, 1873-04-11
MONEY AND COMMERCE.,
MONETARY.


= Aottng Of tho imn,cnno quantity Of grain hold
moro will simply DO tito turning OF that amount |
or capital, which Ia now unavailable, into circu-
aating money.
Now York oxchango la firm and scarco at Coo
por 81, 600 premium. At this rato for exchange
nurronoy will flow steadily to New York, and,
with the largo amounts now going to TINT city
from the Southern States, tho stringonoy In New
1ork will be rollovod.
Tho riso In tho price OF gold is not only likely
10 DO permanent, but probabilitos nre In favor
;of still higher price this summon. This will
help to stimulate business and speculation in
lhe West, ~ It will have tho oflect OF increasing
aho currency prices Of Westorn produce moro
Than almost any thing olae.
Tho East has beon 30 pinohed for money this
spring that 1t Ia apparent thero is growing dis
position among EaBtorn people, who have hereto
tore demanded contraction Of tho currency, to
hays IL s e. i b The c Ct
byils Of. orr prosont monetary Hyatom, and one
which THE TRIBUNE has advocated for several
years. AS an instance Of tho iucroaso
81 sss TO i psy rce Go orasy s
Judge Kelloy, Of pcnnsylynuia. In which tho lat
tor specifics freo banking ms an absolute neooa;
sity In the prosent condition Of our financial and
Kelley makes is in insising Chat the Secretary Of
the Treasury Rould also issue his so-oailod 9A4,-
100000 reserye Of greonhacks, The TRIBUNE
warncd people long ago TINT tho claim Of tho
to issue this 44 900, 900 was only tho preliminary
to The actual issile Of tho grconbaoks, and when
men like Judge Kelloy begin to camor for moro
grecnbncks thore will soon be plenty moro to
In tho conversation nbove referred to, Judge
Kelley said:
Tho financial embarrassment under which NO arc
sasr1 Is L ny e Of most
commercial crisis moro sorons than that Of 1866 from
which she did not react III tho breaking cut Of thu
tcmity Of which sho saved by tho indacretion Of
Mr. Secretary h1oOnlloct, who allowed tho Assistant
.inRo day. a. a. tho So current market sso Thls isake
Of Ills saved England from bankruptcy sudden and
sa % 2f Tas Tns s sdse w
drawal from our banks. for export, Of
Ssnf e .S e n
pended industry, aud thereby forced our laborin8
people upon The savings BANK q the eou1ts for their
From tho sudden loss ot these 900 900 ii spoeio
we reacted until after tho breaking out Of tho
peope @ % BY aa Issue et sfeonoacEs md .ha estaha-
fneat Of 10 National 1aaling system. HOW rapd
Development of our and the progrcss OF
industrtes since then need not dwell upon. Tho
arRe IN amount Of gold bJ Secretary relieved tho
Bank Of England and although u could not sustain the
sudden and palpabo Insolvency. Gf The amount thus
so ss wssS SS. e SaSs
aasrtos Ss ss Il sey q aed. ''"' ~ 'A'
mi AMOUNT r. 4 aa n1t disturb our
to1y-bscsuso gold part OF general curFon-
o.. 1t had bean denonitized from al save two uaca-
the other the payment Of iaterest BY tho Government
on its gold-bearlng bonds. Tho internal trade and
mr. n RI
nton in tho volume Of currency, and especially in tho
~ oSf eI crassa
think Int ecrss, Richardson ought 70 exercise IL
power aud Immediately recvo the country by tho issue
5aass sas ks1sss f. sessst.sy gradual
Cd to do It, but do It stosy. The limitation Of the
tha anterprsng and Industrious people Of s country.
1t il literally preventing circulation, and 50 lending 10
e. e1essg Was ns ss s liz to s psoa
1egs-tende and tho banking aw tho aoushe1n statcs
Z IL ga; .pa Ss Rses r. Of
these facts, and Of tho immense tide OF immigration
that has lowed Into Tho county for ysasn pnst i M s
e o eS
aggravated by tho boneaccnt results produced BY q
so@oWhss ii % IN eseess s Of III tlo dc densads 81 tho
country, but which being ino1portabc In It's nature,
eses n oresa u sie
given soadlneaa to business and enabled people to
PIT forth es energies IN ss direction rect
the country. alludo to the wonderful development
Of the Of n' M
isas. to ono prior to ths var Having Charged tho
te use Of money # is apparent to my mind that tho
utter stagnstion We must eiarseiho circulation: This
1woud do by cnacting free hnnking law. Widc por-
t1n: ff oa
h0ut Sa t. ire .c,1 pHs s .m ,no
md gcldngs; and following tho traueactlon found ths
!abofor and herdaman driving bis sheep or oxen to the
wages should DO converted into money, paying thu
butcher propes commission for Baughteging and
eral use IN t6oso Wide section. q tie Country The
establishment ot FREQ banks basla Of national
sesu her own s
the bank With which to doposit but guarantee safety
for naon ss q
amount Of Indebtedness from foreign creditors L
axn s os m
posed by Senators Buckingham aud Sherman. rcsump
ton would take place.
Judge Kelloy winds up by saying: ~ intond tt
advocate, at the earliest poasibto moment, o sys
tenn of FREQ banking, bhsod upon our nationa
bonds md providing ample security for cir
culation."
It ia to DO hoped that Judge Kolley vii
fulfill this promise in regard to FREQ banking
but also that ho will not succeed in his claino
for greonbacks When tho s44 600 is ono
ont thero will soon be cjamor for moro an'
then more Az groonbacAs aro increased gol
will adyance,-in other words, tho -groonback
will depreciate and thore would DO no rea
addition to tho volume Of actual dollars i
circulation. The stimulation to speculation an
trade would only be temporary, and would onl
backs to dafor the inevitable collapse Attl
longer. .-.
LOCAL STOCK AND bond MARKET.
MeBsra. Lunt, Preston i K0au quote at to
lows this p. m.
Bnvfng. SelltE
6-20s OF u2,.,.,..,...,.....,...,..117N lit
k-2os Of fB4,,,.,.,,...,.........u.1 ll8