, 1870-01-15
MONETARY AND COMMERCIAL.
MONETARY,
FRIDAY EVENING, Jan. II

or Commerce, undeT date OF LONDON, yAnuaf1 ~,
will be read with interest:
Curtis Lamp4onx aueefs Il A1alteao credit recently
pubnAbed r ~ mst psSEss th.t y ~ x Z
no really hl&he1 In psiee thAn Btlah con.ola II -"
Tho extremely Superficial character OF the IN
formation Of average politlctaoe On the subject OF
11ances ia shown, not simply IN the fscr that
nnn Of Sir Curtis Lanpsons poalion should
make such u esreRious blunder, bnr that the
exposure Of 1t should be considered 30 much ia
the Light Of discovery ~ 10 he ttlegrapaed to
thia country, But doubtless there Ale plenty OF
pe1sonA well informed In other respects, who are
equally puzzled By the ngnres, to know how
United States 6-sos IN London At 81, can IN
reality be higher than consols quoted Ia the
sAme market, aud In tho ZANE kid Of money, a:
oe For the berens OF any such, ne make the fol
lowing explanas,on-atd. for example, let nj ta1e
tue o-2ns Of 1861. which OF 1este1dsy were quoted
at sots In london: Deduct1nR tue = for
interest since January I, and estimating the pslce
Of the principal OF the bona at 6d, and the per
cent difference between the London dollar aud
The Anenc.n collar, and II shown the net pflce OF
tie United States bond, ezclusi7e Of interest, to
be ~ cents In American gold; IN other words, q
Doll sold In Locdon Tor Sc brings IN lha: market
o. cents in American gold, IN sea lty only cents
below Par. To state the same thing In another
way, which We have done before in TH1 TRIBUNE.
when our boudA shall sell al a1s1 In London they
viii be at par. The pur Of consols, however, Is
one nuno1eu oec:tuA 'lacuous y. .u' Louuon 4., W.
ih1' sua, es taf1 ate quoao ~ ss:s' eheJ 80. q.
per ceas oeloW par "aue VIC ou4sHo o'1.ee 1oa
hfe Only per CELL oeo" pa1 ~ 1a' AonaS'A D1A''7
ket
One OF tho aigns Of the times u the great decline
IN 4peculatlona IN railway etocSs, which character
lzsd the year 1863. The New York Commercial
s.A4.s ~ W., - ~ ~ 80 s.a,asr 70 :
t.aese - " - ,ees 49,. :,.. ~, = ,,a,lc,.d
- t7e.. saa.rtrs NJ. RI. c.r,as ~ rhe cnrrrnr
~. rt,1 snoS s,I tnnner dimiuuuon of uu.l.
c..s ri, .ara IN INV mat fully one.half Of the
u,a,v,tna,a vho uero enaaoed in various caosct-
I,es On wan and Broad s,Ieels, four years sgo,
neve cieared nn,. For months II has lesaly been
~, ear doc n,,h mnny of the brok era and Knights
| NJ the cnrn.stoue. and there a.e apparently no
hatttr nros o.ets ahead for them. Tne furious de-
| moral ling spI.1t Of speculation pegotten BY the
| var han been as.uaped, and the public are
| gradually cese,np to bite NJ bare hooks. y
| Tnote who have watched the speculation In
steers during the past year know lhas It was At
| ntuh tids during all the atst half OF The year,
and that the present condition Of COLLAPSE oa'e.
| INN the sentember gold panic, q fect which
,ea,v r.canrI;ea ne,pla TO The teupoiary dis.
n,.y ~ nnwer made on ttat occxslou by the
aa,,,sr, nm aeeme3 than TO hod the busl
n.ss ~ ,he countrv and the credit or the GOV.
! a<r,,s,. .,rcoot ~ .heir mercy. The DECLINE ID
s,rcs sn.cn nlat,nn, hoverer. in only llt1io iu
! .dv.nrs ~ the dpti,ne IN gold gambling. TIE re-
a.. .,,snn+ ~ revi,. the later nsa apparently
s.a,a. .no-f,ve ood ,ho.e vno ara watieR fol
~ ,ac.,,o, ~ +ha eo,den bnnb,a to reylge the
a. ~. .tea. ~ a,hey ro,.moo,rea vii. In al]
su.assS1 ;,e pA1 ~ n.s.srsn San. ,mr next snrlu r.
| ptooA.s, =. -, ,,~oan.o Ts,i M avn tna AZ.
nuu " .As - ~ rsno,ras ~ nav onr rore,on bal,
Fts VI Hosu = .s4 ~ .za,a ~ M -, -, nsr c,o,,
Aux, .no Sa.4eHs1 s. e,s..a- ~ ,nc,,ton ,rovdeo
niouues meJ ~ 49, .."a,,,n,s A -. dutv n
eoneless uoe. aot' =. sa' s-ss nss;, -. ~ ,n:,,e
puHloR Ine eut.cas5 ~ e"o'1 ''
IL p1osiess sonMa ... pa.' watt, .,.-.,,, ,e
~ Ine oanAa VI .o1 ~ aA,e go a,a,s E,rn,1 ~
ce'ea .nen Ao'.ese ~ 49,. .'~~. 49, ~ .hs
terent Of those who are continually harplaR or
mat cue e.rlnR of the great prcnt the Na:ona
Ba1 ts make in getting their circulation from The
coyErme1t. a1d ho 2 upca could be saved In IL
Icrea, On the bonds Il the bauks were aoo .Ithed
..a Ynn,a Treapnrv nnres tssued to further de
| n1o uoio AA"5 49,. rhs to,,ow,nr
eseaple Of taxes Which the bapss Of lhls ci,y az
o:x / o,,rt I'd to pay for the year 1869: =
1 Mills
| .,,,,,l + &
Ssase. ceaSts: a:o pae. tan ,;., On .
Cniteo a'ea 'uA on -
| -,
,.,.. A.t
| Gosernnirnt snx On eifcola;,on: d
| As the avetage deposis OF the banks are
leastthlee uhes tae amount o. laen sap'.at. ~
tne nsefHse cucoisIon " Na'.onA! nal ~ - eiuA
10 50 rtE cent OF thcr capital. II Will be aeeu tha
| TIE tax on circulation and deposits IT, IN the ag
r,a,.,o xcca, IN sn m the,r canlrs. ~ that th,s
| E4esa.es s4 ~ 49, - ~ - ~ ~ 80. =, .n,a
adoeo>otne oHeSs ~ u ~ eno oo'e, e4us
TO 6A per cent On tneE capital LUG !e9NltT o. co.
Iecs,ng the dividend tax now for 1850. s disputed
%, .-e s,o,sho'a. I,.n ;hs sTnsn,s,tnn ~