, 1872-12-03

A%11-AN-AA4N@G
last six months, and, though they all have ample
security, begin to find themselves hard up for
ready money.
The demand for currency to send into tho
hogs and cattle is quite active, though the
amount coming back is also increasing. For the
present, the movements in and out are about
equal, but it now seems probable that, with the
present tendency to market hogs and cattle, the
balance will soon be in favor Of the city
In the telegraphic notice from Washington this
morning of that part of tho Couptro]1er's re-
port relating to the condition Of the Chicago
National Banks Immediately after the fire Of
Oc;ober, 1871, it Vas said: at WAS thought
M Hsa s anaSe msaS 80 9G sssaa erRRsd rtaa I 3
italicized above, Was mistake in the telegraphio
message, and, as will be seen by the report
printed in another part of the paper, was in
tended to be they"
TIE NATIONAL BANK CIRCULATION
The Boston AdrertiSe7, in an article on the
subject of Congressional Committees, and their
power to control legislation, says Of the National
Bauks:
These institutions are in annual receipt Of s 900
TO 900 Of tho public money clear profit after
ing eIiectei b IT. Baa.weTs foreign negotiations
We doubt the AGrcytise1's ability to count up
one-si1th Of twelve millions as athe saving
effect Of Mr.. BoutweUs foreign negotiations; p
but its estimate of the annual profit Of the Ma
1ional Banks on their circulation ia probably
about correct. Seing that the Government is
paying bonus Of twelve millions to the Nation
al Banks to furnish paper money circulation, is
it not reasonable that the banks would put out
zibly be t used % when they were we're ee get-
ting 50 large q profit on it.? This
being the case, how is it that the 454 000 900 of
additional National Bank circulation authorized
in July, 1870, have not even get been Issued, and
that it is only within the past month that appli-
cations have at last been made for nearly ali of
II: It will, Of course, be answered that the
States to which much Of it was apportioncd 1ad
not the capital to take it before, and this only
proves that there Was not, and is not, any such
requirement for moro currency as Mr. Boutwell,
and other iahationists have claimed; if there
Wa, capital would have been found to put out
Lie currency for the sake OF the bonus, no mat
ter where was the nominal place of its ISSUE
WHERE TIE MONEY has GONE.
4 correspondent, whose letter has been on
c., table for several days, writes in regard to
usjority Of the commercial cities Of the United
States, os follows: ~ am regular reader of
your paper, and specially your monetary arti-
cies, but have been unable from my reading to
form any satisfactory theory as to where the
money has gone to, il it is not in bank some
where. This perplexityis aggravated by informa-
ton that certain legaltenders have been reissuod.
When State banks failed, tie money was de-
s.zoyed. Now that We have no such thing as q
broken bank, SO far as it's circulating notes are
neEs Of the past five years successfully"
We presume, Of couree, that by the term
"mouey" our correspondent does not meap
merely that form of it in bank notes. Treasury
notes, and coin. There is more OF this a1oat
now than there was five years ago, and even one
year ago. In our opinion the present stringency
is more the result Of . cessation In the expan-
sion of credit which has been IN progress for
FIVE CT SIX years. Within eighteen months there
has been large loss Of property owned in this
Rv {f,a fro Eu +1,a f7a I'm ~
the Arctic feet. by the Boston fire, and we may
also add. by the over-production and consequent
depreciation of tho aggregate value OF the corn
crop Of the West, by which the farmers
labor @ Invested in s it. These circum- cum
stances have to q considerable extent diminished
the basis OF credit Instead Of borrowing to
start neI enterprises, men have been obliged to
borrow to keep old ones from failing altogether.
Consequently the increase OF new enterprises,
which hes stimulated every department Of trade
Tor the last i've OF six years. has received
check. But the most powerful influence to check
new enterprises has been the cessation, within Q
few months, Of the influx Of foreign capital to
printed Eome approximate estimates to show
Shat, for the last seven years. the amount OF
capital received from Europe for American rail-
road bonds h.s been doubling. up every year
marketed in Europe during that year must hare
been fron s15, ,000 to $50, ,0o0,o00; that the
amount marketed each ye:r since, has
been increasing until for the year
1:71 alone it must have aggregated nearly
indemnity made England fear that she was about
to lose hersupremacy in the finances OF the
world. The Bank Of England consequently IN
creased its minimum rate of discount from SO
per cent on the first OF October to per cent in
venting the ontgo OF capital from London. Con-
cprrent with this, came tho default of several