The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-01-27

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The money market Il moderately easy ~ seven Per
cent for call loans and In the discount line at IA psr
cent for nrst class commercial papsE s
Foreign exchange Is inactive At former rates-vss
1oox n for banseS sterling s sixty days. and llOk
y At three days M 4 m
The amenda.ory finance bill introduced in the HOUSE
Of Representatives by Mr. Thaddeus Stevens which
thorses ho Secretary OF the Treasury 70 Issue
thirty In lieu OF bonds authorized by tho act OF
June 1894 passed by the Senate to-day without
amendment. These notes, a Is generally known, are
convertible after three years, into six per cent gold
bearing bonds in the meantime bear only aAd
three tcnhs per cent interest In currency The gold
debt will thus be indirectly increased TO the extent Of the
further Of these notes. and about two hundred mil
lions remain uniss cd under the present act about
snty millions being under the first section Of the bill and
hundred and twenty-five millions under the second
section. +
When II Ia considered that tho interest the gold
bearing amounted the end Ssptember last TO
$56 648 6o4 annum and that the principal has since
been increased by seventy millions or by the ten
forty loan alone the nadequaoy Of customs
pay the interest the gold bearing debt will be appa
rent In view OF the fact that the duties at this
port for the month OF December last only
ssA81, sos 90. Since then the receipts have
diminished and only about So 900 be relied upon
for January, the for February and still less
for March and April. Not more than
half . million can meanwhile BE- relied upon
from Call orniA Tho balance Of gold, after
the payment Of the January coupons and the Texas
indemnity bonds In the Sub Treasury II New York
only about four millions which must be added TO the
probable receipts for castomA We leave out Of the
question tra future occasion what little gold there in
Washington and the customs receips At other ports
The gold interest due on January amounted at Me
date Of the last ocal Seturn-namey, September leo
e1A $50, ST. The Interest due last November nve-
twenty bonds amounted 70 fraction short Of elo,6oo
900, and the half yearly payment Of interest this
class Of bonds WIN reeur the LIST Of May
The specio In the banks aud the Sub Treasury the
LIST Of January Of the present year amounted to
1sooS4co against Sd, So2 5s4 for the corresponding
time In she previous year-showing loss Of the differ
sncs The shipments that and the LIST Of
May w probably DO between seventeen and twenty
millions and the drain for customs dutes will aggregate
Ear from twelve millions, which will create home
demand for say thirty millions reduction Of watch We
may allow for specie receipts from California to
shants and other private parties here Of I'VE sx mil
liens This would leave balance Of MOI much more
than ave millions in the banks and sub-Trcasury
sSssr tho payment Of the May coupons But We
ara mot. Of course for . moment prsamlng
that the banks would allow their specie to be
ducod. Tho thing would DO impossibilty, Tor the
simple that the banks would permit IT, and
Tho emergency would call fos the special action Of the
stoverunenl the policy Of the latter tended towards
resumption specie payments there would be nothing
10 say against Of the gold bearing dsbt;
.snds directly towards imitation the cass V rsvsned
and the assunsat which applies 70 the one entirely IN
,appicabis 70 abe othsx
There 10 considerable talk In Wall street about this
Srscen, decision Of the Comptroller Of the Currency, 70
40 eject that eertiAsd checks 10 b taxed crcn
lsslSa u 3 complained that this arbitrary stretch
or ocial power IN interpreting the law and ~ harsh
nee No. svsssy asprecaed That this interpretation,
Iuss now say expsessed bears rather hardly uponths
STATE Banks N this city h indisputabls for thor daily
eradication OF checks have been enormous; and
q they are TO b tAxsd for them % for their
own bank notes, up 10 the amount OF ninety
psr cent o. their capital at the rate Of one
per csnt per shnum, and beyond that two per cent
s,.os Ass July the matter Of no light pscunary conse
susues Thsy should however have been aware Of The
lsstsr u The Law the subject which includes cern
Gated checks In the general circulation Of bank and
prepared themselves accordingly. To rail against the
Comptroller Of the Currency useless while the Law
mains - n h We believe the latter TO be opposed
shs Interests Of banking and commerce, and all the
more fasdfous because Applies only 70 State banks
The nasiosa institutions being exempted from the opera
ton Of tka yars Of section no. which reads follows
And duty Of onswe,nh Of one per ccnum each month
upon tho average amount Of circulation issued by any
clud ng ~ circulation all eerhed checks and all notes
and 0thtr obg calculated intended to circulate
or 70 be used as money including that In TIE
vault Of bank redeemed and deposit for said
bank; and additional duty OF sixth Of one per
cantum each month upon the average amount OF such
circulation, issued M Aforesaid, beyond the amount
OF nInstj per centum Of the capital Of any
such bAak, association corporation, company or
psrson, and upon any amount Of such circulation
S.sO sued = aicT.ssid BY any such bank soeson
coossses, company or person for the six mouths pre-.
sdng .. l.. day Ivy isSt o And ss tn. r, Mon
and accurate return Of the amount OF circulation Of de.
pos and o. capital aforesaid for the previous month";
ha b. made and rendered !. duplicate BY each Of such
10 the Assessor the district IN which nny such bank
association corporation or company may % located
s.,.9, (Which :"Ss ma. and tho OATH
animation Of such person, or Of tho president o.
cashier OF such bank, association corporation or com
he Commissioner Of Internal Revenue that the SAM
contains true and faithful statement OF the amount .
articulation, deposits and capital - sforosad subject
return 70 the Commissions o. Internal Revenue, AM
within twenty days thsresftes shall pay 70 the sa'
fomnlssonsr OF Internal Revenue the duties herein
non q deposits and Of capital sforessidj and TO
sny refusal or neglect 70 make render such return
corporation, eom0say 81 ssssos l. n as.u sa !,
fheQs 10 sad pay penalty Of hundred doIlarr be
ddes The additional penalty aud forIoiturcs in othe
baese provided In this act
The Commissioner or Internal Revonuo has no author
ty Under the law to demand returns o. each bank ar
cula,ion oftoner than month, however and there
fore no Inconvenience IN the daily CT aranccs need
MAI tha an -