, 1862-05-30

MONETARY,

THUREDA1 EVENING, May 70, 1869.
Money continues very abundant and many, Der.
haps most Of the large banks, are glad to make
loans with the right kind Of col1aterals on terms
considerably below the legal rates Of interest," We
were told by bankers to-day that best paper, psya-
bic In New York, would not be rejected or allowed
to 60 away II only SIX per cent. could be obtained
We presume very considerable discounts could be
obtained at 749 per cent. OF courte bankers
would very much prefer even six per cent tb the
perfect fdfeness In which they hare been forced to
leave i very large amount Of their capital We
again suggest the fostering of our manufacturing
interests as one OF the beet and most profitable
way to employ large part OF our surplus capital
In New York exchange re find nothing new to
notice. Bankers pay pan@K, and the current sell
ing price is X per cent premium. Leading houses
make concessions Of fraction to best customers
Gold 1s not quite go firm, and sellers are more
plenty. The rates are, however, nearly the same,
viz: buying, 3@3x; selling, 3s<@4 per cent, pre-
MUM. Transactions limited.
In New YoRK.-We notice that E. f. Willard,
Esq, formerly Of this city has opened banking
ard stock-broker's Office with G. l.. Maxwell, at
No. 36 Wall street, New York. Mr. Willard will
carry with him the best wishes Of many friends Of
this city.
TIE lRp1AEA FRAUD.-The indianapolis sta:<
Journal Of yesterday argues that Indiana Is not
responsible for the bonds handulently iseued BY
Stovcr. It sags:
We are advised By come Of the ablest 1aEyers
OF our State that the opinion we expressed in tic
attlctes exposing the Ssoyer fraud, regarding the
state'a liability for the spurious bonds. is 1ncor
rect and that IN no event can any liability attach
to the State The rule In the great "Schuyler
fraud " caae, that the issue Of spurious etock b.
cause. BY the terms Of the act authorizing tie Is
suing OF certificates OF State stock, property In
them cannot be transferred without their eurren
catee. A purchaser Of stock has no legal property
IN it tn he brings the certificate to the agency ant
has It properly transferred. This form is neces
sary to complete the sale and the title Of the pur
chaser to the stock. Now this spurious stock can
not be transferred at the agency, for the minute Il
comes its fraudulent character Is seen. There
and no one can be cheated unless b
| Il; Il the Schuyler case it was otherwise
1t 20 that bona dde purchasers could be made te
suffer By rhei- possession, Of it il the corpora
tsR nR y xs5s 9%na 1e s dSsber RR bad
good or not, while in our case the purchasc
has way. and Is compelled, in order to bu1
the stock at all, to 60 the way, to ind ont wheth
posed to pay their money till they know thej
hare got safe what they ara paying for, 1t Il
probable that very teW Of these spurious certia
holders otherwise than as pledge or collateral To-
borrowed money. 1t WaH, 60 far as yet learned
only In this that the sWIndlers used the stock
doubt. be established By the courts, and, a. fsV
but the ewindlera and bankers have ever held th,
spurious stock It y rot likely that either the Stat
or anybody else will lose anything By the fraud
except thoae who deserve to lose everything, IN
Guiding their raEcany lives.