, 1870-06-21

sell upon record u favoring trae
banning a. = per cent bonds. bat
provided then thst grsenbscks should be cA1-
celled IN Proportion to the increase Of bank
currency. Ihla would actually be contraction
q the total volume Of currency to tho amount
would be required to hold againat their crcu-
iat,on aud deposits. Il, however, the
Senate has changed lts views
lately. and has more liberal ideas on
the subject 1t is probable that any bill which
would authorize free banking, but with such q
tnement Of greenbacks ~ would prevent auy
practical contraction of the currency. would
be as likely to pass as the So, ,00O, 900 Currency
bill. htr. 3chenck, who WAS recently in New
York, expressed himself in favor OF adding
section to tho per cent Funding bull, author
ling free banking without any large with
drawl Of 5-eenbacLs. It il, therefore, prob
able that the question Of free banking win yet
come up in Congress before the close Of tho
session. and with soma prospects Of becoming
a law.
Tho States of New York and Pcnnsy1vania
tined by the late decision Of the Supreme
Court i'll regard to the Legal Tender act, and
will pny the interest due july l, on their re-
epecti7e debts, in coin. Massachusetts has
never paid the interest on her debt in any
thing else than gold. We mentioned, . fsw
Q1SB ago, lnat luG CITY u ALBANY, New 10th,
bad decided, under the advice OF eminent coun-
sci. to refuge to pay gold, and this is the pres
cnt attitude Of Albany toward her bondholl-
ers, but We hear Of no other similar instance
The New York -!ournal Of Commerce recalls
the experience Of two years ago, whan such
great expectations Of high prices for bread
Etuffs we're encouraged BY 3 long spell Of dry
weather in England, and when some Of its
New York contemporaries blew their trulnpets
loud aud long, cautioning producers not to
sell. Tho bitter disappointment and great
losses then sustained by many who
epcculated for rise on The strength,
Of those great expectations should be warn
ing to producers now hot to repeat the expert
ence Of that year With three times as much
wheat and corn in store in this aud other grain
centres as at this timo last year. wheat il four
teen cents per bushel, IN gold. higher than 1t
was On this day [June 29) OF last year, and
eo15 9 A i higher her By thirty cents per eushel 5 in
sell when prices arc good, and the dgures
ought to convince producers that these ara
good p1ices.
The money market is tight. A few Of tho
banks qualify this report just little, and say
they are accommodating iii first-class custom
to do SO, and have to turn some away, aud cut
the demands Of others down. The grain spec-
ulation has absorbed the most Of the loan
able funds, though mercantile deposits are also
falling on now. and this, together with the
drain Of currency to the country, increases
The stringent tendency Of the money market.
Currency continues exceedingly scarce.
Some OF the banks arc still ordering chip
ments from New York, and others would
do TO if their New York
balances were not about a1-
hausted. Country ordars for currency we're
liLernl to-day, considering that it is Monday
which usually brings few orders-and the vol
nmh of crlrreT1cF f1nirr ntlt ia atl fnur pr five
times as large what il coming in.
Exchange WAS sold in the forenoon between
Iaula at from LILO to 3s discount,
aud in the afternoon was almost
unealable, owing TO the scarcity Of currency.
At the counter bankers sell Ut paz and buy at
from Il to ~ so per 81 900 of.
At the Stock Board to-day sales were:
5000 American gold..-. ...-....-...-......1l2at
The following bids for, and offers OF, local
stocks were MRde: