, 1870-06-11
MONETARY AND COMMERCIAL,
MONETARY.

FRIDAY EVENING, June 10.
Ihe reapEses5anee a IN Congress, Sesten1ay Of
present ernascu1Ated condition, will excite
some surprise, and shoH that General Gar-
field only wants to play Hamlet even if Ill the
rest o. the play Is laft out. Hin sction now is
probably not inspired by any conviction OF the
soununess Of hs financial proposals. Indeed,
we may accept his Own explanation OF the
probable working OF his currency bill, IL
passed, hls notions OF finances are muddie OF
nonsense. In the opening Of his speech Oh
the subject few days ago, he declared that
there was - glut Of currency in the country
and upon this al one Of lis premises. IN
timated that contraction WAS the proper
remedy. This argument would have at least
been consistent with his bill, which does really
provide for about eco, OK, 900 Of contraction.
But, knowing that contraction is unpopular.
MI: Garfield proceeds to stulsify himself by
saving that the greAt difficulty which he had
one OF imitation" II NJ. Garfield we're
well enough informed about the currency
to legislate on the subject, he would know
that at this season Of tho year there has A.
ways been gtnt of currency in the cities, and
probably will be, ~ long IS there is no re-
demption Of bsnk-notes, and the volume Of
the currency is consequently infie1ble, but
he would also have known that this "glut"
! was always temporary summer e1peuence,
followed by scarcity IN the fall. His bill, IS
he now presents it, provides for Al increase OF
redistribution of s25,ooo, COO in the West, to
be taken from banks in the Eastern
States. This Is tho whole scope
Of his present financial proposals.
The first Of these is IN abortiyo, halfway
measure that would never positively oblige tue
banks to progress toward spocie basis. me
Bank circulation and diminishing greenbacks:
can never be secured except By removing all
[ limits from the amount OF bank circulation.
The redistribution Of National Dank c1rcnla-
! ton is good deal OF q humbug, and, Is q
! fnarcier, Mr.. Garfield il very Iko it.
There continues to be a sharp demand for
money in the local marl.et- The banks, how
ever, have been receiving liberal ramittances
Of currency from New York on the orders they
had sent some dnya ago, and are able to meet
| without difficulty, though money is not yet
easy enough to admit Of their taking any out
| side paper.
\ Shipments Of ofcurrency were Light sgain to-day,
! though thsy are still in excess Of the amount
| coming in. So large an amount Of cu1rsncy
| has gone into the country during the Lest
| month that it ie surprising the domand does
not cease and the return How begin. but this
canuot be deferred more than week or two
! at furthest-
There was less exchange offered to-day and
the market was tirmer, though there was no
quotahle change in prices, sales being made At
Ito OF between banks. At the counter. bankers
sell at par and buy at from g to 91:5o per
s., ,06O on. Buffalo bills arc taken at Nc OF.
Az far as the general business community
OF the city is concerned, the failure OF several
smaller speculative grain traders today, in ad.
dition to one Of respectable capital vino failed
yesterday, is not matter Of great Importance.
Tha most considerable Of the failures to-day
involved q 1osB Of $4,000 to tho failing party,
and not over Il 900 Or $4,000 to other parties
who held his contracts for grain. These are
failures which do not call for any but pasg-
ing notice, except as they show defect in the
system Of trading "on Change" and it is in
Ills connection that we would call the atten-
ton OF the members and Directors Of the
Board Of Trade to 4 communication pnbhshed
in Ibis column of The TRIBUNE On February
1 19, giving the details Of plan for Clearing
House to close and clear option trades in grain,
The plan there set forth proposed to gaaran.
tee all option sales, to collect differences and
pay them, with infinitely less trouble and riss
to all parties concerned than the present Gus
tom. Tho subject is at 1east worthy OF .
thorough investigation BY the Directors OF ths
board. 49,
| At the Stock Board to-day the following
| Gales were made:
10000 .. 8. 6eos OF 1867. ..+-..114
1 American rrl3f 111t