, 1873-09-27
ed blcsaing ont Of what now appears to most
pcoplo only gro0t calpH,ity. Lot tho President
at once call an extra session OF Cougrcss, and

PtoElo Only BrcAt calbfnltyt LOT tito IreHuent
at once call III extra session OF Cougrcss, and
lot II
REPEAL THE LEuArrTENpEn ACT,
maklng grconbaoks legal tonaer only for
dobta contracted piior to tho re-
peal. This would not only place
us nt once on specie basis, but It would give
un Immediately tho most abundant supply Of
circulating medium III tito world There ia now
probably 9t5o,o00,0 600 OF gold and silver coin
mud bullion In this country. At tho rato spccio
Is now coming to this country to buy our cotton,
wl,oat, alld corn which England and
Franco must hare nrd can't do with
ont, 1t will probably bc only fow
wookH boforo wo should have mi aggregate stock
Of $3.50, 900, 900 Of specie. II tho Logal-Tendcr
act woro repealcd boforo this Bpocio IL drivon
out OF tho country ngan BY tho greonback cir
cu1ation, specie would bocomo tho basiH Of prices
In all parts Of tho Unitotl states. Tho groom
bnokB aud National Bank notoB cannot be
driven out, and, ns They would still
DO logal tender for all dobts matlo
prior to tho repeal, they would DO Obliged to cir
culate. Iustead Of gold bong at pro,niurl as
now, groenbacks would 10 at discount.
Eventually necessity would ariae for funding
thou1, but for awhile At least thoy would bo cir
oulatod with great rapidity.
We hive now about $354, 900 OF National
Bank notes in circulation. Il iB commonly sup-
posed that wo have also 1856, 900 OF groom
bucks, but the wear and tear and destruction Of
notes In ton years Inns probably reduced this no
much that ovon with tho recent Issues from
the s44,O00.o0o rcsorvo to buy bonds there
is probably much loss than $780, 900
in circulation. We hayo, therefore, 37oo, ,o00, 900
Of pnper money. Now if tho Logal-Tender act
is repealed in limo to prevent tho outflow Of apo
clio it would give uH within six months S1,000,-
600, 900 OF circulating medium, mud from tho
depths Of tho present despair our tlnaucial af
fairs would rise to prosperity mover known be-
fore.
NEW Yonw, Sept. 2o.-Money ia not really q'1otablc,
iegai Interest Tho Iest Of coliaora}s arc exactc and
mortgages range from 20 TO 40 per cent, GrccnIacka
command premium Of ~ to " per cent ovor ccrti-
There wAs heavy decline IN foreign exchange, in
consequence Of tho condition Of a!fairs IN the Gold
Commercial bills sold at 1oi@lo2 for 90 days. and 1o3
Custom receipts today, ss5s,0oo. -..
1% G,t%,,n to LAY aud el0a'n e. III
gold o.actcd d. high rites for Its % use
To-day. one or two prominent short sellers werc at
once forced into tho market borrowers, but rcfuacd
hitch in clearlngs. and It feared tho days husi-
wo Lave f. 60 1n s M cnrns
IL gold u partly duo to purchases ly those who arc
aissrusfu Of ne present condition Of aairs, and are
carryng but aftcrwars borrowers pai tho 6 following
II e. S5 Ssy ;s rss a ssn cent to It, It,
At @ tho very co's ner @ sent oo wns ad for carrying
Tho Assistant Treasurer disburacd to-day, 800 600.
There arc no quotations for Governments.
The banks Cleared early ai,t IL good shape. This
they nEe pursuing the same course ns earlier in tho
week IN refere1.co to trcatnent Of checks Tue Lonn
esry sa ha' nont 1s ano
Tic Stock Exchange continues closed, and tho
twenty-four hours notice SHOULD 10 given before
opening. 1t IL hoped that tllo bulk Of contracts mae
G1enanss G The M Two T fetu soufa notice
insurcs the closing Of the the Exchange for tho rest Of
sssD s uesa a IT, % aoep do mot
s will sfss1f of for eon
direction s plreaay. X largo numSor Of prominent
horses In tho street have effected settlements, and
up. II NIL he thus satisfactorily arranged, tho
opening of tho Exchange will result III no further dis
The Governing Doar1 Of tho Stock Exchange met at
o'clock this afternoon to receive the report Of tho
Committee for the Clearance Of Stocks After some
mittee, and The board adjourned until Tomorrow at
loa Ill., 1t K stated on tho street TINT the acceptance
GOULD aud Vanderbilt arc eIeetng settlements which
will clear tho markc Of arge blocks Of stock, aud
enable tie Exchan9e to open without fear Of rush Of
salcs under the rule.
AS usual thcro was very email business in stockH
Priers were lower IN so'o cases, hu na fay parties
be placed quotations. They given for what they
are worth. The following are thu latest prices for
stacks current among tile crowd of miscellaneous ore
rnfn in fhH ut