, 1870-04-07

demphon of the bonds by tie forced exchange
Of them for Aootlrar 2nd lcas yalu.,ia form OF
government obligations / e. Ereenbacksl is
Just what the l1hlie Credit vt was intsudaa
topreTen:, it ID rlain thAt ths eIrhan e Which
The Fu ding oM proposes 70 iorce ueun tho
National hanks, is violation Of is spirit aIr.
schsnck who introduced tho Publio Credit bill
Little o!s1 yezr ago, j. Chairman Of the COM
nittee that no1 h1ye the Pundtng bill undar
consideration, and il il pretty certain th,t its
coufist With the Public Credit 1T viii bs wen
considered, and rtsult in tho defeat Of ue-
sayenth section Of tbs Furdins bill We
think the public may di5a,iss appseA.nsiona Of
its becoming Law. Jealousy of tbs ptesent
National Bank monopoly has, however. inducsd
strong efos, to have the bill passed.
aud the moet OF this shaa originated with pirate
t91. sang sh,sh & vsrs unable % org.aize = NJ
3oo,0oo, 600 imi:. This i good re4son why
Congress should make banking free, but b no
e1cuse ior encouraging \ di1oct violation OF
The ta'th Of the government pledged thirteen
months ago TO .ita bondholdetB.
Upon the defeat Of the Funding bll, OF st
least the seventh section Of it. rayiyA OF
hpsaness to some extent nzy 10 looked fcz:
notwithstanding that prices OF goods have bean
materially rednced during tho pnst nsonth K
two; IN accordance with the prasaut low prieaof
golh, country merchants hold Oh and deciinsto
buy theis usual stocks for fear Of contraction
Of tho currency. Confidence vii not be fally
established until Congress has adopted soma
settled financial policy, and until thero il sonc
disposition shown to redeem tho pledge n.de
IN the Public Credit vet, OF mixing provision
for the redemption OF the United Ststh notes.
As the government cannot expect to h1va \
sufficient supply OF gold to begin the redemp-
ton OF the green5acks, the plain Thing foe
Congress to do il to authorize the funding Of
Ereentacks into banking bonas," upoa which
tho privilege Of banking shall 10 freq to 81.
| Inc Erc,M9 J'rnai copies tho s.; Louis
this morning n regard to the action Of the st.
Louis Clearing House On the Funding bill, knd
hso i seems that there are those among TIA
National Banks who tsks \ comprehensive view Of
the case, realizing that the public interest Involves
and Is lnseparahle from tae banking Int-.esL"
The journal astempa 70 pe1vets the mexn-
ing Of the despatch into m endorsement Of tho
Funding bill by eotne Of the Satioaas Banks OF
St Louis, though there il nothing IN the de-
spatch to warrant such an assumption We
have received list Of the unamhers Of the ST.
Louis Clearing House, and find that there arc
sevan National Banks and twenty pm
vate banks, and We learn by letters to-day
from two OF the National Banks Of St Louis
that the National Banks are not only unani
mosls in opposing tho Funding bill, hat thai
sonaa OF the private hankA agree with them il
saying that the Funding hill mehna "the e1
termination Of the National Banking a5eteu
| anG ii NektlAtut4ltO TO tlg Duflucsa NttcIEes1 "
the country" II the journal had little com
mon eense it might know this, and also tha
the National Banks, SEEING the intention VA
to rob them, would be unanimous in protesting
| sgAinet it. ... ;,
I Local business and finances arc very dull
The slight increase in the demand foI none,
noticed yesterday, was not maintained to day
Every body seems to be waiting for something
and but few feel disposed 10 50 into commer
cial enterprises Of any kind Just II present
Honey il plenty; and several Of the hanks hav
more than they can make uhe Ct. Tho depos
its Of country banks arc increasing largcly, an
show that there is no movement Of grain i
the country to require tho use Of their fEndf
There is scarcely any currency going to II
country. though some OF the banks arc sti
| shipping it from here to New York to naaS
exchange. and to get their balances tsansferre
there for Tho sake Of the interest they q
from the New York banks.
Exchange continues scarce and firm, It x
per II COS premium for ealcs between bank
At The counter, bankers sen 1t LILO premium
aud buy at par.
Sales at tho Stock Bosrd to-dsy were:
| 10 shares LANAI Insurance eC0...-.-.--.......lo
The following bids and offers werc al