, 1873-11-12
MONEY AND COMM Z ERCE
TuKspAY EVENING, Nov, II.

TUESDAY EVENING, Nov. H.
Local Guances continue NJ quiet and money
ns scnrco aa oyor Tho affars Of tho bnnlsH roA
main lust nbout Us they havo boon for tho last
Two wcohs Deposits do not increase much, md
tho ability Of the banks to discount IT, therefore,
ycry limited About half d doyon Of tho loading
bants find thoir ability to holp tho business cont
muuity IN this respect gradually Increasing,
whilo uonrly nll tho others arc still directing
their attention, with varying s1,coess, to collect
iug their bills receivable, and arc therefore not
extending any old to the business community.
Tho obligations Of tho merchants now maturing
In bank are, Ra q rlllo, boing promptly phll.
Now YorR exchange il still worry scarco, which
eal,sos tho shipment Of currency to Nav York
lrom day to day.
Notwithstanding tho unfavorablo nowu from
London yesterday, there ia n bottor feeling
among business mon horo in tho last day or two.
Thcre appears to be gonora1 impression Tint
to uae common exprossion-" things have
touched bottom" 1t would 10 difficult to cto
any particular facts as q tcason for this. The
yhoio panic haa been largely only q mattoe OF
Impression without sufficient foundation In
faots, an unreasonable fear, loss Of the usual
confidence which makoH trade an0 bank
ing possible ut all. Tho recovery from
This condition will, thorofore, 10 duo
bully to M impression, only dif-
foront mood Of thought. Tho better feeling
lo-day is probably only spasm from which
there may DO Q temporary reaction IN few days,
but 1t Is at least q symptom OF recovery. Tho
tho idea TINT 1t will DO necessary for Congress- to
iegiHlato confidence to life again, and tho o1ist-
pnco Of this iGca will therefore, make tho legis-
lation a necessary prerequisite to complete res
AZ to what Congrosa should do to restore con-
ndonce, thoro is perhapa as great = diversity Of
opinioti among business mon &c there has been
nbout financial legislation at any time III tho last
FYrsi-Those who beliove that It will be ncccs-
sary to increase the volume OF grcenbacks and
buy mp more bonds in ordor to get tho green
bucks into circulation.
Second-Thosc wlo aro III favor Of froo bank
ing without auy requirement. for Is or IL per
cent roBorye, as now stipulated BY tho National
Currency act. Those who favor free banking
slso, as rulo fayor tho 65-l0o por cont bonds az
q means OF making tho volume Of currency flex'
ihle.
:. Third-Thoae who want to SEQ tho currency ap'
preciatod to par with gold by funding the green
backs, or redeoming them III Bpecio, 80 that the
nearly 4o00, 600 00O of Bpecic now IN tho country
ehal como into circulation aB money, instead o1
being only commodity as now.
Tlore GRO hundreds Of croteheta and var1a'
tions Of these loading ideas, each OF which II
some ono mans patent plan for sotting every.
thing to rights, but tho above throc general
olassoa embrace tho ideas OF nne-tenths Of those
who ondeavor to 500 somo way out Of the pres
ent financial muddle.
Those Who insist That there must be an infls.
ton Of greenbaeks arc, at rllo. large debtors,
who find that tho margin botween their debts
and tho value OF thor property II forced to sale
will leave them nothing WHILE on tho othcl
hand. those who are out OF debt are in favor oi
resumption Of Bpecle payments.
Tho objects Desired by each OF these c1aeHet
would probably DO effected by tho repeal q
those olauaes Of tho National Currency act which
limit the volume Of National bank circulation te
t354, 100000 and require the National Banks te
keep 25 mud 15 por cont Of reserve against thei1
circulation. and deposits, if, at the same time
Congress shall authorize 0.G5-l00 per cen
bond, into which greenhacks may he madt
reserue. would make all tho o1p9ansion o
the currency, and Of bank credit, thet would b
necoHsary to restore confidence. Tho privileg
of converting greenbaoas into 8.6b-10o per con
Bonds would, however, canse contraction 0
the greenbacks. and not only tend to mako then
appreciate nearly to par with gold, but woull
check tho tendeucY toward unduo imitation.
!, It Ia useless to talk about actual redomption
Of greenbacks in coin by tho Government now
The day has gone past Tor that, because tn
Government has no Burplus revenue now, au
probably will not have for Bomc yeara to come
=, It Ii noteworthy fact That the ideas Of role
that may come from Congressional action are Al
directed to some change In tho currency laws
while In fact more necessary thing will prof.
ably be come Legislative relief, for debtors, t
to prevent tho forced salo OF property undo
foreclosure OF mortgages. Something Of th
kind will at least be nCooaHary in regard to debt
maturing within the next yoar. -,
LOCAL STOCK AND BOND MARKET.
A1esars. Preston, Kesn d Co., quote as follow