New-York tribune., 1875-03-06

twenty-five dollars. The amount OF hoVs
below the denomination of ono hundred
marks is now $135.OOOOOO, out OF
total of about $35O,OOOOO0. por-
ton of the prohibited issues may
be replaced by larger notes, but it Is certain
that void will be created by the Withdrawal
which must be supplied with coin, and with
gold coin at that, since silver in the future IS
to be used IN Germany only for fractional
currency. AS to tho time allowed for consum-
mating this change we have no information,
but doubtless every care will be taken to AVOID
abruptness. We may bo sure, however, tnat
Germany will not supply gold to any other
nation if there are any means OF avoiding IT,.
The Bank of France has now accumulated
stock of bullion which lacks only the small
sum of one and half million dollars of the
immense aggregate Of three hundred millions.
Of this sum, $l55, 100000 have been secured IN
tho seventeen months which have elapsed
since October, 1873. The process has been
contraction, but at this stage of it we find
the rate of interest in the open market at Paris
no higher than it is in London. So far as we
can Judge Mt this distance, French trade COM
pares most favorably with trade IN England,
America, or Germany. The stock of bullion
now held by tho Bank of France IS
the greatest treasure ever accumulated by
any bank or government of which we
have any authentic record. And yet since tho
bank does not pay in specie, it Is not available
for expectation to foreign countries what
effect wOuld be produced on the financial re-
latOns of France with other countries by
resumption of specie payments on the part or
the Bank of France cannot, OF course, be con-
iectured with any certainty. 1t seems unDatu-
raj that so much gold ard silver should be
permanently held by single bank, but the
French modes of banking and credit are Pc
culiar and not to be judged by English or
American standards.
The Bank of England has for some months
past shown disposition to get along with
somewhat less than its usual reserve OF un-
issued notes, or, what is the same thing, with
less than its usual bullion reserve. On the
2nh of January it reduced its discount rate
from four to three per cent. On the lHh OF
February, having during the three weeks lost
ten million dollars of its bullion, it raised its
rate to three and one-half per cent; but it ap-
pears by the telegraphic reports that it has as
vet not added q sovereign to its bullion by this
step. The open market rates and tho fall IN
the exchange here indicate that n still further
advance in the rate of interest may be looked
for. The recent course OF the Bank III not
| maintaining stronger reserve OF specie has
been severely criticised by The London
Economist tho editor of which, in his popular
book on Lombard Street" has forclbly ex-
pressed his ideas of the insecurity OF the
~ r,atf fll, of
credit repOses.
Returning to America we find that the Gold
Room plays the same part on this continent
| that the Bank of England does in the COM
meIcial world. Gold for some weeks past has
been scarce and high, and in all respects q
profitable article to own for those who under
stand the games that aro played in Wall
Street. The scarcity has been produced by
the action of Secretary BristOw, who has
been steadily drawing gold into tho
Treasury 1t is an instructive but indubit-
able fact that, supposing Mr.. BristOw to be
able to perseverc in his present course, he
might perhaps store up more gold than tne
Bank of France owns without producing
much more disturbance than he has already
made 1t is like dipping water from hole
|
| of gold in New-Y0rk falls below the level OF
the outside world, the gold of the outside world
by o natural and irresistible law flows in to
fill the void. For some weeks we have
been receiving large amounts OF gold
from San Francisco. Canada we had prcyi-
ously exhausted, and gold has recently been
sent from England 60 Canada to supply the
place of what we had distracted. Now we
hear of shipments direct from England to
New-Y York, and yesterday the rates of cX-
change on London dropped so low as to
make such importations profitable CONNER
cial speculation, thus confirming wnat TIE
TRIBUNE months ago predicted rs the ncces-
sary result of too rapidly accommodating coin
| in the Treasury.
RETURN OF THE MISSING WITNESS
Sauntered leisurey into town on Thur9day