, 1872-10-22
MONETARY AND COMMERCIAL.
MONETARY.

Ia In 1ar
~ ~ aa;5 " 10 laIeef 1nan las' week. 1t Cal
noe De SAID that there has been any very gret
improvement since Friday of last week, exceE
that there is quieter and more hopeful feeling
rhis n,ovora1+ ~ @ .asi+ suu o -
sass,l. '4lea' Aea'es HI a'anaole cfe'o' aS -
ieau1''
The most favorable feature in the local None.
which sold betveen bankel today. at 81 to 80
nar - mn a;~e,,,at A. +1'oaa 80. a,,rrore,
p 1'ooo u4seounl. ~ 'ueso 80 eut11nc'
VIII commune 70 come from tne Eastern markets
to this city: 1t is apparent that hogs cattle, o.
ward in en7,ciant ronme to make tho s Ia,a ~
80 80 81. .uoaa.t =, 80. ~ c'4A~o . ~
N.o eo ~ I"1 r,17-A' 40 A"'oi VI cn1cago ane
against Ne" iofh'
THE PROPOSED INITIATION.
and Bankers, at the Directors room 'td111s Of tbs
Board Of Trade th9 morning in regard to The
posed to an expansion of the currency. and
deemed it ine1pedient to co-operate VIII The
Plttsburghers in recommending any such policy
to the Secretary Of the Treasury A resolution
vas passed, however, recommending the pur-
funds IN the Treasury.
We believe that It will vet be found that fba
whole movement to create the impression that
= an increase 3 y the volume Of deprecated paper
.'~~AA
speculating clique in New York, aided bv tI,e
railroad companies who want gold to m m in
order to stimulate the movement Of Western
products which their embargo Of high freights
1.ow prevents. The originators Of fhis
scheme we're probably too shrevd to
expect that proposition made in evident
ignorance of the principles Of currency. az Well
as CT the legal authorities Of the Secretary Of the
1raaaury. would ever be carried into practice: it
was a ''hook baited to catch gudgeone. :" and get
up rumor that would advance the price Of gold.
As for the resolution recommending the Secretary
OF the Treasury to purchase more $40 bonds
No better use can be- made Of
provided be can get The bonds But i must b.
borne in mind that the Secretary is forbidden by
law to pay more than par in gold for any bonds
that he may buy or redeem, and the amount that
Ae can buy at par, or below par, is comparative
y small. OF the S.. 100000 purchased in the
beginning Of the week before last. onlv 81 01 ma
had been presented for payment up to Saturday.
the 18th. and of the 81 900 600 which the Secre-
1aIy proposed to buy last Thursday, he only got
little over half From these facts it will be
seen that the supply of bonds is short, and if
he he SHOULD 6e announce that be would buy s44,-
should resort to the plan Of 'scalling" bonda
for redemption as means OF getting his idle
millions out Of the Treasury vaults the law re-
STREETS him to the $40 bonds of 1862 in the order
OF tnen 2 numbers and dates, and as these are
nearly al held in Europe, the capital that would
come out Tor them would go to Europe, and not
nave much effect here.
large proportion of the discussions in regard |
TO the requisite volume Of currency seems to be |
made IN the mistaken notion that currency in |
Guides only paper money and coin. The fact is |
that the largest resource Of the country for cur
reney is bank credits or bank balances, which |
are turned into currency every time the owner Of
any OF these credits draws check or a bill Of |
exchange, There is means OF increasing cur
Iency Of this iand by increasing the number of |
banks throughout the country. These gather |
mp the available credit Of the section Of coun-
sf1a ~ 9or mhcn 5ney are located and make It avail
%lse never reach. II any part of /
she country feels the want Of currency
:er it organize more banks;. even if they
crease the currency, because they will gather up
End make svailable large amount of bank bal
Rnces or credit, that would otherwise he unavail.
able.
usuRY By NATIONAL BAHF.
The Philadelphia INQUIRE, has the fo11or;no
account Of proceedings against National Bank:
Judge Robert S. Ha1e agent Of the United
States before the British American Claims Com |
mission, appeared before the Comptroller Of the
Currency as counsel for certain of the Directors |
aud stockholders Of the Marehalltown National
Bank, Of Iowa, who a11ege that, under major
ty of the Directors the bank has habtna11u
pr.cticed usury since its organization, in 1854,
and has realized enormous dividends at the ex,
oense Of the trading interest it was founded to
and conserve, They ask t|at the
'ank be put into liquidation, under the non
lsury clause Of the National Banking act.
ss1he remaining Directors and stockholdera on-
bose the motion. and the Comptroller; having
10 precedent to aid him in reaching q iudgment
viii afford the bank an opportunity to 20 into
;oluutary liquidation before applying any 1eea1
penalties for the usurious pract1ces.
WASHINGTON r1NANc1AI, NEWS.
The philadelphia Ledoer envs.
'sWe have direct and very reliable inforrna. q
ion from Washington that tie SecretarV Of tha d
treasury has no idea of iss1ine anv nat ~ ~
orty-:our million legal tender reserve thoneh
Ie believe he claims the rioht to msta sr,66t,
:sue. He seems to desire neon1e to nndar-
.and he claims the right. but viii not a1arc;ao
except on what be may deem an extraorf1;nnTg
ccasioa, which no man Intelligent on cnrrency =
.atters pretends to exist now, nor do re un6er. F
tand what occasion sufficiently e1traorf1inarv y
n arise to warrant it." = =
"A Washington dispstch of tha 1a+t ~ -. =
ew York JouTual Of Commerce states +,st -. th
ecretay Of the Treasury has not vat comanca5
.e preparation of his report on the fnonnas F
| B