, 1873-12-06
MONEY AND COMn M { ERCE.
MONETARY.

FntnAy EVENING, Deo. 8.
Money is goIlIng quito plcnty In this market
lor loaus on ilrst.olnsa collatarAla. Twelve por
,ont IN tho open market, and IL por cent nj tho
sankR hro now the ruling rntuA, With oypry pfoa.
poet thut hcfore long further concoasions will be
mado hy londors La tho upon markot.
largo Nl,onnt Of currency goes to tho conn-
Try now from day to day III payment fur hpgs,
but the shipments Of meats mid hogs ~ tho East
have bcen 10 largo that Now Yorl, exchange Ia
getting yery plenty, and the probability IL that
before long 1t viii 10 bolow par, and currency
will DO flowing from Now York to the Wost. Es-
change WIS salablo to-day at par botwoet, ba1,As.
Gold WIS tili1o higher today, tl,ough It
would be difficult to Hay whethor It III tho result
of tho 6olligoroMt talk Of tho Oubans, or Soil
ator Ferry's talk In Congross Of Initiating tlc
curronoy, or tho Btcady inofoaso OF outstanding
logaI-tondcrB from tllo paying out OF tue 40"
called "@l4 100000 rcsorvo." Az for ths
chances of war, we tlinlt 1t will puzzle anv one
to fl11 out who no are to fight, nnloBs, like
nation Of hiiel brnvos, wo talso the job OF Hub-
DUNG SpainH roGollious province for her. II
We unlortako that Iinu of business as q regular
thlng, We would Ra woll also undertake. tha
Bubjugation Of tile Carlists in Span. or any
othor insurgont faction Of any other established
Government that has difficulty in controlling It's
pooplo. On tho other hand If va acknowledge
tlo Cuban Insurgents NJ bolllGoroutH, and 60 to
war in their behalf, we must have rupture with
tho Spanish nopublic, whore prosilont declares
hla Government has no quarrel With us, a.! tint
ho. wit! comply with any demands tho United
States may provo to 10 lust. Sensible mon see
lAas wo cannot lono,ably accopt either horn Of
His dllonn,a as protoxt for going to wnr, aud
lo prospect that va thal have uno IL very small.
ccunEA or THE PANIC.
Tho financial panic which waB ut Its hoiEht two
aolths ago, md tho effects OF which bavo now
almost disappeared, rcen,H only to llavo recently
str.lcx President Grant and Senator Ferry. Of
Michigan. Tho President says III oiIcot, that
there Ia too 1ttlo currency. MD TINT without an
incrcpso ho secs the prospect Of individual M
vol AZ NATIONAL bankruptcy. Mr.. Folrv = moul-
hcr Of tho Financo Committee Of tho Senate,
savs q million Of moi havo been thrown ont Of
employment by tle panic, aud he tears that II
the cur4 enoy is not waterea IN the
latio OF S1D0 to each Ct tho million Of
mc.,, the panic will last n year. lie waats al!
the National Bank notes turnod Into ErecnbEcks
mud 100.G0D,DU0 additional grecnhocka Issued Ia
mnko lin aggiopaso SsU0, ,OU0, 600. If Senator
to 20o. and tho nntional> nnd individual bank
ruptcy which tho President feara or PROGRESSES
to fear. would como as the reaction to tic infn-
tion OF tho currency. Wo would, however. cali
Tic attention Of both the p1esidont and soslato,
Ferry 10 the fact That tho panic Is otter, and.
therefore,, tint tho timo when those proposals.
to initiate lilo currency might havo been
popular has passed. good mnny foolish iloas
were entertained by tho bllsiless public two
months ago that would meet With no approval
no such scarcity Of currency now aH lio i1nasnca.
Tho Lnnkors In Now York will toll him tlut al
ready they hayo moro currency. in their vaults
than they caro to keep, and in the West lle will
c+tS.s4f,
largest hog crop ever marketed, there is no
scarcity OF currency To Eay for them. Snuntor
Ferry mistakes the natrl,e Of the pa.lic, which
was Il temporary collapse Of commercial credit.
resulting from fear that everybody Ind over
traded. but it did not begin III my fear TINT
there WaA too little currency. But confidence in
tie solvency Of tho whole commercial and iu-
dustrial community OF tho United States is being
rapidly restored. All over the Eastern States
tho manufacturers arc reAtlming business. md
tho million operatives, which Senator Ferry talka
OF as having been thrown ont OF employment,
will nlt bo at wolk again before the end Of Jan
unry. .......
wo'l-known capitalist Of Chicago. who has just
retutued from Visit uf soyerl days in Pittsburgh,
aays tho large manufacturing establishments
are rcs,lnsiug work. a1any Of them arc not run
ming full time yet, but they are nearly oil at work
again on somo ecalo. Tho proprotors Of oxten-
Of s5o,00O and sl00,doo per mouth, aud who Ind
at running Oh full iime within 3 mouth. The
manufacturers Of stoves, CRATES, hardwarot lion,
holow-waro, window-glass, etc., ETC.. nnd that,
iinco tho general suspension OF work, tho stock
" their Kind Of manufactured articles has been
Sreatly diminished, mud TINT orders arc increas-
ing beyond their ability to I'LL without large in-
creaso Of production. This condition OF things
III Pittsburgh, where tho panic produced tho most
gloomy forebodiugB Of wiutor OF diatreHs, shows
'that tho effects Ut Tho panic are rasHing away
With q rnpidity that promises a full tide Of COM
mercial and industrial prosperity throughout the
United States within few months at fattheat
currency Us Il means Of reviSipg confidence and
furnishing work for mechanics, hnve not kept
up with tho coulse Of oyons Confidence ia a.
ready, In great measure, restored, and money
currency. The panic is no longer il, the minds
Of business mon, bls Senator Ferry aud some
other npologiats for Watering tho currency try to
koep up tho doloful vail.
FREE nASKIyG.
Several bills for the repeal OF the legal limita-
ton OIL tho aggregate amount Of National Bank
circulation to $354 600 900 are already before Con-
grcss anu it il upparent that this common.scnso
measure will DO go strongly ndsoeatel that it
will probably hccomo 9 law. Senator Wilson, Of
aay Of which this il the leading feature. though
il also provides for tho prohibition Of Interest on
ueposits heiug paid by National Bapks. for
tho repeal Of the REQUIREMENT. for =, re.
beIFEH hoMInbL NAL4punl Iluk ClTCNthtlOn
mud for tito formation OF reserve OF legal-tcn.
der notes In the United States Treasury, which
10th banks and individuals may borrow on ttlt
deposit Of Uuited BtataR bonds. On tho whole
MIR. Wilson's bill contains many excellent foa
trres, to which we shall ,efar again.
LOCAL BrocK AND DoSD NAnKET.
Messrs. Preston, kean i Co. quosa - follow
this p. NJ:
DuTnp. Sti'ina
o. 8. ca Of 81 1......,... ..........llTH ll7}
o. s. h-20a Of fb3.........,........llOH 1l0I@li11
q. 8. 6-10s Of fA....,..............l,l55 Ut. l19I
U. 8. Cos Of III :. .............119s liz;
U, s. 5-20a nt chJantary aud july. .ll53t 40!
U. S. b.@0s Of II Mluury AMI Juy. .1lGl llHa
q. 8, 6-4lha Of G8 January aud July .lIGl4 1l0a
m 1hnJt