, 1872-12-21
M0NEY AND COMMERCE,
MONETARY,

FRIDAY EVENING, Dec. 20.
The heavy receipts and decline in the price OF
hogs up to yesterday, had induced packers to
make preparations for extensive operations, and
the consequence WAS q large demand On the
banks for money to operate with, which made
money considerably tighter to-day. But to-day.
receipts OF hogs have fallen OF largely again,
and prices were up q little, which will doubtless
deCer operations on the scale anticipated, and,
together with tho holiday interruption OF buEi-
ness next week, indicates the probability that a
great deal of the money will lie in bank for
week or two yet, and the money market will con-
Bequently relax again during the next few days.
New York exchange was lower to-day, owing
partly to 3 large supply Of bills on the market,
and partly to an increased demand for currency
in the anticipated increase of pork-packing and
payments for hoge. Sales were made between
banks to-day at Sic to 60e per 81, 600 discount.
NCREAs1SG NATIONAL BASK CIRCULATION.
One of the results Of the recent interviews be-
tween the Banking and Currency COMMITTEES and
the Secretary Of the Treasury is, that the latter
indorses the Recommendation OF tho Comptroller
OF the Currency to repeal that provision Of the
law requiring the withdrawal Of Sz5 900 900 Of
National Bank circulation from banks in
States that now have more than their
the same among banks in States now having less
than their apportionment Of circulation. The
Secretary also iudorses tho Comptroler's recon-
mendatlo1 to increase the volume Of National
Bunk circulation ut the rate of S5, ,000, 600 per
snnum for tho next i've years, and to distribute
this increase among banks III States that have
less than their apportionnent. The first of
these measures will undoubtedly receive the
support Of the National Bank influence in Con-
grass. and If the two measures are combined in
one bill, they will probably get considerable
support from the advocates Of free banking.
But, if the latter Of the two foregoing PROPOSE
t1ons were Increased so as to admit Of an in
Of National Bank circulation at the rate Of
s1oooo,o0o or s15,ooo,o 900 per annum, aud with
out the restriction to Two years, the two
measures il one bill would bo moro
likely to combine the whole support Of the pres
ent National Bank influence and Of the advocates
OF free banking, and would be more likely to
pass than any other Currency bill that will be In
duca any new features in the National Bank
currency, but would simply allowitt to continue in
c1easing at nearly the rate it has done for the
last two years under the So, ,OcA, 900 act. It is
true, the increase Of the National Bank circula-
tioo under tue $54 000 0C0 act has been held in
check to some extent by the corresponding re-
tirement Of 3per cents, but to nothing like the
eztent popularly imagined, and the ex-
pe1lc1ce of tie past two years shows that,
Without any such restriction as proposed BY tho
Comptroller, the average increase Of National
Bank currency would be at the average rata of
probably sl5, ,000, 900 per annum for three or
Tor years, but would gradually diminish from
year to year. As neither tie Secretary or the
Comptroller can give any seod reason why the
Increase should be restricted by law to S. 000,-
0oo instead Of 5!0,0oo,000, S15,0o0,Olo. their
1lEuelcs should be exercised for measures
Ea4ch,-whllo they ace Only notifications of
t:elr own views On one peint,-would undoubt-
eIy secu-o larger support III Congress.
LOCAL sToCE AND BOND MARlIET
AesErs. Lint, Preston s; Eean quote rs fol-
ows this afternoon: