The New York herald., 1875-10-18

The total exports or produce since January l. this
year $780, 1577o7, against $3.50, O09 in 1874
and $3.50 572 100 in 1873 The total exports Of specie
since January /, this year. s63 o39, 7ls against
S43, $50, 81 in 1874 and $42, s7,29l in 1873
THE NATIONAL BANK CIRCULATION
The Comptroller Of Currency has issued the certificate
OF organization for the Merchandise National Bank,
Boston; capital, 100000
Anticipating the surrender Of large amount OF
national banking circulation, and consequently the
withdrawal Of bonds, the Comptroller Of Currency
recently held consultation with the United
States Treasurer TO the propriety of giving
the OF the national banks thus surrenderng their
issue The Comptroller contended that it was not fair
to national banks indviduaze their business and
went TO illustrate as folows:-0ne corporation
might require the additional notes which their bonds
would bring, if Sold to meet It's obgatons another
might withdraw a portion Of its circulation Tor spec
uative purpose and the announcement of the name of
the bank in New York would enable parties to bid ac
cordngly for the bonds thus put on the market and
prevent full realization Of their scheme In any
event 1t contrary to the custom which had been
observed in managing the affairs OF the
national banking system and ought to be dis
continued The aggregate amount withdrawn might bo
published three times month and the names given of
the States wherein the banks located Treasurer
New did not any for Withholding the names
The names of the banks given well as the
names of banks increasing their circulation, and it
seemed to him that what done under the law
should be given to the public For the present the
matter remains allegiance The Importance attached
to
THE PROPOSED WITHHOLDING OF THE NAMES
is that tho banks have the right to withdraw their
bonds and avail themselves OF the present high rates for
securities But the question that follows is, May
bank which relnquished part of its circulation issue
1t again If at wilt The act permitting 1t does not
modify previous act authorizing the reduction so
national banks may be said to possess unrestricted
privilege to reduce their circulation to the minimum Of
$f5 900 and the week increase it to any amount
This was the feature which Senator schurz said the
Specie Resumption would prevent, for whether the
banks gave up portion of their notes under the act Of
June 90 1874 or new banks were organized or
capital increased under the act of January a. 1875
either way the operation of the acts would be con-
traction The Comptroller Of Currency has selected the
reports of the Superintendent of Banking in New York
State basis for estimate OF the probable loss of
national banking circulation during the period the sys
is in operation. His opinion is that not more than
one per cent of the entire will fail be presented
for final redemption-that is about S. 500 oooa much
smaller per cent than has been generally supposed.
THE MONEY MARKET
Money during the week generally steady, the
majority OF transactions in call loans being the
basis of and \ per cent with exceptions as low as
lH and high per cent the latter being the
generally quoted at bank There has been impor-
tant change in discounts the business having been
moderate at 5% to per cent for prime names. The
foreign exchanges heavy and lower, especially
toward the close, when sales made low
76K AT for bankers sixty days sterling bills and
4SoS 4s1 for demand the nominal asking rates hav
ing been reduced to LIS and A. s2k. The unsettled
condition OF the market grows out of the exorbant
charges for the of cash gold and the increased Offer
ings of bills against shipments of cotton. Yesterday,
however bankers advanced their to 7SH 4S2,
and the market somewhat steadier
MARKET.
The following shows the value in gold of 800 rag
money at twelve O'Clock yesterday, and at the
hour on each of the days named
Oct TO- Oct. Is. Oct IA Oct 12 Oct IL Oct IL.
$95.65. $3.50. $s5H $500. $500 $S5.S
In the early part OF the week gold declined to 115sS
from 116x, tho cause being the possible news from
Ohio and statements that coin would be shipped East
from California. Later advance took place to ll7
the borrowing rate being marked up from LEA to of
per cent per diem. The short interest is described
large At the Treasury sale Of 1000 900 Thursday
the bids amounted TO S. 552 500 The award was made
nj 1859