, 1865-03-07

1EI6 =. m...-..-....lN8f 19S0 P. m. 1893
s. iE$S .. m.::.:1sN m::1sst LOO P n''''''''.1ss
4. there was no second Board in New York Ia
dsy. our quotations closed at one O'Clock.
Here tho Gold market WAS active and nrm-op
enng on the ercet At 1a8 and closing At 1972a1s7i
On the Stock Exchange the sales were liberal a
196@198Z. Silver was nominal at 1S5@186. Five
Twentes were In good demand at 10 buying an
Iii selling. Ten-Forties were quiet 1t 963a9
buying and 97to9s selling.
Exchange remains very SCARCE and the make
Is fra atpar buying and premium selling. Th'
demand II still greater than the supply and cur
rency IL being shipped to meet drafts.
Therc was IN unusually brisk demand for money
to-day At the discount houses, but the market con
| unues stringent, and bankers had to refnse frst
class paper. The rate Of discount is unchanged
viz: 10 per cent per annum but street rates arc
firm at 1}07 per cent per month.
I The general markets to-day were f1sn and mod.
erately active. Wheat advanced 1Dt}a; Oats ia
| ic; and Provisions we're moro active and frmer,
Cook County scrip was firm and the sales mod
erate 1t e2@s2}. One lot Of 100000 was sold,
| buyer 80, at 83}.
Notwithstanding the fact that Illinois and al
most every other western and northwestern
State haye driven cut Of circulation their " Wild
cat, " "stunp-ta1l' and ''mfseellaneous' currency,
| the State OF Wisconsin has tolerated currency
which had TO be sold regularly at one-half of one
per cent discount. The recent passage Of an
amendment, thoWever. By Congre4s, taxing the
circulation Of all State banks 10 per cent per A.
mum, has alarmed the bankers Of that State, for
they now appreciate the fact that they will have
to retire their circulation and 'wind up' to make
room for tsgreenbacks' and national currency,
This currency is secured BY Il, ,1a3eoo OF Wiscon-
sin bonds, which they purchased at 70 cents on
n 104 ami II 7rx7o {n
thess bonds. which they will now be forced to
sell, u bill has been introduced into the WIscon-
sin Le9ta1ature, requiring the ffty foreign tnsur
ance companies doing buainess in the State to de-
posit 81, COO each Of Wlaconsin Stats Bonds at
pdr ~ security thst Ill lotses made by the yari-
oua companies shall be paid.
As the foreign insurance cor,panies
now p8y much higher State
tai In Wisconsin than anywhere else In the Unit,
ed States, much higher rate OF insurance has to
be made than, for instance, In Illinois, md this
has been matter OF gresr complaint on the part
Of the people. But this law fit passed, viii vtr-
tually drive large number Of companies out Of
the State, and those left Will have to increase
their rates eill higher in order to meet the addt
tonal loss to the companies to be compelled 10 60
into the market to purchase Wisconsin bonds,
The singular coincidence that the amount Of Wi1-
eonsin bonds required by the bill In question
should agres exactly With the amount OF the
bonds held by the various banks, has led the bual~
ness nc2 OF Wisconsin to suspect that
there is "sculldugge7y" somewhere; and not a
few arc uncharltablo enough to state that the
bankers, after having compelled the people for 4
long series Of years to take 99ic for dollar, are
now determined to make the people pay them 100
cent? on tbs dollar for bonds which cost them
only 70 cents. Bankers, al c1ags, are not conaid-
cred extremely modest; hut the impudcnce Of the
above proportion has scientific perfection about
1t which renders It truly worthy OF note.
There is another point connected With Ibis sub
ject worthy Of note. These Wl.conaiu Bonda
were ieaacd for the sole purpose of propping TIP
the "ssumptail" currency Of 1851, and their le-
RahtJ Il 10 much questioned in financial circles,
that theT are almost unnarketabls; but aotwith-
standing this. tho proposition is to force the in
snrancs companies to parch1se them at p1r. Our
readers will readily appreciate the extent Of the
security which these bonds impa1t to tho currency
Of W1sco1stn, when such means are resorted to
by the bankeza to get them OF their hands,
We hope the Board OF Supervisors Of Cook
county which meets tomorrow will adopt the
measures necessary to fund the two and half mil
lions Of aoating certificates OF indebtedness i.
sued 10 provide for allin9 The last and present
draft. These certificates have already dcprecistsd
to about e!EhtJ-tw0 cents and can hardly rise
much above that figure nnless some provision
shall be made for permanently funding them.
This could be ddne By issuing the bonds Of Cook
county with interest 1t seven per cent semi-Ar-
nually payable In New York, thus placing the loan
in permanent and desirable form. The Board
are empowered 10 issne this loan and to provide
BY special Or suitable taxation for It's interest and
redemption, and to establish sinking fund,
Proper legislation BY them at the outset would.
we beleye, put this loan on the market a1 par, or
Il