, 1873-02-04
Money AND COMMERCE,
MONETARY.


MONETARY.
h1osnAY EvsSrsu, F'oh. ..
In the ]ocsl market money continues about as
ssringont sror, The lonnnt1 from graill tlcAl-
era for bank accommodation fucronsou about M
fast aa that from, the pork lacltoru falls of. Tho
settlements to-tlay Of Fol,rtnry options in pro-
Visions and grain woro very lnrgc, as was phown
hy tho clcarngs Of aS,7oa,000 to-day An in
tliessIon OF what banks aro most largely intor-
easot III the grnin nnd provision, ,trnles IL shown
by tho fact that tho Uaton National D,nk annt
ss0l0, ,0oo Of cllcc'sa to tlls cloarings thA morn.
lug. Tho First Nn.lonal Da,,k sent $3.50. ooo n,,1
inc Third National es1o,ooo, tho checks from
these tNrae. banka comprising oyey 45 nor oont
OF to'd-.ys olealingu.
4. Exchange waa mitch leprosBed by tho ocaroty
Of currency. Ttere tn MI acstya demand from
tho wheat end lumber 'stricts for CURRENCY, aud
III order to supply their correspondents somo
Of tho banks hero were oliigotl 10 roll Now yor:k
cxchapge ut Il per q 600 dizconut. "a!
THE al7'DIoArE.
11sH, with gold nt 113; os tho iuore.t was oil on
Feb. !, It nLowa tint thu prico Of tho LonIn IL
THY pnr IN gola, while tho lo-iou arc quoted At
opts s' t. 19t,iaS Dsas{S|rp 't1rSst tno seeroa ssa
in gold. Thouo prices show liee of aIont III 1iiSS
cents III gold since tha beginning of The yosr,
Which y attributable mainly to tito oaalor r6ndi.
fion Of tho ,nonqy markets Of Euroro, whore tho
n',hua hre timing moro rcady market. Tho
rironrnstcutos aro favorable to tic Syndicate.
ana s !. seems probable tloir plans for marketing
TIA $50, 600 Of now bper cent bonds at phi phi
managers Of. tbs nlan must como ont out
; nI the price the bor1a sell for, as the prico Of
sustained, and ll,cro III no probability tia: ti,e
Average prlce for which Tho &30U, 400 0oO viii bo
aoid Will be aboTo par in gold. II is To bo pro-
enned, tiler'fore. TINT the net price which tho
tho former Syndicate, he about DsIS in colJ.
which will lcaye 81, ,500, GOO for expenses and liz
r5ini'ts ri Of the'syndicato. That worry conuidor-
naa5L1kE IN THE rn1cE OF GOLD
will be ono oi tho results Of tic 1narhotine Of
the aew oonds, sesnls very probable. II those
eaH bonds we're to be simply exchanged for
outstanding 6.2oa, il would 10 no effect on tho
yolume me; Of sterling exchange, md no effect on
that certain o por cent $50 bonds Of 1879 n,unt
20 "callod" and speoiiied by the Numbers and
t1 dates Of tho order In which thoy woro iasaci
ahs1e IN .a bonds must be redeemed at par in go
ne sale Of tho new per centa. II the holdoru
Of those Particular 5-2Os woro willing to
eaohIanSe eanIs rae!r Per eonts at par for ner
soso, taol9 Ho,tlu 10 40 iec6sHitv for having tho
money on hand in tho Treasury to redeem tho
o.29a. But this cannot bo the case, except ,,os.
sihly II faw jnstatlcea. 1t is NOT avon known
"aef? tho 5-2os Of 1862 to bo callad In arc held.
and there IS no why but to nell the NOW por
eente first, and hava the money OH hand to re-
asSm ;t -. the ls63s whom thoy come in in accordance
tis intin1etod that the Syndicate expoct to
ror cents in Europe. II this be tho cnse, t: t|,o
new 5,Por cents must firut DO sent to Eurono.
aud all that cannot be exchanged direct With
the holders OF tho PARTICULAR 6-26s of 1869 Which
are nre e e., % lea .in at bc sod Tor monoy
ena tiio hohey Transferred to Washington or
sew york to rsdenn .tho 5,2Os Of 1902 -
an. tho forn,or Syndicate about SGT ooo,Ooo OF
new ncSs scntH woro exchanged diroct for 5.20a
o. asea end:; nd; about $lo3, 900 OF now |: per
kpoudilig amount of is63s wore % called in ''1 md
'red1emot1., Tie :sa3 O3D, ,loU Of new ia
were nearly l sold liz Europe i'll tic Inst l,rao
onLhs OF .s1l and tho nacyea.eat OF the r,:...ls
lei whirh 'hsy N":s "ola took plsce during t!,o
next three laonr!.:. Ono effect of This move
tEellt OF ao:se$ FROM Europe TO tho Unitel
states wn? tina. fold. w!uc.i hid ranged fro:a IL
T, l1S annnE A"Eaet, i3,ptonuor aud part Of
jetoheE ot III, negtn ~ decline very largely I
ny tse let el sayen'',sr. 1871. aud 1;ppt tlecng
until It to!.as.l tc3l5; ~ the end Of ISL, boing
tnnsyr the lowesf ioint s,ne5 tho war; The lesne,
tacreh"a OF sterling exchange made III. .tllo |
ncver:oa. of innsls aioyo Indicated. In tl,e !
e:zins q 1879 "Ecn III. heericat ius.allmcnts Of
- called hos1a of 1882 had to he pail for; tho
more; began to- 50 book 10 Europe md gold +
tesan 10 vice. u't'l, in May and J.lt,o, 1s72 tl,o
ave;d5e :sirc Wa lI3 10 iii, from, which there t
hat not icon ,uNG!, Variation aineo, J,
ls!a n. .r7a"at:s sh.i, i'll tho easo Of the prcs-
ens :s;s't!c!sa: nay greater amount Of new Grer
ca1:s CT. te e::feugcl d:ccE,, for The 5-aop
t;.sa III 7atl, ltis to 10 preaatno', therefore,
~ o'sc Ut III: fish o,Yce:s or lie safo OF now
oreE sen;a III i4nroro will botho necessity 10
'!"5f"s i}e lre"eo Is Of tie sao to this 'ol.iitry,
f:n ia Ea'; sc.lEent a,preasioa Of tho price Of
t2't. e!d taa' ai'aIvartl7, when ths moToy sooa
r:t&ts EE:.lM III payneut for such OF the t-40s
"t i:'..th.: will hc called aud are held tl.era
t,.;t Wi. a7v:nce ngai,l, as it did after tie form
e stFat%Io operation was entirely finished up.
riiE BANKRUPT Law.
D.. A rem o,:etyanc, to tue Senate OF the UnitoI
s'stes a=G::'at the rcpoal OF tho Bankrupt law
Is t:i n,:;:; er:A;:ea S!d oStcnaiyey hgacd by
tast: r.1s tho si.iicra hel:ovo tile Inv elould DO
1alos'dsd it should not DO repealed, for tho fol-
loving re:sons:
!.-ga mercantile hoa.e, scattered through varIoua
bsae:. .cl 10 distributed. The uny ohcr mode pos
n,nay Il III: S;sse, Lave PASSED. staues to requisite
SUCH Instruments; rnt i'll anne tbe:e acts OF auch
Character ,hs 10 assgnncns n'ado in another Stats
co@l1 Ee al moreover, Ao lawyer Ia su.eeutly
quan.ea witt. thcsc ,hrtos statutes to draw IN n.sig-
nent @ to neet Tug requirements of a'l, consequently
avery sEsGnnelt must he void III sonu Stn:cs. The
tailnrc Of wsi.snoMn ir,n III the city Ut New York
brought oni tai1 atytntaGo III tic Bankrupt law, Au
tsssnncn: W.s rst tried, but ts voiil III ao,no
q tue States, attachments cscl tho property
and there var ,p relief except in bankruptcy.
T. Tho Requirement: tas in insoyeut tuntor shall
tay ID pr cct ot tn lebtatlneas oh!ain tus con-
sent Of tho majority in rlber and vauo Of Lis ere-
ltors before bo ean ohsir dscharGe, has aRlutary
efe;t uron mercantile mru, III she hrn place, il lts
h1ed standard 10 which falling debtors feel that thsy
ought to conform, a,l.l thus moul.ls rushs opinion.
The tendency Ut this 1lmitA1on is to cheek reckexs
trading and compel failing men to eop busiucsn be-
fore Their asscta ato " cxla'1.scd IN the noxt place.
home
get the consent u tho majority Of their creAitors
to discharge. Te rascals this left 1isblo to their
creditors Under tbs influence Ut fheeo two cnllscs
combined the-e haYe been fever fraudulent failures,
during tic exsirlra of the 1lresnnt IL