, 1874-04-24
M0HEY AND COMM MER2CCEE zee.
MONETARY.

there ia marked difference in the feeling vi
which this action has been received BY differe
classes. The bankers OF the city are virtua
unanimous in their approval Of the veto.
9as:une1pecte1, but welcome. They feel ii
the Presidents opposition will render in,poesi1
the passage Of any future measure for inaatio
and expect that Congress will now ve
turo to submit for his eignata
none but carefully prepared al
wholesome bill The bankers also sppreria
the favorable effect the veto will have {
American credit md securities abroad. II
Wholesale merchants, large jobberH and capita
lists, whose agents the bankers are, entertain Il
same views. They look to the future with MOI
conf dence, and feel that their Investments FL
purchases can be made with fair assurance til,
values will not be disastrous1y changed befol
the day Of settlement
by real estate men, the veto ia receive
with. disapproval and apprehension. Wit
few exceptions they express the opinion ths
it will act unfavorably upon prices, and will ez
tngleh what little activity remains. The Sen
ate bill, generally but mistakenly understood t.
bo measure OF practical imitation, WAS expected
to create momontary delirium and e1altatiol
of values, during which large class Of operator
Lad planned to unload themselves, at whose cos
itmade little difference.
There was some expression Of opinion notee
On the part Of country people. and of the lest
intelligent persons who constitute SO largo
part OF our ordinary population. Their senti
Eent is adverse. as whole. to the veto
They have been led 70 believe by dem
agogues that the bill would add to tue
them t:easy" pecuuiarlly. President Grant has
gained nothing in popularity among them.
Tie intelligence and the capital Of Chicago
may be fairly declared to be heartily pleased
with the poailon the President has taken against
the issuance Of any more irrcdeernable paper,
people Of all classes, are disappointed and
angered- 49,.
fhe passage Of free-banking Law Of some
Kind Is now expected BY most bankers Many
such step favor It nader the present circum-
stances. The National Banks feel that It would
Telie1o them Of tho charges of monopoly SO
TldelT circulated against them, and yet in no
way interfere With their business. Undor such
hsystem they argue, the people couldihave all the
properly secured, like the present bank
circulation, by. Gorernpent bonds. no
depreciation could result. There would be
IN almost unanimous demand OF the National
Banks that circulation should be givan to the
amount Of the face OF the bonds, instead Of 80
per cent, as now.
Wheat, oats, and corn fell tride to-day
BreadstuEs have been steadily declining in price
IN Liverpool tor the last week, but the expeota-
ton Of an increase Of the currency has upheld
prices On this eide till now. Stocks fell In New
York about 8 per cent on the average, and even
Government bonds we're shaded tride. These
movements were in sympathy with the decline
ct gold, which fell l rs per cent.
= Exchange was. as before, very firm at CSC
premium per 81 ,U0D, with few SELLERS.
The Clearing House returns we're 50, 800, 600.
In anticipation Of the opening Of navigation
grain calls for freight Increased, and money was
for tho shipment OF several cargoes Of
grain.
Mos: Of the banks report their line Of a;a-
counts full at 10 por cent. Higher rates are
charged on the street. Deposits arc not large
en- account. The movement Of currency to the /
country shows no extension.
Wiki the approach OF the 1st of Nav. dealings |
IN Government bonds increase. number Of |
tarpayars, moro penurous than patriotic, are III |
Fhe habit OF eTading taxation Of their property |
" investing largely IN Governments, which arc |
exempt. The bonds are held till after assess-
nent,dlay, May l. and are then converted into
taxable cash again.
ouR FOREIGN Tn.pE.
Monthly report, No. E, o. the Bureau of
ssatlftirs gives the following figures Of the
'oregn trade Of the United States for 1878; com
pared With 1872:
Domestic t4:1ora. . Foreign
see {6oa, ,ySs s 81 s2t95ss9i Ssass
e'2 .-..-.... 6'7.134s7s 544,4sa7s9 25,osS,0s3
Classified as follows:
Domestic ezpo7.. Farna7, I
1873 Imports. ts1ec1e ratuss). expo4ts.
!. onllon: :. 5 29,a9,433 s5G,ee3,496 s7,sos, ,sa2
aeGshandise 595,241,523 55o,lo3,oa6 Il 559, $40
1877
;pecie aad
bullion. 21,182,oo4 sa,2o5, ,a3e 1891 ,ess
lereiiAndise sa5,s6e,575 4,2,14s,55s 1e,694,3s5
Allowing for the difference in the warehouse
ccounts, the exports for the calendar year 1873
re- tn excess Of the imports by &2s9, ,33I, while,
OF 1872. tho imports exceeded the exports BY
los, ,473, 7l3.
new RATIONAL BAxEa
4 new National Bank has been organized at
;olaen Col, With capital paid in Of $50, 600.
Il. G. ". Robinson ia President, and LII. = r.
tyerett Caahier.
. MesErs: Buck i Toan, and other capitalists Of
'lynouth, Ind. are taking the preliminary steps
" the formation OF q National Bank in that
1wn.