, 1873-09-11
MONEY AND COM NJ lERCE
MONETARY.

"WEDNESDAY EVENING, Sept, 10.
Yesterday 1t appeared Us though the country to.
manl tor moro currency wnA permanently falling
OF, but today 1t Ia nonrly AZ largo as over again.,
aud It Is subject Of wondcrlneut among bank
crs us to whom tho country will have enough
Tho fact, however, that tho tlomana Is Guotust-
ing, aud not steady like It was wook ago, ,i,tai-
cates that 1t will soon diminish. Tho movement
Of ourroucy, ~ compared with past yenzs, Inns
boon simply immonao, and, II 1t woro not that tho
railroads arc blocked with tho enormous guam
tity Of grain III transit the receipts Of graln and
particularly wheat. would bo oyon groator In pro-
portion to former years thnn tho moyo1ueut Of
curronoy has boon.
The domnnd for emall bills is still 90 gront
that premium OF Goo por $1,000 was ofTorod by
some banks to-day for largo amounts Of sloa
and s20s, payment to bo made In billie OF $100
and upward.
Now York exchange was lower again to-day,
in consequence Of tho ronowod pressure for cur
reucy, and sales were made at S1.00 por $1,000
discount.
Money continues worry plenty In this market
at 10 per cent.
Sterling exchange has now rison to noarly par
in Now York, boing quoted this nftcsncon at
1895 for sight bills, tho par botng 100}1. This
udgnnco Indicates ether falling OF In tho OK
ports Of domestic products or an inoreaae Of Inn
ports Of foreign goods, probably the latter.
Gold touched f11111 to-day, being decline Of
as 'e' 81 seps oxeSane 0
temporarily check tho decline before long.
THE arANaERs AND THE MONOPOLY OF NATIONAL
BANK CIRCULATION.
Some tins ago tho Farmers and Peoples Anti
Monopoly party in this State aaopted aa lilo
third plank In their platform, tho following iu
regard to National Bank circulation
We aru IN fayor Of tho present banking sys.em boing
ssas se s S s5 :ssaF sna ~
mand shall re8ulato onr money markot.
Tho foregoing hoars evidence Of the popular
error ct confollnding the supply OF currency
",nonoy." rio framers Of the abovo want
q change in tho supply of currency 80 that
supply and tlomanl shall regulate our money
market" The Grnngors aro unquestionably
1ig1't II their opposition to tho monopoly clause
volume to $354 ,0U0 000, but thoy nre also As un-
qnostfonably wrong IL supposing that the supply
q currency has anything TO do With rogulating
The tho supply Of loanabls funds or, in other words,
III connection with the above plank in tho
Grangers' platform, 1t seerna that somebody
haa recently been propoun1lng questions to tho
or, in lis opinion tho National Danks themselves
would generally oppose bill to repeal this
monopoly clause. Tho Co1nptro.I.or Btatog that.
from hla information, he y Of tho opinion that
the majority Of IT. tho lc's.ing banks would oppose
anch repoal' 1h.ee reason assigned for this Oppo-
altion On ;.:.olr part would not be 30 much from
t.3 iact that tho right to issue notes is prodta-
bio monopoly. as that the repeal Of tho section
would authorize an ovoriasue Of currency, thus
dopfeciating the value Of thor own notes.
The foregoing reason nssgnod by the Comp
troi!or for the opposition OF tho National
Banks to tho abolition Of tho monopoly
olauBe in tho National Currency net is, wo think
without n1nt In Al
az we are in the present condition Of suspension
Of apcoie payments, tho banks have 10 interest
IN preventing the depreciation Of their own
most out of their circulation whcu gold Is high,
because the goldintereat they receive On the
bonds deposited to secure tho circulation brings
them in largo amount in currency. tits prob
'oblo that the real secrot Of tho opposition
Of the existing National Banks to tho removal
ct the monoply clause in regard to circulation is
the fear thai tho incroase OF National Bank cir
cnlation aud the 'otthdrascai Of greenbscka will
30 change the proportions Of Nntional Bank
notes and greonbacha ay to make premium on
greenbaoks over bank notes. The instant thnt
thia condition Of things is reached the gold value
Of grecnbackB would rise, and tie redemption Of
National Bank notes, instead Of boing merely
nominal. as nov, would have to bo practical, and
oyorY National Bank would 10 Obliged to pre-
phro at once for specie resumption. Tho Ma
tional Banks arc, without exception, opposed to
specie resumption, because they know that the
burden Of sustaining tho currency at par would
fall on them, II tho present monopoly that pro-
tccts them were removed
RAILROAD EARNINGS IN AUGUST, AND FOR THE
LAST EIGHT MONTHS
We have received from tho Now York FInan-
cial Chronicle the advance proof of its CON-
pilation OF railroad earnings in August, and for
tho eight months ending Sept. l.. With the be-
ginning Of August commences the grain traffic
OF the West, and the transportation Of goods
preparatory to fall trade, and the earnings arc.
therefore, observed with some interest, as being