, 1873-04-08
MONEY AND COMMERCE,
MONETARY.

NONE TARY.
MONDAY EVENING, Arril7.
Tho domnnd for money III this msrisct seoma
70 grow moro active, but deposits at tho banks
keep up we'll, md tho supply Of money in Chi
cago is unauestionably bottor at present than In
nlmoht any oshor city In tho United statoH. tits,
OF course, question Of much intoreBt M to how
long this exception will continue. As far aa the
1uturo can bo forecast now, thoro aooms no
ground for anticipating my considerable strin-
goncy In this mnrhot thls spring. After tho
opening Of navigation IN immense nmo,1nt Of
produce now held herd will 70 forward, and ma
noon Us shipped will bo converted into cxchnngo,
which Is tho .same aa money. Tho prospect,
Hhcreforo, is, that though money may bo' tempo.
rarily tighter hore somo time betwoon now and
tho opening Of navigation, It Is likoly to bo
nosior again aftor tho lat Of n1ay.
Now York exchange Ia In good demnnd md
sold botwcon banks to-day at 600 pcr 81 900
premium. ::
TIE s7ntNdENoY IN NEW YoaK.
Tho stringoney In Now York eooms to have be-
como chronic, and thoro Is scarcely day TINT
money Ia not quoted as high as from 90 to 10 per
cent por anuum for loans on railroad stocks. In
4his connection tho Washington. correspondent
Of tho New York Journal Of Commerce writos
TINT "there Ia reason to boleve that tho Score
tary Of tho TREASURY has all understanding with
tho President that ho will take some rnoasuroa to
avert pnnio In tho money market, II ono shall
thteaton. It is supposed that In such case he
will soll gold and buy bonds, leaving the curren-
oy with the banks throughout tho transactions,
or adopt Homo other metlod of temporary re-
1ief bofore, reaorting' to . draft on hi1 logal-
dono es last resort Tho Secretary sooms to DO
moro impressed with tho necessity of reducing
the prfoo OF gold than of easing tho money mar
kot; but ho has not much available gold, oven II
his intorference as; in goneral,y supposed. The
Treasury business Is in q 6elf.regulatiug condi-
tion now, and the Secretary will not act to rogu-
1ato tho money market -unloBa convinced
COSTLY for his iuterroronco has boon shown to
bis satisfaction, and ho has hopo that thcro will
be uone."
In New: York there ia much excitement among
the Btock-speculatorB over the ruinons rates
pf intereat, md combination is being
formed among those who havo been 1eocod, to
prosecute tho noney-londora under tho usury
laws Of tho stRte. Mr.. Richard Bchel, who was
prominent in similar endenvor three years. ago,
IL at tho head Of tho movement.
:: NEW NATIONAL. BANK HoTn.
The National Bank currency III BOON to bo
completely removed, and tho issucs of tho now
designs in place Of tho old onos will begin IN
tw9 M Or three on months. Tho Secretary has desid-
York, and tho faceB In Washington. The Comp.
troller Of the Currenoy Is understood to take tito
ground that tho present law authorizing the. re-
issue Of tho National currency has no provisions
nndor which tho National Banks can DO aBsosaed
for tho cost OF this re-lssuo, which will amount
to about 100000. somo additional legislation
In regard to this matter will be urged upon the
next OongroaH. Tho National Banks take tho
ground that the per cont tax on circulation
wna intended TO covor: all ouch oxponsea. There
lB now Q large fund in: the Treasury which has
accumulated from tho unapproprated portions
of this tux, md tho banks will probably endoavor
TO hare tho expense Of re-isauoR takon out Of
That.
REDISTRIBUTION OF BANK oIncuLATioN.
The Comptroller OF tho Currency has taken
the ;nrat step in tho redistribution Of tic
$4,000, 600 ct currency, aa provided by tho act
Of July, 1870: Tho Comptroller has, Of course,
law. 1'ho movement will, however, add to the
disturbance Of finances, ind will. Undoubtedly,
make Q host Of converts to fEoo banking.
Tho following circular has been iasued by the
CompHoller OF tho Currency for tho New
England Slater, bnt 1t possesses general In
tereBt: