The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1876-08-09
MONEY AND THE MARKETS.
'rFIcE OF THE INDIANAPOLIS SENTINEL,

TUESDAY EVENING, August 8, 1876.
Local monetary affairs are not materially
changed as compared with our last weekly re-
view OF the money market. Still money is
less abundant, and the banks are pursuing, II
possible, a more conserV alive policy. The de-
mand for renewals has not abated, and as a
consequence the amount Of currency at the
banks is not sufficient more than TO enable
them 10 respond to he wants of deuositors
and keep the wheels of legitimate business
in motion. Other customers in most instances
are required to seek accommodations in the
outside market where rates range from "A to
~ per cent. a month. The bank rate is 10 per
cent, with some transactions at IL per cent
The season for movi g the crops has almost
arrived, and in a few weeks pork packers will
want large sums to carry forward their
business. The outlook just now favors
the opinion that a stringent money
market is among the unpleasant pro-
liabilities in business affair. 1t is therefore
well enough TO look the facts squarely in the
face and adjust business to the necessities of
the times. Eastern Exchange Is quoted at par
between banks, and at lilo to "a premium for
counter sales.
City orders are steady at 90 on the dollar and
In moderate request.
INDIANAPOLIS CLEARING HOUSE.
Clearings. BalanC es
For weeks ending June lO...48'3,oOl sl,lO9 U,
For 4 weeks ending July g.. 27S,00 1861 900
For weeks ending Aug. s.. 4,573 90 LA 90
Monday, August 7..--.......... 2S3,OO0 $500
Tuesday, August S.............. 2liOO 72,D
MONEY AT oTHBR POINTS.
CHIcAGo.-The Times of Monday says: The
title activity occ .sioned by the opening OF a
new month having sub sIded, monetary mat
tiers have again worked their way back into
fad dur of
the summer. Business, in a word, is unsaiis-
factory, and the banks find 1t almost i'm posi-
BILE to keep their a ;cumulated resources en-
ployed, though willing to make extraordinary
concessions. Money is just now almost
drug in the mars et, and an ythine like choice
business paper is readily paced" at unusu-
course of business. no Sever. the a9otstions
for time loans remsin at Gas per cent.
The Chicago Inter-Oceau in commenting
upon the new per cents. and the silver dol
lar, says: We have been asked what would
be the legal effect upon the "new per cent.
bonds" In case that part OF the law of 1873
lar was repealed, and the silver dollar thus
No ade available as a legal tender In any sum.
We answer that the "new per cents" or
authority of the refundirg act of 1870,
i1 hich Simply ahs Sssys tSsb p1ineips1 and
the STANDARD values" AS the ST.
yer dollar OF Al Il grains Of standard silver was
the only legal unit of values at the time the
refunding act was passed, we do not see how
the new five per cents would be in any differ
ent position rom gtenbacks or any OF the
other bonds. Eve act of Con ress author
iZing the issue of any bonds any green
backs now out tandii g was passed at a time
when the government and all o'her debtors
had the RICH TO pay in either GOD or silver.
The federal silver dollar of 4l21S grains
of STANDARD silver or SlZ grains OF
pure silver is still a legal tender for
all debts, public and private. 1t was 81 speci-
fed by the Law of April 1892, and again by
the law OF January, ~, nd Is so yet There
deplives II of this character and IL is only In
the Law OF February 1913, that a sort bf strategy
is made use o. 10 preve-t the issue OF any
more such dollar from the mint, though even
this prohib .tion is in negative sort of way,
viz: the act of February, 1873, specifies the
coins which shall be issued fr m the.mint. In
this enumeration he federal dolIsr of 4i2H
grains is not mentioned 81 all. But the tricE
In this law of 1873 was that In a separate sec
tion 17) il is provided tina
mo coins, eitl er of gold or silver, or minor
coinege. shall hereafter be issued from the
mint other than those OF the d. nominations,
standards, and weights herein set forth"
This is tire ser ton of the Law of F. bruarv,
1873 that prevents the coinage OF the dollar Of
4l2h grains OF silver, because that dollar is
not mentioned In the act at all
GOLD IN THE TREASURY AND CURRENCY
OUTSTANDING.
Just now there is a good deal OF discussion. n
regard 10 the resumption OF specie payments
which brings the question OF the gold sup ly
into prominence. The following figures. says
the New YORK Commercial Bulletin, show the
amounts OF coin in the tTea, uTy, the gold cer-
tificates outstanding, and the coin owned by
the gov eminent, on the LIST August, from
1859 70 the present time:
Coin Coin Certif Coin owned
Aug. l. Balance. outsfand'g by Cow.
N69-......-. trs, I0by % $S6.7OO,0OJ s6,4OO, co
1s7U-...-..... 100000 3S.SU.ssO o., O,tUU
ls7l-.-....... 83TO,H0 ly5W,00 6',20p 900
1872..........- t9.3Gla0D LIS COZ 37,s Oh u
ls73-.....-... S72e,'fO as 1000 s2,zOe,OO0
1S74-- AZ ~