, 1870-03-12

FRtpAT EVENING, March II.
= Yesterdays discussion Of tho Funding bill In
tie Senate snoWs that there IL = Apsepouderanee Of
fee!lpK III favor Of In rome wa3 reducing the
r1e ats OF Natloua1 Banks by compelling lhtm to
oRnk upon ocnds-ss security fer clrculattou-at
alower rate Of interest than per cent, It ls ap-
parent that the Senate does not possess an acco-
rae knowledge OF the ordinary range OF PROFITS Of
tankipg or suy o'her legitimate business Mr.,
Tbutman stated thst tho average prodts Of Ms.
tiot II Banks we're 1ah per cen. on their capital,
which he considered too mucn, and cited tnls
poirs a calling for legislation to prevent tho POI.
alot1ty Of makteg 20 much. mr. TnurmAo,
however, prubably d'i not know tna,
the estimate OF ION per cent proat
made By the Comptroller Of the Currercy, was
independent Of from to per cent Of S.ato and
ether iccal taxation, aud that the real average
waa not ncse than Per etnt, but the climax Of
HroDg.headedEets wAs the proposition By Ar.
Morton that the oankB ought to be compelled to
1erd their money 1t not over rer cent, 4nd that
this would make money cheap generally. Gov-
crnos Morton has sa!ked good deal about tho in-
capabilities OF the distribution OF the currency, apd,
though he represents a Western State, he doe1
not 1t EN- to unlet1taCd that money u worth from
TO 10 per cent In the West on loug loAus. outside
Of banking buliuesa, and that II = western capi.
'aAs canrot nate at least 10 per cent in tue bank
u z bus:netB he will 60 ont of It aud into some
Sat.oeal BANKING bu.lreBs exclusively into the
control Of New England capital'sts because they
Afe the ooly ones who can s7ord to do banking
buSt1eRa for or per cent proas7 tad the
tcsnlt would be that the National Bauk circulation
would oe corcentrated IN the Neg England s:ases
more than It Is now. This would not be nesr 10
great misfortune ~ the currency Redistribution.
,sts would iragtn+, but It shows that whi1e Con-
sress Is a,itng tnuch tine this 1edistr1ou.
ton hntbJ, the same Senators are proposing
plats that will Eenifaize the.f Redistribution
nessu1es~ Tho ooi!gtug OF the National Banks
| to tate Per cent or ~ FER cent bind would
tcatcllr break up the National Banking sytted, as
! krReehted by Mr. Freeman C!atkc and the other
Ia'lornl bauke1s who called upon MI. Boutwell,
Jebtt1I1y, bu: II you'd break 1t up IN The West,
| nrd cornle It 10 New England. By this mears,
too 1t wou1d contract the tosal volume Of the cur
rtncy without aiding in the progress to ward apece
| paJmel to, bccsufe the contraction would be In
Satloral Bank rotes Instead Of grceahacks. Even
! II the Funding b!ll should pass the Senate with
! these rroylalona IN It, tho Ho1se u too strongly
opposed to my Kind OF contraction to make a
prospect o1 it, passing there.
The gold speculation secms to have revived II
tu', forcc, and the advance from the loves: quota
lion Of Wed1esdAy tlioh1 10 the csoEng quotat!o:
ihu evening has been 81 rer ceu1. The mass o
npeculatprs are Ike persons loottng n oo1.ctl
through Z telescope, only taas taey reverse II,
ends Of the telescope at each turn Of the market
| ard many VITO thought god too high da.
belore yesterday It hoy, row think It low \. III
In the meantime brokers thrive. peoples idea
shout getting back to tuhs.Irtta! bast3 for trSd
ttcome unsettled, and speculation is fostertd a
| the expense CT legitimate trade. Af:er q l!tti
Nh1c, when the sane czuscs which detern:ne
the decline OF gold from $50 in o:soocr, reasae.
their ipnue1ce, tho telescope will be reverse
| again.
The local money Market WAS moderately act!s
to-day. Several Of the batks report an lcc<eAle
| the demand lot Houey from grain operators. Ta
increase In the demand from ths department 9
trade leads come bankers 70 thtne that the moi
| Ct the grain thst comes Ia EoW Is being carrie
b. local capital. Approved botroKe1a+ however
und 10 diCnculty In getting all they ksk for q
the regular 10 per cens-
Currency movements continue light. though th
anorn,a going TO the country are perhaps sotut
thing lest than tbe tnnnx.
, Kxchapge continues scaroe and fsn II &c
| soc per Il eco premium for sa,es between bank
1t the counter, bankers tel at LILO premium ~
!, | buy At lilo dlscouIt.
On wednesday, with gold u 1iox, gEeenbsc>
weru worth 90H in gold, and wheat At &c euEre
IT vas worth 6a.1So in gold. To day, with gold
. llsEt, areenbacfs are worth sste IN gold, II
whta. 1t nc currency, va s. SIC IN gold.
. Safes NJ the Stock Board to-day Wtfe:
10 snares Wes. SIDE City RallwaJ... 10
flroC0 American gold eeNer r3o............-+.1l1
Tho fo,lox!ng table showa tho bidsfos And ole
Ct stocks, and alao the per cent paid In On esptt
l. stock Of insuxance couraale4: