The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-07-25
MONEY MARKET.

Monday, July 24-6 r. M.
The movement at the stock board small eday, but
prices generally in advance; Ohio 6s Il Illinois !;
Canton /; Harlem /; and Long Island fell T.
At the new board the operationswere also small
Ohio per domestic scrip sells at s5 per is
in demand at Is Wall street.
The Havre packet ship Iowa sailed to-day. She takes
out $97 $40 in specie.
In the return Of the Bank of Kentucky which pub.
lshed yesterday appears that the domestic exchange
rapidly reduced during the six months which has
elapsed. During the greater part Of that time the
changes have been in favor Of New Orleans from the
east Kentucky is generally in debt to the east
drain sets in upon her for New Orleans eastern
count when in that state has also been
necessary for the institution make Of all its
eastern funds to purchase the fraudulent stock. This
leads to the suspicion that have not been
fairly dealt BY Since the fraud took place there have
been transfer books in this city, notwithstanding that
such Of the conditions which eastern capital
subscribed to the institution The effect Of this is to
difficulty of transfer, which causes the price e
the stock range 10 to 90 per cent less than otherwise
would command The bank seems to take advantage Of
this effect get in the stock cheap This the more
bable because the have long and strenuous
y urged the difficulties under which they labor without
receiving any attention.
We recently alluded to the vexatious msconstruction
of the late law in relation drawbacks to which the
merchants exposed The following is the section OF
the law to which we allude -
Sec 49, That in the case of all goods and
chandiss imported and after the day this act into
no draw back of the duties shall be allowed the
unless said goods and shall be expor
ted the United States within year from the date
of importation of the shall the additional rate
of duty levied by this goods, wares and merchan
disc imported IN 1rgn vessels oe N
the Of all drawbacks allowed, except on
foreign refined sugars shall be retained for the use OF the
T. States by the collectors such re.
spectvey and in of foreign refined sugars, ten per
centum shall also be SO retained"
Now under this clause which expressly refers to all
goods imported after its passage the department deducts
"a per cent from all drawbacks whatsoever Goods i'm
ported three years the law in relation to draw.
backs as 1t then existed subject the per cent de-
ducton Under law expressly affecting only goods i'm
ported after its passage Great dscontent has been excl
ted on this subject many memorials sent Congress
II does appear that the pary of money accruing to
the government through forced construction of this
law is by no means equivalent for the vexaton and
uncertainty which engenders in commercial pursuits
and the positive loss which the whole country sustains
through it. If there the smallest doubt the
meaning Of the law, it should have been construed in
favor OF trade. But there is and be doubt the
meaning, because the construction attempted to be put
upon would give post faco operation to the law
which could not for moment be sustained
In late article upon the destructive operation of the
present tariff alluded to the absurd position
by Virginia paper the fact that the import of free
goods has declined much that of duable goods WI
proof that the tariff the Of diminished i'm
port order to put that assumption in its proper light
give table of the leading articles imported free OF
duty in ls4 subjected to duty by the present tariff
will be that fprecisey the quantity had been
imported in 1912 in ls4i immense dimnution would
have been apparent in the imports under the head of free
goods