, 1873-06-03
MONEY AND COMMERCE
MOMETARY.:!!

Tho local money market grows oasfor from day
10 dRy aud a number Of tho banks would bo glad
10 ioroaso tller loana II satisfactory paper wero
offerod,. Now York exchange Waa lower to-day,
owing to 1omnnd for currency to settlo bal
ances ut tho Clearing House, whore tho olonrnga
wero vcry largo tn oonsoqhehco Of the heavy
eottlomonta Of Juno options In tho grain mar-
kots. sAles'd New York funds we're ;mado be-
tween banks at par.
tis generally understood that the controlling
tnterost In lilo stook ot. the Cook County NJ
tionl Bank Of this city has passed Into now
handa, tho principal parttoa ID tho now ihtesost
boiug Messra D. T. Allen, Of Iowa John n
Tracey, President Of tho Northwestorn aud the
Rock Island 1ailronds, and Ohauncoy T; nowon,
gentlemen will take up Lis residence In OAioago,
Tor the purpoHedt taking An ,aot1ye part in tho
management ot tho bank,-probably in oonnec-
lion with Mr. >BoNen.7: Mr. Allen has for MANY
DesMoineB, lowe: Dir. Bowen fs we'll known In
khis city aa President Of tho Board Of South Park
ComlniaBtoperH; md also ~ : gentlemen Of in-
tsgrity, and an ablc Anhncior. It is probable
that tho capital OF the Cook County will Boon DO
largely Increased. Should this be- done and tho
plans for tho new management DO completed az
now contemplated tho bank will soon bo second
snd % busnosss ssncral9. Mr: b. nvf B. spanosr, aho
has boon the President OF tbs Cook County
National, will probably dissolve all connection
with that bank, and take IN active part In. tho
IN which he has i vsGy considerable in.orest, -
WHAT IL TUE VALUE OF oRRENuAckH2, ,,. !,
Something Of discussion has grown up lately
10 several quarters ~ to, tho Value Of green.
Williams College, nj. Amaea Walker; tho New
sevora1 others, aoatend thas tho iss; dop;rooiae |
shoa s. spesGas p9s nsss sos o s9sa pa s
dut The position Of these partition In little moro
htergible Language they contend that the do
preoi.tion in 'tie value Of groonbaoks i greater
this caso "to1a. Is, int" !Tbls Is, in fnot, 3
proposition IN which there is no ground loft for
argument,. With gold st 113, greenbacks aro
s T9sh a sg sas s 9 sS sf M ss ss
dollar. Il IL IN axiom In finances and trade that
. thing il worth what Il will aoll for In money.
Now re hsve no standard Of .valuo but gold and
s14souoy. in whioh ii y.lass IL tho world aFe
measured 1t tn conclusive that the real depfcci-
alton Of graenbaoka IL Just what It, .appears to
bo, w.: 161 cents on 1he dollar, when gold is
Ill aesailed tho seoretasy Of the Treasury for
being q" bear non the gold market, and thereby
making gold 90 eheaR that 4 is steadiiys flortng
as ., ss Ss se see et Pi IS
country. It is this:. THO American peoplo 40
extravagant, and for the last two or threo years.
this e1trayagsnsa has beon 80 stimulated
saS .a salans in W. 1sEsr hssa
boen buying annually from 5000 600 300 to $780,
900, 600 moro foreign goods than re. hayo aold
domestic products Ia other words. We hays been
$500, 900 q yenr, aud have been giving cur
promises to pay, tn tho ahspo OF railroad, State,
and city bonds, to settle the difference. but not
to pay 1t. The interest on thin indebtedness to
draining away our ntook Of ready money to pay
It. All that we do not pay In othor products muat
be paid 10 money, VIZ: u he worlda money,
gold; t is tho outflow Of shis interest Oh our
tndabtednoBs abroad that Messrs. Perry, Walker,
otas., have niataaen for aboar policy " On tho
part Of the Secretary OF tho Treasury.
Mensre. perEy, N'hiker ct al, contend that gold
10 bssv bsH~ II 5 I'll hs1 xpe p e
utterly untenablo, we think it probSblo tLat tho
progrese Of this foreign interest debt Is toward
onl1nination in our financial affairs, In which
gold ,oiA rise: The payment OF our anaual baI-
ance Of indebtedness to Europe ID steadily TAX
.he country. r short, ~: far as real
poorer everY year Is alog{osl cons oonsoaaence, ] % To
should hare less and less real money in tho
country from year to year, but we keep up the pre-
ssnse of o h.ying 1ust as much money "a erer, and
circulation. But as the rsal money leaves the
country the " rnako-believe" money deprociatos
in value. 30 that its total value Represents tho
ILLUSTRATE this depreciation, . table recently
printed By d California paper showing the cash
value Of the MACS Of Rreenbaoks md bank notes
IN May e en compared } Th May 1875
::::::: e. a.: gse,: rt<.. ss's:! sss
H. H. q: l:$;!l sss 8 Ss;i;|
Bss:s::s:s B4ssss::s 1 Il az s "
This ia equivalent to Tie statement thss f. tfs ~