The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-06-27


age charge OF per cent on every purchase,
and the same on every sale of stocks or gold
in addition, the broker doing his own business
has no commission whatever to pay. The brokers com
plain Of the tax sales being applied to themselves
although they urge its application to their transactions
customers account But one understanding the
English language can after reading the law on the SUBJ
ec entertain the slightest doubt to their equal liza
bity with their customers and, considering that the
risks of both alike 1.-THE chances being indeed in favor
Of the broker the tax to be equitable must be inflicted
upon both Opinions may reasonably differ as 10 the ad-
visibility Of such tax, and 80 far govern
mont securities concerned there Ia strong
argument against it; for the transfer Of these
ought be entirely exempt from all restrictions But
the remedy lies in the repeal Of the tax and not n misn
terpreting That the deters spectators from oper
ang is ndisputable because the tax has to BIO paid in
addition to tho expense Of brokerage, and, therefore,
the brokers have to regret that exists but 40
long it remains unrepealed would be legislative,
fiscal, and legal absurdy to apply 1t 70 one class OF
citizens and not to another both doing exactly the same
business for it would invite evasion its face and all
that Spectators who pay through their brokers the
tax gold and stocks would need TO do would be to take
out brokers' license to the desired immunity.
The reports from India continue unfavotable and the
failure of n native banking house and several financial
trade and the influx Of specie has caused the Bank
England reduce its of interest 10 three per cent
this great tary will be liable to couneracon
should the semi-panic In India formidable
aspect by Of its becoming general The ad
which is likely to take place In the price OF cotton
may however check the spread Of bankruptcy by d.
mnishing the losses of speculative firms.
The Grocers' Bank has declared semi annual dividend
OF five per cent free of tax
The business at the Sub Treasury to-day was as fol-
Receipts for customs ACKNOWLEDGEMENTS. S234 900
Total receipts. OBSERVATION-DISCLOSURES. Sl6, 10!
faymentS 4,4oI "a
Subscriptions to governmen loan ....... $50 ,OC0
The directors of the Rock Island Railroad day elected
Charles Durant President, J. r. Tracy Vice Pres
dent and J. p. Yclverton Treasurer
The Hartford and New Haven Railroad Company have
declared quarterly dividend Of three per cent payable
on July TO-
The San Francisco circular Of May 20 says
The money market well supplied with available CAPT.
tai and have rarely had occasion TO note great
accumulation Of unemployed means seeking investment
at this time Bank rates still rule at about u per
per month, and upon the street high as per
cent be obtained but borrowers In good credit and
others collateral readily negotiate loans
upon more favorable terms The difcuty experienced
in loanins funds To be employed for regular business
purposes and upon real estate and other collateral
into stock channels the market attsins
certain degree Of steadncss, and 10 believed that
prices are not likely TO go much lower.
Receipts OF treasure from the mining districts have
boon large this month"; and since tho Lat inst amounted
in the aggregate to some 81 200 600 During the same
period the branch mint in this city has taken for coinage
about 81 200 COO Gold bars ruling at $50 S40 and
silver at per cent premium to 2 per cent discount
Legal tender notes have been sought for at enhanced
rates. and $3.50 900 sold at the Board-advancing
from 744c to 7sc and closing at 7Sc bid, 7szc. asked
The sale OF arye amount NJ Quartcrmasters checks on
Tho has The nd
for legal tenders somewhat this week Latest olcgraphc
advices from the East quote gold at about 100
The mining share market subjected TO extreme de-
preston at the close OF last week, but rallied materially
Monday and since then has been less variable than
few prominent claims and the mistaken policy OF declar
ing larger dividends for some months past than actual
earnings justified serve TO explain in some degree the
Of the late decline II Is said that In order 10 pay
these dividends one OF two prominent companies in
Cured obligations which require portion OF their
future revenue qnidate and that for tho current
month AT eas, there will be less divide among stock
holders. number OF divdend-paying companies have
been striving TO do too much out OF their Immediate re-
sources and different management likely to prevail
hereafter Holders Of these stocks will be better salts
fed with smaller dividends II judicious and
tive policy is pursued and legitimate earnings are rcgu
larry disbursed to them.
The Cincinnati Commercial of the sd observes
The offerings of paper for discount continue light and
tho market Is working easy ut as per cent Tor hrst
receipts of currency from the interior continues heavy,
balances steadily increasing and there Is now
large amount of unemployed capital.
Captain McClung to-day commenced paying vouchers
issued by him prior to the 25h OF January He IL issu
ing checks the Treasurer which are payable in one
year certificates of indebtedness and we understand
other departments will, In few days commence can.
ceiling the claims upon them In the same manner The
payment OF vouchers wholly In certificates instead OF
partially In currency ms was generally Understood they
were to be paid, has caused heavy market, and most
OF the bankers to-day declined 10 bid above 96h 81
though holders not willing 10 accept these figures
Exchange Is very firm, the demand being heavy with
only moderate receipts; there has, however ben nc
change In rates which remain at Soc 75c per 81 OOt
premium, buying, and ll0c premium, selling; though
Of the banks decline TO draw except for regular de
positors.
With regard TO the rate OF interest In Virginia thu
Richmond Republican rcmarks:-
One OF the important questions now engaging thu
attention of the Legislature s that Of the legal rate o.
interest. The legal rate IN six per cent, and any
contract for more than that Is invalid This Is unvcr
sally agreed 20 be absurd. The law passed pro
fesscdly protect the ignorant against the usurers
and failed wofuly OF It's object as all business mer
! know There was shaving done under IL thar
| month has been paid in this community
Another bad effect was that capital in the hand
OF law abiding persons drawn out OF the State
places where interest higher Tho proper plan H.
nN the legal rate Of interest only where there IL no con
tract but TO lcgaze all contracts for no matter wha
rate II the people Of this State pay high interest
money will flow hiiher until the market IA stocked
What we want Is capital and there is no more reason
why We should attempt to- regulate the price vi money
than Of other articles.