, 1873-03-14
.M0NEYAND COMMERCE
p
MONETARY.

MONETARY. IT,.
THURSDAY EVENING. March H.
The supply Of money in the local market i
abundant. From careful inquiry VIC arc Of th
Impression that tho aggregate deposits Of th
twenty-one National Reuks OF Chicago nze nov
over $50 ,0oo, 600, being fully up to the creates
amounth held By them atany time in the past. Their
are, Of course, a good many who complain tha
they can not get what they AJAX for at the banks
but this is always the case, and would be the
ease at this season Of tho year if several mill
IONS more were added to the present aggregate
OF deposits. l. very large proportion OF this
increase OF ioanab1e funds has been absorbed IN
The speculation in grain, and has been the ma1n
cause OF prices Of grim being sustained 90 Teu.
Had it not been I; this A1s' gram "oo'a o'
much lower in this market -.
New York exchange is becoming seafcer from
d.y to day, and the tendency OF the price IS up
ward Sales were made between banks to-day at
par. but some OF the usual sellers we're asking a
anal premium Tho great bulk Of the hog crop
has now been marketed aud in the Interim be-
tween now and the movement OF grain to the
East, by the lakes, the supply Of exchange is
likely to diminish, and tho money will tenn
po1ari1y dou eastward in place Of products.
Notwithstanding the continuance OF the
stringency Of money in New York, the specula~
tive stocks have experienced a rise in the last
ten days. Pacific Mail which touched as low as
49, is now ST to 6S Erie, which Was IS Oh Mnrch
So Rock Island from 112 to 116; O., 9. l;
G. from 81 to 81, and st, Paul {common) from %
to 81.
Mr. DouTwELLs LEGACY.
The dispatches from Washington yesterday
and to-day already confirm the vlews We e1-
pressed week ago in regard to the assumption
ct power by tho Secretary Of the Treasury to
issue the whole OF any part of the so-called 844-
600 0o0reserve of legal tender notes OF the United
States whenever ho pleased, and to call them IN
in either csse than his own supreme will Yes
terday it vas admitted by the Treasury officials
III Washington that 81 ,000, 900 OF this so-called
rose-ye had been issued, and that probably
S2o'oo would be .+Ipm put ssa1.ts out soon. ,:Ee 10
he will not issue the additional
$4,000, 600. This is fair sample OF the rumors.
ths assertions, aud contradictions, to say. moth
Ing Of the actual expansions and contractions Of
the volume Of. currency that may be expected to
continually agitate and unsettle financial affairs
under the manipulation OF this unlawful "344,-
00o, 900 reserve" as long rs the Secretary is a.
lowed to maintain his arrogant position Of the
Fesnors Ths s ' delightful d condition Of aneer
sainty as to whether Te hare 400, 900, coo OF
gresnbacks worth say 10 cents on the
dollar (Which =. ia - probably all green
backs would be worth. If the whole 344,-
from 81 to 80 cents on the dollar is the vital ele
xnent Of Wall street Bpeculations in stocks bonds
and gold. 11r. Boutwell,, after four years' per-
siatence in the mistaken policy OF paying ont
ware not due,-debts that nobody expected US
to pay before maturity,-while- he neglected to
redeem, OF in any way take cognizance Of, the
obligation to sustain the value Of the currency,
tetires from Office, and leayes us this legacy Of
currency more unsettled in it's value, and with =
National in fnT II
sastwoyears ago. Greenbacks have depzeciatedin
value from year to year since 1870, and our bonds
are on the average worth no more than they were
then. With gold to-day at LIS, the new per
which, after deducting the interest accrued since
Fab. i, leaves the net price OF the bonds 97H in
gold, decline OF 5 cents in gold since the close
Of 1871, when, by the manlpulations Of the
look in gold. Still another item in Mr.. Bout
wells legacy is the unwise law for the coinage Of
- Trade silver dollar" the value Of which is
Increased 80 much that, egen it We were to return
to specie payments t.: IN goid, the commercial
30 much above its legal tender value that it would
not, and is not expected to- even circulate in this
country as money. The acknowledged object Of
this Law is 10 facilitate the erportaton Of situer
Fer nation that processes to be endea7oring to
devise plan OF returning to specie payments
this law Is evidently the most consu1nlnate folly
that could have been put on tho statute books.
In 1852 the value Of the fractional parts OF .
aiI7er dollar vas reduced by Congress to about
81 CENTS to the dollar Of coin, expressly. to pre-
vent the com from going out Of the coun-
TIT. - The fact that silver half dollars
Ind legal-tender value Of nearly per cent less
than their commercial value as bullion prevent
Cd their expectation and retained. the silver in
the. country, and il gold should now go down to
105 and remain there any considerable timo, the
fractional silver would como back 1nd circulate
here again, but Mr. Boutwell's Coinage lav WAS
not only intended to prevent our having any
considerable supply Of this fractional silver, but
to hurry al the silver out OF tho country as fast
as possible.
PBopCcTs AND PROGRESS OF MANUFACTURES
An elaborate table has been compiled by the
Washington correspondent Of tho Jo.sTnalof Com
eTcrce from advance nheets OF the report Of the
Commissioners Of the Census OF 1870 topreaent the
following summary OF the products and aston
ishing progress Of the domestic manufactures Of
the United States since 1850.
The table gives the ualue Of annual products ut
The close Of each decade. These values, in the
aggregate, it will be noticed, have quadrupled
bince 1850, and more than doubled since 1861:
Ee.s1ts.- / 1850. 1850. 1870.