherman suggests,
>hcuil aco, the specie basis Of banking proposed
III lis G'l, and ssuo notes redeemab1e 10 coiu the
p1esenk kid uf kaiio101 Back notes would mol
circulate there, to any extent; 'hsy would b. grad.
ualy driven out BY the gold notes, and being peac-
tcsliy excluded from both that section ard from
california, would concentrate IN tue Northern
>taies ard. together wlh his proposal 70 increase
The rresunt kind tf National Bank notcs s.50On,.
co, would lave an Initiating eject upon this
exclusive currency, whlcn would then be conDne,l
10 much smaller field Of circulation ihaa
at present. On the other hind. Mf,
Shetuan'd rrppcsal to iEclease the present kiud
Of Sat.onal Bank circulation s!5.0oo,o ,o00 concur
rent With refinement OF a corresponding amount
Of either plain legal tenders or per cents, is Mt
test but haIt-Kny measure. It still sets legal
limits to the volume Of circulation which banks
nay hage, and thereby perpetustea monopoly OF
bank circulation, and Jet fails to pnt the bond
Eecur1tJ Of The present hank no:e8 upon any
sounder basis than at Present. because It does not
specify that circulating notes shall be issued upoa
the bsala OF the gold value OF tue bonds instead Of
the!r currency price. II the ideas embodied in
both MI. SbtEEans bill and Mr.. Sun.
Dess last I'LL were elaborated and dEested
Of all that is logically supernuous, they
would come at last to the simple propositions
Of isEulrg cuculation to all Nanona!
Banks onif at the 1a:e Of 90 per cent upon the
gold Salue Of the tonds depoStted-but never 70
more Than 80 per cent Of the gold psr or the bonds
deposlted-sEd at the same time removing all
legal restrictions to The total volume Of the Na-
tiora1 BanE circulation, Placed upon this basis
'he retirement Of the 0Tcerpacks would uos only
compel the progress Of the currency toward par
with gold, but Woulc give Uniform system Of free
baEktng whlch would be applicable to all sections
Of The country, hGd would continue one Of the
Nrea! Recommendations Of the present. circulating
rotea In the uniformity OF iheir yaiue-compar1cg
the ttsuca cl one bank with those OF another.
The qaaation Of Redistribution OF Tue currency,
upon which Iii. sherman lnyB 20 much stress, "a
one Of comparatively Little inserea: to
the btsIncts community at large: 1t IL
simply q question between bankers Of New
England States aEd bAnkers OF Western
Atd Southern States as to which shalt have the
l1yRe4t share OF particular prpls and has Moth.
tre Hhatcsc1 10 DO with making the currency bot
ter or worse, OF With Furnishing more or less Of
.oE use In the exchange Of commodities IN any
section Of the country. Ills entirely Irrelevant
10 propositions for Improving the currency, aud
they should not be numbered up with 1t.
TIE money sho*B sigma Of working closer. 4
temporary revival OF ACTIVITY in the packing h1sl.
ress has creased m increased demand for accou-
Eodatous from packers, which. together with the
fpeculatiuus aud n1ctuat.ona IN the grain market
to-day, made noEey matters very act!ye. bankers
u,estm accommodating regular customers who are
entitled to accommodation. The supply Of loana-
bic fund.- Is not large, hut tho expectation OF
| c4N from the Comptroller for ssateIent keeps
tho banks iron letting ont some that they woud
| otherE!fc. In tic open mAtkc: &c hear Of NJ
| nrbt class paper offering.
| Exchange continues 1t rat for sa.cs between
I tnula The rates at The counter aIe Iom,na.ly
40 premium ceiling. and l-10 discount bn1inz,
mi colcess!ora are nste on the ceiling rate to
| custoEc.e, ard flr rcmlttances for country
banfs-
Tie Terintu.sr RsllEay Of Michigan. extending
from Lansing, Michigan, los miles, 10 Milton, H.
dlarn, Is The middle section Of great lie Of
roads which, when finished. viii form o2e great
1 line IRON Chicago, in the most direct route, ss5
| nlies, to Tort 1Inrup, snd connecting there With
tic GRAIL Trunk Railway OF cansda. Tho pro.
stetb Of construction On this middle division Of
,Ec ltue Ia Indicated IN the following extracts
from the ANIMAL report 10 the stockholders By the
Presldcnt, l. .. Dlbple, Esq, dated at Battle
Creek, Michigan:
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