, 1873-04-16
MONEY AND COMMERCE,
MONETARY,
TUESDAY EVENING, April u.

-, TUESDAY EVENING, April 1e.
Tho local money market presents no unusasl
fSaturos. Tho demand for money is active, but>
/Shls city continuon to enjoy tho 1attoring ex-
smpiton from tho prevailing stringcnoy in ali
the other principal money contrcs Of tho United
Etatcs, Tho fact Ia that wealth in tho North
vesk has Increased more In tho last two yoars
than In any other quarter Of tile country, and
Tho effook la to increase tho nmount Of money
capital IN this ite principal money ccntre. -
Exchange was In bottor supply to.dny, and
sold at 600 por $1,000 premium, but thoro waa
'still 80 much demand that somo banks wore
obliged TO ship currency to Now York.
',uxxxrEc1ED EFFECT OF TUE NEw-co1NAoE Law.
The now coinage law which, was intondod to flx
aud confirm tho lcgat-tondor va1uo Of our gold
toinp, has had tho unexpected and startling Of
Heot Of doprlving moro than threc-f -fourths Of tho
lty whatever. Tho now law provides that tho
oublo-engles, caglos half-eagloa. quarter.oaglos.
xhros-dollhr pieces, and ono-dollar pieces shall
hc legal-tendor at their nominal value, yyhon
mot below tho standard weight and limit Of tolor-
ance. The permitted variation in weight callod
e. tolerance" is tho allowance made for
khe unavoidable difference in tho
Hrom the mint, and is 50 innnitossimal that in
commercial transactions no account Is evor made
of 1t. But 1t ia woll known that Of all the coins
IN existence tho wear has been sufficient to ro-
duce tho weight Of thrce-fourthB Of them con-
sidsrably beloy tho margin Of tolerance, and.
according to tho exaot lottor Of the law, thoso
mot bnfn8 Of standard weight, &ro deprived Of
their logal-tsndor character md legally reduced
To that Of commodity. Tho first intifnstton Of
Ahis new icgul bearing was IN tho instance OF .
New York bank, which, on the 8sh inatant, re-
FUSED to accept the current gold coin tendored
In payment Of . draft payable IN gold, and sent
e It Tor collection. What Ii to be the result Of
4his now legal point is difficult to foresce but 1t
keorns probable that Tho law must other b
changed 30 a. to allow more variation in tho
restoro tho legal-tendor character to tho large
proportion Of tho coin now In existence, It must
10 reooined But oven II tho latter is done 1t
seems probable that undor tho present law thore
twill always be considerable proportion OF tho
coin that from the etroGts Of even modoraso Eoas
OF 1egislation over-reaching the intended
effect may afford a hint to our lsw-mhkors here
In Illinois, who, In their endoavor to prevent
discrimination on tho pArt Of railroads., may
krame law that will have as startling And un-
A1pocted an effect as has thb new coinage law.
! THE EXPANSION OF BANK CREDITS.
In our money article OF thin morning re Te-
printed from tho Boston Advertiser some tables
Nhowing tho expansion OF bank credits during
The last three years. Tho comments on the to-
bles we're alao from the Advertiser, but tho
credit Of thom to thnt papor WAS Inadvertently
pear as our own, when in fact wo do
not entirely agree with the Aduertiser in Its pro-
d.ction Of u crisis as tho necessary result. But
tlat there has boon great expansion OF bank
credits during tho laat three years can bo shown
from tho reports Of tho National Banks to tho
Comptroller Of the Currency Rt the undermen-
toned dates: