, 1873-10-12
MONETARY.

SATURDAY EVENING, Oct. II.
New York exchange continues scarce In this |
market, aud soils ut from par for banltors' sight
bills to Il Of per cont discount for btlls drawn
agains. the shipment Of grain. AS tho bills aro !
payable in certified checks In New York, and aa
these checks are still at g discount Of II
of per cont for groonbacks, 1t ahows thns
exchange Ia roa1ly at o premium Ok s2'oo
per $1,000. This condition Of things
Of course necoastatos tho shipment OF currency
to Now York to mako exchange and somo OF tho
banks in this city aro shipping moderate amounts
from day to day for that purpose. As mentioned
yostordny, We have reason to bolievo TINT Oh tho
Wcetorn banks that uhip currency TO Now 1olk
to mako exchange now do 30 under q detnlto
understanding with their New York corresponds
onta that those romittances OF currency are to bo
considered special deposits, which arc to DO paid
agnin In currency on tho exchange sold against
them. Ono thing is quito apparent, TINT, II tho
grain and othor Western products do not move
Eastward moro freely, thoro will DO strong
movement Of currency In that direction thnt will
Boon nuke 1t scarcer horo. II tho currency
woro allowed to move freely from tho whole
from @ sio, 100000 to s15, ,o6o0oo, Of currency,
more than Ia required in tue Legitimate business
Of tho country, ia still boarded by faruots conn-
try merchants, and country banks in tho NORTH,
west. They will probably hold on to this until :
confidence Is fully " restored, aud tho mere fact
that thoy do 90 will, to o considerable extont,
prevent tic restoration OF condolences. Thus this
ridiculous doad-lock Of currency PRODUCES tue
conditions TINT n,aintain 1t. It is apparent that
in this condition Of things confidence cannot bo
re-cstablished in all places ut once It 1nust be,
gin in some ono place, apd gradually e1tenu ,on!l
mado in Chicago, becnuse We have here what
will bring money when nothing else WILL viz:
broadatuifs md provisions The ;, be-
ginning hag b9sn ade "a 9o x9s hS5S corS ~ ~
that it should bo maintained by large supply
Of currency in this city. In tIis connection, 4 is
an important fact that, while the banks arc chip
ping currency to New York to make exchange, n
larger amount is coming here By express to pay ny
for grain aud We hear to-day Of tho receipt by
ono iirm Of grain-dcalers, Of 92l0,oGo IN cur
rcncy to pay for grain, ,,-..,
seem to DO convinced now that they did not nct
wisely to follow tho example Of New York i'll tho
ipsuo OF loan cert,tcatos. In both cities tho
banling business is practically stopped. Cn-
cnnai is making great effort to got out q di It.
banks to dig out Of 1t in some way or Tho clty
will 1oso large portion Of ita trade. The
condition of things in tho latter city, mny
! be imagined from tho fact that New York OK,
ohange sels at per cent promium, for certified
checks on tho st. Louis ban1ss while for currency
It sells at 1,ar, thus showing that currency B ut
| q premium Of per cent oyor the certified checkn
of tho st. Louis ba,lks.
Wo reprint, III another place below, an
article from tho ST.. Louis Globe of tho
| 10Th, which shows tho rolallyo POSITIONS
| in which Now York, Chicago, and St. Louis
have been placed by tho loan certificates, and
two wools ago in Tue TRIBUNE, Of tho principle
Of issuing new kind OF depreciatoa papor cur
rency. ....---
Il is now generally believed in tinauoinl cjroloB
that tic Union National bank of Chicago will re-
sumo business oarly noxt week, probably nbout
TuoBday, the 14th. 1t is to bo hoped
that thsa. will bo done In tho ,p, present y i
can possibly bo nude available in order to help,
restore confidence, and tho st,300.090 capital
md surplus Of tho Union National Bank ought
not to bo Withdrawn from tho banking business
ton of tue profits Of banking in this city, and aH
long as tlo bank iB in n really sonnd condi-
ton, and bus mot with no lons, tho owners
OF this accumnlation Of bank profits
ought not to withdraw 1t from the business sln,-
py because banking ia not likely to be 30 profit
nblc for tho noxt few months.
THE PRESIDENT on ''spEc1E BAHIb."
Our Waehington dispatches indicate TINT the
to nut tho business Of tho country once moro or
spooio basis, hut TINT ho Heoms to believe II
the expression made use Of BY Secretary Bout
well in one Of hlB reports to ConGroas, namely
specie psyM1ons % come tro% ossio1 R9Hf
Tho Presidents views, however, contradic
thomsclyca: flo IL represented rs dosirous o
scoing something dono r about IT. Now nott at
' ! Congress, because nothing but q special act 0
' | CongroBs cau remove the unnatural obstruction
= Of tho Logal-Tendor act, which is the solo oh
stacle to tho operation Gf Tue nataa "a i eauses es
! turn to specie payments, Mr. Boutwell,
l disposition, however, iu such that whenever, i
bis devious lnanoiering, ho rims agalnst m OIL
II atacle in the shape OF bold IT. iaot he persists H.
2 t;aoA' tho fence, CO iho moro ho' klcka agairt
q it; tho moro, unaenlablo tho faot. th
. . moro ho denos II. Ihero ,,Is - pnt one WY
placed on specie basis Of prices, without an
Q Serious dlatreBs to tile business cor
i m1nity that Is BY tic repeal ot tho legal.to' to-
quality Of oxGSps Tor 4op1s oGI
], Of CopErosatnen arc themselves 10 ignorant
y financial lawe, and hayo boon so ovorawed by tt
elaborate Bchomea with which Senators Dontwe
- and John Sherman ha'o oontlyea % TO = adtllo the
N ty t Of tic tho ro1nedy for our dna1
o1al troubles in tho repeall Of tho Logal,TelNl
81 net. Tho Ereat trouble @ II that, as rue, 20 20
lb National Baukors, aud tint those, rs II GLASS; a
H. opnoeod 70 specie resumption, because th
I'd fanoy they can mako moro money while we 4
In Il stato of suspension, with gold at hit
premium, so as 70 inereaso tue interest on the
bonds deposited to aoouro circulation. u
tho severe twist which tho rocent pA,io is oy
It. W yet giving tho whole hanhing intosest Of 4
DO @country @ Will probably teaoh oyen, tho benlse
ho tint circulation Of paper money, lilnited by Il
n | to certAln amount, nllu llAie Iogal-tanuof
OF as to exclude Hpocio furnishes tho clement o.
to moro distressing crisis than could occur II :
a. wore wore on spooie bases. 1t is to bo, l!op
IN tint both bankers and Congressman will bece
lis to realize, before Congress- meoth in Docomh
ho Tint tho business community OF tho Unit
to states. narsiould,Yy k4e banks, aro urampoa b!
nj loyal li1nit to tho vohmo Of currency, n1d Y
Try thlg limit should bo removed by tho ropeal
NJ the Lcgal-remt'er not.
or LOCAL. nATER FOR nOHDB.
'od Messra. Preston, Kean & Co. quote as folio
IAH tIEs NftOrHOQQ;