, 1873-07-04
MONEY AND COMMERCE
MONETARY.

ruunapAr EVENING, July Q.
Tn ,oco, ,,,i1o mud anauoos matters nre vory
nriot trade is dull, tho grain Hpooulatora arc all
jtoconcortcd. and tlioro scems to DO no provnil-
no op{pion AZ to tho future courso Of tho mar
tota, At tho banls. busnosa is brish, owing to
l,o rargo amount Of collections, inoidons to tho
.loso Of tho half year, that arc made thronBn
,hom, Tho last three months hayc boon m I'M
satisfactory aunrtor Of tho year to both farmers
and merchants. Tho low prlcoa Of grain have
made farmera feol poor, aud tho unfavorahle
weather Of April and May cut oil tho nsual spring
trade of tho merchants. Dankera soon to bo tho
only ones who haYo mado money this spring.
The average profta OF tho banks OF sAAS
city during tho last six months nave
probably boon at tho Average rate OF aoout 10
per cont per annum. But for tho ne3t 'wo
monthe tho proNts Of money-lendera arc hko11
ia be loss, Monoy Ia nccumulating, and rates OF
interest aro likely to 10 lowof before thoy arc
Lighor. ..
Nav York exchange was steady at from par to |
$50 per a1 900 premium to-day,
THE ACCUMULATION OF MoNEY AND TuE DECLINE |
OF GOLD. |
The gradual decline In tho prioo OF gola 10 An
Indication that money Ia accunulasing IN TUG
United States as consequence OF the decreaae
In imports Of foreign goods and tho inorease Of
our exports Of domestic products during the
last two months. Our fixed volume Of $ioo,ooo,ooo
of pauer dollars IL at all timoa tho representative
of tho amount Of circulating money capital in
tho country. When the amount Of auch money
CAPITAL is small the &700, 600 900 Of paper money
is based on smaller amount of otedits and
Tho value Of tho papor dollars declines. On tho
other hnnd whom e1porta Of domestic products
aro larger in proportion to imports nl fGTeg1 s
exchange drawn sgainnt shinmenta OF tho Pro.
ducts. These bills Of o1chsnEs sro IN fscs
currency, but not as available for citoula-
notes note The iprocoya Of turning tho bills Of
oxchnnEc into grocnbacks makoa demand
for the latter to represent circulating capital
and this demand causes an appreciation IN their
vnluo, or, aa tho custom II to soy, gold do
Gold and silver arc tlo only products Of which
tho value is established J. immediately after they
podlties, tho values aro variable according 70
tho fluctuations Of tho markets; therefore, gold
and silvor arc tho only products available for
suspension Of specie payments, they do perform
that function 10 Homo o1tont. Therefore, when
our exports Of other products arc 30 anal! In
proportion to our imports Ct ,1 foreign goods thas
Idly than usual to pay tho balance 81 trade. 1t ia
An actual exportatlon OF circulating money
capital: money becomcs ecsrco, ne htcd gommo
amaller amount OF real capital and The nomi-
nal dollars depreeiato in value. in Other words,
We Hay, "Gold advances" .....,
mostio products, other than specie, Woo very
small compared to our imports OF foreign goods.
Tho price Of gold roso steadily from an average
Of 11o in April to 10 IN august ana aoon zoo M sfter
Was p'' e1tremei1 s smelly searcs. The stringonov DON
tpafa 4, u1 .s s tTs Jsss ssRS5s q S .s s0ass,
heuan to mako little bettor sup.
ply Of floating capital in the country. But
ngain, after the beginning Of the cur1ons y9ar, y
stIingenoy Of money increased, and. there being IL
s70o' 100 900 q paper dollars, the latter aoprecl
i lar IN January, to 81 oonta in gold on tho doila
In May. Since the middle Of April exports o
domestic products have Increased, and import
have fallon on. The result 1s an Increase OF cir
oulating capital in the country, and oonsequen
advance In tho value of greenbaoks to " conta Il
gold on tho dollar.
The e1oct Of tho proson. tendency Of our for
eign srado Is to cal1Be an accumulation OF olrou
lifting oapital in this country. In this respect
Ia directly tho rovcrHe of tho experience Of las
summer. Il ia reasonable. therefore. to expec
that no1t fall money will bo comparatively easy
ENoL1sH FINANCES AND TnApH
Recently thore wras decline in tho prices {
British oonsola In consequences Of falling o
eepted as an indication q a'lo.s prosperous cor
miniahod prosperity may be found in tho Enge
eoel and iron trade, the aspect c
shn ssa.s. sors i Fsssee f. r1e.dsns s of e. E II
Iron and Steel Institute: in recent speech. *
mits tha. tho timo is rapidly approaching In En-
land WHOM any s1tonsion Of manufactured vi
have to be regulated, not by the demand Il
their production, hut by tho available supply
coal In 1906 Great Britain produced 260, o,
tons Of pg-ron in 1864 100000; and In 1s7
6,7500D6 toms. Ten yoArB from now, aocordir
to this ratio Of increaae, tho product ought !
amount to II, ,5Oo, 600 tons requiring $4,000, o.
sumption. But from tho depth of tho mine
tho 1mallneas Of the veins, and tho increas
cost Of labor tho English ooal supply canu
keep pace with the demand, and tho supremat
OF England in the iron trade must finally 81
one-tbird Of tho total available supply sf coal,
twice Is much ia required for sho ncIt t!
largest SOURCES Of consumption, namely, +
steam engines, including donoato purposes, o.
Taatea fsT af s1s E sn% nsn ySans Ssas sadg sos
ccoaomy in tho working Of iron, and IN ono il
y,rtant iron district II is claimed th
. saving OF a5 per cent OF ft,ol b
beon gradually reached in the last fifteen year
my has been reachod 80 that little more il to
expected from this aou1oo Of negative gain. ~
oven the London Times admits that It Ia ve
difficult for England to hold hor own agAinBt tl
Americans with their vast resources OF coal Il
iron orc, and their untiring energy and skill.
LOCAL STOCK AND bond HARRIET.
Mesars Lunt, Preston kean quote Is #
lows this p. H.:
nuMng. selt.
6-IQa OF u. 1ld
e-4eaot " .....-4!o ~
30 q Is, jan: md jul;y;:11szs III III
s-2os Of 81, Jan. and July, ~. int. .117.s III
6-2osof 1s, Jan. and July. y...........11G,< III
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