The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1881-02-22
Last Nights Dispatches.
II Ew YORK.
The Funding Bill, and the Feeling among
the Bankers, Other Items Of Interes t.

The Funding Bill, and the Feeling among
the Bankers. Other Items of Interes t.
New YoRK, Feb. 21-The Graphic
says the action of few city banks which
| decided Saturday to withdraw their cir
culation because of tax and low rate of in
terest on new bonds is the subject of con-
siderable discussion in stock exchange cir
cles. where the operation is much ridiculed
and generally regarded i'll advised and
hasty. 1t ID claimed one Of these insti-
tutions which has been largely benefited
and favored in the past by government
officials is short Of 4 per cents in tie
stock market and it is therefore making as
much opposition to the new 3 per cent bill
as possible and is also endeavoring to in
duce other banks to oppose the measure
and withdraw their circulation, Conser
vative bankers, however. believe these
banks will all ultimately conclude to re-
deposit per cents and take out their
circulation sgain within three months.
Is is understood that there is TO be en-
amendment offered in the House to
backs to take the place of bank circu-
lation that may be Withdrawn. III
this sensible precautioD is taken it will
instantly restore confidence and take
permanently away from the banks
this fearful power to withdraw in one day
all their bills from circulation, or what is
worse locked op an equal amount of gold
and legal tenders and leave the street
utterly without means of doing business.
Such terrible power pe set of men should
for one instant possess.
The following letter has been written by
the Hon. Joseph Medill. of The Chicago
Tribune:
Iu reply to yonr note asking my views
on your suggestion of holding the propos
ed international monetary convention ia
New Y ork, most decidedly think it the
wrong place. The money power of New
York is bitterly opposed to bi metallic |
currency. and would do all it could to de |
feat the purpose of the convention to fix
bi-metalic rates and free coinage Of silver |
as we'll as gold, RECONSIDERATION Of silver
was secured 10 the facs Of the most despe |
rate and implacable opposition of Nav
York, and since then your bankers a1d |
business men have exerted their utmost
power to prevent the circulation of the
silver dollar. and your press and politicians
have constantly clam CURED Tor the repeal
of the act or suppression of silver COIN
age. To hold the convention in city
dominated by such hostile influences.
would be to defeat the cad in yiew. For
the friends OF bi metaiicism to advocate
it would be O blunder. The proper place
for the convention is man,testly Paris,
The only Atlantic seeboard city where it
cauld safely De held is Philadeipbia. whore
the citizens arc net so narrow and ssifsh
in their metallic IDEAS ard where hey will
not believe it would be to tneir ioterost to
abolish silver and greonbacks as mooey in
i l..
ty as would appreciate the value of mort
geges and enable creditors to skin their
debtors.
j MEDILL.
Secretary Grant of the New York pro-
duce exchange, said TO day that the
French authorities were evidently deter
mined to do all in their power to injure
the trade in American pork. ExagRerat-
ed reports 10 regard to diseased meat had
been circulated in France,
A Representatives of Fowler Bros. ou
the Exchange to day. rsmsrked: i had
this morning cable message from Paris
giving the welcome inforwa'ion of the
probability that the decree against the
introduction of American pork would be
modified | have 90 doubt that several
American dealers have been shipping dis
easad meat to France. For several
months past there has been al
great demand for pork in the
French market. and certain ship
pers in the United States have not been
over and above careful about the quality
of the meat sent abroad. On account
of the careiessness Of few exporters, the
business interest of many 10 made to SUI
fer.
It is sometimes very difficult to detect
diseased meat 4 powerful microscope
and good judgement is necessary in all
instances. The action of the French gov
ernment is a severe blow to the trade.
New shipments of American pork have
entirely ceased, but there are ahoat upon
the ocean large plumber of vessels laden
with meat, which will reach French ports
in q week or so. OF course if the decree
is not repealed or modified the cargoes will
prove a total loss to the owners. The
United States Consul General at Paris and
also at Nantes. have reported strong op