, 1872-10-19
Er0yETaRY AND CONNER ClAL.
MONETARY.
FRIDAY EvES1SG, Oct. IS.

t.,sa we arrive at the conclusion that the bank
dapoaits in this city have been reduced about IL
ner cent during the two weeks up to about the
18th Instant. At the came time there Tas no ap-
n-cc;abte reduction in the loans, and Oh tue 10Th
tho banks in general we're probably expanded AZ
;=ast s3,ooO000 more than they we're On the lst
,f October. No further evidence than these
6cures is necessary to show that money hae
been exceedingly tight, tighter than 1t
has been for years. The first half OF
October always brings about as hard
s,Yain for money as We experience during
the year This time it has been more
eevsre than usual. But in view Of all that is be-
ing done here the enormous amounts that are
required for rebuilding the city, the require
mauts for capital to move large crops, to hold
cattle hogs, lu mber, ETC., ETC., in the country,
besides helping merchants to pay their maturing
Liabilities to the East doing all these things,
notwithstanding the extreme difficulty OF collect
ing in the country tits reassurinP 1act tnat ttae
banks have had the frmness and discretion to
keep az strong as they have. It seems probaole
now that the turning point in the decrease OF
bank deposits has been reached. an
inquiry made Of half dozen banks
answered BY their showing US their books, in
which We find that, in nearly all cases, deposits
have increased perceptibly during the last three
or four days. The demand for accommodation
banks TO meet yet, and plenty Of good CONNER
c;al paper, with two names is forced into the
open market, where money still commands from
*: to ? per cent per month, but, on the WHOLE,
wa believe the monetary situation in the market
lss improved since the beginning OF the week.
i has been remarked that more currency
Las becn sent into the country from Chicago
during the last six weeks than during
any similar period in past years. This Is prob
as!y true, and tho most noticeable feature IN
HIS connection is, that SO little Of it has come
lack. Probably considerable of this currency
Las Deen drawn on into the Southwest, and
e,en into Texas, to pay for the large droves OF
cattle That have come from that quarter The
increasing receipts of cattle and hogs here,
however show that the capital ia only coming
back in another form: and as the West, nor
Texas. cannot eat nor wear greenbacks, they
will soon have to exchange them for articles
1aar viii answer those requirements, and when
they do, greerbacks and National Bank notes
will be plenty enough in the cities.
Money is oaly another word for bank
H. vhe receipt here and Shipment eastward OF
large amounts Of hogs, cattie or produce money
can become plenty without any great return OF
Tie currency. The most unfayorable feature IN
the monetary situation in tie Wes. nov; is the
loy price of grain in the country, caused by the
extorr:onate freights eastward.
E1chapge:was sold between banks to-da; at 5lc
to IS cents per 81, 900 discount,
TEE PROPOSED INITIATION. ....
Il is :ptImated in come quarters that an en-
daa7or ;ii: be made to elicit through the Ma.
1iocal Bank Association an expression OF
tie opinions OF National Banks regard,
ing the aayiaabisity Of the proposed
know where this motion could originate, or, IN
fact. whether there is any ground for the rumor,
but take the opportunity to show again thas the
policy would not only b6 foolish but the scheme
half Of the Issue are the same as those used BY
Jav Gould to excuse his great gamble IN gold
which eliminated in Black Friday, viz: that It
will cause an advance in the price Of gold, and
railroads have laid their embargo Of high treghts.
The argument ia, however, IN the interest OF the
railroads, who see the possibility Of having to put
up the price of gold or else put down the rates
the scheme is impractieable. Even if the Sec
retary has the legal authority which he Claims
to increase the volume Of greenbacks, be could
nay them out for nothing bat United states
bonds st par or less than par in god: Ire blds
were SO high that the Government could only buy
portion cf the proposed sl0o,ooo,0o0. Now, il
it were known that the Secretary Was endeavor-
ing to buy 81 600 600 more, it ia quite certain
thsn Dar il cold which be ia forbidden By law to
TIE FRE1aH1 TARIFFS.
70 The Editor Of TIE Chicago Tribune;
OF all the folly and shortslghtednesB con
nected with the freighting business. the action
81 the General Freight Agents OF the railroads is
IN exhibition OF the most consummate stupidity.
If there was var, instead Of mutual interest: BE-
we should expect to zee just auch action as WE
now eee What are the facts in the case? These
freight agents hold meeting,-a "con7entlon.
and then resolve to advance rates !ue
This is done without q word or note OF warning
to the shipper; and, consequently II nlne case:
out of ten, he is caught with grain on hand tha
has cost him more than be can get out OF it q IN
der the new tariff. He quietly pockets thlt
1hinking t vii be at least month before an
o.Aer rise. Sept. Is, another rise Of Sc is an
bounced without warning, and tt 1no snpper pt an
handling few thousands each for nothing
Things 20 along quietly rs usual. Farmers ge
scared at the rapid advance in freights and hulI'
their corn to market. The dealers, to keep thei
customers, have to take all that eones. Car
got scarce, and stocks accumulate. Shippers
ere nervous, fearing bombshel, but the freigh
agents keep in ambush until the stocks &c
large enough, and then: without over twenty,
four hours notice, another rise Is announced
and SO it ever is and has been. ..-..
II the railroad men would give notice, Say
Aug. !, that q certain rate would 6e aaoP1ee
Sept. /, and again another at later Gate, anu 9
giyo tlo shipper chance for his life, it woult
lie az we'll for them, and enable shippers to aTo
tie breakers. The freight must go over tn
roads and it is not for the interest Of the rail
roads to break down the shippers,
Prohibition seems to be the policy Of the Ta4
roads. Instead Of building new cars and tryln
to encourage large ehipnents ffeights are I'D a.
vanccd. again and again, as u the exper!men
was being tried to ind out just the point q
prohibition. When that is reached, these agent
tvho hol3 the prosperity of the country IN theI
bends, and only seem happy when e7erybod
else is miserable), then quietly retire into the'
shells and "Winter over"
Bat for the water routes the western countr
evaY,l1 IN fnry yAArR bb IMPOVERISHED DY I'll
railroads One would suppose that Eenslb|
- men would zee that for railroads to pay the
must be run through prosperous communities
and that their system OF impoverlehing th
country will react, and that sooner than the
expect. Already the farmers are talking OF II Lei
ting their grounds next season remain uncut
vated. except what they can till with their ow
labor. The exorbitant rates now demanded ha'
reduced the prices of grain to a figure that tt
entire crop will not pay for the help that
hired to raise, harvest and market it-and, IS
consequence, The lands cannot be rented or lab'
hired to cultivate them. GRAIN BuEER.
k1,a ,of ha