, 1872-10-10
MONETARY End COMMERCIAL.
MONETARY.

MONETARY.
WEDNESDAY, EVENING, Oct 8.
The mo7etarv situation, not only in this mark
At hut in Boston New York, in ahort all over
he country. is attracting more than ordinary at
;entioc. In Boston, money is held at from Is
10 Is per cent per annum in the epen market
m New York the rate OF interest ducuates from
7ay to-dav under the maaipulations OF the
.ioues, but the range is from par cent up to
70 ner cent per auncm. In Montreal, where it
1oul1 be expected tha. finances would not feal
;he effects Of our artificial system Of currency,
.or the disabilities Of orr banking system,
money is sca1cc- We even learn that promi-
2ent firm in Montreal has sent al agent to Chi
ago with s10o.0O0 of pape- made by Chicago
irms for goods, and indo.sed BY tile Montreal
irm to negotiate here.
In the Chicago market the banks find it hard
6ork to comply with even the major portion Of
lie demand from their regular customers, and
Ire refusing even the best Of paper when pre-
sentcd by outside parties vino ln-e no special
clairs On their favor. This. OF course, fcSces
large amount OF paper into the street, much Of
6l,lch is irst-c.ass- Good loab1e-na1re paper is
Freely offered at from J. 70 2 per cent per
month, and even With bark stocks, city railway
stocks, and other local securities IS collaterals,
cannot be had for much less; in ebert, money
oas not oeen so tight in Chicago for half dozen
gears as it hes been Cor the last ten days. OF
.onrse the incuiry is: What is the cause Of this
sene-nl stringency? Many Of the Eastern pa
pers attribute it to the calling in Of cent
Certificates, which has made practical c7ntrac-
ion of the currency Of about 5.97 600, ,Ooo This
nay hare had some effect to hoip create the
present situotion but, as this retirement OF s
Ger cents has been going. on gradually 1or the
last two years, it cannot be wholly responsible
for the present stringency. or else we should
nave felt some of its effects befors now.
As tar as the West is concerned, we are IN
:eed to til think that the arn ssncy is due to the he
move ss freely as they ought, to clear OF tie
mdebtedoess to the East Tor goods. which IS
larger this fall than ever before. The
sxeesgiTe cost of TRANSPORTATION to
fha Fastern sceboard leaves the
farmer norhi1,g for his oats ard corn this year.
and for TIE presaut both of those important
.rnIs ara almost "a useIess in clearing off the in
aehiedness to he EAST as If they did net axist.
r ia much the aan,e vitb lun,her and many
other products. The railroads from Chicago
esstwaiu. ana lake vessel owners. are getting
G;cb m fIe labor If tfa farmers of the Weat
Ehile the farmers themselves are not able to
oar the;r dahts ant of iii that is ]eft This is ona
rraat % canse Of the st stri.sercv Of I'm money in the
Eest
-uE rxrn. s.1Es or 7o1n
OF the Treasury Vii probably be 3 means Of
1sd to he nj market + hs be
aoid and hnvs bonds It tn2ns canitai mt
e. investnent in hondz and oh1;ces !. to
sax othpT ernn1or7nent, This makes
te1nnorayi1v hetter sHr:.Ir NJ money hnt It can
At hest ha on1v te,nno1arr and the srster, 81
fnanra, IN which ona me1;3 has snc1, enor-nons
ooxrer ~ effact The s1nnr ,f 1aoner ,,i cnnse.
FFrant1r - ,,~;cee ranaxoi1. 10 1r9hahfv . L,a
49, - 1 o0'' N 1
~e' ,nopE c,p7r,7xrrnrn
Una of the racesr;ties of +ha West and mar.
t;c11av1r of ch;carn ;s for roore ss.a;ia1la cash
csnital eitber in RaIis or in the bands of nj
eaFe ca,n;ta1;stz to lend at inst snch fimea "A
he nTasant IN nraar ~ t;da t,Ter the
n;s+,s hat;raan tha ee1e of ronda to
fha conntw and tha ;ncorninr of the
r,oEa7 h;11os fro1r ~ r. . 1,er cant hers now
~ 1,1donhsed sacnrifv This onrht to. and
nrohahlv wnn]d. draw canital here from the East