, 1870-06-09
MONETARY AND COMMERCIAL.



The new funding bill reported by the Ways
AID Means Committee, on Monday. contains
no provisions but what nrc reasonable and
none that will disturb finances, even ii II
should Eeccme Law. It simply provides for
issuing new 90 year bonds, bearing per cent
the & year option has natured-whonevcr
the new per cents can be sold at par. or
exchanged even for the 5-20s. It provides
for stopping the accumulation Of bonds in the
sinking fund, and requires the bonds now
held there to be cancelled. This would be a
practical reduction Of the debt, whereas now,
tho reduction Of the debt by dsductinS the
amount Of the bonds in the sinking fund from
its total amount il only theoretical. Cancelling
tue bonds hold in the sinking fund would
while they ate held in the sinking fund the in
terest must be paid on them the same as
though they were held by private individuals.
It provides for selling tile surplus gold in the
Treasury, over aud above the requirements 70:
interest on the BONDS, AID the investment o.
clis FED and cancelled. If the bill were to
PATS. That part Of it authorizing the issue Of
Il ,GD0. 900 o. rew I per cent 80 year bonds, to
be sold ut par or exchanged even tor 5-20s,
would probably remain imperative rs long as
5-.Cs we're not above par, because there would
l,e a lofs 10 tho holders of the 5-20s in
making tho exchange. While the 5-20s are
below par no per cent bond wil sell
at par. But, il Congress should pass
tie lii, and would then authorize free bank
would be organized that would exchange 5-20s,
even, for the per cents, for the privilege OF
banking. After little while they would buy
them at par in gold for the sake OF the same
privilege. and in three years the whole Of the
5-Gos might in this way be either exchanged
for, OF paid off with, the proceeds OF tho sale
Of the per cents.
Dispatches from Washington this evening
Indicate tIlat Mr. G4rfelde s35, 900, 900 currency
bill-wlich is Mr.. Boutwo1l's compulsory fund
ing scheme 1evived-will probably meet with
IN overwhelming defeat. This will make it
rIetty 81 @ certain That The volume of currency
Will not be disturbed by any financial measures
tl.st may bo adopted by the present Congress-
The following shows tho specie movement
FROM +he port 0t New York, from January l
to June OF this year, as compared with tho
LIST two years:
slece Jan i. ,s7os7sses,s is 1000 e.4sJ49s
same tine ises.. 1sssseeo ss.ia e. e
1 mouth ago the net exports Of the present
| wear were far behind those for the same time
! in 1868; and the rpyfd increase of exports in
the latt half Of May were preparing the stua-
ton for an advance in the price
Of gold as ,, its result result j But sotth,, the
I sad petroleum. and The recent increase in e3-
rcrts Of brcadAtutfs have orerbalanced the in
cr.ase in exports of gold to such an extent as
% prevent The rise in its price. Tho exports
II cotton for the week ending juno 3 we're
aG,1c0 bales from AL ths porse q tue United
irg FricaY, Mhy 81, aul 45,787 bales for the
week ending Friday. May u. Exports ot
petroleum sro yet also largely in excess Of
Whist they were at tlIis time Last year. On
saturday, the 9TH, seven ships cleared from
philadelphia with an aggregate OF 4, ,1G3, ,00G
gallons, and the total exports from there this
year are stated in a philadelphia despatch
at s., 100 600 gallons in excess OF those for the
SANG period Of lsst year. Exports OF wheat
have also increased largely during tho las :;
ahlo Tor expectation, tho shipments will Pro
badly be lnrge during the next thrse months
unlefB specnlation here and in Now York pu
it aboye an export price, until the consumers O.
irurkets in England shall have been supplies
from other sources This c9nnnnAnce t1s o
let's with foreign bills, aud fayors lowe
F,ice for gold: The principal factor in Dc
. tamining the pEico of gold-asid
from speculative combinations coi
: ton. The crop, vas 3,2M coo bales. y
! c,1,snmption. leaving 2,S00, coo bales! fo
' mort. Of which $50, sos bales Ind bee
sh;1-ned nm to June 8, leaving still nearly $50
talI ales Tor export between this and TIC be
ei,,t,iue Of the cotton year, on september
e. Ecaf,y at the rate of 30, ,ooo bales per wee
far he next Twelve weeks, against an ase1ae
~ si = ~ IN tales par week during the same per
~ - ~ III i.s, year. These figures are all taEori
: i1a to = lover price for gold, and the ons co
). t;'rencies now likely 10 interfere "ltn
!. cline are falling Of in exports o. uuas nas
+ States bondn, or some cono'la4'0A ~
latoER. ,..,1 ,n.rk
% Tie demand for money in the loca, y HnH =. =
continues very active, and some 9! tna a.1Is Ts
a find it little difficult to meet the c*A'n