, 1870-04-06
MONETARY AND COMMERCIAL.
MONETARY,
TrrsntY EYES1Xn. Anril

Tuesday EVENING. April S.
Tho next sensation in finances promises to
be the Legal-TentleE set. There il something
ominous il the deliberate arrangement OF tho
Sppseme Court SO that it may deliver pre-
Judged verdict on no important a point as that
which authorizes the government to issue
lcEal-tenGer PAPER money that shall appiT to
previously contracted debts. The former de-
cision Of tho court conceded tho power Of Con-
grcsA TO issue legal-tcnder paper currency a.
d means OF carrying on the var, 60 that it can
not be for the purpose Of affirming this power
that the RECONSTRUCTED court has decided TO re-
omen the lcga}-tcnder question on the 11th OF
April. II is evident from the vote Of the indirid-
uhl judges on the question OF rcopeniug that
the intention Is to reverse tho former decision,
der act conld be collected now in gold. Judges
Chase, Nelson, Clifford, aud Field, who, in the
former decision, held that debts contracted
prior to the Legnl- Tender act were now para
bic in specie, voted against reopeninS the
question. Judges Miller, Davis, and Swayne,
Who dissentcd from the former deciniou OF the
court, voted for rcopening The question; aud
as they had tccn reinforced by the addition Of
Judges Strong and Bradley, who voted, as they
were pledged to vote- for rtopeninG tho 4ues-
ton, it may 10 assumed that the reversal Of
the former decision is altogether probable, and
that = new decision Of the Supreme Court will
prevent the collection IN specie OF dcbts con-
uacted prior to the Lcgal-Tendcr act.
p It is becoming evident that the Committee
Of WAYS and Means will not report favorAhly
on the Funding hill in its present shape. anl il
il pretty cettair. that it would never pasa the
House even il the committee reported it With
out amendment. As the bill will not be re-
ported at al uEtu next week, it is altogether
probable that the committee will yet recognize
The injustice OF attempting to cocrce one class
OF the creditors Of the government into taking
~: per ceut bonds for their per cents. II
connection with This funding scheme which
has CONC 70 neAr becoming law ~ to pass the
noticeable that tfrer banking is gaining ground,
and Is likely to become Law in some form
before tho end OF this session Of Congress,
There seems to be very little indication oi
the usual spring revival Of trade. The whole
sale merchants arc Of course selling some
thing al the time, but il is in draelets com
pared to what might be expected to l'c-
Sin about this time The low price
for wheat and tho unsettled aspe-
OF finances, however, have induced thu
| poetponemcnt by country merchants OF n
| purchases except such as were Necessary u
| keep up their stocks from week to week
| LII tho money market there is a little mof'
| activity in the demand for bank accommola
!, ton, but money is easy get, anil approved Dor
! rowtrs get Whit they ask for without difficulty
| New York exchange Is extremely acarce her
I as we'll ~ in other Western citics, being
| worth 10 cents premium ID ltnclnnau an
! nearly as much il 81. t.Iouis, There has beer
no flow OF ctsr1cncy frou tloso cities to Ncv
York yet to make exchange, though som
| shipments continue to le made from
here The rate for sales Of exchange be
tween bauks in his market il from 50 cents Il
IS cents per II. .60o premium At the countc
1laukcrn continue to tell at lilo premium an
to hur at Pa1.
At the Stock DoA,1l. to-day, sales were:
10 shares Republic Insurance Ca.-..-------.. 90
sloe0 United States se'}s OF 1s67.....-......1tst
The following bids and offers wefe ais