, 1873-11-18
MONEY AND CONF NJ ERCE,
MONETARY,

WHINE RKYs
MONDAY EVENING" Nov. II
Tho improvement In tho financial Outlook both
In tho local and gonoral markots. continues.
Grain, Gold and atocks arc nll higher than at the
close Of Inst wook. nnd, though tho rates for
money aro Bill high, tlo supply Of 1t a undouht-
olly increasing, aud confidence Ia being rosuacl-
tatcd.
Now York exchange Is atill extremely ucarco,
owing to tho small volume of grain going for
ward to tho East, md nearly nit tic bafs III this
city aro shipping currohcy to Now York to maLo
exchange,
Tho prospect that throo months hence tho
Government mny run Rhort Of coin to pny Tho
interest Oil tho public debt, ia probably tho main
causo in stimulating the rise In tho price Of gold.
But 1t Is nlao certain that tho possibility Of a
military morcmont on Cuba IL nlso having m
important influouco In the aa1no direction. At
first, cautious people thought tho talk Of war
On the Cuban qucatiou was mainly "bunkum,"
which everybody encouraged Us tneana OF
GiRtructinG attention from tho financial crisis, up
OIL which tho public mind had bocomo too intently
concentrated to form reasonable judgment.
But tile more tho Hituatfon is discussed tho moro
docs 1t seem probable tint tho GoyorDment OF
tho United States may bo obliged to tako somo
action IN behalf OF tho Independence Of Cuba.
Acting OIL tho principle that it Is tho duty OF thus
Government 10 encourage the struggles Of oyery
people for political liberty. wo llastonod to nc
knowledge tho Ropublio Of Spntn almost before
it was lxel fact. Why sloull wo not also
recognize by some official not, tho struggles Of
tho Cubans for tho samo freedom? Tho
Spanish ruo Of Cuba is IN obstacle to TINT uatu-
ral extension Of commerce which opens tho way
for Bocial progress. Cuba Is surrounded by
wall OF high tariff dutos that koop tho 1sland
shut up III q box, dominated by about $50 farni-
cry ' on Ills side tic Atlantic. Theso considera-
EonH douotoss hive considerable weight with q
hrgo class Of people who would not bo sorry II
tho Government Of the upltod M 1,:ul7!.' States
SS.s,pon8ot o.,o tho cause 49, Of tho Yrginlns:
in tho Untted States who would ho glad to SEQ
Cubn FREQ. Owing to tho unBettled condition Of
tho political AFFAIRS OH tho islaud, the Cuban
trado Inns not boen profitable ono to American
who had uado large aud repeated advances to
Cuban planters have beon Obliged to take tho
plantations for their debts. Having thus boon
forced to malio Investments in Cuba thoy nutur-
ally want their property undor the protection OF
the American flag. Thus there nro various
cIasses in this country who each have different
rcaSuns for desiring tho doliycranco OF Cuba
from Spain.
CHICAGO 1tISNEqnESEETED.
1t has been oppnrent for q month that the
bankors and newspapers of New York city feel
good denl diegustcd because the bankers Of Chi
cago presumed to do their own thinking aud fol-
low tho dictates of their own reason III tho Into
financial panic, instead Of following III the foot
steps Of their Mighty Highnesacs, the "anan-
ciera Of Now York; IN issuing now kind Of
ahnpastcr currency called certificates, and
In refusing to pay-ont currency. on demand. Tho
facts TINT tue majority OF tho Chicago banks con-
tho panic, without stopping for a single
day, and that tho banks OF this city
refused to resort to tho loan-corttficate expedl-
ent, aud tint the result has shown that tho course
financial principles than those which govern tho
dnancicring Of Now York City,-these lacts, wo
sag, aro something of which Chicago peoplo lnvo
good leason to feel proud. Tllo New York banks
and tile Now York press, however, in their Gu
blnndoring during the panic, and in their
effotta to show that the wloio United
States follows tho lead OF D. fow
be1l,wethers bel, In TINT city, hsyo not
esoa poy sss aRes n e t. ss s of 'ei clep spsasn sa mt
sotno instances, hayo miaroprescntod the posi-
ton taken by both tho city aud tho banEs of
Chicago during the panic; Some wooks NO
noticed III tho Now York Bulletin, q statement to
United statea {excopt those on tho Pacific Coast)
suspendod currency payments aud issued Loan
certificates. Again, in tho Boston Com
mercal Bulletin we noticed II eimilnr
based OIL the statement mado by tho Now York
B,telin. But now comes the unEindcBt cut of
all. The Chicago and Western readers OF Har-
f'er's Monthly lfagassne for December will DO
surprised to ll1d, BY reaaing long article on tho
understanding Of the case tho bauks Of Chicago
suspended payment and issuod tho 1oan-celtiti-
cates,. md TINT tho city itself went into tho
business Of issuing shinplastcrs for S. and $40
each. In his history Of the u Panic in Wall
Street, the writer in Harpcr's Monthly says:
III tho first week ct October the country had t,roo
currcucics 1cgal-teuder notes. and money this
Int sS'nssg @ Of saFtas eeeka 1ta eeraeates Of
ht. Louis, and Cincinnati followed the axampl9 Of tho
backs.
And again:
scarcity Of small notes was SOM dovelopod. To
meet The emergency tho Cy ct Chicago Issued city
tuVlsters for IS md $40 each and TIC necessity Of
otrong!y urged upon tho banks Of New York.
There il no doubt that tho New York City
!sanks woro 30 alarmed at tho danger Of COL
lapao Of tho dropslcal railway stocks OIL which
tue loud their money, that they, wero ready to
Bhlnplastcrs themselves, but 1t shows mean
spirit to attempt to apologize for their own
weakness by saying that tho banks and munich
Pal authorities Of Chicago did tic bamo thing
both OF tho above statements from Unrper's
Monthly are talse in every particular. It would
be no excuse to eay TINT they woro only errors of
tho writer 10 the names Of Western citicH.
Any writer who pretended to enough knowledge
Of financial affairs to write magazine article On
the panic, shonld ut loast havo known the factH
IN tho caso. tito article in tha December Har-
per proves Quo OF two things: either that 1t was
n case Of wilIful MISREPRESENTATION, or clio tint
tho editorial supervision OF articles 10 DO printed
III the magazine is not what it should be,
LOCAL BTocK AND BOND a1AnKEr
Mcssrs. Preston, Koan j. Co. quote az follows
this p. H.:
Buying. ;stuing
y. y =. e. OF Bl;:...-., ....."....114 u4H@ll4H