, 1877-12-08
Scanty Supply Of Paper...The
Currency Movement
Gu!et.
Tho Cour-pcr-Cent Bontls---Siiver
Bonls-.-The Speculation
In Ophir.
The Produce Markets Moderately Active
-.-Provisions Easier, but
Closed Firm.
Wheat md CArn Strong...Isarley Neaf.--
Other Grain Unchanged.


Other Grain Unchanged
FINANCIAL.
Tbe hanks rapport offerings Of salll amounts OF
regular commercial paper snd Of paper sroni eoun.
Try banks for redlteonnt. ns,!d blockade sill
cx&ts ia tho couury. and At long NJ II remains un.
broken sales snd collections must be slow. Trade
In tho ety IL not active, Under these ctftnmstan.
ccs the bu.tneseo OF the banks fails to rsescnt any
spccia> features for comment. All good negotiable
paper Il readily accepted by tbs banks. Rates OF
discount arc "a 10 cent at the oanka 10 regular
customcts: Tho street call loans arc per cent.
New York exchange WA inactive, and waa
quoted between l,.c banks At rnr.
Osders for currency are received from Tho hog
districts Receipts and shipments arc not large.
The clcaEings wcrc 81. GOO. o0o.
KNOX MISTAKEN.
.Comrtrolser Knox In bis Official report assumes
hat The truc money standard ~ xutd, and dog.
e,atlzca about 1t ~ though II wero true, but &C.
tordtng 10 tho history of tho United Staes 1t NOT
ttuc. The Comptroller Ii evidently Ignorant Of
wiat Hamilton and iciTeEfon aaid the subject.
hamilton preferred gold II there was to be bat ono
metallic standard Jc1crson preferred stlter, but
both concluded lint tho wiser roulsc wAs 10 sdnpt
itc donbe standard, and give tho pnb1ic tho option
10 pay 1ebls In either. Nj. Knox fefers to tho
"truc standard dollar Of twenty five and eight
tcnths grains Of gold nlnc.tcnti.s dnc." Ale1an-
der Hamilton said. psee $50, Vol. Ill.,, Of h's
works. edited BY Ills son:
That tho INIT In The coins Of the tnttea States
ought % correspond to IAN grains Of pure gold
anl with i7l.i grains OF pure silver, each answer.
Ing to dolst In the money nf account
The original coius wcrc. AZ stated In the law:
, oac 3old ptocc, equal In weight and valuc 10 ten
0nc gold piece eqnat to tenth part OF tho for
mer. and Which snail ho unit or dollar
If kf1frf necH Nhich H1Idl1 n1&O 0D n nntt
dollar
Mr.. Hamilton sald
The chief inducencnt 10 tho establishment Of The
mali god piece !. TO haye sensible obcct in that
metal. As veil as In silver, to express Tho unit.
Page les, Volume III, Ham,lto9 says, discussing
,he aue.tlon Of tho .wo metals and money units:
The next inquiry toward right determination Of
at Hsss .. s w Wsssa ss
metals II preference 20 The othor or not; and u to
Yhs snagesuons and procecdings hitherto have
had fot oG}rst Tho nnHe1!nK Of y smphatlcaii} 70
ss s 5uy, i7s ceisees tat tts money unls nj os
ting Cnttsd 5sa!ca shall he doas and another sc.o-
lnt1on Of .he ssth Of Agsgs. l7so a1s: !!at dollar
therc shal sso bo two gold coins-ono Of siG gains
so o M % lbs o.ses e.ainh 81 h oaa as
ot pnso 500. squai 10 ~. hnA Il not
legality In paymensa than tho other. Yet tt would
tccm that's preference In lhia pattculas u neces-
cukivclv 10 one kind. II cach Ut shon, ba ~ salld
n. the other IN payments to any amount. It IL not
e,o, a @ setua n, ehs e eau
Tho money Of tho United Statcs cond he understood
stuton Of eons of solS aad II tbs aeeasaton IT, ,bat
each Ut them shall 10 equal 10 certain number OF
%"a sea q %:xa oae se
Uuit In ths money account sucnls to ba rnt,era
u,atlcr Of form lan Of substance.
Dir. Hamilton proceeded 10 nEgua against the
slng1e ssandard Ia silver, and said.
II seems 10 be- advisable nut to attach tho init
Isctuslyely 10 either " the metals. becante this
:annot bc done edectaa!1y without destroying the
xhlch. accordingly, ~ different times has been
st mSeb 9e Ma s,apaS; sa seIT
hnn occasional variations In tho Hnit. tsum tbs
s0ctuatious In the relative vaHc Of tho matss.
iion between them with an sye 10 .isIr asesase
commercial vaIne. To aRnpi tho use Of oithor Of
SSnsy ase to ~ ii o sse.
tins whtyh Aslae from comparison Of Tho tonl1ss
Of a full with tho evils ot seauty circulation,
1nS FER CENT BONDS AND T,tA NATIONAL
BANKS.
The Comptroller Of tho Currency In hss recent
Ecport sr4ucs In favor Of a Law authorizing Inc
National LINKS 10 depotIt 1 per ccnt hoads a.
security for lhclr circulation, which IL then to bo
fr.o OF tax. lie savs:
l'he smount ot bonds pledged by tho Naslonnl
$Si3 0ib, bot. Tilss amount eanassls Ut ISL tjH4
h9 O. se psa ftnt boSa . i1S1nf .s g. a oo
!so q psr sea. eoaa.; H.. u ~. no5tion ot
States 0onde, bearing interest at tho raie :of rel
cent PCT ailunn. thy stnno Of tho banks fron, ihis
pa sa :s ps 10 ss s sS
i sD9' i6s. CO. tSsa ts ls:s q a:oins S't e
the peI ssnt,. That = 70 ,.y, i ihs Z Pc. cent
ias e.1eu.s,lon, free from Ia, and sHch bonis
shonl4 M Ls .ubs..u.ed 81 she oihers now on d.:
'hs t.iats Il 9s f:0p, I1nk. would
S"ss srsss r {'ss' u r. ;ss pss
IN funds with wl'sA to purchase aud lrilro thc
.'%Ss IT.. e ss. ssnt. n wns hays nSw
III s nuss ~ i, ,n,aer., Soaa a !aas saso ~
us pte.cat ts3 upon eireus,ea stsSoo a dSsa
le.yiag =, i. net sppuai rssn to tho uosefntacat 81
s., t40, 003.
4ss Qr4,u SPECULATION.
Tho ophir speculation u stiil under way in San
FraneJseo. ,lth generally regarded - The most
dangerous gambia In which The street h1s lately
engaged, aud tho Crontttt nous 10 fol,ow ths
leads givsa unlcss thoy hsvo plsnty ot lnuneyiln
lose. Leading mine managers arc As!d to bo buy.
Inv up Dphts. previous 10 the annual elsetlou o
DItectuts. ufuat chsness for money .Matiug vii
bc saotded BY tho rise In prices Of mIaes adjacsu
to ophis II sis Development continues. Tho bis
tory OF tho manipulation Of the Mines adjaecnt Il
Imperial, when shout year ago 4 nas pFoapsc
Wa found on the = 200 foot lcfol, nsy give clu,
10 tho proecedInxs IN Ophlr and neIshboriug mines
Thu lnpetisl operation ts described By tho chroal
tts.
The par orc was reported to make suto tha
Alpha. AID aome of tbs shtswdcst operators, In
siuoInx 9im kssae ~. we're .s,,nonE .he heasIe.
TIC ore end the Width OF ths ledge ware fat gfeat<
than the tcye!opa,ent now rspFesentsd In 1phtr,
uthe strength Of II Eschequsr sold from $iU e
the teass distance Of 1fty feet tbs deposit Rasi
.tloped IN lnposal except , streak Of aAsess
lncnts, which will sggrcgais tho full value Of III
.eeI. Ths l same iap!f.,loa !aas prevailed soa
rar,.!ei In ihs feeling scga.tpg opl,is. hundred
os dealers bought Alpha eeeSaie Jim keena did
supposuX. spuaren,jr, that hs saw further iuli
the ledSe thru they did. Keens. lost heavily q