, 1870-05-26
MONETARY AND COMMERCIAL.
MONETARY.
WrDxrsnsy Errv~a Nfov .


There begins to be some hope that the Bank
ing bill, which has been made use of for 50
long BY the New York spectators, in causing
fluctuations in tho price Of stocks and bonds,
may be finally disposed Of next week. The
provisions Of this bill have been frequently
stated before In general terms, they arc: For
an increaee OF a35, 900 600 Of National Bank
circulation. and retirement OF SAC, ,000, 600 OF
greenbaeks and sa5, ,ooo, coo Of 3 per cent Ger
fifcates. new banking bond" bearing
new banks that may be organized to take cir
culation ont Of the 3o5, ,00O, 600 Of in
crease provided for, arc required to
take ahe ~ per cent bonds at par,
and deposit them to secure thoir circulation.
Il provides, also, that II, at the end OF year
demonstrated that now banks will be organ
ized On the basis OF ~ per cent bonds to Be-
cure circulation, and shall take the e95, GOO, 600
Q. . additional circulation, then all tie
9uired to deposit ~ per cent bonds in
There is not much probability tha. the bill will
ever pass. II it should, and become opera
tive, its effect On the volume of currency would
be to gradually make practical contraction Of
about 81, 900 900 Of legal-tenders, which
would be held as 25 per cent legal reserve
lion Should it ever become operative to this
extent, then the provisions in regard to oblig-
ing all the present National Banks to exchange
their present bonds for ~ per cent bonds
would become operative. It vii be aoen that
this is Mr- Bo1twe1l's Funding bill, only some-
what disguised from the form in which it pass-
ed The Senate in March, and popular expres-
sion WAS too decided against that bill to leave
much prospect Of the present bill becoming
law.
There arc Indications that, notwithstanding
the great increase iu our exports Of domestic
4r3rfY fnEf ND S41Yt-v,
The shape Of cotton, petroleum, and bread
etuds, there will be the revival Of exports Of
gold usually experienced at this sea
the port Of Eev York from from Jana 1@
a5x to t9 M asy ~ !! weEs g So ss2 Or Y
ending May q they were snG. .496, or nearly
double the average Of the previous weeks.
Thus far in the present week our New York
dispatches mention the export of e530, 900,
and. Judging By the advance in startling ex-
Ghas : so IT, the Of the
efage Of tho first twenty weeks OF the year
az did those OF last week. the great bulk of
the e1portahle surpluB OF cotton has now gone
forward, the exports Of breadstu1Is arc very
light, and the general falling OF in the eI-
ports Of domestic products may DO estimated
steamers have recently gone out Of New York
the low rates 1or it. American @
railway securities are not SO marketable IN
Europe sincc tho action Of one OF the financial
boards connected With the Berlin Bourso in
warning the public in. regard to them.
The continued agitation in Congress
in regard to 4 funding bill also makes
government bonds less accountable to |
European investors, and altogether the |
resources 1 Tor foreign exchange, except exports
dency Of the situation, therefore, atpresent, is
in favor Of the Spectators in gold.
The Burlington. Cedar Rapids l. Minnesota
Railroad was protected as part Of through |
line from ST. Louis to st. Paul, but it's compile
lion Is likely 10 be Of as much banedt to Chi
finished from burlington, through cdarRapids
TO Waterloo, in Iowa, where it will connect
with the Cedar Falls d Minnesota Eosd, and
he Minnesota Central to st. Paul, thus max
nga now short route from Chicago 10 st.
Paul, Eia the chicago l. Northwestern Road;
aspiss s y Road u to onVgaea Wate1,oo. v5ela. isast
Is shove mentioned, it win connect With
oads now running to St Paul We shall then
ave two direct a1l-rail routes through Iowa to
t. Paul VIZ: o1e through Dixon, NJ, Gin.
Lusdu, Minnesota, to St Paul. Another route
he first Of these two rontes is in the control
t the Chicago d Northwestern Company as
ar as Cedar Rapids, aud the second il IN the
ontrol of the Illinois Central as far as Austin,
Ifnneeots- At this LAST mentioned point
eemerps eemsns e p3De''i The roads nas @an NAV
9 expected to interfere with the speedy trans-
ortation Of freight to Chicago, from the fact
bat the Minnesota Central is controlled by
be Milwaukee 4. St. Paul Company. The
orthweetern end Of the Burlington & Cedar
apes q lns lssa from wste31oe, aaMs'e in foTs
, MankAto, which, in an agricultural point of
lev, is the most Important point IN Minneso- T.
l. This line OF road will probably be COM
leted next summer, and will make direct
oute from Chicago to Mankato, Of about 400
,jles.
The money market continues 10 show signs
I increasing activity. The demand from
zeal borrowers is increasing, and many Of the
anks find they have ne more loanable funds
ian will accommodste their regular custom
rs The general market continues
asy yet. and drst-class borrowers !
ct all they aak for. The
resent activity may develop into q temporary
loseness Of money in this market during the :
ext week or two, but tho staggnant season OF
nfnmes, when money is Always superintendent
4 the last half Of June, is near ut hand. /!
enpnehts Of currency 10 the country con- 1
nue. liberal, thongh not 60 lArga sa On the |
E1change Was lower to- dxy, in consequence
I The increase Of grain bills On The market,
nd sold between banks at 50c per 81, 900 dis.
punt AT the counter, bankers sell Rt par
nd buy at 1-10 discount Buffalo bfIls Arc
ken 1t Il of, and Oswcgo bills at IL or.
At the Stock Boa1d to-day sales we,e: !,
chn rpa Rnnrh1tc Tna IA H.. an l