, 1870-06-26
MONETARY, AND COMMERCIAL.
: MONETARY.

6A1CKnAI EtEa1A9s JupG s5-
In general finances, thm has bean = duh
week Ihere have been fewer Warrington
ru1no1s shout financial legis!stion thAu usual
Ono very important step, however, has bean
TAKEN by The Senate IN refusing to sanction
law for the reviyslof the incon1e ta1. 1he
impoRssance Ct this actipn may bo estimated
when It ID remembered th4t the tacozae tax
rnllceted In tho fiscal yez1 ending 1une 50,
1859, amounted to ss4,Ts1, ,s56, or nearly 10
ment. It Is not probable, however. that the
whole Of the items included under the general
head Of income tA1 In 1868 will be dis
coptinued, a the bin will yet 90 back
to the House Congress has now but eeven-
teen days to work befo1e tho dato agIeed upon
may be many rurno1s and considerable sg1tar
ton in finances durinS the next two WeekB-
Bills hxyin9 important bea1ingnu upon hnAnces,
but which are now not heard Of, may DO
brought up and passed, and The news from
Washington will, therefore, excite mors inter-
est than uful.
The decline Of gold during the last three
weeks has been gradual but steady, closing to.
day It mL Ag1inst u2H one week s6o, 1131H
two weeks ago, and 11AH three weeks ago.
Considering the present stock Of GOLD in the
Treasury, which would admit OF the Secretary
doubling his present sa1es, and considering the
probability Of large exports Of hteadstuffs.
which will prevent the export OF gold, there
does not seem much chance for IN upward
reaction in the p1ice.
In the local market, money has worked close,
and in some quarters has amounted to stzln-
gency. This, ~ Is well known. il the result
Of the capital OF the banks, as well - private
parties, being absorbed in tho holding OF n
unusual stock OF grim and Whiskey in this
market. Notwithstanding that thets Ia nov
I've and hs1f million bushcls OF grain In
store, ,sgsiDst two xud half million bushels y
this time last year, there is very little OF It
going out, and shipments even eeem to be d.
mlni.LinH. from the fact that NeW York
exchange has g1pHu scarce, And has 1sal
from Sl.25 per 81, ,oo0 discount during the
frat days Of the week to par this afternoon
Bankers hare in general Accommodated al
Of their regular mercantile customers whc
have applied, hut In many instances have only
peen able 10 do 70 By declining - much Al
possible to sdranee on grain collltecals Nher
tho grain was to he held in store.
In the open market there IL pretty hctlst
demand for money at IL per cent per month
The cutTaucr mos cutc1t to the country ha1
slwipdletl down during the past week, and i
nov quite light, but It IS generally tcmazket
! that nous Of :la large amount that has beel
| sent cut during the past two months has be
gun 10 come back yet. Some OF the results o
! lis retention in the country ara to ba found ii
tho continuance OF large receipts Of corn AIN
| come other articles Of produce.
] Exchange sold between taAks this norniu
at .gc per st ,0O0 discount, bat this aftetnoo
holders were demanding par At the co'inte1
| bankers sell at par, and buy At lilo to - od.
The msnageE OF the Clearing House fn,
| n,shcs the following summary Of the busincs
| OF lis Office for tie week ending June IS: