, 1873-11-05
MONEY and COMMERCE.
MONETARY.

TUESDAY EVENING, Nov. 4.
Thorc was very littlo doing ut the bankn to-
dav, md tho partial adjournment of tic Board
Of Trado on account Of tho city election inter-
ferod to Homo oxtont with tho general trade.
Money continues tight, and Is hold at III to 2
ror cont in tho opon marl;ot.
Now York oxcllhugo IL still quotablo ut 600 por
$1,000 premium.
Currency sstil being shipped to Now York to
como oxtont, but thoro is more coming In from
lho country than Ia boiug Bont out.
1t is beginning to bo more and moro apparent
that tho recovery Of trade from the present gon-
oral BtRgnat1on throughout tlle United Statos
will DO moro SLOW than was anticipated, There
Is n vast amount of indebtedness now hold in
>beya,co, but that cannot be paid until thoro is
market for Rtocks, bonds, manufactured goods,
Ind comtnoditios generally, that will onablo tho
7ebtors to sell their property md pay thoir
7ebts. Tho moro fact that this groat quantity Of
commodities and securities iH being gradually
pressed upon tho market prevonts tho reaction
Of prices and the revival Of trade. There ls a1a
expectation in tho public mind that Congress-
Fill do something to reliovo tho country this
winter, and tllero is reason to approhond TINT
.ho popular demand will be for somo sort OF cur
icncy in1lntou III order to stimulate speculation
anil cause MI utlvanco IN prices by making HI ad-
vanco in tho price Of gold. But nothing that
Congrcss could do, cvcn II this suicidal policy
worc adopted, could affect tho prices aud demand
for commodities, stocks, and securities III less
than three or four months. It iB not probable,
however that my measure Of positive imitation
will bo got through Congress this winter. Tho
financial measuros TINT will stand the best
CHANCE will bo FREQ banking, with possibly tito
repeal Of the requirement. to koep ~ per cent
reserve; also, possibly, the authorization Of 8
or per cont bond into which groonbacks shall
DO convertible at par, and rcconvortible at tho
pleasure OF tho holder. The repenl OF the Legal
Tender act, except with regard to debts contracted
prior 10 Tho repoa1 is also not impossible this
winter. Tho adoption Of all tllrco OF these
n1onsllros Houd In fact. remedy oil tic principal
evils Of our present contracted inoxible curroncy
system, and put it on sound basis. But mono
pf thcae would cause re-inllntion Of credit au1-
ciont to overcome tho present Bsagnation III u
fow months. business will have to reyivo OIL a
moro solid foundation and in n more legitimate
why thsa by imitation, whom it reyivcs at NIL. It
seems probable, therefore. that tho oStonHious
now being granted to merchants, manufacturers,
traders, alld speculators on their maturing III
debtedncss, will have to DO for longer tin.o than
tho usual three, six, md nine months. Tho fact
is the indebtedness is too great Tor trade TO re-
vivo while attempting to carry this load Of debt
rally, though perhaps not legally, thoro will lave
to be line drawn between tho dobta now exist
ing and tho now ones mado hereafter. Tho mcr-
chants and manufacturers, Lilo tho banks, will
Of credits, holding tho old debts of under Ho1no
generally understood arrangement until tho re-
viyal Of trade and speculation will permit tho
marketing of property to pay them.
THE PROFITS or SILVER COINAGE.
Much rilieulo ia being made, i'll various quar-
forr tf,n he
nent of specie payments in silver coin. The OK
tent Of tho payments Of silver by the Treasury
certainly look very petty when called by tho
sounding tito Of s'specio payments" Noye:the-
TO the volume Of circulating medium III tho
country caunot be made by tho increase of sil-
yor coins, and the process OF coming silver ct
tho same time be profitable to tho Treasury.
The Government cnn buy plenty Of fine silver
bars Crnre silyc,) i'll tho mnrkct at s1:25. or, at
tllat pricc. Tho Mint turns this pure silver into
" standard silver" by making it one-tenth alloy.
A. $laG in gola por ounce for fine slver lie
coined into half-dollars or other fractional
coins ut the rate Of 3s5.0S-10 grainB
to tho dollar, and pay5 these out ut par with
currency, or Mt the ratio Of S1.24 4-10 couta per
ounce Of standard silver. The net profit, there
fore, of debasiug tho silver and coming. it into
paid for tho pure silver. This profit coyors the
present premium on gold, and leaves margin
Of over q per cent profit besides.
There Is great popular demand for silver
coin. The First National Bank in this city To-
celves host of lotters every day from country
banks proposing to buy silver coin and pay or
2 per cent premium for it. At tho National Troas-
ury there is flood Of applications to get
silver ut par for currency. As long us tho Treas-
u1y can buy fine silver at 31.2G gold per ounce,
thero ia 10 rCaSDn WIly the COiuuEe of silver
should not be iucrcasod. It is possible how
ever, that, if the Government purchases were
Increased very much, the price Of fine silver
would advance 30 ms to make its purchase aud
coinnge Improbable, and for this reason tho
supply Of silver coins from tho Mint will prob
ably be limited to between 81 100000 aud 92,-
000,000 per month.
lii any legitimate attempt at specie resumption,
tho Government would, Of conrEe. liaregard thn
premium OIL gold over currency, and in this case
there would bo. III above stated, profit Of 0N
pcr cent i'll redeening grecnbacks with silver in-
Btend Of gold.