, 1874-03-14
MONEY AND COMMERCE,
MONETARY.

+AlHAf 1AsEFlHNt hlifell 4Js
Financial affairs continue extremely dull md
money abundant. Borrowers who oan mike
gil-odged rapor or furnish irst-olaas collatorala
call got money Mt 8 per cont, tl,ougl, as n rulo
tho bankR keep tic 1ato up to 10 por cent, OIL tho
ground Tint they lond to regular customers at
lint rato MI Tho yonr round, aud III seasons
whon tley could got moro than that In tho open
market.
Now York exchange Ia Hcarcor and higher,
being III demand ut 6do por $1,000 promium,,
with little to bo had nt that. Tho upward
tendency Of exchange indicates that currency
will Hoon begin to how Eastward from horo to
Now York,
THE WEAR AND TEAR OF CURRENCY.
A correspondent Of tho Now York Eucning
Post DISCUSSES MI Interesting point In tho our-
roncy question, which, though it Inns not boon
touched upon in tito Congressional dobatea, IL
not q now one, as tho Posts correspondent aB-
Auncs. Something ovcr q yoAr ago we estimated
tho entire loss Of lognl tenders md bnnl-t,otcs
from wcnr Rrl toar, destruction III tlros, and by
tho sinking Of ycHsos aud steamboats, at nbout
s25, 900, ,000. Tho Posts correspondent, however,
prints nil elaborate table to show tint tho aver
tho ontiro volume Of papor currency aud 30
nguros up total loss OF $75,O0o, 000 In
tho twelve years since 1861, and, to sustain this
position, rolors to Troaalror splnuer's ann,,aI
report Tor 1873, III which, aftor stating tho
amount Of United Statcs currency outBtnndingnt
tho closo Of the fiscal ycnr, Nov. i, 5308, 8,424,-
Gl0.29, he says: "From tNiH amount thelo
should DO allowed a lnrgo margin for notes OF
a!l kinds that haye beeM destroyed and lost, and
that will never bo presented for redemption"
issue Of "poBtago currency, " lie states: These
facts would aoenl to Indicate TINT nearly tho
whole Of this iaHuo, originally amounting to
&2O $685. thnt still extstB Inns boon redeemed,
m ft,ut t1rnl,N1,1v ~ hnuh IL
atroyod md eau bo fairly deducted from tho
aotilal circulation OF tho fractional currency,
and that tho natounl Indebtedness is reduced BY
Tho loss on this s2o, 100000 Of fractional cur
rency is over 21}4 per cont OH tho amount is
sued.
But the position Of tho Posts correspondent is
not sustained by what Treasurer Spinner say8
about tho old demand lcgal-tender notes, the on
tire loBs on which IN ten ycnlB haB bpen only
about one and onc-thi'u per cent. Tho dcBtr,1c-
tiun of fractional currency is undoubtedly worry
largo, but on tho legal-tonaerH and National
Bank notes, eyon aftor making au allowance Of,
say, Sd, 000,0 900 for tho amount destroyed in tho
Chicago md Boston fires, wo should not estimate
tho entiro destruction OF notes at ovor s25 ,Q00
ooo or s3o,08o, 900 in tho twoivo years.
TIE INDIAN FAMINE. ..
The nav Ministry Of lrcat Dritain Inns what 1t
considers knutty problem in political economy
10 deal with at The worry outset Of itB career. A
few days ngo, the cable stated that Official adj
vices from India Bay that tho Government will
bo Obliged to feed 100000 Of people for three
months, and that tho expenditures for that pur-
pose to the end Of February had nlroady been
s7,500,000. hfr. Disraoi seems to think TINT II
Tie Government continues to spond money nt
tha rate, and goes into tho marlot to
buy food, and buys when aud whore
1t eau, as speedily as possible, diurogartng tile
nHuai circumlocution OF Government purchases,
the Opposltion will claim that tloro i1aB boon an
unnecessary waato of money. On tho other
hand, II the Government doos not do this. and
moves only according to established rulos, the
Opposition will charge tint millions Of lives lave
boon sacrificed to rcd tape. Mr.. Dsraeh tries to
fores tau this criticism, and aaya:
=. II you think Of tho circumstances yoil
have to deal With In 1na, wlcro you have Province
with population greater than that of tho chief Euro
Itan Kingdoms, as great Great Drtau itsc1f when
you remember tho character Of that population When
you remember that there IL portion Of It, not lcss
than 1resnd herself w,eru absolute starvation
prevailing among millions. Of tho Inhabitants, you
must SEQ ut once that tim rules Of political economy,
though they May nharncsedy bD PERFECTLY right, mutt
not 10 rigdy A'ure to, or you may hive the sns-
faction Of feeling ut the end TINT you havo douo every
thug which Government according 10 the lrnGf-
plea OF political economy wnH tBtiltl In doing, and
lves '''' AAs' a''''n' 'oF 's '0s' 0l n0nS 0'
Whatever rules Of political economy Mr. Dis
raell may have reference to- he evidently means
to dsrcgard them il, fnvor Of tho humanitarian
fanne-strckon people. What effect this would
hnve on the prices Of food in the principal mar
kots Of tho world, If any, is difficult to surniae.
Persia has 30 recently suffered from great fa1n-
ino, that Egypt is probably the nearest country
from which my considerable food supply could
bo drawn Al substitute for tho rico OF Iutliu
In time to 1uoot the emergency.
LOCAL STOCK AND noSD a1AnEEr
Alossrs. Preston, kean l. Co. quote us follows
this p. 1n.: