, 1870-05-19
MONETARY AND COMMERCIAL.
MONETARY,


The present tendency OF the cotton moTo'
meut is significant Of revival of fluctuAtions
in tho price Of gold. Cotton is the great re-
source OF this country for the settlement Of
our foreign trade balance, and it il well under
stood that the tota1 value OF MI other exports
oil, the export Of gold becomes necessary at
once, and, in our present condition of suspen-
sion Of specie payments, tho export Of gold is
tho signal for an advance in its price. The
fact that gold has for several months ranged
at from Iii to lis, instead Of from 1855 to
entirely to the crop Of s,ooo,ooo bales
Of cotton last year, which gaTo nearly 100, 900
bales for Fcxport, Of which something, over
1,so0, 900 bales have already gona, and, as We
begin to see the end Of these exports, we find
sterling exchange gradually advancing to the
gold shipping point The increasing ti1mness
Of sterling Just at present is the more remark-
able in connection with the fact that the cot
ton exports OF last week were heavier than
uspal, being 81, 30 bales from nj, tho ports OF
the United States for the week ending May Is,
against &c. ,275 bales for tho weak ending May
6, making an increase of nearly 81 ,500, 900 in
cotton bills over the previous week. Besides
this; increase Of cotton bills, Canadian
silver to the amount OF S3 600 GOO or ~ 900 900
Inns been purchased in New York, a1d export
increase OF sterling exchange from these
sources has doubtless been tho means of keep
ing its Price from advancing as fast az it would
have dono Otherwise, hut il also brings Us
nearer The end Of our exportnb!o stock of cot
ton.' The total stock Of cotton now in the
lard towns as well IS in the seaports, is ss6.114
!,alea, against .54 1000 balss at
there is only about 1oo,ooO bales
now in excess Of last years. supply. The ex-
ports of cation during the expired portion of
have already been SCI, ,599 bales in excess Of
the exports during the corresponding period of
the previous year, and it is, therefore, to be
presumed that the influence Of the large crop
Of 1869 has been about expended. Cotton el-
ports arc liable to great decrease now at any
place tho export Of gold will begin al once
The Treasury has large gold balance, which
the Secretary is doubtless holding back, with
view to itJ use in this emergency, and
by Increased sales to prevent much
rise in its price. The experience Of the cor
showed that, though he could influence the
market to considerable extent, he could not
control it.
In local finances tho principal feature cor
tinnes to be tho movement Of currency 70 the
country, The aggregate amount sent ont 70 70
orders come from -an parts Of the coun-
try. The greater portion are 'still from
the line Of the Illinois Central
Railroad, and the Illinois River Valley, but
considerable amounts are also going to st.
Paul and otter points in Minnesota: EFerg-
where south of the limo Of the Burlington
Road, the farmers are now through with their
spring planting. and in view Of the favorable
weather for all kinds Of crops, and particular
y the corn crop, the movement to sell what
they had on hand Of last year's grain OF any
Kind, would naturally begin in that quarter
d1st, but the movement Is likely to extend to
all quarters Of tho country.
Money continues easy, and though the coun..
Try banks are drawing down their balances
rapidly, city deposits are On tho Increase and
good paper is still in demand.
Exchange is move plenty, rs shipments Of
cattle keep up, and there are more bills against
grain in the market Sales were made be-
tho counter, bankers sell at ITO premium, and
Inv It psr. Buffalo bills &c ...Lcs .. .. Il O.,
and OsHego bills 1t OH.