, 1870-01-28
MONETARY AND COMMERCIAL,


THCRSpAy EyKSN0 Jan. q.
Asthe SferGtn Currency till eeems 10 be ex.
c'ucG eooa dell o. dncusstou ID the Se-n:e We
give IN tt1e. the p'opo.itons COZ, 1e 10 II: First
10 aotf or:1e the iseoe OF t+a,toyv10 more OF Ma.
Io-sl Bank Calculation to stsoctarous ,has are
ro~, or may herea,ter be organ!zsd upoa tre
tass Ct tie prske.1 SaltoIaI Banks, aathortz.u1
the Total volume Of SattoRa' Ank notes upon .his
eass TO he s=sa ttF eco lustead OF $500 10000 II
row. secotd, to require tho Secretary Of the
TIeasEIy 10 Ie;lfo at the erd OF the month Al
nount 6i per cent certificates, not less than
The i-crease oi National BANK circulation
during the rnrn1h. Tnrd, yequt5tnR
neS tistrbanou Of the SAtlonA
tank c!rca'auon bzstt upon the censua OF 1s10.
Fourth: Pfea banktrC, VIZ: unlimited citcula.
ton 10 ali SAuoEal Bsnk.nr associations that shall
deposit gold int es .ecatlnc nocds of the Jailed
States and taEe circulation tn too smouut OF 20
per cert Of the Kol1 val0e OF tue hoads dcpos!ed,
cu: no:s' exceed 81 Ter cen. nf ;te gold par Of
tic toEdR, the Calculation OF such cacks to be
redsemso II apecln II the tn1c, 0, the
a.socn.sou, the association he,rg also re-
q1sled to keep relcrye In specs equas to
xa per cent Il !ts Outstanding ctrcntaaon;
tic baIks o5gaI;z!ng on tais aorc,e bass being
tuhiect TO the SHINE requirements as In fae
National Currency ac:, except IN re mater
OF tie goa valut OF ths oolds drpps1ej Us a hs.ls
CT CALCULATION. Htl l. tue IS per cen. specie re-
tt1ye sReinss theF circulation. Tae bI. thus a:us
At tie conttLuance al one set or Dauts 8l.a cr:u-
lA'lon On the presrnt tasls, and Ct a.o:hrr sci
With circulation c1 a IT ecle basis.
Hatk err and deaiess IN securities Will be inter
rftcd TO KNOW ,ha. the eeven per cen, b5ads OF
the city tf Chicago are nrdtng martet IN some
OF the Principal Eukooeao financial eenIes. With.
10 The past lew Months tour or nye hundred
thru.ard Of them n4ve been placed BY bankers
OF this city wish investors In Frankfort, and 4
market has teec ellaallsaed for them there, and
also at Dresden. Foreign Investors take them
probably becau1e CT the ,tcad;ness Of their yxl0e
ra:her than on account Of the rate CT interest,
witch, ats per cent currency, Is IN reality less
ttan the United S'ate8 q per cents in gold Be
s!ccs bett 6 sueitct to les Epec:la,on, and cou-
slqoentl5 TO fewer fluctuations N vsl1e Than The
uluonal bonds, the totetGn 11vestots arc probably
looking lorEsrd 10 the tlue when the carrecey ID
which the interest On the city ponds
Il paid Wiil te At pr with god. There
are also sene Other reasons why the
bonds of the pttzc pll American cities should be.
cone tavoIfte lerirs Of Investment. The eccuTlty
h!Ip 1Ec whole OF lnc property In Ihe cities u of
the u1ntt saseitc:,ry Hid, and better than for
the average Of f4ls my mortgages, Municipal
bans srr afo t,:ter tnaa State bonds from tbs
:rcs that IN dcrautsot the payment Ct the liter.
est, the holders oi the bonds may have recourse
totse courts, III Inc nun,c.pa! govern 1en,, msy
te COL pe'tGo 10 levJ tax 10 pay The tnteres' a.
In shn~n in the case OF the MAJOR aud
temn OF Co1cc.l VI the city Ut Galeua VT we're
hruue ht io'o c5ars at the Instance OF the hod.ss
Of tie Ecuds of that city. aud tweea req1reA ny
the Cfu1t' Ie.r a TAX for the payment Of t:c
iLte1es. on The CITY dcoL In addition 10 these
HrouMs Edatitle 20 itsettors, tee b0nja Of mu-
rtc!ral:t:es anh ccupsles In this state nse Mkcly
10 Ease aLothcF rerornrce eaiat1on saop IN tie re-
ftr:ctter 10 the aruunt OF Indebtedness which tie
cr 1-d county governments may antapstze,
which Eat.tr Ia low before The State C9nyea.
ton.
TIE local mercy market contin1e1 to work tol.
eiahly ose. the ceraEd Ter money being uoder-
a,ey active. There j., however. no s,1.ugeocy
and all regular cutt1ness Of the hanla get accom-
uednted x1.hort ciflcn!y, Some Of TIC nanks
report deposits 10 their country Accounts increas-
Il s, othets arc experiencing withdrawal OF cu.-
re1cJ ty Country bsIks; tae aggregate, deposits
H,e ir0s ably iIcleestDg sone- In the opc1 mar
ltt there Is 60 regular business paper el1tted,
EIc. auRr continues steady at par for sales be-
twte1 baIkA Al tic eoc1ler bankers rates are
Itt1it ay at 1-io premium selling, aod i-1O dis
couus buying, bnt ,hese 1ales are shaded in lavor
81 c1sIcmers-
No sl!cs ~ere mede at tho seek Hoard 10 day.
The fOluW Il h!.k LII 4E.rA ue:e c,sts.