, 1874-01-28
MONEY AND COMMERCE.



---- ....-. --
TUESDAY EVENING, jan. 81.
Tho local money market Q ontinueB to show i'll
tltcntioun of prorresB townrJ nm castor con-
Hit, sr,n 1inororcc IN ,,o nricea Of grain nnd
u's'o,'. 1no na"s, ~ ~ oon,noroJ sr,.,, t,,a
provisions 1ot e"h'' as op'"Pa'oa "''n t"o
prlcoB for :" futuros, has aifniniahod worry m,fch
within tho lust fow days. This intiioatoa that
ots s ~ m,nnJt ' far ons IT. ia trim lin fforonco
u"ots po"sh. lo1 c"sil. .tuo' suo .,,,
In pricoa OF leash y Ard "fntnfoa Is s1'll
equivalent to oil ayorago Of 26 por cont por
D 1,,a,, rata ,ta Wv ~ 1" not Inn Wv ~ % tho scarcity
n,gn ao an,u !" ho' T.. uuo ,he eclnowIc;lgca
ilunucIal weaknosa @ Of tho spectators, md fsho
1,;nns .,, H. ~ an"nno,sna nr i,v,uv In tno
ar rf'r intn wv thoIr as, hnps in caso Of tho
fniinrn nt tho anccmlatorn. -
Naw yor. o axntonmo woa xrcoacr to.dav. md
uniJ ~ ia mr. Al nj, ,,snn,,nt
rho hIi1 1n rcnorted h~ T tho nomkinn md Cur
ro1ov Cn,nmitfoc NJ fhn House vnstnr1]ay to
nrnv},1o fnr froo hanf,n, honra nyionco Of the
n'nn,nmlation ~ Nav Y66rs I;;tv Bankers. In tho
fnct that It real,iros That tho per cont rcsorve
to bo held against circulation shall bo kept in
tho Hnh-,TTcas,,rv in Nav York. Tho
unoncini md cn,nnmorc;o, intorcsts of thia
country arc gottinr Zoo varied and too
much extended to require Tint all tho bank cur
roncv shoIl bo rcdnnnnl In Ne,y Yorlt Cjtv It
,vnuil ho At, arbitrary and nninst discrimination
IN f"vor ~ of Nav yorf Gv @ to rcniro tic Nntiona
I,ona In Mi nnrta ~ thn countrv tn roInom thoir
rircnIation tko1n' sonso NJ tl,on world doubt
leep olcct to do 20 oyon If # wore not compill-
nnrv. Ink ot,cTa wouid nrcfnr To hnyo tbcir ro-
5ocminr aunnc,oa IN ao1na n,,o ~ fhn ci0htnon
felamna,on citios montioned in tho National
Curronoy not. and. NJ thoro aro National Sub-
Treasuros in many Of theao citieH. tho Nntioual
l}nnka in tho oo,1nirv al1omld nj loaat lavo Clio
nntinn nj reflcnm,ng at nnn Of thcso instond Of
New York Tho BanIsins md Currency Com
mittoo's bl would abolish tho reserve now held
avainst tholr circulation Dy tho banks, This
wnnI be- wo1l onolrh. for tho rnnaon TINT
practically, tic reserve now held against
rironiatinTi,' iloca not remdor r,o cir-
oulation suy moro secure. % and would
not. oven II wo wore ou . snecie Basis.
Thr wholn of i'm rnsorvca hnl1 hv lin Naiionni
11an1,a nni,er tI,o nrcannt rnnriro,mnn,a ~ ti,o
Crrronoy net nro. in fact. nnlv rnsoryo aonnRt
dcpovits. md no mart Of fham car ia nntlo to
sns koni If, Roma t,i5ercnt n1aro and forhis}Inn
to ha 11sed for nnv nthcr nnrnoac III linn NJ fnr ia
,olemption Of thn ctrrnncv. 'rhn effaot of kcon-
ing q per cent reserve In tho SMb-Treasuriee to
as the banKs are conc concerned. bo praoca,iv n T The The
same "a iasunr univ Al mar cant of nirenlation to
National Banits On o., tbcr N hon;s ;natea1 nT m
But it would pace ready fund Of iogal-tonlor
With. unilnr tjoso restr,ctiora tcrc " wouid ha
no dauror Of Imitation from frec-lnnkinr
1yrrArIoy nv nnyIro nnxns
THO speculation and overtrading which Gull
Immediate rnsfr Of Mr. WotwaIisa
policy. which, during tho four yenrs from N1ny'
i86O. to tho p5',m,ner of 1g7a tnrnoa s9os nm
600 Of capltal ont of inyost,nnnt IN IInte Statna
hnna I'M ob1sno1 = - 10 nonls a,n,.r os'1a y,
somotLinc oIsa Hnd tono, neE1 tnrd IVY u III
crcaso in tho yo]umo Of nannr mnnov thorn wna
au Increase Of bank credit whicI hS s,,nilar Mr
olfoct to atimulnto arnculntinn md nav o,,tnr.
prises. but as tho currency was not Increased
the cnntrarv ihc indol,ta1nnaa ~ IL" Hnyor,'
,nent VIVA ro1uno; hv flo ,,,,rcLasa anJ canco1lo.
ton Of tIo boudp. and Ills nuatained ] M the vnlue
Of tho currency. ."~'''.
crease Of tlo otrronov oyor the soil mn oOo lint
will without doubt bo nuthorizoi NJ tie mini. Hie
mum OF groonback circulation. should ntune |
Congress 70 authorize an ineroaso Of groenbacks
ovon tho sano rate as ther % wore purchased ' and ID
cnncalcd by Mr. Boutwoii: tho ciTcnt to stimu.
lato speculation aud ovortradng would bo tLroo
or fo,lv times as great. Thoro would not only bo
in Government bosds. but lilo additional ono Of
tho rise in tho price Of gold, TIC specu
lntivo ora which ended mat fnl] ton1f
four years to culmiulto. How long
ono to culmipate woul1 NJ conrao bo l;S,cnit M" ~
surniso. Int tlat II wnnd nm w,er III "o,,ran ~
and ond' some Inns. in n rrentar r cnenae ot tho,
TINT OF last fan. there car be No ouostnn. Tl,o
uEurFCiltiOu of the CURRENCY No111d hn m nhan.
lnto loss Of canitai. which wonlJ NIX Ia mado
apparent until tIo collango came Tho y" Jamaro aeo
tp locitimato businesn f,v such coanao ,yn,,31
bn rrnntor tho1, in that II 1nsI f11 stp 5e1:..
OF Gover1mont reyonuo ,rond hn rrantor n,,S
affect tho Government credit TO q dogren that
would cat1so n focline in tha nrco nf T1,;toS
States boniis win Mi trn consoaaoooy ~ 41o
grni hanIrnnfcv tnt yom15 fnioi. e,,n, ~ u-
TnE % :, s,1nn1axA u1.w" So'a u'onn''
Of financial reljaf M nresonted 1 hv .,r n,t,,,.
bill in tho Honea vcstarxSav 10 s;nS,,, , -
abolish thn NationoI Hani, 10 ~ p.l. ~
auw kjnI Of rraenhaci:s n ,a rnnos Anu ssuo
tlso fnr m incrcaso ~ ~ - aas mo I'm hon my
makinr Tia nr@roco,a ~ rnmmo saus
s7Go 06o 0 6o Eat;orai Ronpa p ssoo',uuAs
Of tie;r circ1st;o aJ tbo sno amount
bonds enoste w;t tho Irn{tn1 etate caao u snelr
nrcr Arcnr1ing s ~ NJ a9 n,t,, et".9s 3rens-
would bo maid ts ma rc;, ~ psa, eo panHs
would hcrnmo a. ~ na2it;n. eaeui.uAeAh, 44.n Mnleh