, 1870-05-18
MONETARY AND COMMERCIAL


1t is now altogether probable that Congress
viii not pass any Currency, or KauE1ng, or
TS .p p s. eeeo eeportsa m g sa tbs %ys '' and
Means, or the Banking and Currency Commit
tees. It is even doubtful il the Ways and
Means Committee vii report any Funding
WHICH I h he Banking and Currency Committee
have curionsly reported in response to the
Loughuidge order fo1 $50, 900 900 Of inaation.
m pIinted, wi probably never get any
further Than that. II either q
these measures were put to vote
in the House there is no probability Whatever
that they would pass Congress, az well as
That Mr. Boutwell,, md him alone, has been the
moving spirit in these funding schemes, which
seem 10 lave been based On hut ono idea :
.conpnlsion Of tho banks; that it WIS his PEI
sistence and assurance that "ruahea his hin
through the Senate, and that the bill reported
by the Banking and Currency COMMITTEES Of
the House was also inspired By him Sdnee
Congress has had time to consider what
would hare been the effects Of the
has lost confidence in tho correctness
Of Nj. Boutwe1rs jdeas on finances, and, hav-
ing very unsettled ideas of ita own on the
same subject. is 1emoralized for any action On
the subject, and it is therefore altogether
probable that the agitation OF the funding and
currency schemes viii be discontinued This
is understood to be in accordance with the
temper Of the committees themselves The
sensational reports that have been telegaphed
from Warrington, from dag to dhy, in regard to
the prospects Of the passage of financial
measures, are believed to have been e1aggera-
tions, il not pure inventions, by the lobby"
In the interest OF Wall street speculators in
bonds
The growing impression that Congress vii
not pzas any bill to disturb the currency, nor
any funding bill that will be unfriendly to tho
present bondholders, ls probably the cause OF
the f1mer feeling in the market for bonds In
on the part of banks and capitahsta to put
their money into them as m Investment dur
ing the dull season. There is also an impress
zion that the purchases Of the Treasury will
be made with view to advancing the price Of |
5-2ds to above par in gold, as preparation !
for better considered scheme OF funding |
next Wintex- Whether there is anv fouoda- !
ton Tor this or NOT, the present diversity of |
views in Congress on the funding and currency
questions make it a reasonable theory,
The prominent feature in local finances il /
The increased movement OF currency to the
country- The shipments to-day were Iar-er |
than Yesterday. and for the two days Of tins
week the aggregate amount Of currency sent |
cut has bccn larger than during the whole Of t
Int week. The orders received BY the banks,
are principally ftom Central Iowa, and Central
aud Northern Illinois, the greatest number he
ing f1um the illinois River Valley, showing that
an active movement of corn, and heavier re-
ceipia, may be expected within the week.
Someincrease Of currency shipments to the liue
Of the Illinois Central Railroad dprolaLlv viuiicate
mUe movement m cattle and some Ia the |
wheat,saising districts Of Central Iowa are
probably 1n.,eahve OF tho marketing Of more
Wheat. This Is the beginning of the revival Of
activity which ne have mentioned from time
to time during the last two weeks, as likely to |
be experienced as soon as the farmers were I
through M With their epting planting. Tho ex-