, 1870-04-08

Total.
EA,eoo,QQ1


1t is a1pa1ent that there are S225 GOO, 90 OF
the bonds owned BY the banks which canuot 10
paid l'y The government, even in gold, without
direct violation of the contract cxpresse GU
the face of the bonds, because thcy aro not
d:ic. The Gu OF 1851 have ten years to run get !;
tho 1r,tea have four ycEls 10 run before TIC
maturity Of tho tcn-ycar optiou; the fiye-year
OPTION On tho old 5--Gs Of 1865 does not mature
LEtd November !, 1870, and on the new 5 -oos
q LEGS, ustl July ], 1870. But it is not clear
tlaf tic government may now ray of tho 5-20s
CT (which the fvc-vear option has naturel
nithGnt violation Of tho pledge in the publ:
credit act, which ssvs:
r.:t ncuc Of Faid !nterrst-heartng Obligations
nc1 slrrAff1 tfne sha1i he redeemed o. rsi hefn5e
maturity unkss AZ sueh time FEr@t-4 vr*+ nnss.
SD. ts etvTt.t1e into min at the spslo tA+ 4sd-
tr,,- uhfesf st euch time tunds OF the Cnltc
sis:cs tta.sGE Q lower rate # interest tha. ;ae
t.r,l t,- lait,-i state. a soi: 5nty rirtls.s ~
:sth to n:Fe rrnvsc,. At the esrilet. rrsc! c,h,e
period. fur the retenrslon Of the Tn!;ed state.
i.&tsS IL ron-
lie Point which is nude most prominent in
'Le lutl:c Credit Act, its feciunng. its mid ile.
Lid its vId, is the redemption oI tho United
ats,ts lotes i'll cuil, snd tho application OF
coin 70 tie Prepayment OF any other loan be-
fore the accomplishment Of the important
Yoint in literally prohibited by the at. except
:,..ercst Gu be sold at par in coIa. The T1b:ia
fteiit Act took hold OF tile right eui of
TITS financial problem, VIZ: the green
l.ac1a. Entil they are appreciated to
l'sr. al funding schemes viii bc fonnd
Ir. MIXTURE. 1ney arc by far the most i'm
icHiGu Of tue grcenbacls now outstanding are
''ttttisAble in PAYMENT of aaauns t.s4ie 10
tie Ll.tttI SAFES, And thus stipulation is
rriuled OH their backs. Ii is therefore Doubt
tul whether the government can authorize any
new iosn that is not subject to payment in
o1.1 t4s,AS ~ ~, e
not to be expected that while the government
has SSs6, Gu. 900 of acmandnotes that are pazt
Que, and yet no effort made to redeem or re-
tire them, new loan 1t = lower rate Of interest
than the present bonds can be negotiated 1t
plF IN coin,
II i noticed by Eastern papers thst one Of
tie cAufes Of the low price OF sterling OK
Change i-. thAt there il = great increase IN the
AMocut and variety Of new tzilvay bonds
going to Europe. These repre~ent new rail-
ma. enterprises in the West and South and =
l4rEe proportion Of The securities are ucso-
IAt.d II Europe tv direct application Of the
Fs17ies to European capitalsta. These seeuri-
tics thus 50 To Europe without becoming
lnoHn in the New York md other Eastern
markets Of this country. Germany md Ho1-
lard arc believed to be supplying the greatest
portion Of the funds On these securities Cot
ton exports rn also rezr heavy get,
tho total e1po1tn frum all tho porta from
September |. 1869, to April /, fu70. being
Laos hales against $50, s17 bales during the
same period Of tha proyioul year. These
heavy e1posts prevent ihe export Of Eold, md
consequently keep it's uies down Ihs inter
est ra,fment on tho 5-e0s On Nay vii also
throw S24, ,S5a6>i i5S more gold On the market,
and Il, in addition to this, there should Be even
moderate foreign demand Tor the large sup
ply Of brrtdktuta held in this country, aud
which will begin to move on tho complete
opening Of lake navigation, the pf1cs Of gold
would gradually decline On tho oshe1 hand,
however it is estimated That els 001, 900 Of the
S1a,ssG, ,456 Of May interest Ia due TO foreign
hond-hotdcrr, which Win have tendency to
advance the pricc OF startling exchange, and
have tendency to couutesact the decline IN
gold 10 eoDe extent.
The San Francisco Bautsin and tho sac71-
mento Caion comment uFon the siguihcance
Of the rsceut Arrival OF larga
ahipment Of Japan tea in Chicago
IN six weeks from the" tne it
nearly tivo uaonshs on the Eay around the con-
| h1ent LAvo not yet reached Now York Our
! racif1c neighbora think our merchants can Brp-
| ply Ill the central 6tases With better quality
Of tea II lcas price than New York can do ii,
even By the Suck Csna1. and that Chicago
nu4s become the distributor for tha cAntral
| part OF the continent, Of Ill tie Oriental pro
ducts that make up tho Asiasic trads.
In loe1 matters both business md finances
| continue very dull Money aecu1unl2tes in ths
banks, and the demxnds Of borrower are Light,
because therc is bat listle prospect Of profit In
| speculations, And the aspect OF finances, u
connected With the AgitAtions Of financial
schemes IN Congress, u yet too unsettled te
induce people to expand their legitimate tad,
ing operations In tho count1y, business l.
dull, beeanse in many rectious the farmers are
Preparing for spring planting and are NOT ma
| kehng any produce Tho consequence + thai
the country banks arc increasing their dsposit1
IN tho catiea, and helping to inc1esee the supply
! OF unemployed money.
E1ehnngr xas easier to-day 1t Soc por e1,ooi
premium Tor sAee between banks. Al tho coun
ter, bankers sell 1t lilo premium, and buy n
par.
At the Stock Doa1d to-day sales were:
| 10 Enarr~ Lamar 1nz1ranc+ Company. ....-..-..e4h
= sL.tra laEAs Insurance Es>npaay..