, 1874-02-18

MONETARY.

There are no now foaturoB In tho money mar
ket. Tho supply Of loanablo funds continues
not only abundant, but supernbundnnt It Is
nov. tho general Impression that when tho I'M
monse amount Of pork, provisions, wheat, corn,
and ollcr products arc sold to Eastern and for
efgn consumers, aa tho great bulk muBt ho in tho
no1t two monthb, tloro will 10 an unusual plo-
thora Of monoy In tile West, -,
New York exchange WAS little frmor to-day,
and sold botwoon banle at Zoo auu at 25o nor
$1,000 discount.
POPULAR r1NANorAL DELus1oNB.
Wo are accustomed to oall thiB an "ago OF
progrcas," and to flattor ourselves that wo III tho
United ststoa arc in tho advance ranks OF the
army Of progreas; but whom wo road suoh rono-
iutions as that passed by tito farnors In conven-
Zion at Earlyillo, In this State, on tho l4tl. to
The effect that "go1d and silvor arc not money"
but that "money" consists only In tho
"stampB" Of the Government (not oven Its
promise to pay gold, or anything olso), we begin
to think that tho uuoh-vaunted "progrcss" is
ouly In tho direction Of suoh popular hallucna-
Nona as Communism and ita inevitable result
Of anarchy. Wien tho great mass Of. un-
disofplinef mtnda composing tho people" aro
ponoentrated too intontly upon such abstract
questions - tho rotations Of prayer to natural
laws, tho distribution Of woaltb, tho standards
OF value IN currency 0tc, It generally results In
popular insanity. The farmers Of Earlvillo
would doubtless scorn to be c1asaod with tue
eisionaries who arc now making pilgrimngcs to
khe Shrine OF tho Lady Of Lourden IN France and
yet the hsllucinationa Of tho Inter arc not nearly
20 devoid Of al reason, nor half 40 dangerous, as
xhoao OF tho Karivillo farmers.
THE REDISTRIBUTION NoNHENsE,
II the 926, 600 redistribution humbug goes
into effect II will require that banks in MaBea-
phusetta shall surrender el5, ,295 Of thoir
4S,025, 800; in Rhode Island, s2,818, 100; Now
York, s2'6ao,ooo; ponnsylyania, s476,ooo, etc.,
Tho law q 5ulyt III 1870, M which provided for an
tion, provided. also that whom tho s54, ,ooo, 600
s,s taken from tho National Banks in Eastern
s1es, sass Tsn sSs9o hsa ts1 se Gf h9
Cha. this s25,ooo,ooo should be distr&batod
South. rs called for This $54, ,ooo, 900 las, for
some 1ossDn mover been quito al iasuod and
5000, 600 Redistribution bill to mako the law
OF 1870 operative without waiting for tho COM
Rlete Issue @ Ct tho whole so4 ooo, 900. This whole
would gre.tly disturb tho aflaira Of tho Eastern
National Banks to DO Obliged to surrender
e25, ,000, 900 Of their circulation and soil about
28,000 GOO Of their bonds deposited to socure it,
Tho only good OF the measure B that it mnkes
tho Eastern National Banks willing to advocate
Fhe prospect ncroasos from wook to
Meok that Congress will pass . Ftoe- |
Banking bill, viz: simply repeal the legal |
limit to tho aggregate amount Of National Bank |
circulation. Thia measure gains strength as
people begin to understand TINT it does not nee-
esaarily mean either infation Or contraction of |
Tho currency, but that 1t does provide Tor an !
ELASTIC volume Of currency. Perhaps o7an tho |
Washington correspondence, who talk so glibly |
'Hbout "inflaton Of the bank currency By means |
of FREQ banking" will get it into their noldlcs /
after while TINT Limitation" OF the ourrepov.
meaning thereby an inorease Of its volume and q |
depreciation Of its value, can be accomplished |
pnsy by an increase Of 9reen6acks, and that, On
the other hand, nn increase OF M
AonRl Bank currency, tcia1out an in.
crease Of groonbacks, il mnvo in tho
direction OF specie payments. II, instead OF
1856 00o, 900 Of authorized greenbacks and 1884,
DOC, 600 Of National Bank currency, OF which our
circulating medium il now composed, II wore
$500 200, 900 Of National Bank notes and $780,
OK, ,0oo Of groenbaoks, the currency would be at
par with gold, or very near it, because the green
backs would nearly all bo required for tho TO-
eerves Of tho banks. But
WHAT THE IHFLAT1oN1aTB REALLY WANT
la an increase Of g1oenbacks, DO that they will
deprecinta IN value, aud thus admit Of tho nav
ment OF existing debts with loss renl valuo But
as tho new debts, contracted on tho basis of q
lower yaluein tho greenbaoks after the imitation,
would bo Just as hard to pay without still fur
ther inaatlon, there would be no end to it until
the greenbaoks were deprecated to nearly moth
ing.
LOCAL STOCK AND BOND MARKRr.
Messra. Preston, Kean d Go. quote a. follows