, 1873-10-01
money AND com MERGE.
MONETARY.

TUESDAY EVENING, Hoi1t. 30.
It ia doubtful II tho gonoral public hayo oven
yet q cloar understanding Of who II Is TINT aro
killed, antl who aro only scared in this pat,tc
1vo think 1t can bo shown that though bneness
III this part Of tho country Inns boon thrown into
great confusion, tho Northwest really haB tho
opportunity now to tsko MI Independent iinau-
cial position In tho present crisis, aud by tint
means como out OF 1t with far loss ,lamage ts,an
any othcr part Of tho unitol States.
Tho business and speculation OF tho Uu!tod
States, like thoso OF oyovy other country III q
timo o. prosperity llavo heretofore boon done Oh
debts In the slnpo Of cllocks bills, notes, >onts,
eto. AS these obligations matnrod they have
boon "paid |" with now ones, and thus tho st,p--
ply has been kept up. Credit iB merely The apil-
ity to increase aud expand dobtB. But now thoro
hae been d "a
co11Apax or onEp1r
extending, temporarily, a1l over tho Unitcs1
etatcs. Old dobtB can no longer 10 paid with
nov onos, aud 1t is necessary to bogln OIL 4 nov
baaB. For littlo while, at loast, nothing but lilo
:popeeeelon Of marketable commodit!es, mud those
Tho primo necessitios Of 1lfe-graln, pork, wool,
lutnber, coal, cotton, etc., eto.-will givo nun
or community credit, In this general collnpRo
of credit New York will be damagol moro md
Chicago loss than my other olttcs In tho United
States, because tho Former has loss, and tho
1altor more, Of those things now In immediate
demand than any other cities. Tho movement
of thoao commodities to tho consumers must
bring money back III their place. This ia pnr
ticularly truo Of tho 900 bushels Of wheat
and corn III the warehouses Of this city
nnd tho hundreds Of millions Of bushels
moro that arc back in the country yet
waiting to come forward. Tho holders OF tho
warehouse receipts for this grain, whothor they
are banks or individuals, sho,,ld ship The grain
out as fast ms transportation can be found for it,
It is useless to walt for tho reorganization Of
the banks md tho usual mothods OF exchange
But our banks and shippers should
uur LOOSE FROM THE NEW YORK BANKS.
d Lot the grain and othor produce bo nhppad by
the ovnnra or tho banks hero az fast Oh possible
to Now York, Boston, Montreal, anywhoro TINT
it will soil for currency or II currency la not to
be had in those cities, then soil it for gold
and let tho Express Companies bring elthor
The currency or the gold as fast as the grain can
be aold. England wants Our breadstuffB, and
Till give hor gold for thoBe when she will for
nothing olsc. Tie New York banks have practf-
.:cally cut themselves Oft from any legitimate
tttranBaotiona with any bank or business man in
l<he West, They have adopted a depreciatcd
'shlnplaster currency that will drive every dollar
of grecubacks away from them, How
they arc ever to got out Of tho
: Horrible muddle they have got into
with their Clearinghouse certificates ii
impossible to foresee. hut, whatever may hap
pen to them, there ID no reason that Chicago
should share their nsfortunes. The Northwest
ts not only full Of wheat, and corn, aud wool.
>Ani cattle, and hogs, but tho country hauks and
the people Of the West and Northwest hold moro
currency than any other part Of tho United
ftatos The reaction from this great collapse
twill begin with the country hauka In tho North
west. Chicago will, therefore, be tho first city
to recover, and our banks and business men
must make up their minla to stand UP and 90 it
alone without waiting for New York.
At THE HANKS -.
in this city, IT Is now tho general rule not to
credit up chooka or drafts on my othor bank,
hero or elsewhere, to tho account Of tho dcpos-
ftor until collected III curreucy.
Exchange on New York continues unstable in
my considerable amount between banks. No
body knows what prico to put On it, though the
general expression it tho banks was that New
York exchange, "payab1o in certified cIocls
through tho Clearing House." waa not worth
over 96 conts on tho dollar, and could not ha
sold for moro than that in currency.
THE GOLD QUOTATIONS
photographed hero from New York nro now uu-
'derslood to bo tho price III checks payable
Through the Clearing House Of that city. But,
rs currency is at TO por cent premium In Now
York over tho certified chocks, it appears that
the real price Of gold III New York for green
backs is about los, instead Of 112. The quota
4ions for stocks aro also in the certified checks.
THE UNION NATIONAL BANK
t,aring suspended for tho second time. and gone
Into voluntary liquidation under the forty-second
Yection Of tho National Currency act, it's atRa1r
will bo wound up as rapidly as possible, and q
great institution which has for tho lust Biz o,
Beven years exercised moro potent influence
than nny other bank in the Northwest will cease
10 exist. How soon its Affairs can be
wound up under tho existing disorganizel con
dition Of business Is impossible to my. Unle1
ordinary circumstances it would not take, prob
.bly more than sixty Days, but the difficulty O.
collecting bills receivable now renders aiy ordi
nary calculations useloss. IN order to give III
idea of the Objects Of tho panic on tue affairs
'ahe bank, we give tho following figures. obtaine<
from tho ottlcors,-giylng d comparison OF 1T
condition last oyoniug with tho condition OIL
,Bopt 2. The figures aro givcn without tho frac
:, tlons of hundreds Of thousands:
On Sept. 2, tho aggregate deposits Of til
fbank were Tb,boot0ou: tno aggregate anlount Q
cash and exchange was s3,3O0,00O, and tho bill
receivable 81, 100000.
On Sept. so, aftor closing the second timo th
deposits had boon reduced to s3,76O,000, til
cash and exchange to si20 600, while tho bills re
iceivablp still amounted to 81 100000. Accordin
to these figures, tho sum Of $4,000, 900 has bee
paid out in the liquidation of deposits, Will
comparatively nothing WAS accomplished In col
aectlng the bills receivable. The capital, su'
plus, and undivided oarninga Of the bank ar