, 1872-11-04
EEONEYAND C0MmERCE.
MONETARY.
SATURDAY EVENING, Nov. {

SATURDAY EfENlAt, +Nos' &.
It is doubtful if any act of any Administration
in connection with finances airre the close OF tae
var has made SO profound an i4pressloa on tne
public 81 the proof, in the figures Of the PUBIC
debt statement this morning, that secretary
Boutwell, had boldly transcended his 1eSal au-
tho7ity and reissued s4,5oo,ooo Of the retired
legal tender notes OF the United States. ~ Is
true this is not the first time he has ezceedea ns
authority in this respect, but it ls Tue nrsS tle
he has done it go boldly and to such al e21ene'
The public had supposed that IT there was any
thing in regard to the public dent 1nas was
settled, twas that the volume Of greenbacks out
standing should not exceed the S5o6,ooo,ooo. at
which point Congress suspended iurther CON
traction. But, On Jan. ], 1872, III. Bont"el had
increased the amount outstanding to S35t,o52,-
SOL. On the first Of July, when there was q
plethora ct money and no shadow OF excuse for
such imitation, the amount outstanding Was still
s957, ,588, ,296, but on Sept. 1, when money had
begun to get stringent, he had reduced it to
s356, ,0SG, ,152 In the first week Of October near
Is the whole of the present $, 500 900 unlawful
issue Of greenbacks we're put out again IN q loan
70 8 few fayorite bankers in New York City.
All this was done without the pub
lie knowing ANYTHING Of o.ns IT. tha OF cr;as haz.
81. Boutwell, found be could not get
his 81, 500, 600 in again before the November
debt statement was due, and straightway AS
eistant Secretary Richardson was set to work to
the S44 900 600 retired by Mr.. McCulloch was
.'reserye fund" to be used at the option OF the
Secretary of the Treasury. But this I'M
warranted assumption did not eeem to go
down with the public. It Was denounced by the
press generally, and Alr. Boutwell, next resorted
10 the dodge Of getting meetings Of merchants
in the various cities to ask for the reissue OF
the whole SA, 600, GOO OF the so-called q reserve
fund" There is now not q reasonable doubt
that the whole scheme Of getting up the impress
more greenbaeks originated with the Admins
t7ation. Mr. Jay Cooke, who is paying per cent
commission to agents to sell the Northern Plci~
ic bonds, probably wants an increase Of green
backs, and this accounts Tor the -, movement
scheme, however, was too transparent, and re-
suited in q dead failure. It has, however, made
it apparent that our national finances are con-
trolled by specu1ators and demagogues who
we4la sacrifice spy tor the
The local money market showed a tendency
toward realization during the most Of the week,
but to-day there we're Indications Of tightening
up again. The demand for loans was greater,
while the ability OF the banks to- lend
has been increased but little. Currency is still
coming in from the country pretty freely, but
the depositors turn it into New York exchange
at once, and remit eastward, so the movement
causes no considerable accumulation Of loanab1e
funds here. Some Of the banks are reducing
their discount lines now, preparatory to extend
ing them again to meet the demands OF the
pork-packers. This helps to make money
: little more stringent than it would be other
wise.
New York exchange is less abundant than
few days ago, and the price has advanced. Sales
were made between banks to-day at from Is to
Soc per 81, 900 premium,
Tie clearinRs of the Chicago banks for the
week ending Nov we're;