, 1873-01-04
MONEY AND COMM ERCE:.
MONETARY.


funds by tho payment OF dividends il, all tho
principal cities, Ia moro tl,an equal to tho aup-
ply. But as II iB too aoon yot to get tho full |
effect Of those dsbursolncnts It iu probable tho
market will gradually work oaaor from day to
day.
THO demand for Now York exchange la u1,tis,l- |
nlly large, md shows TINT iudebteilnosA Of tho
East Is being rapidly paid OF. Exchange sold
botwocn bEnkB to-day Mt 25o to Dno per 81, 900
premium. Tho aorlnan National Dart Of Chi-
cago pays pos cont Bonii-annual dviloud, mud
ndds 5per cent to it's surplus out Of earnings
for tho half year to Doc. 81.
Tho statement Of tho Union Trupt Company
savings Dark canlo in tco lato, yesterday, to DO
included in Our summary Of tho afTaira Of tito
savings banls. Including tho s5GG, ,2l3 Of deposits
hold by this bank, it lnakcs tho aggregate Of
81, ,527 Of deposits hold by tho six Leading
Savings banks Of tho city.
ST. LOUIS AND CHICAGO nASK CIEAH1SuB.
Tho cIoaringB Of tho Chicago banks for 1872,
were $99I, ,OG0,509. This amount incluloB no.ll-
ing but Tho credits Of tho banls at the Clearing
House. Prompted by desire to mako her busl-
Louis adopts tho trick of adding tho debts to tho
credits ii, her Clearing House report for tho
year, and thus figures up her les clear ess
ineh To- tho n,serogat, Of so97, bsle2o
The total credits of tho ST. Louis banka ut tho
Clearing uouao OF that city III 1879 were only
4o5,T9l, 1Go, or Just about half Us much as tho
credtt cltarings If the Chicago banks. but cvon
this latter amount Is largely fictitious. Tha st.
Louis banks do not pay .hoir Clearing House
balances in cllrroncy III is done in Chicago. but
givo oheclss for tlioir bobit balances. These
checks 60 into tho noxt dny's cloarlnga, and
thus mako II fictitious i,lcrcaHo Of tho clcarinEa.
The rca1 fac,a ~ fega,l to hank cloatilgs. show
thut lhuse Of st. Louis aro considerably less
thnn half aa largo as those Of Ohienyo.
THE FUTURE POLICY OF THE Tl:EABuET.
It il crrlcutly roportu,l IIlaL Judge Richardson,
who il likely to sMccced M, Boutwell, aa secro.
tary Of the Treasury, will coutinno tho fiscal
policy of tic latter. Taking Mr: Dontwoll'n
views aa aunouEeed IN his c!ecsloaeorlng
speeches, and comparing them with his practi-
cal administration Of tho TREASURY, and again
with his yiewB ua announced in his annual re-
port, it would bo difficult to mako out from aD
fiscal policy. Nevertheless, as his annusl ic-
port was the moro formal announcement Of his
views, perhaps We may accept that MS the iillex
OF tho policy tlsat 'Secretary" Richardson III to
continue. In regard to banks and currency,
hero are htr. Doutwell's yiows, as announced III
his reports
As tle circulation Of bank Is source of profit md
ps tho managers arc usually disposed TO obge their
wise TO allow banks and parties who have pecuuiary
interests ut eake to ncrease diminish tho volnne of
Gnl thecond!t!on Of t!inga isw rule which VIC
can safely rely Upon heso yiowu form tho conrls.
bion that tno cTelaon u .t's nahaa suoEu 40 nxeI
OF paper ln circulation, within limits established by
The problem is to lind way Of increasing tho
currency for moving tho crops, and Diminishing it at
once when that work ia done. Tns ts . necessary
work, und tA"smuch On u cannot " confined to tho
banks, where but in the Treasury Department can tho
power be renosed?
According to tho foregoing, wo suppoBe that
the futUto secretary "ill ecoh 10 contFol tno
currency Of tho country. When few inui-
vidualB rppreBett to him that thore is too littfe
currency, lo will issuo live or sl1, or for TINT
maetcr twont,, mlllions. Mhen tho feW ansl-
v1duals IN whose Judgment ha has &; eondoneo 60
Dny thero is too much currency, llo will call it IN
again: It is OF course not TO 10 presumed by
outside bnnkors a'ld merchants ("lo Mr. Bot1t-
yell says are to be d!struhtaul that tho 1e" coil-
hdental advisers ,of tho SECRETARY III theHo
operations OF the Treasury would Eno~ oi them
IN advance, or slat they would profit by tboa.
Oh, certainly not! -
REruprA71Sa STATES.
Tho London Times, commenting OF. tho Tocent
introduction on the London market of tho mort
gage securities OF q new railroad in Iowa. Gays:
Whether this prosperity tho part Of young con-
nntty Is likely to afford any guarantee against the
influence u bach an essihla 81 u LIT inTikEeu " ,le
9 trnran ~ @ s9ssa Wo aAn a ~ M ~
0ry ~ M A. thn .smo tna It 10
tn b" mentonei tha;. wlotyyer may hc shu business
qualities or honeaty u tic rcon of Iowa 1t is oily
few months since the pcoph If tho adjoining State Of
Minnesota, upon beils poc.l aa to whether thy would
ploer 70 ao or "ec'oeo ~ 'a'ee
majority III favor OF reputation.
While re have no disposition 70 apoIoSlzo 1or
more than just to the people pt Mlnuosota to
Gay tlat though tue S3,eoo, ooo Minnesota ra!l-
road bonds reforIcu TO ny tne London asn,es n
we're duly authorized " me Legislature OF tAo
State and saHted III duo form by tho o1cclltlfo
authorities, the Slate never received tho stlpn-
lated compensation or consideration iof theso g;
bonds and that t ny soon ~ it. was lounu thnt tho
people OF tho state were to 20 pfaesieaay &C.
irauaGu npt!ce WY 6Npn ~ tuo noAt ne6tTa:t't :,
ture tlat the contract Aad not ucon contpl!ed
with, and that tho bonds Woula not bo paid; Ih's
notice was duly Giyon before tho bonds had
passod out of the hands OF tho first holders,
who wero in fact tho dofaultipg parties End who
49, ia - ~ s an,a A. r.;.t ~ tsH i"o.r,oaan ~
uhse solu tno noa!ls M!1n .n' -, ny =.
59eao !acss ~ paftles WY pousnt ,a ane "<a puIua
years ago. thoy only have themselves to blame.
Nevertheless, thore is the fact that tLcso bonds
orna;t ~ no Sto,a or Minncsnto 'PI,o ca.n il =
a ~ " ~ -, ~ .t;oa nancora5 r. 1},o 49,"