, 1874-04-16
Money AND COMMERCE,
MONETARY.

,,u .,,. H*hHEsbAH EVENING, April In
ne condition OF tho money market Is like Tint
Vi olllef branches Of trade, dull and Btoady, mud
as good Oh could bo expected under tho clrcun,-
s."''oos' Iheto WAS domhud At tho banks for
a'scountH Oh account OF shipments Of grain
agalnst tho opening Of navigation. sevoral
SeBseis began to load with grim, and tlera hro
symptoms OF nn increasing aotiyity In grain and
other produco. Tho doma,,d for money con-
tinuos unchanged, md Is oasily supplied at tho
rates Which have prevailed for tito past weok.
Exchange WAS scarce and tirmor, selling ut rar
to 25o premium.
Country collections do not soem to bo improv-
ing. There arc moro numerous complaints OF
delinquency and more instances reported In
which thia failure of country correspondents to
remit has eent Wholesale doatorg to tho banks
for loans The city rotail trade has not bright
enod, aud city collections arc corrcBpondingly
Rparae. Tho clearinghouse business was re-
ported ut 5000 700.
Merchants arc borrowers to fair extent at
tho banks Loading Wholesale houBes report
their halos ns largo, II not larger, than at Sim
liar Bonsons ih other yoars. OF lrat-o]ass
dealers It may 10 snfoiy said that their business
is in u prosperous condition, but Of second aud
third-c'asB traders this Is not true. Thoir COL
lections aro unsuccessful, aud their sa1cs de-
pressed.
Loans on roal oRtato aro mado at to 10 per
@ cont, a., end arc increasing, Quo company report
days, noas Of which is obo used In the erection OF
ssores Tho money market has not been affocled
by tho action Of tho House of Representatives
III passing the Senato Currency bill. Its offoct
has boon discounted IL aavanco: stocks In
New York showed no buoyancy, but were, il
anything. latter.. THO opi'on ID general among
our best tnanc1ors TINT tho bill will produce
no increase OF tho currency; Tho proviaions.
concerning bank reserves, and tho looking-up Of
hopoaited by tho banks. make It worry unliloly
that much Of tho additional slG,000,000 Of Nh
tional Bank currency which. the bill authorizes
will DO taken up. Thero is too little profit on
effect, should 1t become law By tho signature Of
Tho President, will bo tho establishment OF
precedent for futllro Initiation.
THE HOUSE CURRENCY BILL.
Wo have alroa1ly published tho new Currency
bill passed by tho House OF Representatives OF,
Tuesday. but, as that bill amends. and roponls,
md re-enacss various sections and parta Of soc-
lions OF previous acts, by more referonco, wo
l,ave compiled statement showing tho actual
prect Of tho proposcd bill. The thirty first Soc
National banking Association In either OF tho fo-
lowing cities: Albany, baltimore, Boston, Gin
cinnatit Chicago, Cleveland, Detroit, Louisville,
Milwaukco, New Orleans, Nav York, philadel-
Hllia pittsburgh, saint Louis San Francisco, or
Washington, should hnve at all lines on hand, in
lawfui money Of tho United States, an
amount equal to ut lenat 25 por ecutum OF tho
aggregate amount Of it's outstanding notes and
itB deposits; and every other association mot in
those cltieBl shall ut all times have on hand in
equal to IL por contum of tho aggregate Of its
circulating notcB and deposits. This section is
amended by tho new bill 10 as to releaso these
banks from keeping on hand any amount OF
rt1n&r 4&
thoir circulating notes. The rcsoryo against de-
poHits Is retained.
Sec. "a Of tho original Banking law limited tho
aggregate bank circulation TO $500, ,U00, 900.
July II, 1870, this was amended by increasing
tho amount s54 ,00U, 900. and contained proyiHo
that no banking association thereafter organized
blould have O circulation groater than $500, 900.
Theao eoyoral limitations Oh tho amount Of |
notcs for circulation are repealed, which ia
equivalent to
Ths act Of March 8, 1865, il wholly repealed,
mud Soc. 81 Of The act OF 1864 il re-onactcd, US
explained below.
Tho now bill then provides that every baul shall
6 per cout Of it's circulation to bo hold for re-
ae.nption. whom presented In sums Of $1,000,
When bank-notes arc thus redeemed in United !
Btates Treasury notes ut tue Treasury, tho |
banks, upon notice, shull make good their per
ceut deposit. SEQ. 1 Of tho new act allows any |
bank to withdraw its circulation, etc.
Socs 81 md % Of tho net OF 1864 authorized |
the banks to keep portion Of their lawful |
money reserves in ST. Louis, Louisville, Chi
cago. Detroit. Milwaukee, Now Orlonng, Cincin- |
natl, Cleveland. Pittsburgh, Baltimore, phiIa-
dolphin, Boston, Now York, etc. This is repealed
by tho now BILL and tho reserve is to he Kept in
the vault Of each bank, at the placo whore it
does business.
. The act Of 1865 proposed to be repealed rogu-
lated the issue Of currency variousiy in propor
tion to the capital and Soc 81 of the act of 1864
re-enacted, makes tho isstto uniform at 90 per |
rent Of tho amount Of bonds deposited.
Tho imports at New York for last week
show large increase Of dry goods, and littlo
hbogo 1l,250,000 in foreign gold value:
FOREIGN 1MroRTs AT NEW YonK.
lb7n, 1879 1874
llry goods. .....$ 9,767,H91 l,4HJG5G 3,UtU 300
daneral mdse.... 7,9o2,76s 4,7a7,7o2 s,1l7,1Ga
Totul for weet $ 1o,e3o.o5o o27l95s 11,a7so7s