, 1870-05-24
MONET AIRY AND COMMERCIAL.
MONETARY,

MONDAY EVENING, May q.
The further decline in government bonds,
Today, from the prices of last week, is due
pa1tly to the decline in tho rrico Of gold, and
partly to slight decline in London, which in
tu1u may be traced batk to tho hundred ru-
mors that came ostensiblr from Washington
relative to the intentions Of tho two commit
tees in the House in regard to some sort Of
Funding bill. Tho markets both at homo aud
abroad have become extremely sensitive to
Congressional rumors, and it is CURIOUS com
meufAry on tho various funding schemes, that
the more they arc agitated, and the moro it is
inserted That come funding bill 1eil be passed,
the lower our bonds decline IN Europe.
changes, that the moro uade by the Illinois
State Convention in inauguratng reform in
Railroad management, and in asserting the
sovereign power Of the State over tho corpora
tions which are created by it, is the
first atep. in reform that vii be popular,
and therefore likely to become national sooner
or later. The New York Econo1nlst, in an arti-
Gle on the subject, enumerates all the points
in the 1ailroad article adopted by the conven-
ton. and says: "
root OF some OF the more ga1ing abuses conngctcd
with railroad management In tits country. They
do not cover the whole subject, and In some re-
specss they do not go to tas extreme % ls1sth re re-
arc step In the right direction. The changes ~
qnIred to effect complete railroad reform atc too
spEg &C., Bas es afe Se to he
icy E wfi secure q Ilnols tie best railroad laws
II Is W Wei i Known no that tho ra,lsoaa scandals
Of the 1ast year or two have driven on outside and
country investors Business In Wall street has
Of securities between operators There Is an I'M
pression only too we'll founded, that the Interests
Of stock holders arc about the Last thing that rail-
nothing In COMMON. 1t IS because the railroad
provisions Of the Illinois Constitutional Conven-
ton promise 10 reform these abuses that re adro-
cate their adoption"
The Economists view Of tho case Is, tllat the
clause which requires that transfers OF stock
shall be made only In this State, places trans
fers of railroad stock practically on tie same
level II transfers Of real estate, and, by taking
them cut OF the control Of Wal! street, WILL
eventually increase the value of the stocks
In the local markets business continues fair
in all departments Of trade, though there ia
some decrease in tho volume Of business
among tho jobbers, aa the greatest part Of the
spr1ng trade is now over. :.
The produce movement continues, and is
even increasing SOHO, as is shown BY the in
crease of New York exchange in this market,
which Nas sold to-day between banks below
par for the first time in some month";
The fow Of currency TO the country, which
continues to day in nearly the samc volnme as
the average of last week, hns at length made
banks. The light rains which have been cz-
poricnced here seem to have extended over
fffe coruttv generally, and mako the most Hat,
terine prospects for Ill kinds Of crops, Under
such circumstance it may DO expected that
ssarmers VIII sell all they hare on hand, and
that therefore tho produco movement will COR
tinue active, and currency vii continue to
aow to the conntry for some tine yet "a fnd taas
ployed money which the banks had two weeks
aco. he market .nay become tight in . week
Exchange Was sold between banks to-day at
from a5c Der 81, 900 discount to par. At the
counter, rates are variable, ranging from paE
to l-1Q discount buying. and selling at from
par to 1-1O premium ..,
~ -e1| 49,. - 1.,.1 a+or1.s ,rnra rna3a.