, 1870-09-23
MONETARY AND COMMERCIAL.



Scarcely word can be- said about the condi~
ton OF the money market that has not been
said within a week past. The banks are bare
Of money, and the country to the West Of us
geeEns to be equally bare The commercial
wants of our great and growing nation are
growing more rapidly than the expansion Of
the currency ordered by the government. and,
by The timo that the era Of specie payments
comes round once more on the whirligig OF
time, which is perpatually bringing its
sweet revenges, We shall hare grown
90 much mora that the addition
Ct al the gold il the unitea tea
scarcely do more than mako tue money mar
ket easy. As the tide Of emigration sets for
ward irreaietibly into the West, it cseatos
fresh outlets for trade, and increased 1lsos for
money, and the opening up Of tho great Pa
ciffc RailroAd, With the continuous building Of
other Testern lines, have opened up fields Of
well-wo1n pastures Of the East fade into iu-
significance. The establishment Of the gold
banks viii tend to hasten the Day VIXEN the
difference OF 1ssi paper cents between the
values Of the gold and the paper dollar vii
disappear, but the existence Of thoss banks
bids fair to be confined to the Eeaboard.
There is, however, no doubt that the money
market would be much easierif tho banks had
not been waiting for long time for call
from the Comptroller Of the Currency to show
q statement Of condition. We Aaye already
Indicated it as probable that the cali will not
now ha iEsued till the tir=t or second Monday
in next month, when the interval einca the
last will be fully four months, whereas tho
! Comptroller is expected to issue fiyo calls in
! the year. Tho interval is. therefore, uaneh
onger than the average, and the banks
have teen, for at least thteo weeks
past. holding themselves in readiness to
answcr the call. They have been. able
l IN f. nU1v E+s t3srf nf of1{
p,ecautions in dealing with borrowers, be-
cause tho moment it was found that thaJ
[ were contracting their lines Of discount, many
of their dcpositors withdrew their funds aud
went to operating on tho street, eithor direct
y or through. brokers. There was. thus, .
rency on hand, and it became necessary still
fnather to tighten tho reina to prevent the
| necessary surplus from being, g,,hrokan in upon
especially as tho strain occurred during tti
time when the fall season Is usually most &C
tive, and greater proportion OF money is re-
Quired to move the crops and to pay debts
due tile city from the country.
This is the situation. Applications fol
loans are plentiful, both from city and country:
Many Of the country banks which usually
have fair balances hero to their credit, are
now trying to open up debtor accounts on the
Gocks Of Our city banks, while our city msr
chants are also in need Of cash. Regula
customers, WHO present prime paper, ART
generally accommodated, even yet; but tht
number of those who meet with q stern re
frsa1 is on the increase. Bank rates ar,
nprninalIy unalterod; they are ordinarily II
per cent per annum and f@3per cent, wle1
governments arc deposited as collsterals.
There Is but httlo money going out to th
country. Our receipts Of grain arc slightly o.
the increase, but present prices do not seon
10 bcTcgardea by the farmers AsInry much Of
temptation, and they prefer to hold OF awhile
Under this state Of things they Lave COL
l,aratiyely little money with which to pay thei
debts, and make now purchases, and ths q,
plains the falling OF in our Wholesale tradin
i}Ms week, which il quito marked, though on
leading merchants arc still driving model
atelv brisk trade
Tie recent authorization for the enlarge
ment of the volume of national currency giyf
about Lalf mtlion to Chicago. The void
understood to bo already theoretically fillei
Two new banks, each with = capital Of $3.50
COO, are about to be estublished-the Cor
Exchange Bank, NTH I. T. Hutchinson {
!. President, and Orrin Smith, OF the ~ Traders
as Secretary, and the German National, wit
| Henry Greeuehanm as President.
Eastern exchange WAS again weaker; it vi
sold in moderate quantities batWeen ban!
to-day at 75t0SDc per 81 900 discount. Rat
over the counter arc par selling, and buying
Sl.;a per II ,0D8 OF. The supply is large, b
there is rot much money with which TO ba
. it. We Lave heard OF no recent shipments
! cnrrcncy from New York to this city, thoue
the article ia scarce hero but it Ia unler5tpt
| 10 be growing ecarcsr there also, though t!
East il not yet affected with striueency-
, The following quotations for gold and bon
:. wers received to-day by Dsrrats t. March: