The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-07-10
aa2 aaa nsh aa.i21 a. 90 .


sinoo Jan. 1.... s33, 4s3 es5 4Sl2l stl 90 2le924
2he export Of produce is not diminished, ap-
| paientty, ~ tho adyices Of good harvest pros
|'poots abroad. The excess oye1 last ysar thus
tar ia over s24, 900, 600.
Foreign exchange closed very dull from the
| operation OF tho causes alluded TO Yesterday.
There ID very little profit 10 buying mercantile
bills at l06% and sending them out to Europe,
proceeds to be returned in specie; while, on The
other hand, there ID no demand from tho trade for
bills Bankers continue TO ask 1867 lO7, bus
sell little or nothing. Francs range from 627l%a AT
which rate aoiae leading houses are hoidng--to
5'37%, which ia the best rate that can be obtained
where nales afe peremptory aGd the bulls not
| strictly first class.
! There 10 no change whatever ia money The
| banks are seriously embarrassed by The plethora
| OF money, The Chemical Bank, for instance, .
comparatively s,aail institution, though one Of The
| very beat managed banks in The city, holds
s2,500,o0o ia coin-say four times its capital. Mr..
Cisco is negotiating with The banks for a sempo-
rary lean Of 5000 900 for The government. he
viii get it without difficulty on short Treasury
notes at, say six per cent.
Stocks continue steady, with some flrmnese.
Enc street was fol- Of rumoIs CT settlement to-
dsy, resting on no better basis than tic arrival Of
jeff Davis messenger at Washington. 1ho eese
Of money tempts every one TO operate for The RISE
though ihooghtlul observers detect few reasons
why stocks should improve, but many why they
should decline. At the first board this morning
United Statea es Of 1881 advanced "a, Tennes-
sees "a, Missourie /, North Catoiinas IA, vir-
ginias 21.. All these State stocks were
again better 10 the afternoon. Among the
railway stocks New York Central rose "a, Erie a,
Hudson n, Harlem Il, Reading "a, guaranteed
"a, Panama ], lliuois Central ID, GaIeDa X, Tole-
do "a, Rock Island a. at the second board the
market wac strong, the following being the last
quotations United States 6's, registered, 1881,
ss% scsa; do. CO. coupon, 1881, s6111 sG1a; do.
SO, 1874 so1 a., Indiana 5's, "a 7G; Virginia 6s,
40 1874; Tennessee 6's, 40}4 Al; North Caro-
Ina e's, 81 OK; Missouri 6's, 40L 40A; Pa.
cifc Mail, coz 10A; New York Central, 7424 a
742s; Erie, 221l 2224 Hudson River, 32sS a 80;
Harlem, "a 1917; do. preferred, 1871 a 241A;
Reading, 35A n; Michigan Central, Az a "a;
Michigan Southern aud Northern Indiana, 1877 a
rs do. guaranteed, 2724 a %; Panama, 1887 a
1921; Illinois Central, sc q "a; Galcna and Chca-
go, So Il; Cleveland and Toledo, rs "a; Chca-
so and Rock Island, 25I SO; Chicago, Burlipg-
and Western, 6 IS; Milwaukee and Prairie du
CHEN, 1871 is; Illinois Central bopds, re, s01%
90.
public meeting wsB held at Davenport, Iowa
on July i, inst ~ lake into consideration an az
tiole which recently appeared in this column on
the sItiect Of the I0wa war loan that 10 to be
awarded o. the 18Th. A committee, consisting of
Nessrs. Dillon, Hill and Dow was directed to pre-
pare an answer to cur remarks We published the
-epor. Ct tho committee in this mornings HERALD.
The committee makes TWO points First, thai the
bonds are fairly covered by section Of the State
constitution, and are consequently not unconsti.
tuiional; and secondly, that the Chief Justice Of
the State Of Illinois, whose constitution contains
the same prohibitions % that Of Iowa--havng de.
olared cxtrajud.oialiy That bonds Issued for the
purpose Of rapel;ng invasion, s1pprossng ipsur-
reclon OK defending tie State In war; were valid,
| therefore nc iDyaldity attaches to the proposed
war bonds Of The State of Iowa This is the con-
mdttee's case. We fear that it Will hardly satisfy
| capitalists. eeotion OF the State constitution
| OF Iowa reads as follows:-
IN addition to tho above limited Dowor 70 ccnirsc,
dsoh the slate sy contract debts to yepe Invasion,
suppress Isurrecto1 and defend the State in war bit
Tho money arcug rora bbe debts contracted than be
applied 10 vie purpoe fer which raised 10
pay FULL 1eJM5 anu W ~ Vehes pun pRe GEaeVer.
| One does not need 10 be lawyer to perceive that
the debt which the government Of Iowa now pro.
poses to contract Is neither TO "repel INVASION
nor to suppress Instruction. nor to defend
| the State in war" 1t is for wholly different
purpose, never contemplated by the trainers of
| the State constitution, viz--to enable the State
to ful1l its constitutional obligations to the fede
raj government. No court Of justice, whether in
Iowa or out of it, could hold that that State is or
has been in danger Of Invasion in prey to Gin
| surrectiOn," or in need Of defence in war;
Nor does The cxtrajudc;al opinion Of Chief Jus.
tice Cation, Of Illinois, mend the matter In the
first place the Chief Justice does not say that the
Illinois bonds are valid. He merely says tha.
bonds issued for the purposes specified in the
State eonsttusion--w which these Iowa bonds arc
not-would be valid. Bot why waste time with
judges opinions? There never has been any lack
Of judicial and extrajuicial opinions in favor Of
the validity of Western bonds before their ncgoti-
alton. Such opinions only begin to grow scarce
after the bonds have been sold and the none y
obtained. In all the Western States which have
repudiated tho unanimlty Of the courts in favor
Of the rights Of creditors before the people Of the