, 1873-02-22
MONEY AND COMMERCE..
MONETARY.

FRIDAY EVENING" Ecu. sih
Tho increase Of funds In the local market las
had the effect to softou tho ratoa fur tne money
in tho strcot and brokers aro offering money
frootv m frst olaBs collntcra!s nt 10 per- cont.
On COMMERCIAL papcr thrratoe raugo from u I'd
1e nor cont according tito grado At tho baiiks
money Is working close. Tho speculative borrow
cra In tho grain marriott talso all tho bnnls aro
willing TO let them have, and would tako great
doal moro II they could got It.
Exchange is in abundant supply, aud sold ats1
per 81 900 discount between bntiss to-day.
Tho demand from thu country for currency has
fallen bff, but thoro ID a. Ill considerable moyo-
mont in that direction.
sloo,0o ,0ao OF 1aELkrzoN.
Tho Banking Committee Of tho lowor House
OF tho Legislature of Illinois, having thus far
found 1t beyond tho scope Of their ability to
franc so simple and necessary inoasl,ro rs ono
to provide for examinations and published re-
ports Ut tho banRH operating under State char
ters, have concluded to out tho Gordian knot Of
fnsnooa BY advising the General Government OF
the United States to borrow 3l0o, ,opo, 900 by is-
suing 6100,o00,00o moro Of Its non-intorost
bearing pronlsos-to-pay, In tho Shape Of green-
backs. Tho facts that tho General aoyornmont
end, on tlss othor hand, that Il
$50, ,ooo, 900 or sGo,0oo,ooo WITH which to pay OF
!ts outatanding indebtedness, appear to bo OF no
Importance to tho Banlslng Committee Of tho
But .pntting tho moat favorable construction
poaaib1o on this queor piece Of Leglsla' ;vo
gos a notion that tho issue Q: tho s10o.oooooo
chase Of United states bonds would save tho
interest on the bonds. What havo tho Banking
Committee Of tho Illinois Legislature got to do
How would TIT 6elp Illinois we havo
now nbout 800, 900 900 Of irrodoomab1e cur
fenny worth SRI conts on tho dollnr.
e. la worth IN tho aggregate littlo ovor eGo0,-
000, ,0o0 in gold. The fact that We find no 1850
fnr gold or silvcr in conjunction With i, shows
that we hsve no uro for moro than 4G0o,0o0,oo0
HoorA Of currency. Increase the volume OF pa
per currency "A .per cont, and tho yalue of the
Breenbaek "dollar" will dacroaso to about Is
oente which Mo9Id gut gold to l2s Or lao instead
asll for that muoh more, but sowould everything
else. and tho farmer who would got q nominal
advance ct IL Ter cont on his produce would
hays t. psy y md probably 20 per cent
plaasoa Of tho Unifud states complain Of fooi,
log poor. They sny that tho low prices
O. home products, as compared with
mpoatea o1ssls5 snd th TIE anqfae,
gradually making tho farmor poorer from year
to.year; bnt TINY fail to SEQ tint tho causo OF
this is the oxtravagant acnlo OF living which has
been induced by the delusion that an increaso Of
paper "dollars ia m incroaae Of money, and
by tho tleluaion TINT they get moro for their
labor than they did twelve years ago. That an
e1trayagant scale Of living kas boon induced by
the delusyo increnBe Of prices cnuaed by tho
deprecated paper currency Of this country ia
shown by tho fact that, in spito Of high tariffs,
tho consumption Of articles Of luxury has IN.
creased at Nh astounding rate. An instance Of
this may DO seon in tho increased uBo Of carpets,
G1ny+ &1,r f~Jt %ntt -
importatIo1s Of carpets, which no clip from the
fl. New York Economist