, 1870-11-05
MONETARY AND COMMERCIAL


the bethE rents in F.Ance, whi h is expected |
to make . dcnand for bte11,tuf's. but other |
dull
Some Of the mnst prominent banks car,
definitely. that there ID fslli.g or in the de-
1nat'd for uorer. This is c%raclall. tbs casa
With cou.tsy banks, which have beon borrow
ing pretty freely Of late, but have nor MT
. nlg ceased 10 apply, but are sending in a
good ct ii more currency than IL going out.
Tho fact that the Gow OF cpu.ucr
is now from tbs country so%ard
this city indicates decline ia the moyern .ut
Ct produce in the country, and tho probability
Ct diminished receipts before long. For de-
mand loa1s and abort time frs.-cisss PAPER,
monev il not tight, but bankers are holding
back from letting ont money for ov:r thirty
days. As long as the weather continues un-
favorable for packing, tLete will be no demand
from tho packers, aud the tendency will prob
ably be toward case.
TIE supply OF produce bills on tho markct
vas emsller than yenterday. and exchange ~as
fiImer, WITH sa1es between banks 1t rsr. At
th+ counter, tanktz rs sell 1T LILO premium, and
buy at lilo discount.
The statement OF the associated banks OF
New York ciy, on Saturday. October %.
showed That thtT held specie to the amount
OF SIS. .1u8, ,406. and the statement Of tho na-
siona. oobt for November ! shoHa that the
amount Of gold certificates outstanding wsa
:l2,6t6, 500 Tho near approximation Of the
hulJlAkb duE t1G GaLFs Au6IA'la Ll9 pf63uIQE-
tiou that flle New York baaka hold bat yery
little cash gold. Int that, III accordance with
the general known custom, nearly all their
spet il is represented by +'gold certificates"
but the amount Of "goll certificates" in the
q bt stateuen. Is over half 3 m,lliou mora
than the amount Of specie reported ty tae
Sew York hanks. and p1obsbis represents
portion Ut that held bv Boston. aud phil-
atic!phia b1uks- The total arnoan: CT snec1e
repottttl by all the national bs1ks OF New
York, 1tpaton nuu Phlladrlphia, Ut their last
statetncrt, cn Octobet 3, wAa un!y si5.a39.-
s61- It ls We'll known tLat other banks
throughout tue country, exclusive Of ths
therefore rea-oLat1e to p7cs1lne that she
51a3, ,13. .073 Of coin held by the T1ea:ury rep
seseuss neasly tie whole OF the H:ock OF g.id
IN the Ss7tea and Territories east Of the Rocky
Mountains AssayeEs and others ia California.
nho are il po itions to k:ov, estimate tl4t
the gold circulation Of the Pacific coAst seldom
cxceeds Sl5.oJs.o5b aud PROBABLY, in the
Lrcsei:s stssnant ceuIsttou Of tra1s there, it
dots 60: EXCEED Sf3,.oGu. 900: thus Il. >k;ue The
total stock Of gold tsom 5l16, 600, 600 to 5i18,-
| 000. .0ao. '
Esc1 this comparatively sm.'l stock Of gold
Is hAely to VI ri1uiuisbei by the advent OF
Eeacc III Europe. whch will call home = large
amount u money Hhsrh has boen held IN L,u-
don and partly in Now lu1k. Tie BA.lk Of
| England tas ALREADY begun to lose its bullion.
AID ri en- peace T. dcc!a7ed the lain Of s2o.ia
from there 10 Eu.ope will be large. To stop
this, tie halk will 1esrt to its Usual rena,lg
Of Raining the rate OF discount; thAs vii mike
money ght in Lonton. and deprees tho prize
Ut United States bonds, which depression vii
20 ref. .e:ad in dscliue in the
value Of tho currency, Or, in other
words, = rise In tho prize Of euii, concurrent
with the drain Of gold from this country; and
thoee Who afa anticipating the speedy cecIiae
u gold to lo5 OF 'her:ahoats, as insamAted III
nnr New York despatct, OF last evening. are
likely 10 be disappointed. It i probable that,
th1eo mouths OF 70 alter tho signi.g ot !
| treaty of Eeace, dHanccs may become 30 SET
tied that the Increased volume Of our exports
vail cause further decline OF gold. jnst "a it
o.d last March; aud it is eqnally probsblc
| thst. AZ soon az the s1por.t fall OF aEx,n, the
rslce OF gold will advance again. juat a. it did
during last juno aud Jnlv. when tile volume
| OF our oxPorts of protucta began to diminish
/ The lower tho price OF gold gets, The more
| eTern}aslan nrpnsFs is further decline. nc-
cauee everybody knowa that il cApuo: golowcr
than par. and thosa who understand tho iu-
adequacy Of the present amount Of coin il the
couLtry to sustain fpecie payments, know that
it could not remaip long atpar eyenif it should
touch huch quotation
| Heretofore. banks depositipg 1910 bonds
with the Treasurer to secure circulation, have
by rule Of the Treasury been allowed only
81 per cent Of circulation on them. Tue
National Currency act, however, permits
m amount mot EXCEEDING ni,etS
Fer ceEtum Of tho par value Of ANY gold icter.
ert- bearing buttl5 Of tho Uuited States, ..if
heazirg interest 1t . rate not less than per
asa,!cd himself Of thia pernissiye clause OF
the act TO PROMOTE m equalization Ill the
va!ues Of 5-20s and 10-4os, and 30 ovontuall.
the prices ct these with the nrw per
cents authorized by tho Funding bill. IN slis
connection the fol!osing correspondence i.
made public by tie Treasury:
E0Nps FOR NATIONAL BANK Sof1 SECURITIES,
| TREASURY DKrAKTAknT.
OFFICE OF 1aEMAr1'n s'P 1Hx crRREXCF.S
| WAsHISttThS, OF. ST. ls:H
| StK: eaFc rcceE.h Juut letter Of tho .4ta
fns itQhtif III at anunt ~ ctrcula,t:s 3 .h.tc.
tcur sse.,ciaiun viii he -ht,'1+d to r-ceise ur7n
| Getph!1ed With The Tlea.ur-r of tue United
atts as security for The crcnisissE notes Of yuut
s,.,y ool.l4 was n1ed !, e,gh,y.tve pe. ceat q,
! Tue PAT value thereof.. when their current m4r.
NJ vhlrs was less than par IN currency, ano
I've rts cent upon tht I'VE PER c+ut gold-tearnu
s,x per ctnt nj: esl,.bear'Eg oou.i.. r.
III is.le VI ciscuialug no es to natlonal banks a
n,le'y: pr csntu1n u'.n a1t rue r1ve aud SIX pr
| crtt Culseti s's'r: s'l'-tssr1nG n'nt=, aud y,,u
tssu, iatl.n VIII tisl.tcse tie sasls.e,t 10 tece!v,
fa.sse of cutrer'cJ Upon tie t5;,7p' of tire PC
..l.' t+l -ttrt. :Hnas ncw on d:no,t. win ~
JouS ssIs gyi KS5x {ct.ua con,o,e,
: TO WiL1IAx r. CAsAox. Ed, President Flts
Ss't"asl 14.s, 1u>cya. II -
Anissx e;hx e. a.: S
! | following le.ttr 10 ". $. Hunt ugton casnFr q
the F.sst National Bank, Arlington, D. Z, date
"SsK: I haze recelved ycur letter Of today. l
which you state t:at Sau hase N excess or sa,o0
r u Fed stst"s bonds now on t'ep'slt with tn