, 1873-06-25
MONEY AND COMMERCE.
MONETARY.

lUB HOuGp IlG1 AtkSa I0tA 4oN14 1AAA 6NASAoA5
continue devoid OF any features of special in
tereEt except the general dullness. Money con
tinues abundant in all the principal financial cen-
tres, but there arc few Inducements to borrow it
for the purpose of entering into any new enter
prises or epeculations in the present condition of
trade, hence the borrowing is mainly to tido over
the present dull time.
New York exchange continues steady at zoc
per 81 900 discount for sales between banks.
The movement of currency to the country has
fallen OF, and is now very Light.
The call for another bank statement sho"lnG
their condition OH June 13, e1cites some surp1lse'
coming 80 soon altar tho recent call, but tue
neriods designatod have nearly the usual inter-
val between them.
THE DEMAND Fon CCn1ESc7 INITIATION.
Il is apparent that the general experience OF
sluggish trade aud falling prices Is turning puo-
lie attention to the currency question again, and
that before long we shan have another ag1tallon
Of an increase Of currency as temporary e5pe-
dent to stimulate trade, bolster up prices, and
permit the payment Of debts with "dollnrs
worth from 10 to 20 per cent less in gold than
wien the debts vera contracted. Only fe"
DAYS ago the pig-uon manufacturers IN conVen-
tion at Cleveland resolved that the volume OF
currency was inadequate. and called for the H.
B;,a OF S440)0,O 900 of groenbacks In other
quarters also, we see indications OF demand 1or
m increase OF currency in some shape to check
the decliue in prices. The New York Economist
rrints long article containing several tables to
show that prices of graia, PROVISIONS, cotton,
dairy products, and other e1portsble articles
haze steadily declined for the last si1 years. and
that concurrent with this decline IN prlces OF
nroduct5 there has been corresponding de-
crease in the amount Of currency Per capita OF
tl,a population From this concurrence Of the
decline Of prices of domestic products and de-
crease Of the currency per capita, the Economist
arrues that the latter is the cause OF the former
Tue Economist, however, ignores tss iact that
the prices of these products is fixed IN gold In
the foreign markets where tne eaPo5a4ne it sui
the decline in gold during the last sl1
years. the currency prices OF such pro
ducts would necessarily decline, because
lie gold prices in foreign countries nave
1e1nsiued at about the same average range,
t is not. therefore, q deficiency of currency
operating to restrict tr.sde that has caused
decliue Of pricea Up to the beginning OF this
year it has been the appreciation OF the currency
that has made apparent change Ii currency
Lbundans crops making an excessive supply Of
the principal domestic products winch mas kept
1r;css do,n in spite of the rise in the gold pre-
MUM. e..,
But there is eoma reason to suspect that the
thre.tcued withdrawal Of circulation from East-
eru National Banks under the Redistribution act
Of July, 1870, is the cause of some Of the aglta-
ton for an increase OF currency. Inc
West and South have taken nearly the
whole OF the sA,ooo,ooo Of circulation
a further increase of banking privileges. In
accordance with this demand, the Comptroller OF
the Currency will soon be obliged By laW to with
draw circulation from the Eastern National
Banks az follows From banks in the City
OF New York, s5,o1s, 900: from IS banks in Bos-
ton. s11, ,403, 600; from 53 county banks In Mas
sacnusetts, =. .051. 600; from Is banks in Con-
nectlcut, $2,0o7,000; from Is banks in P1ovi-
dence, 50 688 600. This would reduce the circu-
lation OF all tue banks of Massachusetts, Rhode
Island, ard Connecticut to $3o0,oo without
reference to The business of each. The Comp
troller Of the Currency says: "1f the banks do
not respond to these requisitIons- as their
notes are scattered throughout the whole coun-
try. it will be impraciicabe for them to do 40
.Le Comptroller is required, at the end Of year,
to sell sufficient amount Of bonds, and redeem
their notes az they come into the Treasury,
uutil the whole amount required shall have been
returned"
Of course there is opposition to this among
the Eastern capitalists and they are ready tt
divert the impending withdrawal OF circulation
by encouraging notion that the scarcity Of cur.
iEr rrn n
-,r;.sv - "a that tho nrocess Of the proposed re-
gd:atr;Snt;on would mike matters worse by maxim,
currency sca:car. It seems probable that th'
nn.hot, Of It all will be that tho withdrawal O
b currency from the Eastern banks will be deferred
t;on act iii he renealed. and that the suggestion
of the Comptroller of the Currency, to inc1east
Tie volume Of National Bank circulation 5000,
coo per annun, and to apportion this to banks
in the West and South, wifi be adopted.
CIRCULATING NOTES.
Abandon dignatch Of June 20 SAYS a party
nj farmers from the south OF England smiled
Yesterday for America. They intend to settle in
sfinuesoia.
Since the new 1aw relative to mint coinage
went into operation. on the lst Of April last, a1t
the discovery that it is more profitable to have
the bullion coined here than in England, tht
sold bullion has largely increased at the United
States Mat. and is now reported in the aggre
rnte to eoual 81, ,0O0. 600 per month.
The ant;cipated :" corner. in cotton still ex
citss Tie cotton market ut New York The move
mant ia nredicated-frst on the fact that tht
cron last YEAR was about 1000, 900 bales, ani
thot thn cron this year will probably amount K
..-.1-. = mn onn 1o1o., go,opd +bara ia a 1arp<