, 1873-04-19

ths1u charge ali tl1oy can got. Thia is un-
aoubtod1y tho right thing to do; tho money
problem In Now. York would then soon soon
sSye sSln r.1. ss eaSs oney Ind f' bonds M9fa o. hs
built railroads at tho inflated pricos 9f the last
sIx months, and il tho spooulators who arc car
KYing these securities and ondoavorlng 70 ehoui-
es them S on nnon mo nRobod2 cen eo
tbat Mey havo to pay Tor tnor expo1imons. a ,,,ar
IL, OF COURSE. to DO regretted that tno fogalar
mercantile trado Of Now York is mado to sunot
Eheir distroas is tho unavoidable consequence Of
s3eW York capital having boon 40 lnrgoly de-
,gotod to gambling speculation inHtoad OF logttt,
mate trade. Speculation in stookaa. bonds, nnd
securities would. Of COURSE, not 10 possible
Ii tho stocks aud bonds wcro not based on real
sropcrty mud did not represent Legitimate ontof-
ariaes, but speculation in these seonritios do
ntroya confidence in the value OF. tho properly
T6is rnuat bo tho object Of Wall street bnancler-
ing on tho legitimate trade Of Now York. Iho
avail street bankers ind brokers cnn hold out
Of speculation at tho Stock aud Gold Exchanges,
and, after Withdrawing most Of their money
from tho securities dealt IN theIe, nao It to ioah
this, they mnst continue With their usua! bnsi-
meas Of buying and selling goods, oven they
koss rnoney al tho time, and they. know It. !
Should their stock Of goods grow loss upon !
~ssortmont is kept. There must DO no rotronch-
anent Ia that way. Tho working expenses ut tho
establishment cannot DO cut down, for tho Bnln-
ries Of the clerks in tho most prosperous times
Hheae re1narhs hold good regarding dry goods
merchants, hut regarding grocers, wholesale
dealers In provisions, cotton, and cloths. Tho
business mon go on with their 1ndortaxlngB bo-
away certain sum from thor capital. This
goes to thoao who have money and loan 1t Tor
f1hat It Is worth IN tho marhot. Not only are
busineas men in the various branches ot trade
high gold Thia latter item OF expense ia no
smaA one to importors. s'ao whose goods goods
to; millions Of dollars ,t;ny every +,o ySaE s"i:
striugenoy, have, It Ia said, loaned out money
-oref night through brokers in SO bold manner
fnt there llas boon little difficulty i'll conneoting
1hcm with tho transaction. house in Broad
cent, last week, from a broker known to them,
but who was supposed to bc 1onding his own
money. Tho ne3t day tho agent q one ot tue
Ieading trust companies called at the ollfco OF
II the house desired to keep tho 3100 900 for M
othof day. Tho borrower replol that no had no
idea the money camo from tile Trust Company;
thafhe took # from, broker known to them,
and he was tho poraon whom llo rocogni2ou
In tho transaction. The ngens replied that
the broker had been taken with sudden
4iQGE6. ana was u1lnDl9 10 uo uu tut Hl4Gdb1 A4A
that WAS the reason he called around: The bor-
rover WAS much surprised that tho Trust oom-
pany should show ita hand so boldly but aa Ae
wanted the money, Le took it from tho agent OF
the Company ovor night. IhoAe Instances nre
not isolatea, but nro Of common occurrence. and
there is universal cry, not {2r tho enfo1eenens
Of thu unury law, which would only tond to par
s1yze trade, but for
As far a. free banking means renewal Xl az
restrictions on tho aggregate atluunt OF Natiohna
Bank circulation iasuol upon security 81 Un1oa
States bonda deposited With the SmtoI
1t for several yeara. The present restriction
makaa National Bank circulation monopoly,
aud that nlone is sufficient reason for ita abol1~
FREQ bnnking law in Now York socm to do. 80
under tho mistaken notion that MI increaso ot
currency would in aomo way be an increase Of
capital. 1t ia therefore only another phase OF
o1AMon Fon MORE anEENBAcKs, =,
which has bcsot the Treasury ever since tho
8ecrotary claimed to hayo tie authority to 1Bsua
&c., Ths pubo MIND has hdn gos g, g f@1 aoo
representative OF money That 1t seenaa Impossible
to correct tho error with tho great majority.
The New York World Of tho 18TH points
currency, the fact, which has frequently been
pointed out in this column, viz TINT tho supply
OF monoy IN tho market doea not depcnd on cur.
rency, but Oh the amount Of bank deposits, and
H.
is immoyable in his resolution not to maize any
further issue OF legal-tendegs, our rnan OF bust
ness will accommodate themHe1yed to a fixed
currency, AZ they do in England" There is,
the insigniacant part played by currency In tlia
lnoreaae Of loanable capital in tho markett arc
nlamoring for q much moro dangerous kind
pf iniation w: IN intistion Of bank crots
sfour banks from tho obligation Of koepng on
hand at all times, In legal money, 90 Per cont Of
their entire liabilities, md We ahall not require
new isBuos Of legal-touders any more than Eng
lnnd reQuireR new iaBues OF Bank Of England
notes."
4 supexabundapt currency that depreeiete,
because it is irredeemablo is bad enough. Bq
into = temporary and fictitious activity, bocaus
In the hurry to get rid Of It every one who woult
receive It would huston to exchang
7 tor other dude,. kinda of Pr property r.. the h.
huatling Of it from hand to band would maxi
''trads active" and make "priceH rise." Du
the kind Of imitation advocated BY tho New Yorl
pspd their credits. md soon bo AZ hard up it til
whole Of their Is por cent resorvo against depoa
ita was loaned oue as they are now. The know]
edge that they must hold 25 port cent, or u Pc
depoBlts, sustaina the confidence Of deposition
Tako Away tho requirement. for reserve, an
there would bo frequent and sudden panica.
LOCAL aToCK AID DoHD MARKET.
Mesera. Lunt, Preston & Koan quota aa fol
lows this afternoon: ,a ,,,..
k-20s Of "a. ..11nA 1l6
6-20G Of G4. .".t!!D.a !io
Saoa os q of e. Is jim. and july. id
b-20a Of ~, jan. and July y.,.........l8 1l8
6.2os Of 'ea, Jan. and d1uly..........'i61 3lS
10~A0h..... ....,..:.'........"..'i1aa -
Gold aud Gold Coupons. ..l17t1 III
9ola E1ens9gs; change. ,o7xaida ia
Northern pacinS Gold 7.3Ds. ....,.. ~. 10V In