, 1873-08-29
MONEY AND cOfaAlERCE

TnUnsDAr Er1:,,1No, AnE. %,

TIURspAv ErEt1s0, Aug. %,
Tho Eront feature III nnHNcen aud trae III this
part of thu world which Htill attraets tho atton-
liun Of banlers and merchants iu tho influx Of
wllont NOW just beginning, Ill tho robult OF tho
great outflow Of currency duriilg tho last ton
days. Un1ni1y, 1t takes moro tlan ton lays aftor
tl,o shipments Of currency to tho country haso
become lnrge boturo tloro il II corresponding re-
tun, Of grain, hut this yenr tho abundance OF
tic wheat crop wns sn we'll known, and tho con-
l,n,auce Of gona prices considered 90 uncortnln,
that whom tho HOW wheat was roaty
Tor nnrlet II ct:.,s III moro promptly
than uH,,nl, and has tct everything IN
tho way Of business in motion. Tho only objec-
tunablu feature In the nloyclnont Of grain iB The
fcar TINT tho large receipts would put mp tho
p:co Of froights, check elipnonta, aud thus
ca.so an accumulation Of gruin hero, which
woalA not only doprcss prlces but at,aorb tho
available fuuts Of tho banlss and mako money
tight. It IL beloved now, howoyor. TINT tho ro-
cepts Of corn which, M to tito present time,
have constituted more than half Of nll tho Ernsi
tonungo going oastward. From various partB of
the region lear TINT farmers aro inaritot-
lug no corn, md tint Tho roeopts of corn hero
now ale only the effects Of clearing out tho
wheat. II liz probable TINT by this time no1t
week tho great bulk of tue carrying cnpacity Of
the raitoasls will bu devoted to tho transporta-
tiou Of wheat.
er,plv tle country haukH with currency, aud at
tho sau1e timo to pny for cargoos Of grain for
shippers TO the Enst, u making so1no impression
oil lilo uupply Of available funds. but III loug
aA the grnln IL kept moving, mud not allowed to
accumulate hero, tho effect il not nulcient to
nuke much closer condition Of tho loan market.
Exchange continues depressed, pnrly on nc.
tollllt of tue large amounts being nlado against
FsA1k.
\ W the dorand for cusrency, which obliges the
banis to sell otclauTo 10 got IT, Tho quotation
for exchange to-day was nominally sl.2o ror
t 100 uiicu,lt
pEu11SI III THE VALUE or a1Lyru.
Tho gltatly-ncroasel production Of silver In
t,ih country, together with tl.t Gisconilunuco
ct silver tho money standard OF Germany, Is
beginning to have ies OBJECT Oh the valuc Of silver
lar;;,g alseady sa!son place iu Tho laut six
monlna in the pitcc OF slver L1lllion
nid silver coins. According to tho old relative
saluoH uf Eold mud silver as accepted by tito
hs worth Sil.QG.2 as bullion, ard in fact hau for
11any yea.a sold for only fraction un1cr that
price. Now, however, the Gu1no Mexican dollars
ol tho old stamp only soil in tho bullion iuurket
NJ from Sl.02 TO 5l:o3, showing M ayora;o do.
price Of silver bullion III London during tito year
1872, appears from the last report ot the Brit
isli alint, waa G0 6-lG4 per osuco, British Riund
ard (925-lGU0). Tho price is now SD, showing
decline OF 5-1Gd por ouuco equal to about d
cellts LII United Statos not,ey. Tho establish
n,Gut of gold instead or silver aa the principal
money standard i'll Germany. will result in
the, driv4.g, Of not lens than. s5O.uOD,o 900
thalcrs Of tho present silver coinage out Of
Gcrnany into Fmneo, Do6iuin Italy, alrd 6witz-
G.laud. 5o1uo European writer's ostiinato TINT tue
effect Of this will 10 to dcpreclate tho valuo Of
silor not less tlan ~ per cont, though 1t III
probable this III too large In estimate. Ii Soma
quarters it it thought that If our uew trade dol
nr should bo accepted by tho Chinese for tutor.
nnl circulation in t4cir owl country 1t would
clicck the aocliHo iu tho salu0 of silver. But
this wonld nn. necessarily bo the case. If our
now trade dollar is accepted by the Chinese in
tller own country, it would only 10 to Bupl,lant
tho Mexican dollars that have eircu-
lnte1 there for nsaay ycazs, AND the
markets OF tho woril ~ bullion, thus causing 4
1cchno. Notwithstanding sbo expulsion Of tho
old silver coinage from dorlnany, it is u.in well
known mud currently received III France, Belgium,
and Italy, and would souht!ess continue 10 cir
culute III those countgios and Of curroncies that
tho inferior Will drive out tho botter would
eventually causo M outflow Of gold from thoso
countries. In tho Uute1 StateB it IL hot at all
Improbable that silver lMlf-dolIars OF tho Nh
tionul cplnage mny decline within G year
to tho yauo Of greenbacks. The frac.
tionnl silver eona OF tho United stI!cs, half-
dollars, Quarters, etc., nre now worth only VI to
95 ccnts i'll guild IN tic nominal dollar in silver,
while tho nominal dollar i'll groenbacks Ia WORTH
at presont rateB Of gold, u conts n gold. Tho DIFF
fcren.; .etTeeu tue gold YAlue Of greenbacks and
silver co!n is nov sents. VAere ii ayery prospcc.
tiut ),atwecn this and tho close of tile year ,old
will u.elino Ill., which would make tho value oi
gree1lbackB 3t. At the present rateB OF decline
t il also probable tint silver will decline in tht
next Blk 1.ontlla from ltb present valuo to 30 o.
o.. In this cate should have Oil inllnx Of sill
yer co14, not only FROM Canada but from Mc1
leo and Europe.
1ocAI. STOCK AND GosD MAngEr.