, 1873-10-29
MONEY AND COMMERCE.,
MONETARY,

MONETARY.
TuRsnAY IyeNrno, Oct. o.
NOW York exchange continues worry scarce In
snls market, and commando premium az 10
eents por 81 900 premium for salas botweon
esnke' At tho aamo limo tho cxtrcmo lullnoss
oi o''s'ncss Of NIL kinds Is tho subject of ren-
sla fefnafk' Tho small volume Of tho banlt
aear'nge o. present is an instance OF tho low
s.ase OF tfaue' tho average daily c.oafingg nov
ooing only about e. 500 0oO Instead Of "a 900 900
Aad 900, aa usual at this soapon of FIN
year. 'o"''A ~ s'o
Tho supply Of money orfored In thu NM,
market acoms to 10 little 1arcor thon n r.a
: week ago but the ratios dotna,,dod for n nra
1ull as high aB they wore then.
10 say that Eastern oxchance Ia Mt n uranium,
md that business Is dull at this season Of lie
Scar, when the reverse ought to DO slio case IL
ph'y another. way Of saying that Weatoru pro.
nacte are not being marketed "a rapidly as thoy
ouehs under legitimate condition Of co1h.
ho1ce' AS remarked yostortlay, thero Inns boon
An no7of-production Of commodities, particularly OF
manufactured atticlos The protective nrlfr Of tho
United statos has stipulated tho production Of
manufactured articles hnd stimulated tho iuverl.
non OF labor.aavlng machines until the supply OF
manufactured articlcs pressing on tho market is
Ereater than the consumptivo demand. Manu-
faoturcrs, therefore, find 1t necessary to either
nheapcn their products so aa' to roach d larger
class OF consumers, or olso to diminish tho erp-
ply In order to keep up tho prices. In either
case 1t would, Of course, diminish tho ability Of
fhe manufacturing classos to buy the products OF
the farm, aud this again would have q turthor
tondonoy to diminish tho demand for.
manufactured goods. Tho effect Of this over.
supply of commodities must neeossarily
10 to cause reduction In tho prices Of nearly
al kinds Of goods. There is reason to think
TINT. for many articles. this decline Of prices will
be comparatively permanent. The spirit of tho
nineteenth century Ia industrial, and 1t the
prio es of commodities arc not choarenod, Il
must DO acknowledged that tho efforts OF gonius
IN the direction Of laborsaviug inventions have.
to gr cat extont, boon In vain. =
The argument that would probably bo rrrod
against this permanent decline OF prices of COM
modlties would probably be, that the increase OF
money in the commercial world of late years
had boon proportionate to the increaso of COM
modities, aud that, therefore, the same amount
Of commodities ought to command the samo
amount OF money. But the anewer to this would
Oe that IT commoditicn bad been produced IN ex-
cess OF tho oonaumptivo demand, tho exceus
would not sell except 1t reduced pr.ico, Money.
which is value itaeH, can DO boarded aud yot
always be worth tho Bamo, while commodities.
which only bocome valuable when in doma1ld for
consumption, arc .perislable and cannot, as
rule; DO hoardod without loss honce the nros
ent general desire to convert commodities into
money money is mot by the general tendency to hoard
Ia the Administration
PREPARING TO RESUME \
specie payments7 II not, what does tho present |
pressure to coin such . large amount of gold /
th; fan IN the present monetary condition Of
suoh It is }uat as good commodity In tho sha3e
Of British coin as in the form OF American opgles.
aud, unless the Government is really preparing
months, no tho work now bong done to convort
British gold into American gold ia worao
than usoloss. The Mint at Philadelphia ',Se We
1o ere G6 f9d ,da y now coming gold Of the ratio Of
new gold coin thus mado il retained in tho Mint
hs the Government, instead of paying out, Eho, l.
new s coins to those who bring foreign coins or
cs4 cnon ~ thgre ~ Tor coinage, Issues it's coin corth
Ihe TREASURY lB undoubtedly nccumulatinR
GREAT FUND OF SPECIE.
un the 1st Of October, Tho amount Of coin in
rea hs ws1 oyer + win
Tor the last aix weeks,. and that BY mcnns Of tho
receipts OF foreign gold ut the Mint for coinage,
ana by tue accumulation from customs, tho
Treasury must be
NEARLY S100, Goo, 900, Il
hnd, a. tho present rate Of accumulation tho
amount would probably roach $15O, ,O00.0 600 by
the close of tho year. II tho Government docs
not reHume specie payments within tho next
-FOUR or 1Vo months, there ia no excuse for this |
enormous accumulation Of gold, nor for the ex-
pense ot converting go vast an amount OF for
'egn coin into American gold,
lhefe Is now . great demand throughout the
country for silver coin to use in circulation.
Ihe Treasury Department is in receipt Of por-
lect aooa OF applications for silver, and the de-
mum l., on silver coin over silver bull :
pn. The expectation, however, now seems to
De that silver coin will soon como largely into
tMieoouragng M romarka IN regard to the small sup-,
Ply OF silver coin. We have bcen shown to-day
loot. ~ dispatch from q prominent bank
~ aid Hen ~ 1Grk quoting silver halfdollars at 9s in
tor delivery next wcek, The great difference Of
2 por cont shows that people aTe looking forward
20 largely inoreased supply Of silver coin soon.
Ihe . coinage laws Of the United States require
bullion presented at the Mint into fractional s-
yer coins, free Of charge. It is well known that
.nefe ~ H. X IN enormous supply Of silver bullion
1nnoh silver bullion as Secretary Richardson
proposes to pay out at the National Troasury,
NOW, In view Of tho facts that there is au abun-
psast tsnpPy q ayor bullion that there
IL tue duty Of tue Hint to coin this silver FREQ Of
charge, why Ia it that the coinage OF silver is :
almost nothing, and that tho whole force OF tho
Mint is directed to tho coinage Of gold7 II tho
Administration doea not intend to resume specie
payments in gold within few months. tlore is 6
no excuse for the neglect to meet the .
urgent demand for coming silver 6
bullion into half dollars, quarters, aud dn,os !
VITA gold at 10811, greenbaoks arc worth 92N in !
gold, and, as mentioned abovo the price Of silver
half dollara in Now York for delivery next Z
week is at tho rate Of 01 in gold on tho dollar
lreenbacks are, therefore, worth moro thar 9
silver, and the latter will soon circulate largely
s in the country. q
LOCAL aTocK AND BOND MARKET,
MeB6rn. Preston Kean H. N 1uota m sr1o.r. | b