New-York tribune., 1872-05-20

and cancel all outstanding 3 per cents, and to
substitute therefor United states notes, Othcr-
wise greenbaeks. Mr. Merriam contends WIN
considerable force that the present proco''
of law establishing new banks and issuing cur
reney and which movement intended "a relet 10
the money market in effect process OF contraction as
the Secretary OF the Treasury calls In and cauceis MIL
lion OF legal tender demand notes bearing per cent at
every issue Of like amount of bank notes. Beside this
the banks receiving and Issuing the million OF currency
must procure and lock up $4,000 OF legal tenders to be
held as illegal n their vaults. The legal tender
per cents of which about si2OOOO0 are now ouD are
held mainly in NewYor Boston, and Philadelphia, the
great money where the Exchanges OF our coun-
try made part OF the reserve" required
by law. In six months contends Mr.. Merriam, unless
this law repealed these sl2OOO0O viii be locked up or
removed from circulation and by cancellation and
destruction. The locking up OF s5OOOOOO In Wast last
month produced sringency that alarmed and threat
ened oil the busy interests OF this metropolis advancing
the price of money TO the borrower to from to per
day IL the locking up OF five millions produced such
alarm, what will be the result OF retiring sl2OOOVO'
especially when take into account the Increased
demand for currency in rebuilding Chicago &c. Bank
bills do not answer the purpose legal tender
since they be used part OF the legal reserve
The East has received all the banking facilities she Is en-
titled 10 under existing laws The South and West under
the annortionment will receive the remainder, but the
currency which their banks will issue Will remain
In the South and West and will not, In any sense re
leve the needs Of the New-York banks arising
from the loss of the three per cents. Government
bonds have been strong during the week, but Close
quite feversh in view Of the recent action OF Congress
I'm its amendment to the Tariff bill, permitting the pay
nent of at least third Of the Customs duties III paper
money This has more particularly affected the German
buyers who are governed by the absurd apprehension
that If Congress should finally adopt this Amendment IL
might finally permit the interest on the National DeDt
also be paid in paper money In State bonds there was
revival of activity and strength in Tennessees whhe on
the other hand South Carolnas freely pressed
for SALE The stock speculation very active and ex-
cited during the earlier days OF the week. with frequent
wide and violent changes in Of the leading specu-
atves Pacific Mail was the notable feature, and in its
wild and meteOrc course, can to certain extent DC
traced the governing influence OF the entre
list On Monday the price 76s, and in the later days
it had risen to m and settled back to 79 reacng at the
close to M the changes being attended by immense deal
ngs The special considerations affecting the stock were
the large outstanding short interests and the contest 60
ing on for the control Of the stock at the next election
but the withdrawal Of the opposition to the present man.
agement kept late trade on a restricted scale To-day
the speculation developed no new features during tho
forenoon though ruling strong and 0t higher thah te
latest official figures of last night The cheerful pros
poets Of the final adjustment OF International dsseh-
siOns at no distant dly gave tone W ucdlAhSS 0 AA
able bank return also encouraging the buying After
the 1 o'clock board, however, the market became
heavy and lower 50 ruling for quite time
About p. m. a Washington dispatch came, 10
the effect that the lSenate Committee on Foreign
Relations had agreed to report the new Suppiemental
Treaty favoraby This acted as immediate stimulus
to the market and during the last hour Of the Exchange
very brisk and lively trade started up Erie leading
the van and selling from 69 to 73tthe highest point
roda vet in tho ascending scale. c. c.. and l. C..
sold up from 3sb 4Os while Pacific Mail ranged from
SO to s The leading features were New-York Central
Lake Shore Ohio, North WesternCommon, ROCK
Island Boston, Hartford and Erie, and Union Paclnc'
range OF quotations both for the day ana week Des
found in our comparative table below. There was far
movement III NewJersey Southern which sold at 20 to
81 Chicago and Alton sold at 1l7l; Fort Wayne, ga'
and Panama 120 to 12l. The miscellaneous stocks were
dull and steady. In Express shares very large pusl
ness was done in United States which rose from 10 TO
s3 WellsFargo fetched sol The opening, highest, low
est and closing prices Of stocks were as follows: