, 1870-06-15
MONETAQ4-A MD COMMERCIAL.


TUESDAY Eyxs1Fa, June 4
9he present tendency Of pubic ott 49,
1.naxes It possible that the question o. te
bslk1ng may yet come mp in ~ Gonsren srronnd Yor
th. cloae Of the session Iae sauuha s-1,har ~ ~
thinking so is the irot ease ~ als soanr;n1 ~
influential newspapers thai a.e aeop n IN nnn ~. ~
advocate the re?.osr o. trv n;9c,,iat;on. YestoT-
dav no ave an extract from the ne" iork
Times of the 10th. advocating the uuauaaneo
removal OF the restriction on paa1 a c1cu1s uon-
The New York Bulletin OF inc 13th Aso ela1ms
that there has been gaa; gth;,, cnae w ~ n sHs
in T.Tdr Of free banking, and like
tho Times. urges Congress to rnrnove al
RESTRICTIONS from the amount OF n.sional b,nk
<irr1]a.ion and demands that either this DO
done OF that the 10 per cent tax On State bank
CIRCULATION be removed, 60 that the various
SECTIONS OF the country can supply themselves
with bank facilihes independent Of the $780,
NOG, ,0O0 monopoly Of the present National
Banks. Neither the Times nor tho BnActan
lare ever before advocated free b1nkIns to
this extent, and the fac: that they do 80 now
direction Both OF the Naw York
papers above mentioned, however, sdvocate
1rce banking simply as banking and
currency measure, md fal u call attention 70
it ns means Of rofu:AF.G The national debt At
4 per cent. though il this its effects woald %
1ency. II new banks could organize, and: by
buying 5-20s in the market, exchange them
mar for rar for the ncv per cents and Eel W
per cent Of circulation On deposit Of tho latter;
The demand for 5-20s for this purI'oso Woalo
Rut then, at par IN Ell Thcs Toa'a ns1 eente
at par in gold New hanks would then AZ wen
1ay par for the per cent? at oace, as ior tae
sos and il the fact were once estaoAanea
that the per cents were voluntarily .i .aaeI
at al It pa51eyeaa a that aot tba M 5aos spst Tars
being paid Oh with the procos1s: it would 60
far toward making market for the peE centa
at par independent Of the banking privilege,
our foreign exchanges stand chance OF bs-
ing affected soon by the increased movement
month Of March the shipments Of cotton from
India to Great Britain and the Continent were
*, ,057 bales, in April a.. .055 bales, and i'll May
oGG, 600 bales, showing M increase OF 200 per
cent IN the three months During the Eve
weeks from and sitter the LIT of Mag, the
Britain and the Continent wers 325, 900
1A.es against 225,O0o in the same
period Of 1853. This increased supply OF In
dian cotton has alrcady caused decline in tho
1,1ice and In the export demand for American
cotton. The total exports from the United
States for The week ending May 20 wore 4, Isl
Lales for the week ending May q th2y were
SC. III talee, and for the week ending June II
tlev we're a. So bales, showing decline Of 81
per cent IN two weeks. 1t the expo1table sur
plus Of cotton does not so forward, tue enect
on tie foreign exchange market, and, conse-
qucutlE, On the pEico Of gold, must soon be
the game as though there Was no such export
able surplus OF products-the gold WillSbe e1-
ported in its stead
Bankers continue to remark the unusua1
activity Of the local money market as compar..
cd with their experience of this season in past
years. For several weeks past deposits have
been falling of. and the active demand for
accommodations has increased the 1oan9 in
proportion to deposits until several Of the
banks find it difficult to accommodates nll Of
this actfEity il the movement Of grain IN the
co;.ntry, which has called for very 1Arge
amount Of currency. It is estimated that be-
tween three and four millions Of curren-
cy h.ve been sent into tha country from
tbs ey during the psss 9nnat hvq =, Tssas sast
there ret, for there has been no time
for the last month when the influx was equal
to the amount going ont. The banks have,
therefore, been steadily ordering currency iron,
New York. and forwarding it into tho country
for several weeks, and a1e obliged to do 80 yet
some Of the banks having ordered again to
day. .....
This continued activity in grain movements
at SO late period IN the summer shows TIM
country holders Of grain expect large crop
and are taking advantage of the present fal
prices to realize on whnt they have been hold
ing.
Shipments of currency to the country to-da
arc lighter than yesterday, but there is still
liberal movement in that direction. More thal
half Of the currency that has been sent On
this week has gone TO the corn-Eaising district
Of the Illinois River Valley, and along the lin
of the Burlington Railroad, soma larg
amounts also having gone into Southern an
Central Iowa
Exchange was veal, with sales at from 81
to s1-0o per 81 600 discount for Gales betwee
banks, and toward the close Of business ther
were no takera at TIM latter rate. At th
counter, bankers sell At par and take at Sic
to q 80 per IL .000 or
At the Stock Board the following sales we1