, 1873-11-08
M0NEY:AND COMMERCE,
~ ~. t...s y - T.. ..-
MONETARY.

"'"' - FntpAr EVENING, Noy. =.
Financial Affairs In this city seem 10 l,ave Bet-
hed down Into tnt from which tl,cro has bpen
no chhuge for wocls past. II It wero not for
tho continued fnnncial troubles In tho Eastern
Cities thoro would hayo noon rnrid improve.
mont hore. Our business community and a1so
th8 uanka-wlth d fow .excoptionB-woro pre.
perea ton days ago, and disposed to rcorRanlzo
business and expand credits again. but QUO d.
yelopmont hftor another in tho Eastorn clties
has shown traao and credit to bo much worso
crippled thnn was commonly belioyod,
and the offock lero laa been dspress-
Ing. Tho downward tendency in tho prices
OF all Wostorn products Affects tho whole North.
weae, aud poople do not feol "a confident ae tboy
did ten daye ago.
Tho ratos for money In the street In thls city
arc stiu at from ~ to ror cont per month.
aho banks are making somo few Discounts for
regular customers, but what they do n,ects but
AsnAn part Of the demand. =
TIE nAaK OF ENGLAND RATE.
=. The advance In tho Dauh OK England ratio OF
discount to tho 1lnuuually bjgl. figure OF 0 por
shore that tho continued flow Of specio to this
country will no drain tho bank as possibly to
evcn Cause 1t to 6uBpoad specio payments,
us It has had to do on formor occasions. No panic
e nessS svd1 p5saess t. e rsssss eesues 9 or n
Eauk ct England IN moro vital particular thau
this collapse Of credit in the United States Ii
the phnio which occurred in England some years
aago, tn consequence Of tho failure Of Ovorontl,,
nar to this which was touched oil by tho failure
Of jay Cooke l. Co.,--lhe nank Of Euglaul VIVA
saved from Blapension aololy by tho copious *
ports of apecio from tho United statoa to
England. In all omargencieB Of the lnuk
kwcntV Inv NJ AI.aT Tf,tt,
states has boon the maia stay Of tho Dank Of
England. n~aIl that timo tGcro has hoou no
eneh reversal Of tue 1ow Of PRECIOUS metals
a. a. nas beon "isnoaaod for tho past ak wpeks4
[ hennion thore Of the Consequences; But, Ia
addition to this thore ia reason to approhend
That tho depreciation In American rairoad seo1ri-
: tics will cause failures In London. Tho panic
more recent one in Berlin, togother with Tie re-
: cent. heavy losaos that English and Con-
. tinental capitalists layo sustained from
sho depreciation in Taluo, OF =: Turkish and
spanish bonds, are combination of circum-
Sneet to destroy confidence aud causo failures Ii,
6 Aendon. As Ii wol known, tho Bank OF En-
gland holds on deposit tho resorve funds Of all
: the banks OF London. Tho fear That 1t. may be
. called on for theee deposits induces the Dank to
put up the rate OF discount, with Wow to malt-
lug stringent money market, and thus do
pressing speculation and diminishing tho do
n1and for money. Tho dovico is clumsy ono
andit has always been d question ID tie minds
of many able fnanciora. whether tho effect
clasmed TOT this policy was not, to groat ex-
tent, imaginary. . =
DoNp-buY1Na r1AYEp OUT. - -.
" At At the a recent monthly neeting Of tho Now
York Chamber of Commerce, paper WAS read
suggesting to Congress- when it! NEXT c0nvenes
tocarhe tho pnrchase OF Unitel States bonds to be
etopped, and tho application Of tho gold rosoryo
t4s tue po%ar o 01 9ssny 9t rsssrn
about the surplus revenue - Of the
. .9oyernment The DAY has gone BY when lie
Goyernment cau collect any such revenue az it
that the expenses Of tn6 GOVERNMENT wilibe cut
:. down sufficient to leave q surplua out Of tho
present income. II is not probable that there
will bo any moro bond-buying unleas' 1t is dono
with an Increased issue OF erceubacks; j; in other
of gteenbacks. There will be no more surplus
coin revenue from imports that could
1be'.. turned into gold to redeem
green1backs,: and the only thing that
grcenbacAs Is for the Government to borrow the
gold Oh new Issue OF bonds aud redeem tho
grcenbacks With tho gold so procured, OF else to
mako tho greenbacks convertible into bonds ut
wuEnE TIE MONEY uAs GONE,
In discussing tho effects Of tue present. crisis,
we often hear people wondering where the
.money hhs gone to. Most people say, " There u
iusss s as e.. much money as ever; where ia
in reply to this, upon tho fact thas
!the great popular error in this connection is in
regarding currency aa tho aoo representative
of such az. money" Or t,tnds a. are offered for
:" currency" bank notes, and grecnbaeks, con-
Btitute but a small proportion Of tue Il money"
In tho market. BY far tho greatest part is Ddnh
!credit. Below we print from tho New York
the two kinds Of funds currency md hauk
credit. and the ahrinkage Of tho latter which has
,causcd the scarcity Of money. The @World says:
Or the lst q September Nhen TIE prospests Tor
aa esps aa ses1s en
aoics Which vsre bought ana
4 sold aud Represented tho same Al cur
rency, Ut the lowest estimate 2oO00o 600
Stocks Of all descriptions, Oh which money
could DO got at moments notice, esl-
mated at Par value, say only SO. ..... 000 900
Total; ST. 100, ,ooo boo
Me'have now. OF the currency, hut Ia locked up In
savings banks and boarded: ''. -.
aietebaata' notss now current would ie '''.ss'Ss:
6tocss IN their appreciated 1siuo rcprs
raHs H. min. i::: 4 ,S,9
ciated. Nor Is this ALL Tho $550,O0o oCo essimased
70 afford that assistance and relief to commerce thai
the ssoo coo da on tho ls ct sentember, while he
East, North, and West on tho Ist of September de-
creased now to haif have become clog, bugbear to
commerce Instead ot m auxiliary to trade.
!, The only criticism we have to make On tue
above estimate is That the amount of stocks and
collateralaon which bank credit could be .NAd
two months ago was probably larger than enti-
mated above, and that therefore the phrinkago
Of money or bank credit has beof larger
-. LOCAL .syocg AND HoND MARKET,
1Iessrs.. Preston, Kcau Il Co. quote as follows
this afternoon:
- BuWHN. tseetina
.. 8. ca OF al .......... :..........iiist nsx
u, 8, sos 'of fGa,,.,.,,.,....,..,,.lQ1L Ga, LOG
U. q. t-2Qa Of "a. E4.,,,,,.,..,,.,,,..,lO5N JOCK