, 1870-04-01
MONETARY and COMMERCIAL.
MONETARY,


We have talked with eomo Of onr business
men who favor the Funding bill "becansc tho |
National Banks hare had q monopoly Of the |
currency, and By means Of their advantageous |
position have charged e1tortion1te rates OF in,
tercet, and grown rich out OF il, " and now"
say these friends Of the Funding bill, "it il !
right that in consideration Of these valuable
privileges, the National Banks should do some-
thing to help refund the debt at lower 1ate Of
interest, and 30 tighten the burden Of taxation
that every one acknowledges is weighing too
Leavily upon the business Of the country In
MED thst the National B.nks have bad
g., moneEoy eEe1 H,vo Hi the currency and
stances grown rich under the favor and
The government has done one wrong, in giving
them monopoly OF the currency. ia TINT any
rcnson it should do anotie1by saving to one class
Of the Aondholderr, that simply because they
are in position where they cannot help them
bes he sa ens Il e thsa sss Pee R
tho practical effect OF Secretary BoutwclI's
proposition is that il the banks viii take the
AZ per cents st Par in gold, and il be succeeds
in selling the rest of the 81 1,a0 oeo, geo Of 5,
=. and pes cents at pss in gold ,l9 Il EqEspe ss
these two wrongs nuke one Fright r The
frst wrong is that the National Banks
and the way to make it right
is to make banking, free. ,Then
down profits TO the lowest point that would
make it sufficiently profitable for capital to
embark in National Banking. II Secretary
Boutwell, imaginos that ho can sell
81 ,o00, ,oo0 600 of S, ~, and per cent bonds
in Europe after the government had acted in
5-2oe At home, could he not much easier sell
81 200 000, 600 Of the $, As, and per cents in
Europe if tho government had dealt fairly with
its bondhoIde1s at home, and went into the
foreign markets with good record for fai1
dealing There can be no doubt that this is
true and seeing that it is 10, il it not the eli
max Of wronghcadelness to persist in begin
ming his funding scheme by policy, that be-
sides being All act Of bad faith on the
{ part of tho government, will contract the
, currency and dcprcss bueiuess still more than
=. present, md that viii oblise The National
| Banks to place two hundred millions OF $40
bonds On the market, and 60 depress their
! value, aud consequently, also, OF the new A.
rcr cents, 20 TINT there would not be the ghost
Of chance to sell them in Europe or ANY
where clse at par in gold, nor within 70 per
Whoever thinks the National Banks have
| had too many advantagee, and have made too
large profits, should favor free banking: COM
petition would put an end to any e1zaordinary
profits. ,....,
!
lower rate Of interest, should favor the keep
ing Of good faith on the part Of the govern
.mcnt toward its present creditors, and should
| favor the appreciation Of the government cred
it By The retirement Of the Ereenbacks, which
arc paat-due paper, and which the government
It may BE- sdd int tho free banking and the
| retirement Of the g1ccubacSr are in the Fund
ing bill. So they arc, but they are completely
nentralized By tie one clAuee which ohliges one
exchange aeoo. .N'O, 900 Of $40 6 per cent bonds
fer the Same amount Of ~ per cents 1t The
game Price within twelve months.
Tho imports Of foreign specie into the port
Of New York eince January !, are now fA
ahead Of any previons yoar since the var: u
desratchea yesterday mention the receipt o1
ssso, ,25l N,soo, 90 franes) BY the steamer
Hsnmouia THIS makes an aggregate
Of $500, ,0G4 against t3,6l1. III fruu
1anuArv i to March l, 1858, and
shows n increase Of s. Per cent in the in
last year in the same time, and cannot fail tt
have tendency to deprees the premium o.
gold. In fact, the main support Of the gols
premium At the present time is the posslbiIt,
Of the passage Of the Funding bill whitl
event would certainly cause large advance
! dangerous character Of the Funding bill ha
becn exposed. and now that the people genez
ally have condemned it, As sure to produce
financial crisis, Congress viii have respec
, enough for the wiahes OF the majority OF Ia
people not to pass it. Its defeat viii hllo,
, gold to decline in accordance with its natu11
tendency.
, II is intira.ted that the stock }o55ing cli4u
! headed by Mr. Tracy Of the Rock Island RoA
{ | have found it easier than they anticipated t
{ / get bold Of large interest in the Northwest
, crn 20 easy, indeed that it e4yoEs OF bein
ntoo much Of good thing" Now that th
,, | game Of the st. Fau1 1ing" In getting thei
\ classification bill through the Wisconsin Leg:
! lature is spoiled, and all prospect OF : fgE
e for the supremacy, on that ground, has disaE
E peared, stock spectators begin to eonslder Ii
4 fact that the earnings Of the Sorthweste.
: have fallen Oh more than those ct any othe
: Western road that nov, With the stock sellin
At -, it is earning less, knd has over four mi
|. lions greater bonded debt, than when it col
/, at 50t- ,.-.
The rtaenation in busineas here mar Be est
+ mated from tho fact that ths c1earings Of II
: banks. this morning, vc1e only Il, COZ, %
= while the average OF the daaly cieaf1nss Tor L
:. : frst week in this month WIS 81, 800, 200. II
b volume OF businere, As shown By the clearing
d has been very little better for ten days pas
e and there Is not likely to be much inpyoveme
e fnr some time The reads in the country 4
: represeuted "a almost impossible, and tho
viii consequently bs hut Little movement
q nrpducc, Shipments from here Eastward, lis
r are now likely to be deferred until tho openn
u Of navigation. Money is easy, but it is :
e Cause people Who aIe afraid to use Ii IN t
r1ceent uneettled condition OF finances ha
GrEeiT in1eased thei. deposits. On the 9th
hand. Tho grain men have been such CO
stant borrowers, to cnable them
A' ca1ry the enormous stock Of wheat in this I'll
ket. thst the bank loans arc above the avcras