, 1870-06-02
AND COMMERCIAL,
MONETARY.


"6UHh5DA1 EtES1N0, June ].
The Washington correspondent of the New
York journal Of Commerce has been canvass,
!ng the position Of tho various members a,
the Banking and Currency Committee in ro.
gard to 1r. Garfeld's eos ZOO, 600 currency
bill, which was made the special order Of insi.
ness fot to-day, but WAS deferred to next Tues
day, and Bays that Mcssrs. Lynch, OF Maine
and Coz, OF Now York, will oppose It IN toto'
or the other members, several arc favorable fo
some Of it's provisions, but opposed to otLers.
and several regard it as humbug. MI. Gar.
field himself is reported to have privately AZ
pressed great doubt Of the passage Of tho bill.
We think, however, there is not much ronm
for doubt in regard to the fats Of this
pill. II 1t were ever TO become m operative
law 1t would produce contraction Of Tho cur
rency to sone extent. The country ia in no
humor for contraction, and this, as well Az
other features Of the bill, have been too gen
ssalls condemned to leave any prospect Of its
however, has favored tho purposes Of specu.
iatora and impaired an element Of unce1faintv
to business transactions generally. and bnsi-
ness men will, therefore, bo glad vIie,, # i
hung up. to dry in that museum Of dead
%Gez,sos'tes l1f'nnse z,o6aP composed Of the financial
Congress. Il 70 Judge 1 courresyinns1 rpesyinps1
ability in finances by the funding and currenry
schemes that hare been discussed during tLis
second session, very little progress has bncn
made; Last fall, Mr. Sumner, in opening
speech on the currency question, said TINT tho
moro he WAS impressed with ii the irnportauca
o. the simple proposition'to change the proper
tlon OF greenbacks TO National Bank notes''
oE withdrawal Of the former. which should.
~ some degree, correspond to tho increase OF
tue latter, i banking were free. But the
!ramefs Of al financial bills that lave been
introduced in Congress since then, Including
llI. sumner hinRatf ho,-a
been content with 90 simple
proposition. They have all endeaynrel RI
make It subordinate to some pet hobby Of
their own, Mr. Boutwell, was willing tLat We
Should have FREQ banking, If he might cornpol
the present banks TO exchange Their her
cent bonds for - per cents. Mr. sho1mman. an
~ 4, hs Senate Currency bill, was willing that
the proportions Of grecubacks and bauk notes
might be changed to the extent of S15 nm. mi
and A1r. Garfielda bill permits tho changing Of
1heee proportions OF greenbscks and National
lsad and nstes fe tno sTten. o. pro
added It is strange that in all this lis.
cussion OF finances, Congress could noyer
get down to tho investigation Of the simpin
proposition to authorize the issue Of, say.
g, O9o ooo' goo ct Or ~ per cent " banking
rent market value Of the $40 6 per cents, but
upon which banking should be Is free, 1suL-
1ect to all the regulations of the National Tnr,
rency Act except the Limitation OF aggregate
providing At tho same time for
retirement Re- .sa Of greenbaeks in some proportion
must bo plain that if these general festura.
properly elaborated, become operative, the
5-20s would gradually be- funded into Or az
per cents without any compulsiou OF the
present banks, or any bad faith on the part Of
tho government, and that at tho Same tima
the currency would be gradually placed On n
specie basis without contraction.
LIE money market was unu1ualIy actiye to-
aay. There was very large amount OF check
ing and depositing in settlement Of grain con-
tracts Tor May. The drain Of currency to the
coan'fy 1. experienced during last week and
q the command Of the banks very 1nuch. and
The heavy debit balances at the cIe.rinc honsa
against come banks made them rery short of |
currency, and obliged heavy sales Of exchange |
2 gett. making the money market temporarily 4
The currency movement to the coun-
r. las experienced decided and |
1ncquiyocM check, yesterdays shipments !
.eing lighter than Mondays and. to-day's
,glater than yeetesday's. On tho whole. he
. or these first three days Of this
he last three days of last week. Upon in.
[ulry We find that the falling OF in Tie cur
ency movement is almost e1clueiv veIv in order.
rom the corn-raisinG dist1scta Of the Ijliuois |
a1ey. and along the lines OF tho Burlington
Qn1ncy. chicago i Mton and northern hslf
ist2'css the aow Of currency IL Just about Tie
,me as it has been for tTo weeks, being now
lalnly to the cattle districts OF Southern |
'l1no's, and to Wisconsin and Minnesota to
'ore wheat. Shipments to tho latter direc-
on arc on the increase, aud some liberal
heat markets indicate the probability Of some
IcTease OF Teceipts of wheat aifhn, E.-a - ~ I