, 1870-06-03
MONETARY AND COMMERCIAL,
MONETARY.

o-2U GGnuE, a1ld the statement teleEraphed
from Washington last evening, showing the re-
Treasury--to pe s14, 30. $40 during the month
Of May, shows that the 6 per cent gold inter
est.beatiDg debt is being bought up by the
Treasury Al the rate Of about per cent per
annum Of its total amount. On March /,
1863, the total amount OF the gold-interest 6
last statement made by Mr. McCalloch, was
51,8s6, 264, $50, Since then the Treasury has
purchased 5-2os (chiehy of tho issues OF
1862. 1864, 1865, and 1b67) to the amount Of
s1l5 52a, $50, and these, with the - 000, coo Of
interest accrued on them, make the total OF
ell, ,52s, $50 shown to be held in tho eiuking
and special funds in the Treasury on june /.
The Sis, ,528, $50 deducted from the aggregate
amount Of tile 6 per cent gold interest debt On
March 1, 1869, shows that It has been reduced
G 7O-100 per cent. in the fifteen months, or an
average Of 5I per cent. OF its total amount
per annum, leaving tho Aggregate amount Of
. per cent gold interest debt now outstanding
Sl,170, ,7S6, 500. The present operations Of
the Treasury in buying up the sos do not re-
duce the annual burden Of interest to be paid
by ta1ation.' The bonds are merely held in
the Treasury. and the interest collected on
them by the Treasurer. As II would b6 collected
by any other bohdholdcr, only that the pro-
ceeds are 1einvested in bonds. at the rate OF
purchases during the last fiftean months. tue
whole remaining Il, 7I0, 1876 500 OF per cent
gold interest debt OF the United States would
he bought in BY the Treasury in about fifteen
yeArs. It Is, however, not at Ill probable that
1hts rate Of purchasing could continue long.
These purchases would, in short time, absorb
all tho GondB in the market, aud large pro
portion being held by foreign capitalists, vino
Lold them for Investment, they could not bo
bought except at shove par in gold Atsucha
necessarily cease. But as bond at lower rate
CT interest would then sell at par in gold,
The authority to Issue new bonds wouli then
enable the Secretary to sell them, nnd with the
proceeds pay OF all Of the 5-2os upon which
the Eve years option had matured.
The statement Of the public debt, for June
l, shows that the Treasury held a106. 1853, ,731
in coin, Of which something over &36, 600 0O0 il
held for depoeito1s, leaving about $40, ,000, 900
in the ownership Of the government. The July
interest will amount 10 S35, 900 900, which
would reduce The gold held by the government
in June will, probably, amount to SIS, 900 900.
and 10 make the coin Ia the ownerahip Of the
government $50, 900, 600 on July l.
1t is evident that there ia an immense deal
Of strategy going on in Congress between the
Committee OF Ways and Means and the Com
mittee Of Banking and Currency, and that the
bone Of contention ia tho National Banks.
Mr. Doutwel'a Funding bill, compelling the
National BankB to surrender tl1sf per cent
Londs for AZ per cents, which passed the
Senate in March, Was referred to the Com
mittee Of Ways and Means IN the House. It
was talked over for . while, aud then its
!; further discussion was deferred from time to
time, until it passed out Of peoples minds,
and it Was commonly believed the bill
was dead. Now, however, we arc sudden
" informed, by telegraph, this evening, that
the Ways and Means Committee hnve resumed
ite consideration, and will work Oh it every even
Ing, go oreporti il before the sos O00 900 Cur
Tcrcy bi1l reported by tbs banking and Car
reuey Committee comes MP for debate On next
;TreEday. Now the Funding bill passed by the
Senate, and refored to tho Committee Of Ways
and Means, provided for nearly tho same
i reported by the Banking and Currency Com
! mittee; but the Ways rrd Means Committee,
| Eot having reported their bill yet, may com
.L1ttety change it's character and operation.
srd set, by reporting it before the final debate
eli the S95, ,0O0, 900 Currency bill, would help to
defeat the litter: It is now INSCRIBED, by
boutwell,, finding that his funding BY compul-
sion Of the National Banks had been defeated
By its being referred to the Committee Of Ways
and Means, is endeavoring to hit the banks q
blow through Mr. Garhe}d's Committee. In
this connection the New York Commercial Ad-
General GARFIELD made most hercu1ean efforts to
have the Funding bill referred to his committee,
aud when sehenek prevailed over him, there was
u
ing house, where the Chairman Of the Banking
Committee ls well known.
The substance OF all these rumors is that
Mr. boutwell,, defeated in his first onset, has
executed flank movement against tho Ma
tional Banks, through Tho Committee Of Bank-
ing and Currency, and this has -wsked up the
other committee SO that we may now expect
all sorts Of funding Tumo1s, which will all end
in nothing being done.
The volume Of business transacted in the
local money market to-day was the largest
rlearnnces this morning, which were e, 500,
COO, the largest amount on record. This in-
crease Of business w3s due entirely TO the
settlement Of grain contracts incident to
the beginning Of the month, and shows
that there Was an immense amount OF option
Trading in grain. It has caused great activity
md considerable closeness in the money mar
Let to furnish currency for the settlements,
but its effect on the market will bo but tempo
ra1y. and borrowers will find no difficulty in
getting al they want.
The currency movement WAS Light again to-
day, and the amounts sent out were pretty
well distributed to all sections OF tho country,
but the principal part goes to tho cattle dis
t1ictB OF Southern Illinois, and to Wisconsin
and Minnesota for Thcat.
E1change was firm At 500 por II 200 discount
for sales between banks. At the counter,
bankers sell ut LILO premium and buy at Ito
discount
In another part of this paper will be found
western Railroad, chosen at the annual meet
ing Of tho stockholders to-day. The election
Of President was deferred until tomorrow.
At The Stock Board to-day tho following bids
for and offers Of local stocks were made:
Bid Asled.