, 1870-04-19
MONETARY AND COMMERCIAL
MONETARY,


tlced at the close Of last week. continues, Tho
activity in the Wholesale establishments shows
that the spring trade such A. it u, has begun.
Ihis, together with the speculative advance in
wheat to-day, and tho upward tendency Of tie
pGs % g go, s ns tnsn ,eenn Osn o. more M
for four or fyo months past Il Was high
time, however, to expect some improvement.
II We sre to have any spring trade 1t ali, it
ought to begin now. Notwithstanding this
partial revival Of business, It u ap-
e p'a. s.t TIT rba s5' holds i vt s sn in sno
Conversation with baukera and merchants
generally shows that while they believe thAt
the country merchants and fa1meza are fnan-
cialIy sound, aud while the country still con-
taius great amount Of products OF last yea.'s
crops, they do not feel cafe about tho future.
question asked more frequently than any other
in this connection, and 1t Is Just because no
body can give any information about it that
the public mind is the more nneasy. There ia
no frame OF mind go uncomfortable a. that in
which PEOPLE can get no information whatever
upon topic Of the utmost Importance, and in
tlis respect the resolution Of tho Ways
and Means Committee that they would allow
no information to become public nntl
the banking questions in the Funding bill wctc
completely settled, is the neanA Of keopiuG
up feeling OF apprehension. We eau hardly
believe that Congress will pass bill which it
has been demonstrated contins the elements
Of 90 much disturbance, but the ominous III
leuce Of the Ways and Menus Committee OK
cites the fesEs aud elicits tue censuro Of tho
business community. :
The upward tendency of gold cannot be as
signed TO any one cause; it is due in some
measure 10 several. One OF them Is the grad
ual decline OF United States bonds in Europe
during tho last two weeks, which places
lower Iu sA' tn.n nnN' on lie Il frat if Of lie tLs
month. In London, on April /, 64s were worth
3i!k and Cts 591;, Willie on Saturday 6:.s we1o
north 9o7s and eIs by59s. 62a arc quoted at
that market to quote our securities t'ex-intcr-
est," On the 18th of the month preceding the
maturity Of the interest, the semi.anuual in
tercst on tho G2s, due May !, must be addaa
70 tho quotation, Which nakcs it 9o5sa. But,
besides tho decline OF United States iontls in
cauee than the prospects Of the Funding bill
there has bccn como falling OF in cotton c4-
tNrts, and sterling exchange Is conseaucatIy
ii1mer. Thus the decline Of bonds, which IS,
for the present, uufa.orable to their e1porta-
lion, -. md ID, tic nso,n.,. falling Oh in
pessibilaz of lie expectation OF Of
gold 10 SON. extent during i1ay and june.
Illls tenlcl.cy Of affairs is also increased Jy
speculation IL New York, and may be the
meats OF making further advance IN gold OF
OF per ccnt- II tlero should DO any actual
export Of gola, tho advance w02ld be ,uore.
on the othet hacd !. !. hu=t be taken :aso ~
ccrnt sslzt tho Secretary OF the Treasury las
i .sdlicient surplus gold to be able to sell ten
millions any week, when he might dcsira to
brcnk down the price. New York and Boston
hanks aud importing merchants arc also carry
insn large amount Of gold that is a dead
wight, ard, though they will do all they can
TO make an advance in gold, they viii only do
| TO for tho purpose Of selling out.
The money market continues eaev, though
there eceuls 10 be Little more actirity tllau
last week. Approved borrowers get ali they
apply for without difficulty. Tho wholesale
merchants report collecting tn the country a.
extremely difficult, And their deposits ars con-
4eqnentlv not increasing much, but country
lank balances sra large, and cause concur
t1ztion Of money in the city.
Eachange w,s sold between banks to-1,v at
DC Per IL 600 premium. At tho counter, bank
erH sell at LILO premium aud buy 1T par,
Dispatches from Detroit, this Afternoon, an-
nouncc the arrival of prorellers that left lIil-
wsukee on Saturday. Thin will be tie maans
OF furnishing employment for some Of the un-
employed capital in the movement Of grain
eastward, and viii aoon increase the amount
cf exchange on the market.
While the people Of the United States are
looking forward with hope to the time when
We may resume specie PAYMENTS. and have
the curious spectacle. across the lakes, of our
Canadian ncighbors trying to Dive American
silver charge out Of their Dominion because ii
il only taken by the Canadian banks At per
cent discount. while in most places it is taken
III trade at par. entailng loss OF 1 pei cen:
cn the traders. In order to relieve the traders
from this ''silver nuisance" the Canadian Par
lament passed law authorizing the issue OF
government fractional currency, and making
American silver legal tender, after April Il,
for only 20 per cent Of it's nominal value In
this connection the Toronto GIoJ*, Of April IL,
ssW: .-..-.....- ....--...,.
:" The government fractional currency notes ap-
pea.cd In circulation yesterday for The nrst strnc.
4 Ertat many Of them were paid cut By the banks.
cents, sAnd hear + striking resemblance TO the
fractional currency OF the Cnl,ed States 1t Is
itkcly that they will he in general circulation in
,o4tay, and the ahtnplastc1s hare heen Asued IN
os1tcr to take the place Of the silver which Sir
Francis ntneks hopes to drive out ct the market.
II remains to be secn, however, II the silver will 70
out OF the market At the bidding Of sis Francis II
!s Frctty hAnl work Eencrnlly to make people he
utve that paper Is he'ses tnan SOLID stlver. Gov
Gct ahead in the end"
The London correspondent OF the New York
fsnanc1dt ChtoHtcle, writing under date OF
April 2 SAYS:
The dividends viii be paid next week, anu q
la,ErlE Increased supply viii he stckine employ.
Heni, 10 consequence ct which thu rates q lis-
ceuut a1e expected to rule e3Aer. Ia snme QuAf.
tiers, indeed, reduction In the tsanI rate u sl,
lsF cent Is thought IL he not Improbable. During
The prc*cni week the position Of the DAnE OF Eng
laAI hN gained considerably In strength. A large
aHl.n Il Australian gold has taken Place, and ~
there Is nc export demand. the whole Of It has
heen 81 ut into the tauk The supply Of bullion IA
the bank te DOW rf4 sff-!s1. being aE,out - no
merc than II this period lass year. while the re-
seI7t Of notes md coin Is about e. Iso eo grl4ter
NOW than then
At the Stock Board to-day the following bids
for and offets Of stocks wesn mxde;