, 1874-06-11
MONEY ANDC0W MERGE.


Various reports nro mado concerning lilo do
hlana for loans aud tho state OF trado by differ
ont banks. Banks whoso customers aro mostly
grain and provision mon aro quiet for the prof.
cnt; those with yory largc llho Of country DO
ronits havo smaller proportion Of loans than
they could make tho institutions doing varied
mercantile, manufacturing, nntl general business
hhvc for tito last fow wccks had fair br'slnoss,
and several Of tho strongest, rocogni2od
IN tho most conservative aud h11cccss-
lul In tlio city, declare Tint they hayo
all tho demand for money they caro-
to have. The policy Of the banks at this season
IL to 60 conduct thoir operations that notoH may
be duo and monoy COMO In. when tue crops bo-
Ein to moye nnd dopoHita draw out Tho rhto OF
discount at tho banka ii 8dl10 per cent; on tho
street, 8@18 ror cent
Now Yorh exchange wns very firm today. tl'ero
TO 25o prcnlium botn cen banks for 81 900.
Horny Greon1bau1a j. Co, q1oto foreign ex-
Ssnse transtort 4ls@.f1$; nerl, 72@
5t6@510; sterling, 488@4D1.
Tho clearngB today woro 100000.
PERSONAL.
Mr., Horny Miller Of sacra'nonto, GAL, OF The
firm Of p. .. Slia y Co.,, Of tic National Gold
bauk Of California, 10 IN the city.
HrEciE RESUMPTION AND Bus1HEss.
Thoro arc thoso who fear That the repeal of tho
Legal.Tendor act will llavo a1opressinK influence
rn business. Wc do not Share these foara. We
oan SEQ no reason why tho ropeat Of tho act
leas brisk than II It wess not ro-
ploalol. What has tho Logal- -Tonder oct to do
With buslnesp7 Simply this, that AL contracts
OF money may bo discharged by tue payment OF
greoubacks. Money contrAots arc, by force OF
that act, estimated In groenhachs, not in gold.
Equivalents aro mensured by greonbacks, not by
gold Tho Legal-Tonder not constitutes Ereou-
ht r1n1 n
values. Tho repeal Of tho act would altcr tho
medium Of exchango, and tho measure Of
yaluea:. It's repeal to take effect on July
after a'S; tla;t dato Cloth Should DO measarea by
gard instead Of the foot. Such change in tho
1noaenro Of cloth would have no effect on tho
dry-gonds business. As much cloth would DO
bought mud sold as II the moaanro had not been
be that rnerchanta would In tho oontractst they
made; tako notiuo Of tho change in tho measure.
And so in all other contracts and transactions. |
tho rs1 Of tho oe there
business, which 10 ouly III eudIeas chain
OF contracts, would DO US brisk
as if tho act wcro not repealed.
All contracts, agreements, md und,e1rtaklngs
able In coin or its equivalent. All pro-existing |
contracts would be payable in currency. This |
being the case, nc caul'ot imagine how business
Gun 30 affected BY the repsal.. Businessmen |
cloud Of uncertainty. l'nt here there is no un-
cortainty,-thereforo no risk; the, eforo no rea-
Hon why tho wheols Of commerce should not ]
move on smoothly.
30 far from having depressing effect on bz,si-
ness, We think that return to speolc payments |
will have q good effect. 1t will place business |
on a moro solid foundation than It has had since |
tho War began. and therefore giya moro con-
1denco to Investors OF capital When foregn-
ers SOC that they ara anro to DO paid in as good
,nonoy aH they loud, thoy will not hesitate to