, 1870-07-28
MONETARY AND COMMERCIAL.
MONETARY.

TIC rumor that the DanS OF France may
shortly suspend specie payments wss not un-
expected. II was undtrttooa III tho beginning
Of The preparations for war that France would
this, Of course, menus ,cgal-leutlcr, i5Eeaeem-
able government notes, which Will. Of course-
le below par in gold, and which Till depEeciate
with every aspect Of the war adverse to
Frauce. Should this ra1npr psose correct, tho
e. sSa M and ieas se. S 3 j.
uecleaa as currency, and will flow out Of the
country. For the last three years France
has hAd larger proportion OF metsllic
currency than any other Of the commercial na-
.ious Of Europe, and the Bank Of France has
held the largest accumulation. Of precious
metals in the world, The annual report Of the
bank for November Is. 1SG9, shows that it
held in coin and bullion III, $40 62d francs,
Or \ ittle over Sl4G, Tux, ,6UO in epecie. 1t will
not be possible to keep this vast sum lying
iue the war. 1t will 90 10 pay foreign nations.
WHO will not receive tho irIedeemable paper
| OF the Freuch Government, foT provisions and
| munitions Of var, while tho paper money will
| ill the chahntls Of home eirrulutioh the same
| a. our greenbacks do here. The mil t21y
! chest forw afs!ed to Marshal Dazaine's hetd-
4 quarters o, the 25:h was filled with gold coin,
| which shows that the enoEmoas amount OF
| erecte in tho Bank Of Franco will ee uaetl for
the n,aiutainancc OF the army in territory
l
not impsol ublo. therefore, that there will be i
iow ot sl,ec;o from Franco 10 other countIies-
tl, tendency ef which III tlis country will b.
to check tie present enormous exports or gold
f,cm the United States, aud depress the pre-
| MUM on gold in American markets.
Tho lrcrent depressed condition Of railway
stocke, and TIE higher rA;e for money in New
York, show evidences Of strong combination
having Leen At work 10 derress tho prices Of
t,uchs and make an artificial stringeucy III the
money, naslet. .Grou any reasonable by
p.thcsis tue legitimate effect Of the war news
III o, railway stocks would have been 70 atl-
| ysuce tleir p,ices, because the prospect Of =
large European demand for breAdatuffe and
the probable large movement Of grain from
the West to The Atlantic. would insnre
and Increased carn,ugs. But. contrary to this
the Whole liet u s,ccl~ has steadily declined
| for several weeks. Since July !, New York
Central has declined per cent, Lake short
l2 ,,er cent, Heatiag t3 per cent. Illinois Cen
trai s per cent, Northwestern = per cent kocl
!: Island 6 rcr ccnr. ". Paul, 3 Ner cent, aui
Wabash ii per cent. It is possible tsat :
great many oresators has1ng gone oit 10 tht
wntcring.llAc6s during tue hot weather ha
| aided IN I,iucing the market III the control o
: tain that a considerable amount of capital Ia
IL en locked mp 10 produce al artificial atEin
| Eeucy. ...-
! The co,trn crop OF this year is estimated q
: r1cttv certain to he $. .5OU, ,OO bales. anu wit
= . long eearoE. 20 a. to admit OF nearer con
J. rletc maturity, will fall but little short q
a,n(O,oOO taler. AL the other crops are ais
tunntiful At the fouth this year. Three suc
tountltul crops Of cotton in tho South an
i. | t1eatletu{s in the North, NJ thoso Of lsd'
. 1888, and 1870, never occurred in auccesslo
J before in the history Of this county. Ihe1
;. can be hut little doubt that, with fair 10
ciEu DE- mand, the marketing Of the imnneu:
esportablc surplus will place specie paynen
u within easy reach in tho early part Of next yea
E In view Of the immense inc1ease Of intern
hank facilities is felt more and more. and =
g. pllcations for National bank currency und
le lie recent act OF Congress are now mo
u pressing than frsm the West- The neceseiti
Q; ier United states bonds Of Ill the new banl
q tia. will he organized both on the, gold no
legal tenders, viii probably call for 1T lea
is roc 200 Of bonds. during the next year.
10. wheat for August delivery was II. LET
day. and Nth gold Al III, wss It 81 cents p
ne trthel in gold. and At el-eo the 'ast q.
Of Of Auguet w.s 1t 80 cents Per bush
he III gold. aud corn 1t ii cents in cure
Of cv was At 69lz in gold. Here .re oc
ed .i to 50 cents per bnshel betve'
q; Il e value Of wheat ard corn. In connects
nd With these prices il ma. be we'll 70 t.est
ee uicl that tle lateat estimates OF the AgI1cs
ed ,ural Department At Washington indicate II
lis he uheat c1up will be a. Coz. Too bushels elt
n Of that pf ls64, whise the com crop Will
be largely al owe an average. and will probably
As tue hfEest ever gathered in the United Stat,
n. Tue morey tna.ket is quiet and un1c
nd ..eiv es.y. Frrt-ciaxa bor7oEcrn ret
1s they apply fer without much difficulty, \
. lie banlt are al.pcsed to grant 10 shiprt
~ Ill tie reasonable fAvo1s they ssk- Gsa
I'd operators, however, are in fog: the nuldie
ne fog.ien rCmcrs aid dnctuatiug prices has
ras ~, eSfcct n, deatrov tonf3letce and uuset
OF opirions 70 that shipments arc falling on. !
vt tic price Of New York exchange gro~s firm
de sales Of exchange were made between bar
ate to-day At par. Al tho counter bankers eel
" LILO prem uu, md tur 1t Ito discount. :.
nd | VA. ,r,l ss.ryStiss in Tnnt1nn foxt.y. n
tie snI;ra5 ~. rsv.,, 4 N.nch.