, 1873-11-21
MU Mt 7 ANpGOMM MMERCE.
MONETARY,

MONETARY.
THURSDAY EVENING, Nov. 20,
Money continues tight yot, but the ptriuuenoy
n now Ut moro healthy character than \ wcc1t
Or eWo ago. large hmount Ia boinr usod In
he payment forboga, and largo sun,s of currency
ro being scns into tho county by commission
men, and boing carried out by drovcrs. On tho
other hand, the country collections Of city NOR
chants nre good, and tho influx Of c,,rroncy from
ahe country by this means Ia about equal 10
eho outflow to pny for logn. The ahip-
ment OF tho lnttor to tho. East Is also
naling hotter supply Of Now York exchange,
mud, though thero nro sono shipments OF cur
tenoy to New York yet, It saems probable that
exchange will soon DO In favor Of Chicago aud
against New York. When this condition Of tho
exchanges IN fully established, money will bo.
come moro plonty here.
somo timo ago wo Bnid that ultimately tho
panic would do Chicago moro good than harm,
In tho respect that 1t would demonstrate to the
world that tho business OF tho city waB
m. nonndor baais, that its merchants,
'te lhnbor-doalcrs, and pork-pAckere were men OF
more capital, and that the advances OF the banks
were made on better accurity, than other Jealous
Glitch had ever been willing to acknowledge. An
evidence OF this may nom bo aeon In tho concon-
tratlon OF the hog trado Of tho West In this city,
which has hcen greatly stimulnted by the panic.
Hog dealers could get money here for their stock
whom thoy could got 1t nowhere else, consequent
sy large portion Of tho hogs that last ycar wont
to st. Louis and otherplacesiu tho Woat are now
coming bore. Tho receipts Of hogs III tho
Lost four days have becn 10000 head, and It Is
estimated that for tho week they will be at loaht
176,000 head. Tho receipts Of the correspond
Ing week OF last yoar wero only $4,000 head. It
appears, therefore, that tho hog trado OF this
nity Ia just about double what 1t was At this time
last year.
The reduction Of tho ratio Of interest by tho
Bank Of England to per cont, instead OF y, ia
vor7 Significant indication Of d better feeling
prevailing in financial alfatrs on tho othor sido
Of tho Atlantic. Tho langor Of a panic in Lon
don, as tho eliminating. effect Of tho
during tho list six months, sooms
thus TO have passed away. Tho effect OH finances
IN this country OF the disappearance of that
cloud on tho Eastern horizon cannot fatl to bo
favorable, md tho general advance in tho prices
Of railway stocks in New York to-day is doubt
less due to this fact. 1t is worthy OF noto, how
ever, that the object for which tic rate ol inter-
est WIS raised by tho Bank OF England to tho
extraordinary figures Of tho past two weeks, was
not accomplished. Tho purposo of tho Direct
specie from England, hut We SEQ by the daily
dispatches that every steamer that arrives IN
New York from, Liverpool still brings it's quota
ct Boveral hundred Thousand dollars, and, by the
daily drawn from the Bank Of England for alip-
ment to this country. The flow Of epccio from
England to tho Continent has largely diminished,
and this may be the reason that the bnuk
check to tho aow Of speeie to tie
Continent was not caused by tho raising Of
tho rate Of discount. Iho present luHtance,
therefore, shows that tue old-timo theory. that
tho Bank Of England could stop the outflow Of
interest, has no application now. Tho Bank Of
England has not lost itB power to create panio
In London but it has lost the control which 1t onco
bad over the money markets. of tho world. The
circumstances which have contributed to this
rreaso the wealth and tho financial importance
OF tho United States. Tho Ccssuton Of uuneces-
eary railroad building III the United States, and
the subsequent dccroase'in tho i1nporatious Of
gland, and the consequent rise in tho cost Ut
English iron which resulted In revolution in
tho iron trade and gavc American iron-mnstors
tho opportunity to superncds those Of England in
country, which hagmade economy fashionnbeau aud
diminished tho demand for foreign lu1urios,--
all these circumstances have combined to mnko
tho balance Of foreign trade in fayor OF The
United States for nearly three months paat, d
longer period than perlapB over before in the
hiBtory OF tho country. For three months wo
have been selling moro Of our domestic pro-
ducts to foreign countries than wc haye bought
OF their goods, and tho credit balance is coming
to us in specie, through the gront Clearing
House Of the world, London, But tho Bunk Of
England could no moro stop the flow Of this ppe-
cio to the place where it is duo than it could
turn the currents Of trade at ouco i'll all parts of
the world. Notwithstanding our recent Bcare,
the United States is really growing rich; tho
main drawback to hor rapid progress now being
tho character Of her curroncy, limited in volume,
tonder, so that it excludes tho money OF the
commercial world from circulation. Thus, while
wc are really growing rich, we are poor in money,
because TIC have enacted that something else
than gold aud silver'shall be tho "monoy" Of
this country. There is no way to get out
Of this muddle except by getting rid Of tho loyal
tender papor money. Let the banks issue all
the paper promises they please, only provided
they will take tho chances of having to redeem
them in specie aud will depoait bonds with tho
United States Treasurer to secure this end. But
tender notos either By funding them or other
wise, and thero will bo no trouble about our
having money enough, and all of it would bo ut
par with gold.
LOCAL BTooK AND BOND MAnK1r
McssrH. Preston, Kean l. Co., quote as follows
this afternoon:
Barnq. Sailing.
o. s. 6-2os Of B2, NEUTRALITY-SUSPICIOUS. l08H
~ q o-!us u ~. G4...................lVS 10oHGlu9
y. 8. 62Us Of 10 ~. ...,.....,...109 1Gok
.. 8. 6.?oa Of 'c5 January aud july .ll2z ilaE
U. s. 620s Of '67 January aua July 1l3H ia @il4t:
.. s. o-eoa Of I'll january Ind July .t13X 1laI
lD-4Qs. ..ln7 lG7L@lQ3