, 1870-01-13
MONETARY AND COMMERCIAL.
MONETARY.


"WEDNESDAY hFK41N0, j. Al L.
The currency bill reported BY Senate. Sherman
f1Cm tie France CcmUlttee Of the Senate, as q
substtute for el1 propositions In relsuon to 1ne
currency which the committee have had under
consideration, gives eHdence that Congress- Il
proRrestEg loptd]y toward settled opinion upon
the epFopet.Uethods OF bringing the currency up ia
psr, anr, at the ZANE time, furnishing Just 40
mach Of 1t as the country reQuirea- Fhs bill re.
1soEted By Mr.. Sherman provides, nrst, for M IN
c1ease OF ~, ,oco IN National Bank circulation
cpon the pte1ent basis the locrease to Be CONCUR
OF per cent ceftldcafeA- Second, II provides for
free banking On tpccte basis, viz bant1 to hITe
juRt ~ nuch circulation "a they choose TO accsp.,
at the Inte OF 0per cent Of circulation on I'll.
EatkEt valne In gold Out never exceeding 90 per
cent Of the phr valne Of the bonda In gpd) Of the
bonds deposited with the United 6k4tes
Trea8urer.-the banks thkt shail thns elect to do
bustnesa On . specie baxts being required
10 Keep their Is per cent legal reserve in apecie IN
stead Of IN legal tenders- Tne bill seems TO 70
nade up Of swo plans, the 1rst Of which Ii tae
sane IN substance as That proposed BY Nj. Sam.
rer IN his blu introduced several week. ago, and
which he assumed would be acceptable 70 these
Cetfral St1fes,-and tho other, which Mr. 61er.
Ean probably assuIes would be acceptable 10 the
Southern and Pacl1c Slater. While some OF the
cleneEfB OF these txo pIars might have been
brought to greater degree Of honogeneity,
there 1onid oe nothing absolutely conflicting ia
the practical working Of them. On the whole,
this bill Is more comprehe nslve, and u open 10
fewer objections, than any currency measure that
has been introduced In Coneress 1t provides Tor
The creation Of one klnd Of batk currency a. par
with gold, and provides that the present Naao3aI
Bank currency Cannot be increased ID volume
without progressing toward par With gold
correspondent writes to u3 from South Bead,
1nd and asks US 70 explain to hinn, and his friends
--who have rot INTO discussions on the subject
What the difference is between the value ol Brit.
ish gold ard American god, and whether 1hia
lIakcs The oom1ual premium on Sterling e1chsuge.
In a1ewes 10 which We reply: that British gold
ts "eiever.tweiths nne that Is 1T contains eleren
parts Of pure god and one part Of alloy, while
American gold Ia nlne-tenlhs 1ne," 1ha; Ii, 1t
contains nine parts Of pure gold 10 one par. OF al.
10y. The difference between tue coinage OF the
Two cenntHes, therefore, 1s, tsst American gold
contains one anti sixty y.eeyeo one. .hundsedths PET
cent Eolc alloy than British gold. This difference,
however, Goes not govern the nominal plemtau
n sterling exchange. The latter Is calculated
upon the Lordon t dollar Of exchange, IN ideal
EoLcy which Is not represented by any coin now
current; 1t is the equivalent Of 81 pence sterling,
acd also Of 1ooH Gents IN American gold. When
btetltng Is q1oled In New York at !o9K. 1t means
1usK, 1t Leans that they are at nearly one per
cent d4count
buelneka In dnaGctL matters continues dpll
The banks all report their loaOab,e faad1 as beng
down to pretty low ebb, tut, az the demand il
quite Light, they 1nd they are aole to acco umo.
date all applicants who are entitled to Accommo.
d1tlon. The truth l., robody wauts 10 bo1roz
now for sny purpose but 10 pay depis- Those who
have 10 such Eecesk!tieA are content to keen
EhenBelyes free from any enre.prlaes or speca,a.
.IoLs nLtu the teudercy Of prices OF produce and
o'her comm odltles has teen more fully developed.
II gold declines. Al now seems prpbsole, other
prices wifi dIoop In corresponding degree. Ia
the open Market, borrowers VINO are willing to
pay from ~ to 3 per cent per mouth for money,
get II without dtcnlty, though II il Bcarcely to be
had at lege.
Exchange continues n1m at SIC per 81 900 pre.
mi1D, TOR sales between banks. at the couutar,
onDkers aeil at l-10 premium, aud bny At from par
10 lilo discount,
As some Of the banks have not furnished the
necessary Details Of taelr clectlons held yeater.
day, to make the list Of otleess ozd Directors
complete, Ill are omitted except such az a.e pub-
lthed at the special request OF the parties Inter.
etted:
The annual meeting Of the stockholders OF Ine
NatioLa BaLk Oh Cor. nie1ce Of Chicago naa held
nc eesa se
A. VANCE hAoKN, FERNANDO JONES,
l. Il PACL, +. A. QyIs
Y. l. MAhs, DAwSOh kERK, JR,
-uHN +, EBKHHARr, A, L. BATEd
A. Il PULLMAN, IN. CuKsr,
JonH COVERT, GEOx1R II. MINER
The above t'oaId held meetluc On Lie 18Th
Instant At which A. larca Bto1n vas elec.ed
President; Cuasles T. EcHey, Egg, Casuler;
John OFT, AsttstaDt Cakhler.
Sales at the Stock Board, to-day, were:
90 Eharex Republic ILturance Company. 23l,
- shslcs Lamar Insurance. Company. -
s1,L0U I. S. $50 bord., 1861. ...,..1li5.