, 1873-10-25
MONEY and COMMERCE.
MONETARY.


MONETARY. !
Fn,nAx EVENING, Oct. u.
Financoa continue oxtron,oly quiet In thus mr.
ket,
Now York exchange sella al pnr botwoen banks.
shppers' bills drawn against grain are takcn at
from II to u Of por cont discount.
From tiulo to timo, fur month or two past,
we have been eaying TINT silver coin must soon
como into general circulation, md we arc now
ab|o to announce that at lenRt ono bank in this
city Is
rAy1Na OUT s1LTEN
atpar on tho cllecks of itB dorositors IN all
caacs whore the request for silver Ia 1nadc. Tho
First National Dank OF chicagp received this
m1rutng from tho United ,atatos Mint nt pAl!a-
dolphin tho sum Of $4,000 In silyor ha1f-dollars,
thls boing tho first lnstalltnent of coin received
In return for shipment Of $4,000 silver
bullion made by tho bank to tho Mint lust week.
Other rcmitthuces Of hAf-lol}ats will DO receiv
edsfrom the Mint from timo to time, and, un1oss
the currency price OF gold shonld go up Qn 9TH
er~ words, unless tho gold value Of
gresnhacks should decline ngafn below
the gold valuo Of silver half-doltara), this
silver will DO steadily paid out Oh chooks at par
with greonbackB. Tie bullion romitted to tho
Mint BY the First National was produced by the
swhnsea si1ver-smelting Company, Of this city,
who nre buying largo amounts Of Rilver-ores In
Utah, and reducing them horo. The avorago
nmount Of bullion produced by tie Company Ia
about 100000 per month. This will probably
Ill bo eont to the Mint through tho Tirat Ma
Gonal, and an equal amount Of sil-
yer coin brought back to this city
10 10 put into genethl circulation.
Thero nro two other s11yor-smelting establish
menta III this city, which produce about from
$4,000 to s75,o00 OF silvor bullion per month";
and It Is probable that, as long as Tho currency
prico Of gold continues below 100. their bullion
will also be sent to tho Mint to he turned into
silver coin for general circulation. As wo ro-
marked yesterday, tho United States Mint is now
experiencing q iarge domand from the public for
silver coin. This aemand originates very largely
with manufacturers, who want the silver
10 pay out to thoir workmen. Tho
aomand has been so large thut temporarily It has
made premium Of about 2 per cont for silver
coin over silver bullion. This premium for Sill
verooin is, however,, likely to be only temporary,
and will disappear as tho amount Of silver coiu
IN circulation increases. When this gets to be
The case, az 1t probably will within fow
months, tho necessity fora
-. nnANou MINT M ourcAuo
will bo folt very much as 1t IL too expensive to
then pny transportation on tho coin buck to tho
Weat. Tho coiu for circulation In tho Wcat
ought to bo coined here, because, independent
Of tho fact that largo amount of bullion is
made here, Chicago ia the greatest currency
distributing point west OF New York.
Ae tho preaont commercial yaIue Of silver
bullion there ia profit in turning it into silver
eoin and paying it ont at par with greonhacks.
St,t311 1nr
amounts Of bullion to the Mint to bo converted
into cola, Which will gu ut once into general cir"
culation.
The recent decline in tue gold value of silver
and tho advance In tho gold value OF gresnbaoks
has left the relative values OF
as follows:
With gold at 1os as it WA quoted to-day,
greerbacks aro worth 0214 in gold.
Until within the laat for nlontha tho stand
lrd gold price Of silver bullion was ta1.29 20-100
por ounce Of pure silver. But since the domon-
etization Of silver In Germany, mil the great in-
Tho price OF m ounce OF puro silver Inns declinod
over az per cont, the latest quotations being
S1.2G 12-800 per ounce.
: THE STANDARD SILVER DOLLAR
Of tho United States contains 412H grains OF
standard silver viz : ailyer that is nine parts
pure silver and one part nlloy. This dular. nc
cording to the old relative values Of god and sil-
yer a of silver to Of golD was Intended to
Its legal-tendor yaluo, but according to tho re-
cent decline in the value OF slver, tho rcal mota-
lie value of this silver dollar Is now about 971I
cents in gold.
and other smaller fractional silver coins Of the
United States only contain at tue rate of 3S4
grains Of standard silver to the dollar. Tho half
dollars quarters aud dimes OF tho United 8tatos
arc, therefore. worth only 93 coats on the dollar
ovon at the old price Of gold, and, with the re-
cent decline Of silver as compared with gold,
their commercial yaluo as bullion is only
about 81 eents in gold; Il will be
In groenbacks at los, tho fractional silver coipa
Of the United States are not worth 50 much IS
Sreenbacks by ~ pcr cont: but these frac-
tional coins are legal tender for s. (aud ought
TO be for $780, 30 TINT they will ba bound to cir
eulate at par as long aa the price Of gold keeps
below 109.
TIE NEW TRADE DOLLAR
OF the United States coutains 420 grains Of
little over par ii gold, notwithstanding the ra-
cent decline in the value Of silvor bullion.
The value Of tho new trade dollar, computed in
fractional silver coins Of tho United States. ia
dollar will ever come into circulation in this
country unloss silver bullion declines very large
IL from the preaont prices.
NEW YORK w1aDoM..,'
Something over q wnok ago, when President
Grant stated what had already been stated sew
bral times In this paper, VIII. TINT silver coin
was below the value Of greenbacks. and TINT
It would .ineysably como worry largely
tnto circulation soon, some Of tho extremely
viae 1uauciers Of New York City, who fancy that
they havo some kind Of monopoly OF all finan
pal information, donied that allvor coin war
lower in gold value than greonbncks, and over
siliculed tho ilea OF silver coming into genera
circulation. The experience Of tue silver ques
on, like that of tho loaii-certiticate business
will, howeyor, prove that there is ~ large pro
portion Of iEnoramuses among tho Now Yorl
'huauoiers" aH in auy othe rplaco in the Unitet
States.
LOCAL.. STOCK AND noNn MARKET.
nIesHrs. Preston, Kean d Co. quote as follow
thia afternoon:
buying. Selling.
D. s. e. OF Yt. .....,.... ...........ll3 1i31
q, 8, 6-2Os Of fB4,.,,,.,,,.,.,,.,..iO7N Jos
q, s, 6-1Os Of "a ,10aX 100
u. 8. b-20s Of 05 -. ......,.... .1OaH l0o
o. s. 6-20s Of U5 January aud July .1t0ss 1114t@1ll1
u, s. 6-eDa Of 'G7 Jannary anu Jnly .ll3 3l3,
q, s, 6-2Oa Of UB January and July .1l3A ll3i
I.1& ar" 1n11