, 1873-03-08
MONEY ANG COM MMERCE.
MONETARY.
l'n1pAr i;vFNtNa, March 7.

WHINE ANGs |
Fn1DAr EvsNtNa March 7.
Thoro nro indications Of grontcr activity anI q |
bokter supply Of n,oloy both here and In Now |
York. THO lucroasing Imposition to speculate |
In agricultural products and III stocks, however,
increases tho donan1 III ovon greater proportion,
and, though tho National Banks aro evidently
letting ont n1ohey more freely alnce tho call tor
report, It Is apparent TINT tho amount Of I'm.
satisfied applications for money Ia M largo as
eyor.
The nnpply Of Now York oxclaugo wa1 smaller
so-day, and aa i,ldicntod in our article OF ycstor-
day. the tendency Of the price is upward. saloa
were mndo between banks to-day at TO ccnts per
$4,000 dihcount,
With gold at 1155G To-day, tho now 6 por cent
bonds woro quoted at 11s1ss, Including interest
accrued bnco Fob. / ; turning tho currency quo
tation into gold, md stolucting tho accraoa In
tcrest, It loaycs tho not prlco Of tho bonds at
87A in gold. It Ii apparent that whilo Investors
eau buy tho now bonds in tho market Mt those
prices they will not subscribe for them ht pnr'
All tho iesuos of 5-20s IRE from to 119 por cont
higher In gold, and II Investors fclt disposed to
snAho tho change at nil from tho 5-20s to 8 pcr
cents, they would undoubtedly prefer to sell
their 5-20s in tho marriott and buy the per cents
in tho sarno place, md tho present range OF
prices will probably stop tho operations of tie
Syndicate.
Notwithstanding ali that Inns been said Of ]ato
shout tho improvement Of tho public credit, Gov
ernniont bonds aro no higher in gold than they
woro year ngo. They arc worry little higher
than they wero two years ago, and, notwithRtand-
Ing the groat abundance Of money In tho Eu-
ropean money rnrlsota at tho present time,
Uni,od States bonds nro not ms high as they
vrero two or thrco months ago, whom money was
couinarativoly scarce In tho European markets..
The atcady rise in tho prico OF gold Shows that
sn failiug to enact q law looking toward spocio
raymeutp Congress has probably committed the
country aud ita commercial interests to q
period Of greater fluctuations In the vnluo Of
tho currency thnn any tlat hos beon experienced
FOR two or threo ycara. Our cotton exports,
which aro always an important element In gov
s,ntnE hS sso Of gf arc S fs of
son that 20 haye already exported d fourth moro
cotton since Sopt> than VIC did III tho
aamo poriol Of last ycar, md we have smaller
atock to drcw from for further exports, nud,
Sron, thia cause alone, tho tendency Of gold
would bo upward. Dit, aside from this, Is
the ayowel moyo. Of tho Administration
toward intaation Of tho currency By tho
TINT lie has authority TO issuo $4,000, ,o00
mQre greonbacka The Secretary aaya ho viii
not issue tho s44 900 900 unless tho commercial
interests OIL Ind country uGmAnu ll. ltuE GnD
very fact that ho has tho powor to Issue them
Will mako M apparent necessity for Issuing
thom: Tho acknowledged policy Of imitation,
together with tho wol-known Il, p taot that our cI-
Of coin Iii the United States, causes rise In
i Value of tic currency K littlo ovor two montha
ngo our currency was worth 30 cents on the do dol.
lar in gold. To-day it is worth only 86h
cents. Thoro ia decrease Of oyor $ls o0o, 900 in
Its purchasing power Or exchaugeable .value,
which operates practically tho same ns q con.
sassncoe' ~ az sit i pfoGably viii Ills spring, thes ei
feet will DO to nuke domand for more currency
to countoraot tho depression in its valuo, and tho
Secretary will be importunod to "eaye tho com.
ae part Of his 'reaervo fnnd.h 70 shis infat:
1laLion ho will find lin,ee]f compelled to yield
The issue Of tim currency will canao = fhrthel
riea in gold, and create q further necessity fol
the Issue OF moro mud moro Of the depreciatine
Another causo Of financial disturbance thi,
year will be tho Law. for the redistribution O.
it from banks in the Eastern States and givini
it to new National Danlte in tho WoBt and South
Under the existing Inv, tho Comptroller will b.
compelled to call upon tho Eastorn banks t.
procsHs Of Redistribution, tho supply of Nationa
Bunk notee will DO temporarily diminished
which will bo still another .plea for tho issue Q
more greenbachs. Under tho operation OF II
crease OF National Bank notes, nn
corresponding contraction Of greonbacks (or
per cents, which nro practically the sane thing)
gold steadily declined and tho value Of tho Who'll
volume Of currency gradually appreciated mt
The reversal OF TINT policy By tho failure Of Coz
gress to provide for q further increase OF Nj
fional Bank notes and corresponding contrat
tion Of the greerbaoks, Tho experience Of th
last two years ought to convince thinking pet
ple that tho way to specie payments and bette
currency ia to romove the monopoly OF Nation'
By getting rid Of tho groenbacks, which nro Ii
real obBtaole to the steady appreciation of th
whole volume Of paper currency IN this conntr.
LOCAL STOCK AND bond MARKET.
Mossrs. Luut, Preston i Kean quote as to
lows this afternoon:
Buying. Stntn
t-21a Of fB2.....................,.11 .115H 1l6
b-20s of N4. .......,...............11b2{ lie
6-10s of VI, t5,........,.,,.,.,,,,..,1Ib 11G