New-York tribune., 1870-10-29
Coleman Benedict's closing quotations as follows

Eecert events in The money market leads us naturally
T. the consideration OF the subject involved in order TO
give only such weight 10 the changes noted - they may
d, entitled TO- and dispel the fears often expressed IL
,tock circles when mere ripple produced il the
lct citLer 10y the temporary withdrawal OF few NIL
lons Of geenhacks the diversion OF currency 10 other
parts country to assist the movement OF crops TO
the seabOa1d The country has circulation Of say, IN
round numbers, S7OOO0o000 Of which about Sio4NnOOO
are precnbacks Government notes and sO0OoOOo are
National Bank currency. The greenbacks take the place
O. specie in the National Bank reserve and are used III
.rttling balances in our domestic exchanges Hence
my disturbance in the location Of this circulating me-
dum either by its withdrawal from legitimate channels,
i the docking up process, often referred 10 in the
street as one OF the stock sraeges Of the time or by
,s withdrawal South West TO the great crops
Of cotton and cereals TO market, creates, for brief
Yerod all the monetary strngeney we are likely TO en-
counter. while the finances Of the country are based
upon an Tredeemabe paper currency unless the sere
try OF the Treasury following the example OF his pede
cessor chooses keep the business world In feImen
hv holding greenbacks in the Golfers Of the Department
A. this has never been the policy Of Mr. Boutwell,, we
come back H. the other disturbing causes as the only
ones demanding consideration The attempt 10 lock up
currency creates for few days auter among stock
brokers and forces them 10 pay extra rates for e"
days but the strugency purely fictitious as is 700
well understood 10 the Of any serious alarm
The effort exhausts itself and the market presently re-
turns 70 it's former position. crop movements can oi
the Of currency for longer tne but INC extension
of banking facilities 10 the South and west by the Iaie
sessOn OF Congress- relieves the East from any serious
demand and the trouble never Of much account is not
ct all likely to be disturbing element this season
demand for money fl Europe has no Influence except
upon price Of gold, the banks holding surplus over
che legal greenbScks and not being Obliged 10
contract gold ports increase. 30 long therefore, as
the the country is conducted upon paper
basis, currency remains substantially the same
unless contracted by the Treasury; ana money
siringeucy means simply that currency has been
temporarily diverted from one part OF the country
90 another, presently TO flow back again; or
that SPECTATORS for few days taken greenbaeks
from the market Throughout the volume OF currency
remains practically the same, while gold exported
freely advance in currency value without creating
the least disturbance IN the money market II not IN
like reservoir constantly full Of water which may be
drawn of 10y pipe u be returned by another the
quantity Of water always remaining In other
words what is money here Is not money other parts Of
abe world and 10 wanted other parts Of the world
while g"id, now an article Of merchandise here simply
Eises IN value drawn from the country larger
thsn lie produced or imported money siringency here
means, therefore temporary scarcity paper curren-
ey aud a. not likely under present circumstances 20 be
anything more tan brief visitation Our currency Is
evidently ample for the Of the business eop,nu
nifty, and II property values contract II would he in ,u
perabundance Not until the country returns 70 metallic
basis shall be subject To the healthy check Of speee
exports An elastic currency which flows In for ,edemp
tiOn when In excess, and IL drawn out when needed
would restore money restions with other countries
but while rgid irredeeInable paper the money
ssrket need not apprehension paper is and
tshkely in abundant supply Exchange on NewYork
IN Western money centers rules scarce while hut
moderate amounts Of currency going the South
Leading oney-lenders to-day were Offering round
amounts On tine Oh Government collateral at the