, 1872-12-06
Kl0MEYAND COMMERCE.
MONETARY.

THURSDAY EVENING, Dec. S,
There we're no special features in connection
With local finances to-day. Money continues
about as tight as ever, and the offers Of COM
mcrcial paper at the banks are IN e1cess OF their
ability to take, so that the open market is still
well supplied with prime commercial paper at
~ and per cent per month, but the move
neut Of hogs and cattle continues large, and
will doubtless have favorable effect on the
money market before long.
New York exchange WAS 6carcer to-day, and
sold between banks at Csc per $1,000 premium.
The Hide and Leather Bank, with a capital Of
s30o,oo0, has commenced business at tho SOUTH
west corner Of Randolph and Lasalle streets. It
was the intention Of it's stockholders to organize
ns National Bank, and they obtained the neces-
sary permission from the Comptroller to do so,
but when it was found that they would be re-
quired to make the usual deposit Of one-third Of
their capital in bonds, and yet be allowed but
half the customary circulation, they concluded
to operate under State charter, paying up the
capital stock in accordance with the National
Currency act. The Comptroller, in his recent
report, has recommended the adoption Of an
amendment which would remove the well-found-
ed objection Of tho Hide and Leather Bank, and,
IL AODpttu, LI9 1AoL4luLloA WILL 4tN15altLo 10 d
National Bank. Among the stockholders are
many wealthy and conservative business men,
who will doubtless manage the affairs Of the
bank with safety and prudence.
In another column Will be found tho announce
ment Of the Central National Bank, just opened
for businoss'i in Methodist Church Block. Among
the names Of the Directors ne notice those Of
well known aud substantial business men, iudi-
ealing tho success Of the Institution. The
President, ". F. Endicott, Esq, was formerly a
e--}1.t.r,n h11ser here and ,I1N1hg Nick. Fan
ger, the Cashier, is we'll known to the business
community from his connection with the Third
National for many years. Among the stn"khold-
els are understood to be capitalists in New FORK,
i,:ld up in full.
The money stringeney Of tho past six weeks
has set people to thinking about banking quss-
si:?,s one Of the results Of which is the general
d:o1;sni for free banking" incident to the dis
c1s=;on and criticism Of the treatment Of cur
rc3uy questions in the Presidents Message, and
the reports Of the Secretary Of the Treasury and
cAao TRIBUNE has for years denounced the en-
pirical arguments Of fcurrency-quacks who, claim
to know just how much currency we need, and
insist that the Government shall issue its notes
to suit their views, it hes as steadily denounced
the monopoly Of National Bank circulation and
advocated the removal Of all restrictions to its
Iao New yosE Journal ef con,n!esce,
Now York Bulletin, md some other prominent
commercial and financial Journals Of the
country have also advocated similar views, but
it is only within week that a majority of the
New York City press have come out squarelg for
free banking.
The Herald Of The 29th, in its money article,
1.-THE continued scarcity Of money in the mer-
camille interest, no matter how easy the market
may be to other classes Of borrowers, will
doubtless lead to an agitation for q teer systena
1fh hr.,T. 1afocf nf
measure contemplating the contraction Of the
existing banking facilities OF the Eastern and
Middle States. The matter Of banAlng faculties
seems to be schch regulates Itself and if the
eystem Of banking were rigidly based on the
present foundation Of deposits at Washington of
bonds to the noteholders against 1oss it is
hard to conceire 49, unnJer could drase tn
aaa1So> ~~~'s system free and general. Banks
- -u4u be organized when and where needed,
and then and there only"
The New York Times Cmoney article) dis
cussing the tlnld proposal OF the Comptroller
Of the Currency to Increase National Bank circu-
{. It would have been better il tho Comptroller
had gone further, us Congress, in the end, will
have to go, and favored the removal Of all re-
strictions, other than security, On the National
Bank circulation. This would make the sys-
ten what it was originally designed to be,
free bdrl-ing. Such was the model system of
the State OF New York, upon which the nation
al law WAS framed, and no one complained in
that day, OF felt exercised about the expansion
or contraction Of bank-note circulation, be-
causo the Law left every banker free to employ
New York State and United States stocks as
security for achnercr circulation he could make
useful to The public, and profitable to hanaseJ.
Public opinion is being directed to the Same
provision in our national system, and We beleye
the time draws neear when Congress viii feal
that the measure Of bank-note circulation, am
ply secured by the public funds OF the United
Etates, lodged at Washington, had best be lett
J. { 7Joffr *H
The New York Commercial Advertiser, Of the
'sGiye us prompt and efficient redemption Of
National Bank notes In this city, and then let
National Banks ,ecesre as n7any notes as they ap-
ply TO The Gonaptrosr 1or Nth the bonds as re-
that can be enforced daily in this city, Clearing
House fashion, and ne shall never be surfeited
with National Bank currency.
Some other journals, like the Advertiser, seem
oyer-solicitou5 about the plan Of redemption for
National Bank notes. We do not see any oc-
casion for this soicitude. 4 the restrictions on
s1:e .olume Of National Bank circulation were
en.i7sly removed, it would increase but slowly,
a. ls shown by the length Of time it has taken to
al.s:,rb the $54 000 GOO authorized By the act OF
:. aiT, 1870, but, the proportion betWeen green
Larss and National Bank notes YVES changed, by
Il e increase Of the latter, system OF redemp-
t'ua through the agency Of the Clearing BouEes
If tie various redemption cities would naturally
suggest itself.
LOCAL srocN AND DoSD MARKET
MessrB. Lunt, Preston d koan quote astot-
1sNa this afternoon:
g, S. Gs Of 81. ..n7A 1IH
s.20s Of 'sa, ex xint.............-.l13 lax
5-20s Of Ct, e1- 1-int-.---..~-.....noo, 5131
s-sos of IS, g. Jan. md juiys:.......u5ss 1l5x
5eos Of 'G5, jan and July. -116E ~
5-2es OF '6s, Jan. and July---....116H !md6651