, 1873-10-17

agriculture. College land scrip..... ~. I'D
CHICAGO, CINCINNATI, AND ST. 1ou1s.
From tho 81, Lauis Globe, Oct 16.
Cincinnati has resolved no longer to bufror Chi
vago to mon9pollze the currency trade Of tho
EoTthwest. Her banks have boldly roaumcd
full Payment Of al demands in currency. hlore-
olusvely proved tint, IN % Cincinnati At at least su
there fu not tho slightest panic, that the de-
postors have no such distrust aa loals men to
tk draw out their deposits for boarding and that
tho banks at once, as eoon as they aTow their
readiness to meet a1l obligations.
meanwhile business III st. Louis ia still re-
earaea ~. by re continued suspension. With Chi.
compelling It to como to them for produce, 1t is
long ~ IT. - unable to Do business III the na,o
vaiod n dpthang to aa tie UnS which
sumea again, aud tile shipmcntB last woeL were
moro than twelve hundred thousand buaiolB, or
nearly one-third larger than tho shipments Of
tho corresponding woek last year.
From this statement It appears that, not only
Last week, but also the week before, Chicago
shipments Of grain exceeded worry largely tic
.a!p shipments Of tue week ending Oct. 12, ls72 and
least, to the extraordinary demand for exchange
q products for currency, and to tho ability OF
Chicago to deal In currency. We may safely cal
culete that nearly thu whole Of tho sum nov
paid to those WHO realzo upon grain At pres
ont prices is ,tacd in making purchases Or in
payment OF debts for purchases already made,
and it IL we'll known that the trade goes
Where E5h;at tho grain goes. Thus, in tho end,
celying In payment, either Of old debts or for
new purchases, sc, 200, 900 week. III consequence
OF the movement Of grain a1one. This is but O
fraction Of the business which tho use Of cur
roncy has thus set In motion.
we arc well aware that the business OF st.
Louis depends upon somewhat different olo-
.ments,, ard thas tho grain trade Of Chicago
But We ask our bankers to consider whether
IN tho leading branches Of business in this
city, tho sano advantages would not bo gained
by return to the use Of currency, Is there
many Of our mills aro now rllnning3 Ii there
not constant demand for cattle, and yot il It moi
problblo that tho business will bo driven else
where, II there are cash payments in Chicago
demand for tho products Of o,lr mincB and fur
naces, and yet how long can We expect nuors to
go on II 10 Gurreucy for their payment can be
obtained? Even now we arc receiving about
l,auU baleB OF cotton week how much moro
should we receive it our merchants had
plenty Of currency to pay for it? Nor is tho
gram business ono 10 which this city can
afford to be indifferent but while New York is
rope, ctr receipts arc comparatively small.
1t is not With any disposition to complain Of
our bankers or to alarm our merchants that We
recall these facts. On the contrary, a royiow Of
approximations which mny hayo deterrod the
banks from resu,ning. Tie experience Of Gin
cinnnti shows that there il no foverish panic in
the community; that tho banks will DO abnnd-
pay. The experience Of Chicago shows that cash
is flowing westward to purchase produce in guam
tlty large enough soon to remove MI difficulties In
this section, 6ut that 1t goes to tic city Which
pays cash. With Chicago and Cincinnati both
reanmiug business on cash basis, can st. LouiB
afford to stand apnrt7 And n review Of our own
RESOURCES and opportunities HhowB that tie cash
must come hero also, Il Our banks invite it, to
pay for our grain and -four, our cattle aud pro-
visions, our cotton and our minerals, thus
clearing on debts Of the country to st.. Louis,
banks, and in turn enabling this city to clear OH
lndabtednesH that it may have elsewhere. II
wo stand still ind do nothing, while other c!tleB
ouy and sols for cash all around us how soon
will such q revival Of trade, relieve tho burdens
OF mutual indebtedness hero?
1t scema to ns imperatiyely necessary for the
etrongost bankers OF tllls city 10 take sou,o
steps at onco to enable tho trade Of st: Louis to
compete Oh more equal tofnas with tiat Of othor
citos., Il all the banke can resume at onco Us
they haye doue In Cincinnati, that will DO m
end Of the difficulty. No matter how long Will
street speculntora may bo entangled, tho pro-
restore business upon q solid footing, just as
fast aa our bnnEs afford tho neodful channels OF
communication. And II all OF them arc not
able to 10 10 at once, wo think q consultation
would reveal tho fact that many Ut them can,
with great advantage TO themselves aud to tho
community.
day 1t l.l0 to io int jlst sforo o'clock whcn tho
d hank - accounts wsre ;nade m WA offered down rap
uy IL IL s,a sma aonta to rer c.nt This movement
Mnaying Az M come connection with current speculation On
IL hs y.rg ccsp cspecy 81 ces M n
weTS eT e. aeyo 1t aH. At Tho al close quotations
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