, 1870-07-08
MONETARY AND C0MMERgI4L,
MONETARY.

THURSDAY EvEsIHa. July 7.
The completion Of the railroad from Chey-
enne to Denver places US in direct communi-
cation by rnM with ene Of the raost important
sections Of country between tho Missouri River
and the Pacific Coast. As yet people in the
States east of tho Missouri yeregarded all tho
vast extent OF country between the eastern
half Of kausas aud the western half Of Nevada
too much as a country fit only to hold tho
world together; country for nomaaic gold
hunters. but not for permanent ocaupa-
ton. Denver and Salt Lake, now
both connected with tile East and
ths West By rai, arc the two mast imno1Etag}t an
Ley Of the continent and iis Western coast.
Utah has already shown that with modes of
climate ana soil it may become ono OF the
most fruitful countries, instead of ''desart;"
but Colorado his grander future. It's mines
are undeve1oped yet, but there IS some reason
for thinking TINT the richest mines Of the
continent are somewhere about the longitude
immediate vicinity Of Denver, as directly
south OF there, in the southern part OF
Colorado and in New Me1ico. Intelligence
from Santa Fe. under cate Of July 2, tells Of
recent remarkable discoveries OF silver de-
posis. In one district in Grant County, New
Mexico, two hundred and eighty-five lodges
havo been very recently discovered, and fifty
miles OF claims have heon located within . few
weeks Il IL, therefore, probable that even
tho most sangnine have not an adequate idea
Of tho wealth tilat will flow from these coun-
tiee. Both Colorado and New Mexico are also
finer stock-raieing countries than Texas, and
this alone Will III the future be vast source Of
wealth.
The stringent tendency Of tho money mar
ket seems to be abating little. though sev-
era1 OF the banks report money scarce yet,
and Say tllat they are not able to meet all the
demands made upon them, but all acknow1-
edge that money is easier than at this time
last week.
There is very ltuo movement of currency
now toward the country, and the receipts OF
currency IN the aggregate are somewhat in
cxccss OF the amount sent ont. The receipts
Of grain have alao fallen OF, showing that tho
currency movement is. in general, q reliable
index Of tho grain movement in tho near fu-
turc.
Exchange was weaker to-day, owing to q bet
ter supply Of bills on the market. There WIS
not, however, much change in prices. Ssles
were made at Csc per Il 900 discount, and
some were aHking PAL At the counter, bank
ere sell at par, and buy at lilo discount. Duf-
falo bills nre taken at X off,
In refutiug, yesterday, the misstatcmcnta
Of the New York Financial Chronicle that
there wero secen million bushels Of ,oheat in
store hore, anti OF the New Fork World that
tie action Of the Chicago banks" in discour-
aging speculation in grain would '.enforce tho
hA46 u 6tNG4 4l1ulUa OuSuGlSf al lu1uFettGHL
c1ror occurred in our own figures which We
hasten to correct We stated the total amount
Of wheat in atoro ip this city, at the time Of
tho statements Of the two journals above men
toned, at {, LIS. .149 bushels, "and ut present
1,167, ,060 lushels." It WIS intended to write
the 1atter Of the two amounts 2,1G7, ,060 bnsh-
els, which was tho nmount Of wheat in store
on Saturday evening, July 2. The active ship
ping movement which this week opens bids
mir, indeed, to reduce tho stock to uoar the
figures thus Inadvertently Wfitten; but the
public are entitled to the facts. which reminds
aH to say that We hope the Horld and the FL
nancial Chronicle will state to theiz readers
the fact that the most whcat that has beon in
@ sn tst tha noe
Chicago tnnkers' Las not reinforced the sale"
Of half million bushels altogether.
At the Stock Board to-day tile following bids
fern nvSd r.fro,.t 1x.rsl 4t4,,Es ,vorn ,onfa.