, 1872-10-23
MONETARY AND COMMERCIAL.
MONETARY.

MONETARY.
TUEsDA1 EVENING, Oct %.
Money continues very stringent and there
seems TO be but little improvement in the gen
eral aspect and prospects of the local money
market. The slight increase in bank deposits
noticed few days ago, is about maintained, but
does not progress, and the banks are still unable
to meet the demands made upon them for ac-
commodation. 4 great deal Of drst-rate CONNER
cial paper is still obliged to seek the street for
purchasers at II to 2 per cent per month. Ihe
tendency Of prices OF grain, cattle, and hogs
seems temporarily to be unfavorabte to cont1n-
uance Of their active movement to market, aud
consequently to that extent nnfavorable to the
prospect OF an easler money market.
The more sluggish movement Of products is
reflected in q somewhat smaller supply Of ex-
change on the market than day or two ago.
Nevertheless the necessity for currency obliged
number Of banks to be sellers OF exchange to-
day, and the result Of the pressure WAS that
eome were obliged to sell as low as s1.25 per
$1,000 discount, though the general rate was 81
to 75c per 81, ,00o discount.
II those who are inquiring into the causes
Of the money stringency will turn their
sttention to the effect the advance IN
cattle aid hogs, they will be satisfied that the
stringency of money is due mainly to the ex-
borbitant and constantly increasing rates Of
ducis. 1t is apparent that the present means Of
transportation between Chicago and New York
are inadequate to mako the exchange OF
Western products for Eastern goods.
year are much greater than ever before, and
unless greater facilities arc had, We must either
diminish the quantities Of produce to be sent
Eastward or expect the same depression In prices
market every fall. The public mind has been
educated too much into looking at particular
kind Of currency in bank notes and greenbacks
instead Of to the value Of the marketable COM
modities which Can be exchanged for a supply Of
currency.
MONEY N NEW YORK.
Money was easy to-day in New York at and
per cent per annum on stock colaternls, and
ease does not extend to the market for COM
mercial paper there, which is nearly as
stringent yet as it was 9 week or two
ago. But should the low rates for
eral days, it would fayorably affect tho whole
market there, and also the Chicago market by
enabling banks here to get rs-discounts.
TIE NATIONAL BANK MONOPOLY.
Banking privilege came to our knowledge q day
or two ago: Some capitalists in county in the
northern half Of this State had subscribed the
capital for National Bank, but, on application
to the Comptroller of the Currency for q eerti-
hcate authorizing them to organize end begin
business we're refused it, on the ground that the
quota for Illinois, for circulation, out of
the 81, 900, 900, authorized in July,
no restriction on the number OF National
Banks thatmay be organized without circulation,
but the National Banking act requires that every
bank organized under that system shall deposit
United States bonds with the United States
Regardless Of whether the bank gets circulation
against the deposit or not Now. the circula-
tion afforded by the National Banking system is
much more Of an object to banks in the country
than in the city, and the quota Of this State for
circulation being full, the restriction Of the law
amounts to 3 practical monopoly Of National
Bank circulation and privileges Il is true there
Of additional circulation authorized in July,
1870 but this e18, 600, 900 is part Of what ap
portioned to the Southern States in that ab-
aura bill for the redistribution Of the cur
renoy, and is, therefore. not available in 1lli-
nois. Now, We do not believe that this monopo-
II Of bank circulation is the true cause OF Che
present stringency in the money market. It is
the National Bank circulation, and diminishing
the legal tenders-the true cause OF the present
stringenoy is, #e think, sufficiently shown in the
high freights and low prices Of products-but
at al is as insane as t6at Of inYenti1g perpetual
motion, and the bills for apportionment Of cur
cency to any part OF the country ought to be re-
pealed. II greenbacks Fere mada funda-
bic at the pleasure Of the holder,
into 4 per cent bonds all restrictions on
the volume of National Bank circulation
might be safely removed, and with the increase
OF National Bank circulation re should not only
steadily approach specie basis, but have just
Es much paper money ss there WAS bank capital |
to sustain it, which would be all that ought to !
be in existence. +!
THE REISSUE OF GaEESBACKs.
In our article OF yesterday re wrote that the |
whole scheme OF getting up popular demon |
stration in favor Of the issue Of more green |
backs probably originated 1ih the gold specu~ |
lating clique, aided by the railroad companies |
lbut by a typographical error the word "Wlth"
was omitted, thus entirely changing the sense). |
This will probably be yet found to
be the origin of the scheme to
issue more greenbscks. But it
Is curious that Secretary Boutwell, should insist
his authority to issue them, and by this claim
thus cooperate with the clique in the endearour
to put up the price Of gold. The act Of Feb. 4,
1868, which stopped the retirement Of green
eaeas the s anbosy bosa to da Issue
nutilated: ~ giving this authority it implied
the prohibition to issue them under any other t
circumstances whatever.
LOCAL STOCK AND BOND MARKET.
Mesars. Lunt, Preston {, Kean quote stocks
and bonds IN this market this afternoon as fol-
1oTs:
.---.... Bug:ng. Selling.
y: 8. 6s of H1-.... ..1lGA 1lGM
0-<os OF 81. .--il5l1 1lo1
2-9os 9o o! ~. 11oSs
51os Of '65, Jan. and July. y....--..114,z 1l4ss
b20s Of a67, Jan. and July ---...l14;s l1tX
10 H7F Tan nj