, 1873-06-24
MONEY AND commerce
MONETARY.
MONDAY Evening. Juno 70.


declared today TINT he would not advance on
corn receipts at any price. Thorc appears, how
ever, to DO grcat dtyorsity Of opinions as to
how much basis Of fnct t,oro Ia for tho foars OF
moro Of tho corn now In storo boing unsound,
aud wo do not find TINT othor banks have cl,ang-
cd or nvon contemplate ohanging thor rulos In
regard to advances OIL corn receipts. Ono thing,
howovor, Beems Inevitable, viz: that
tho rccont tloolino In yaluos OK grain
md provisions muht ultimately affcct
unfayorably nearly all limos Of tradc
In tho West. A considerable portion OF tho ng-
ricultural labor has boon expended In raising q
crop Of corn that will not soil for enough to pay
tho cost Of raising 1t. This will mako farmers
poorer and will diminish tho trade and profits,
first, Of the country merchant, aud next, Of tho
city merchant, and may extend to rents and other
values.
prominent pork commission dealor who had
been operating for spccu}atorb In st. Louis and
Cincinnati suspended to-day, ewing to tho fail-
uro of hiB principals in those cities.
Thero appearH to DO little more activity In
the domand for money, though tho supply is
amp1o yet.
New York exchange sold between banks to-
day at 25o per $1,000 discount.
pIo-INoN-uunnENoT 1NFLAT1oN.
The following reRolutions, remarkable forthoir
stupidity, wero adopted by tho National AsBo-
clation Of Pig Iron Manufacturers in thoir recent
meeting at Cleveland, juno 20:
Iesolued That 1t il tho Of this ncetlng that
the currency In circulation ia inadequate TO tho
requirement Of general business, and re suggest %
faN and, meanwhile, until such law can DO onaes
3D. It would II onr Judgment 30 e1pedsns h ~ fo6 o TO
Rssored, That Il il ths .ense Of this meeting TINT
in tho present coalition Of the iron trsds IN nj,
should DO curtalnd AZ far ~ posaiblc, until mora
favorable market Is established, and That copy Of
this resolution be sent to each member Of tho Assoaa
Hou.
What evidence have tho pig-iron mon that the
volume OF clrroncyIia inadequate to tho require
ments Of business7 Tho facts that prices Of
products II this country are low, and that not ;
iron, the American consumption OF It has fallen
oil, do not prove 1t. These circumstances only
prove that the bounty paid to American pig iron
manufaotu1ors BY the protective ta1in M has atlm,
American Pig-iron than can be consumed In this
country. The pig-iron manufacturers, not snt-
ified with selling tho amount OF pig-iron lcEiu,
mately required, want tho Government to lond
to somobody-it would bo hard for
over supply Of pig.ir may bo bought by the
somebody who can borrow Government credit.
Of tho supply Of pig-lron, they. now practically
demand the Government shall buy their Bur-
plus iron, or assist somebody else to buy II by
lonning its credit. When portion OF the 60
suod last }ail It was found that It could not be-
got into circulation nny way but by The Secretary
making direct loan to certain New York banks.
Who would tho pig. iron mon have the aovorn-
ralroad buildors who have constructed railroads
into tho wilderness whoto the total receipts Of
their roads will not pay tho interest on their
bonds? This might, ID good thing for the
railroad builders aud for tho pg-iron men who
would DO bad speculation for tho Government
and for tho people who continued to trado in Its
dopreciating pronrsofy notes; If thore Is any
argument that will hold good for the Govern-
hold equally good for tho issue Of ten timos as
mitch.
But tho p1g-iron men also propose IN addition
nj expansion Of credit IN what they arc pleased
conceded that tho proaent monopoly Of banking
privileges in the issue Of currency should DO abol
iHhod because it is nmonopoly, thero is no excuse
for making that tho occasion for tho issue Of
more greonbacks. II the limit to National Bunk
circulation III rsnovod M it shond ho, thore
should DO withdrawal OF greonbsckB in soma
sort Of proportion to tho increase OF National
Bank notes. Under such restrictions tho change
in the proportions Of National Bank notes and
grcenbacks would cause tho value OF both to
gradually approach par with specie, because.
with tho diminishing ratio OF greonbacks to bank
notes, tho banks would be obliged to prepare for
Iedemptions in something olsc than greenbaoks.
But IT.. as the pg-iron men propose, tho inoreaso
of bank notes is to be preceded by nn increased
issue OF grconbacks, tie yalue Of both bank
notes and groenbacks would depreciate.
e aaa or OF f,a
subject shows TINT tho Bank Of England will
probably be authorized to increaae it's iBsuos of
notes, unprotected BY any reserve OF specie. to
Rsto1a 70 81 6e1nE me- ed. -
Law tho Bank has no authority to issue any cir
culation above tho limit Of Gl5. 900 900 without
the transfer Of an amount Of bullion from the
hna bnaAing g,,aSp department to the
eScoss Of notes issued over. tho :s16. .oo0,-
that this caat-iron limitation prevents sufficient
supply Of currency for tho spring and autumn
for currency there aimilnr to our own. Mr..
Love- the Finance Minister, has prepared a bill
to enable the Bank to mako this Increased issue,
and, rs an increase Of currency Is always con-
money and d stimulation Of trade. it is probable
the bill will bo indorsed by Parliament. This
proposed iucreaao Of currency in England will
be very ada different from tho proposed inoreasa
The former will still be releomable in specie 1t
the Bank Of England, and, though tho Bank
would have authority to increase its circulation
by E6, 600, 600 without any legal requirement. for
~ lucseaae or specie 1o6erVo, tne probability ID
that it would not ,sHuo the whole six millions
except under extraordinary circumstances, and
that, if it did, it would still provide some reserve
in proportion to tho increase Of notes, This
would bo precautionary measure of solf-proser-
vhtion to prevent the necessity Of suspouding
apecie payments II the extra E6,000000 Of notes
issued should como in for redemption more
rapidly than anticipated
LOCAL RToCK AND bond lfAnKHT,
Messrs. Lunt, Preston d Kean quote as fol-
lowe this P. M;
Buying. Selling.
b-2os OF sa....... 115A
lSos O! " .......-....-......'116 '1164 115H
b-2os Of -. .-....:,..:............1161 ll7f
o!os q! ~, Jan- and luly- -.......... .1l85t 110f
o-2na u ~, Jan. and Luiy...........l2Of 120H
Gus OF 'Bbs 1an. and Iuly......... ..110?< 40
lo-40s. ...-. .:....-................112H 1l21
Y. 9. 6s tnew 1ssuel..... ...........1l3tE l14E
Gold tfuu Wedghn hn..............,....ll4}s l1bX