, 1873-01-02
Financial and Commercial.
SEATTLE, Jan. 2, 1877

report gold in New York 112, currency
buying, SS "a; SightExchange on Portland
and San Francisco. "a per cent. pre-
mum. on New York l per cent. pre-
MUM for Currency, ~ per cent. pre-
nium for Gold. Sterling Sight Drafts
on Jay Cooke, Mccullough & Co., Lon
don, England, S. 10 per E. These
drafts are cashed by special agreement
all over Ireland, Scotland and the Con.
tinent free of charge.
Our merchants report trade during the
week as very satisfactory and for the
year just closed there is little room for
complaint For Seattle. it has been a
year of prosperity; there has not been q
failure of business house during the
time; many new firms have started; a
number Of new business houses have
been built; a large number of substantial
residences ornament our hill side where
q year ago the fir tree was standing.
Seattle of year ago and to-day shows
q growth in population, and inhanced
value of property, at least SO per cent,
and with better outlook for the coming
twelve months than there was a year
ago. We have had no Real Estate ex.
oitements the past year; no rush fol
tawn lots by spectators; but steady
purchasing by persons who have come
t. Seattle to make it their home, to cast
their lots with us and help build up the
Commercial city of the Northwest which
nature has fixed as the spot around
which centre all the business of Puget
Sound; and the false idea is fast passing
away that the r. K. Co., even if they
wished, could turn the channel of trade
out of its natural course.
Money is in fair supply at ~ to
per cent. per month.
Regarding the great banking scheme
before Congress We clip from the Port
land Bulletin:
1.-The bill has been introduced in the
House by Representative Wheeler O.
New York. 1t is entitled bill to in
corporate the Government and Manag
ers of the Exchequer of the Unitee
States of America" The capital pro
posed is one hundred million dollars
the central Office is to be in New York
and branches are proposed for fifteen O.
the largest cities. National banks are
to have the privilege Of subscribing tt
the institution and merging in it. The
corporation is to be divided into two de.
partments-one for banking, and the
other to consist of three Commissioners
for each office. appointed respectively
by the President, the Governor of the
State and the managers of the offices
these Commissioners to have authority
to issue notes to the Banking Depart
ment, for which gold coin will be re-
quired as security, to one-fourth the
amount of the first 5000, 100000. The
proposition to incorporate this institu-
ton is supported by number of emf
nent bankers and men of acknowledged
standing in the financial world. The
chief object to be gained, as they claim,
.she establishment of a bank which
i'll be able to meet the financial wants
of the country; the merchants, it is de-
clared, are seriously hampered by the
present National Bank system, since a
majority of the National Banks will not
discount mercantile paper at legal rates.
Tne subject will be pressed upon the at
tention OF Congress, and it may have
much merit IN it. But the country is
distrustful Of large monied corporations
and no doubt objections will be raised
SO scheme which proposes the concen-
tration of SO much financial power in a
few hands. Congress will hardly sane
ton the proposition, though its authors
say they have some expectation of Sc
curing the legislation which their scheme
requires.
From the report of the Secretary Of
the Treasury We learn that the pub-
lie debt, December l, shows 80, 263, 754.- :
1872 principal and interest. The amount
of coin in the treasury was $6S, ,603. 900;
currency, $40, $4,000; special deposits,
for the redemption of currency certif-
Gates, S24.465, GOO. The coin balance
was reduced nearly $11, 1000, 900 during
the month. due to the payment of semi
annual interest. Since March 1, 1869
the public debt has been reduced 1865
000,000. The reduction last month,
however, was less than 81, 900, 600.
We clip from the N. Y. World the fol-
lowing which shows the financial out
look for the coming year:
The news from London is to the eff
1ect that loans are made in the open mar
ket below the bank of England's mini
mum rate of 6 per cent, and in some
cases as low as 5 per cent. The Ger
man Government is said to have arrang-
ed its financial movements SO as to in
,suye an easisr working of the London
money market and . steady decline in
the rates for loans. There is an in-
.creasing demand for United States Gov
eminent bonds and other frst,ciass Am
,erican securities in London, and some
important negotiations are progressing
with Continental bankers and their
agents here. Next year easy money
markets and active business and specu-
lations are expected. The disburse-
ments of the German new gold coinage
to the extent of about 500, 900, 600 after
January will produce condition of af-