, 1870-08-20
MONETARY AND COMMERCIAL.
MONETARY.

FRIDAY EVENING, Aug. 12.
Heretofore every succcss OF the Prussian |
srmics haB caused decline in gold in New
Ycrk, but the report today Of the French |
army being cut III too and the way TO Pa1isbeing
open to the army Of the Grown Prince. has |
failed to Affect gold, which cloaes 1t l1GA,
against 1lfb this morning and ltGs9 yeatus-
day morning, The price Of gold is nov being
maintained by tho continued e1poEtstion,
causing decrease in the stock Ut cash gold
il. the market.
United States bonds are higher in London,
IL Q 62's having touched 83tz to-day. Thols
iaice on tie 18th vas 87i1ts, on tho lDth il Was
Il Il, and on tho let Of this month was 8214t.
h. my VAT nows a. all thoy stood Al 935s{{.
They hare therefore nearly recovered from
the effects Of the war One OF tho immediate
2anses Of the advance is probably the rednc.
ron Of the rate OF Interest by the lIank OF
i.pglnnd. Money, however, las been growing
| enlmiscd that there has been \ coumderAh.e
| ,1.flu1 of foreign capital Many wealthy per-
| sosu, III both Germany and Franco. havG sent
l4:sc share OF their available means to LON
lcu AT pfacc of safety. Wo know that this
| was the case during our own wAr. large
| sm0uut Of money was Beut from the Southern
| states aud particularly from the States
which wero rade the thsatre of war, to avoid
| keiau1e and eonfseaion BY either army.
| Eahy wealthy residents OF Tennessee, Ken
l
principal accounts in Londou during the
whole Of the war. Money eau 10 transferred
/ from reuesi1 aud France to London much
more really than from this country, and
tLc:c has, doubtless, been b large inhu1 Of
wealth from this cause. Once il London,
Ills money would net be employed in trade,
hrt he invested in securities, such ~ our
5-ocs. II Prussia should attempt forced
lear. the tiov OF capital from tint country
wrn!h be accelerated and accumulate in Loa-
der.
Tkrrc ia rca.on to believe that hank notes
rtitcmalle in gold vii! soon begin 10 form n
frstn,e III the rnsrenry. Tho first gold note
ba1.k organized under tho recent laH, wAs the
ladder National Hank, Of non.on. whcl, re-
e.ived, III last MohdaS, tho certificate suthor-
ixil.g Il to ccumencs business. Auother
sEcc,e.payipg bank Inns been authorized at
.Motie, aud the psutabllstr in that within q
scar eucl, banks vii! be organized in every
rort of the C1ited States which has ans con.
siderable foreign trade. The money sr.nsac'
: items Of importers will bo don, caioly
through there bankp, and the issue Of sheil
, | uetts rcdeeuashle in specis will
hare the effect Of an increase Of cash gold in
: tho market, and crensually have an influence
! | to reduce the premium on gold. II these
: notes were available for the payment q
: duties. Id there is no reason wl,r they should
not i,c, tito inine,ca they would exercise il
e ,le direction ct lower rrico for gold wonld b,
: very important. Several gold note banks At
J bei1'E organized in the Pacific States, and il
tho States aud Territories west of the 3fis
! souii liver. but there is no probability o
: such banks being started very soon in any
I these interior States. ......-
t 4 great many now banks on currcnc
E basis under the recent ga ,u0,, ,00u at. are be
! ing Organized, and there are nov 200 Applica
A tions on tile from newly organized banks 70
!, certificates authorizing them to begin bushes
i and receive circulation. Tho average circula
j. lion oil the present national banks il abon
e 5lSU, 400 each. II I'LL these 200 applicant
= should receive authority to begin business At
"a sl.c,l1l call for the average amount {
d cir. ulaiion. It would aud s@, ,o0o, OK
'e TO lie tank c1rrul.t1on, and require tha r
10 .it nj, ton Of q similar amount Of per ce,
NJ certificates: and II tho present applicants we
y | a! authorized to tcEin bnetnCtN. they WOH