New-York tribune., 1881-11-07
ltnNEY IND RESLNENS.


Secretary French that the Treasury would
redeem every Wednesday, until further notice,
any amount not exceeding $2,OOO,OOO each
week of uncailed three and a half per cents OF
either class. Whatever differences OF opinion
NAV exist as to the wisdom OF this course, there
can he no reasonable doubt that those are IN
error who urge that the Treasury should have
arranged to pour out money still more Freely
It is true tnat the surplus revenue III
October was $l3, ,321 49, or about S3,OOO,OOO
per week but the Treasury is obliged 10
have in hand sufficient surplus moneys to re-
deem such of the called bonds as may be pre-
sented. under the notice that par anu interest,"
would DC paid for these bonds upon preSenta-
ton. Several millions of them were tnGS re-
deemed in October, and, though they come IN
slowly mt present, moderate strngcncy III the
money market might bring into the Treasury
large amount at any time. II does not appear
that the Acting Secretary has thonght fit to
change the policy of the Department iii con-
sonance with the theory of AIr. Gilfllan, viz,
that the reserve held against legal-tcnder notes
can be safely andproperly reduced. Nor Is there
any indication that the new Secretary VIII
ADOPT that view. Bat enough Will he done Tor
all practical purposes if the Treasury man
ages to return to the channels Of business each
week the amount Withdrawn from them by
the excess Of revenue over ordinary expcndi-
lures. Mr. French has gone as far i'll that dl-
rection as it was safe To go, unless the policy
of the Treasury rs to the reserve Is to be
changed, and his notice was generally ac-
ceptod as insuriDg comparative ease to the
money market.
Other very important influences, however,
operated to the same end The grain specula-
ton at the West made further progress toward
complete liquidation. Wheat for December
dropped on Saturday to 81 27li mt the close,
having been 81 2G3i, and corn for December
sold at 80 cents, closing at j9l2 cents, the
markets ending weak in tone. in spite of
small recovery in prices. 1t is the pre-
vailing .clief that still lower prices will be
reached. the extreme dulncsS of the export
movement having a marked effect Last week
the movement from seven Atlantic ports
amounted to only 7O,392 barels of -four
against 1887 for the corresponding week
last year; 73l, ,979 bushels of wheat
against 2,l12, iGl bushels; and 1,12S,97l
bushels corn, against 1,75S, 7jG bush
els. The receipts of grain at Chicago
and Milwaukee were 2,3jS,G06 bushels,
against 1,l9J, 7i3 for the corresponding week
last year, and the shipments from those ports
were 2,177, ,O0I bushels, against 4,03i, 9OI last
year, the prospect Of an advance in frcghts
having stimulated the movement to the sea-
board. Money amounting to many millions has
already been unlocked by the liquidation in
grain, but the relief will be much greater
when the movement to Europe becomes more
free
1t is particularly encouraging, in view of the
stagnation OF the export trade, that receipts Of
specie from Europe continue. Last week
81, l,493,0S4 arrived at this port, although 40
corresponding shipments from the other side
had been reported. Moreover another large
consignment of gold from Australia, in
amount $l,0I2, 100, arrived at San Fran
CISCO Though Eastern money markets
are not directly affected 10y these large
payments of gold on European ac-
count for California wheat, the effect is
nevertheless felt in the increased receipts of
specie from mines so located that bullion would
be moved to San Francisco, if needed there,
rather than to the East. in commercial effect,
the imports of gold from Australia are
virtually imports from London, and this fact
must be kept in mind hereafter in com
pairing imports of specie this year and last yca-
Ii is decidedly encouraging that the operations
of the great European banks have not snc-
cceded in preventing the movement of gold
direct from Europe. When The LORdOn Times
announced, few weeks ago, that the Bank Of
England did not intend to permit any more
gold to go from England to this country,
there were probably many who doubted how
far the bank had power to prevent the pay
ment of debts due in the United States. If
the bank only intended that English cold
should 80 from Australia to this country,
without ever reaching England, it, efforts may
perhaps succeed.
The bank and Treasury statements show that
specie is still going to the interior, but, it is
probable, rather in the payment of interest and
due November |, than in settlement
of commercial accounts. TO the South, how
ever, large sums have been sent and particn-
larly $500, 900 to New Orleans, large pay
ments of duty there having depleted the banks. |
This money will soon return through the
Treasury, which costly transfer might have |
been avoided had the Treasury authorized |
the issue of gold certificates when it ceased to |
ssne silver certificates. The Treasury at New
York received $2,OOOOOO from mlnts during |
he week ending on Wednesday last, ana yet |
increased its balances only 800, $50, 80
hat about $l,GOO,O0O went into the
,anls. But the banks, according to
heir last statement of averages, lost
,595, POO in reserve, 50 that about 81, POO 900
must have gone out of the city. The portion
ent out in payment OF November interest and
vidends will mostly return before long, as
will the money paid in duties at New-Oreans,
ut the portion spent for cotton is locked up
ntll the cotton can be sold, and the accumu-
alton of stock at the seapOrts still continues.
The exports last month were only 3SI32l
aIes aOoinst hIS ~ hales iu Octohcr ISSo. !