, 1881-02-26
Comparing elosfnE prices with thosu uf lii
dny bcfurc. tho lossea wero as follows:



There wcro no stocks tI,at advanced.
Money 't'lvaI,Eed In price I'LL commission Of
III per cent ay WIS pail fur its use In IlsltlI-
lion to tho regular rate. This ~ tgtivulent to
47a per cent per a:lnuN. At tho clost n,uney
wiz pcr ccnt fiat, hut many accounts wcrn mt
lEntla u0, nnd trirnte at1vlces FROM Wall street.
represented thu closing ratc ~ merely toti,ur-
nry relief, altl dcsurlbrtl tho s.t,,ntiu rs g!ouy
III tho extreme. Everything depends t.-day, us
yesterday, Oh tho result Ut tho action Ut tho
ba',s;s md tho Government.
Snmo rcInittAnces q. cush went fDrwnrl to
New York for tho p.1rchuse Of stocks by Invest
ors who choose sttch ntMents us tlibse to buy,
II this movement Is ttrncr 1t will ltrorh relief
10 some cSttnf. Tho country Ii ftill OF money,
which viii naturally t!ow to New yurk IL yet
a'lvanturc OF the high rutcs If interest. THIS.
TIM, will cHsp tho inurket, but If tho National
hunks continue thelr run for lc1Al-tentlers with
which to retire their circulation some ,nDro
powerful ne!lns will hayc to bu employed 10 llr-
rest tho IAnIc.
The ureseut money panic wis caused by the
notion Ut tho NAtiona ba1,ks III retiring thelr
circulation. 1t h reported. hut we holoYo mis-.
tnkeny, lhat thor course wns tuo to MI un.lrr-
BtandlAE butwecn themselves tllat they should
by united action cOurec tho Government tn r.su
tho ratio ef Interest u tho ncw bu,l.ls III vi per
cunt. or cisu tu reucu taxes. ! story WAS
IN circnuct: TINT Il meeting nf ChIeARD bMnl,ers
was held IN Wnshu4,nn's Iilr,htiny tn nsfne u,
tlult course. Tho bankers dony that llsura ,y!.s
my ssGeh meeting.
Tho National banks who havo retired tlclr
circulation a..d brought nbout thorei,y tho tcr-
riAln slrIngency IN Tho New York nancy ,linr-
kgt Austi!tn themselves M tho Hr,ll,nI tint i'ley
ncted III sclf.tleIcEso nYAI'lst the compulsory
feature OF tho Cnrlslo amendment tn tho Fund
tnx hill. Thls amendment wnld hnvu prevented
thatn firm reiIrlug nll THUR cIretiIni0n prlati-
rIIIl4 In
possible tn collret MI tt,ulr notes, Thcsr nnt.,s,
they any, nrp II debt duo tho public, md they
tlo nut rrnposU II 10 pit Into ptsltiun wllcr1
they caiInOt pNy their ,lcbts Theoretically
this Il true, but when wD cn.no 10 lnjurn,
practically, whit uc!nul tlatnHxa tho hnaks
would lmye suffered, wa tlud 1t tn bo absolutely
insignificant by tho sfdo Ut tho havoc tley have
wrtuEht nircady By tto!r contraction. to Nay
mth,ng of tho wosse results thnt will ful.nw II
there ii nnothnr ,iuy IN wnt street llku yesfer.
uhy. The itHl,Xer to tho hanks ws tEAfilIy ILchl,
N1l ehelF eoitse fllls DpoN romantic. nut rrtc-
tlcal. They hive furcel III twn Or tl,reo .lays
contraction Ut tho currunuy greater tln!l src-
retnry MeCnl!oc!1 dared t1 curry u.,t III 1lilny
months whpn tho currency sNs fur more Inflated
thnn now. Tho lAnks wnud lnsu u few lho,i.
sal.! nf tonrs by their inability to rrttru thoir
ciruulntlon ~ frs'oly rs nqw. but they will loso
hundreds uf times lauru by general iln.l1loal
llsnstpr.
Othur causes wero ut work in tho stock mnr-
ket beHtcs thu atrllsYu1lcy 0f tntI,ty, Th0rD is
war between Ganitl uni Kre,lc. u1s.l tMhut
ktenu Is II powerful group or capitalists and
speu,llat0rs. Tho who!u tcutrnl l'lel.!u cr1,wd
lro utter Gon!h. lila great teesrapl,iu r4,,p
made Hin u luss Of cnenles. liz iH well known
tu lW" l0uR" ut ah inl1!ensG lsnck Of HMit1l-
western hhd telegraph HnGkd, Ouuhl Is. though
tho fact II tut Kruclly known, uI, l,n4,Iccess-
~! Nnl ssrrat sl'scu!tor. In nlak tnH con,'