, 1873-11-26
MONEYAND COMMERCE,
MONETARY,

TUESDAY EVENING, f'ov. Is.
Tho Indications Of improvement III buesnoas
md OF returning conildonco in all parta Of tho
country oontnue to incrcnae. In tho WoHt. tho
movement OF hogs, catllo, grain, lumbcr, clc.,
IL up to tito full carrying capacity Of the railroads.
Trade In this city has scarooly over boon bottor
at this season of tho year than 1t Ia now. In
Now England overy day vitnosaoa tho rcsump-
ton Of wor1 by the IN anufactoriea, and though
tho iron manufacturing intorosts OF Pennsylvania
Is still depressed thero iB D. returning confidence
In tho carly restoration Of activty to even TINT
branch Of industry. Money Is a'so becoming
mora abundant in oil tho financial controa Of tho
country, In this rospo1t tho Hamo reports OF
returning confidence and m increasing supply of
nlonoy como from Boston, Now York, aud phila-
dolphin, as woll ~ tho citioa Of tho West. In
regard to tho prospect for an unusually abundant
money market in January and February, wa ut
taoh much importance to tho fact tint tho hordo
Of chronic borrowers who, last winter,
wore carrying m enormous load OF
rail- road bonds, which thoy could not
soil, but were borrowing money on tholn from
day to day in Now York, have boon forced on
tire1y GU of tho market by tho panic. Whnteyor
loan ablo capital thero iH In tho market this win
tor will seek employment In safor and moro con-
servatiro invcst1nents and for all Legitimate pur-
poses tho rates Of interest arc likely to bo low.
In this market thoro ia not much chnnEo III
that tho supply Of funds is steadily becoming
lnrger, aud that It is being circulated moro rap-
II 9bo suppy oi New York oxcl,ango is gradually
increasing, though tue demand for it Is still! 30
largo na to prevent much deollne In prices. Snles
wefe mado between banks to-dny at 6oo per
e1,ooo. premium. ln1n o,,n,s,,,,n ,,.nnn,r,r.
comptsoiiership G ot tho tho Nattonal Currency that
all tic inou,nbontB OF that o1icc become afflicted
with mania for startiug system OF redemp-
tion OF National Bank notes in greenbasks at
New York City II groenbackB vero being ro-
doomed in specie, or Woro worth par In gold, tho
system Of redemption would establish itaolf, but
aH long as they nro not, thoro is no Henso In try
ing to got up m artificial movement Of green-
baeka from Ill parts Of tue country to New york
OF tho sa1no value. ncdemptions Of bank
notos in tho kind of funds promised
III tho face Of tho notes nro simply tho daily
proof to tho public that tho notes arc worthy Of
AZ agreed. Now nobody doubts that tho National
Bank ,notes will bo redeemed in gtoenbacka;
there is tho nost conclusive assurance Of this In
tho fact that tho Treasurer Of tho United Statos
amount than the notes, and that these bonds arc
pledged for tho redemption of the National
Bank notes. We soy, therefore, that thoro 10 no
sense in tho notion Of starting this artificial
backs. Nevertheless tho crotohot Of starting
ouch uscIoHs rotation acems to tako possession
OF avory Comptroller Of tho Curroucy. Tic
formor Comptroller, Mr.. Hulburd, had no room
cording to tho te}egraphio foroshadowing Of
Comptroller Kpox'a forthcoming report, he, too
has caught this financial neaslos, aud tloyotos
gaod deal Of space to tho discussion Of tho nd
~ ktx Tr1nur
act 40 as to obligo tho National Banks through
out tho country to pay Il OF per cont pre-
mium in grecnbacks for ali Of their notes that
may be delivered to their redemption agent in
New York City; this ut, least is what ha PROPOSE
ton amounts to. Is nobody else has ovor made
such proposition, except q few unscrupulous
spoou1ators in New York, who would like aomo-
thing to mike aomo foTced md nrtificsal concpn-
stock speculation, VIC see no oxcuse for IN
officer OF the Government becoming the cham
pion OF such an idea as tho artificial redemption
Of National Ianl notes il, greenbaoke, an artificial
movement Of currency baek and forth between
tho East md West when there ia nothing in tho
argued In behalf OF this ssplayiug ut re-
donption," TINT it mould make the currency
olastic." because at certain Seasons Of tho year
it would cause tho return of tho National Dank
notes to tho issuing banks. But we think it
would be much moro likoly to CAUSE IN accuuau-
lation OF legal tonters III Now York City. As
far as lmpartlng "olasticlty " to tho volume OF
the currency is concerned, it would bo about AZ
intelligent a device as it would bo to print the
currcncy on stripa Of India rubber. The fact is,
Tint much Of the talk and many Of tue propo-
sitionB mado by tho officials at Washington
about what il called an olaytio cur
reney" arc 10 absurd that in spito Of tho
grave importance Of tho subject they provoke
nughtor. Tho volume Of currency, to bo i" o}as-
lie. as it ia callod, must change; tho aggregate
volume in existence must be greater at Bome
scasops than others. But the volume Of our cur
roncy is now fired by law at 1856, ,000, 900 Of
greenbacka aud 1854 ,000, 600 Of National Bank
notcs it is therefoye unreasonable to expect
that anything will make tho volume of currency
elastio until banking is mado froe. FREQ bank
ing, without any increase OF the greenbacls, will
soon make rcdemptions Of bank noteg in either
greonbaeks or specie, unavoidable. This Find Of
redemption, und nothing short OF it, will maae au
pins1ic voiumn or currency.
LOCAL STOCK AND noND MARKET.
Mcssrs. Preston, Kcan Il Co. quote Us follows