, 1873-12-05
MONEY AND CON E1ERCE.
MONETARY


THURSDAY EVENING, Dec t.
Tho SUPPLY Of money h. this market Ia II nilualt
Increasing, ai'd soma Ut tho loaling banlis nr
gradually t,,croasihg their limos Of tlisoounta,
few aro not doing 40, because thoy aro Bill usn
Al thor resourceH to pottlo their old bi,ynose
ard arc not extonding much accommodation t.
the public. In tho open market, tho supply o
mo1cy is certainly increasing.
Tho demand for accommodation Ia reported b
some OF tho leading banks aa considerably lou
than usual a. this Beason Of .ilc ycar.
Merchants lave made excellent COLLECTIONS |,
tho country for Tho past mouth, and have there
fore not boon Obliged to ask as much accomno
aasion OF tho ban!s aa lust year At this tin,o
Ih'R improved condition Of things In to a lars,
e1seht aae to tho topid marketing of tho hoE
crop ana TIC lnrgo amount Of money It has &c
auoat In tho country. Thoro nrc. howovor,
good many dofanlts In the payment OF papc1
mado nctoro tho panic and falling due
TOW, and. X 1t wcro not foi
tho fact TINT tho favorable co|ioctlonB iu
the country euabos tho most substantial mer-
chants to 60 along OH t1oir own resources with
out m.1oh bank aid, tho naonoy market would bo
,tr1gont hero yot.
Now York exchungo ia in good supply at par
NO INITIATION.
Tho President says tint thore Is "not too
much currency now, ovon for tho dullost season
OF the year," and that, "witlout sufficient cir
retlcy to keep all the Industries of the oo1ln.
try employed. national as vol a. In
alvidunl bankruptcy must onale." This
lB putting 1t strong for m Initiation Of tho
CURRENCY III bohatr Of tho EASTERN u,anufaokur-
Ing utoreHts. The temper of Congress- on Tho
currency question: as far as shown yet. ia, how
eyor, just tho revorso OF in.latiou, Sonotor
Mor1llls proposition to fund Grccntacts III
3.65-lt0 por cent fonr-year notes or bonds md
TO authorize tue Secretary to iasue 5000 600 ODp
a of per cent United States bonde, upon which
Brcenbacks with also seuator Summers bill,
Introduced. yesterday, to authorize tho re-
lssuo Of compound interest notes.
TO bo :, exchanged -. for grcenbacks al
par-boih these propositions look 10 tile get
dsup' and allowing Bpeclo 10 ta1o their Tlacc.
rhore III now prol ably 5000, 900. 900 Of coin in
shls country, and from the presout aspects Of
o,r foreign '1ade moro will continue to como un:
favorable opportunity tlls country will eYor hayo
tor returning TO specie basis Ly getting rid of
tlo gtconIAeks. and, as far aa the Senate IL oon-
cornad, it IL evllont tLat Congress IL disposed TO
take advantage uf tho opportunity.
THE rnEs1uEST ON THE DETAILS OF BANKING.
Wo commented Yesterday at considerable
loh6th on lrcsidei't Grants rlau, proposed iu
Us ulcskaIe to Congress. for an expansion OF
t!le oank currency. Tile gonora! dio: OF prao.
tical oankera agroos With our own yiowa, viz ::
that the Presidents plum would be outiroly in.
operative cyon II It became Inv, though inero
is mol tho shadow Of a prospect that Congress
~ll ever pass such q lAH as tho President
recommends. i,es 1t IL noteworthy fnct that
With TIC single exception Of tho recommends
ton o. FREQ l'anking III tais last mosenco-uyory
financial proposition ma:lo by Tho President lu,
been piece Ut Useless claborn.oness which no.
body iaa felt willing to advocate in CongreBs Tho
probability le % thnt the prosdont laB mado
mcndatlons from the ret hobbies Of a |
Dozen or 80 financial o;npiricA like A1r. |
boutwell,. Tho prcsidont suggests nothing Of a |
straightforward. simple charGc.or in rouaId to |
the appreciation OF tho currency to par with |
regulate eho details OF bautin:. M tlio.lSl, lilo |
great defect OF our ryoscnt currency was
so1no ianls o1 thoso who lallalo tho currency i'll
stead u tho failure Of tic Government to piy its
aa,emahtl-noscR, coupled with tie arbitrary Legal
lel!aor act Which abolises tho spcc!o sta,llarIof
yyaiues, and is the aourcs Of ousI'css confusion.
1Ae President wants tho bnnls Il forced into n
useless system OF reocmptions " In Eroonbacks
Worth no more than Tic notes "rcdoemed !" lie
Talls CLEARING -llouEos established iu the various
resumption cttlcB for this purpose, wantn tie
banks prohibited from rnsiDg lutercst On t]o-
posiss, wants They thuutd 10 compelled to kaoo
their reserves NIL III their own vaults wants tl;c
s9mpe'lod ;9 to retain tho gold interest on their
onteu states bonds as part Of their reserves,
waits tho banks to 10 permitted to ieauo mora
Hore arc oycr Aalf-o-tlozon ,ncuositiona
10 regulate, the dttaiss OF bonking
'ns In all tlts thero IL nothing bearing on tio
n!nt'oh OF tho great question Of what to do
Gitn tue repudiatlve losa-tondor notes Of the
United States, which prevent us from having
circulating medium OF specie md bauk notos
sedoomable i'll specio.
:. Local STOCK AND DoSD MAnrEr.
Jnnar ia = T..