The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1866-01-19

RICHMOND

III JhiuhIy 10, lcOU.
The gold market at the North has varied q
little within the last few days, and stood yes
tarday at 1881 in New York. Here, we quote
buying rate, 1879 selling, al. Virginia State
Bonds, Coupons, with back interest during
the war, S75; Registered, without interest,
s4lGsi2. Sales OF Coupons only in New York !;
Registered, in this city.
Money Is still very scarce, and the Legisla-
ture has done nothing to change the state OF
things. In New York there Is an abundance
of capital, and the average rate of call loans
is five per cent, the lowest rate being four per
cent, while the supply Of money for this kind
of loans is In excess Of the demand. The spe-
c~ulatiye feeling in the great metropolis Is,
however, strong, and as capitalists generally
desire TO place their funds out on call, 50 that
they can command them when n chance offers,
paper at fixed dates is not so readily TAKEN
On short time the range Is 6HG7H p cent.
That the people here can borrow at six per
cent. when time paper In a city overlooking
with capital cannot be negotiated at less than
six and a half, and good paper is quoted at
eight, is an absurdity. As we labor under the
pressing demand for money to lift up the city
out of the ashes and revive our trade and agri-
Iuliultr III AA1oANdhN b"0 NSNSNU'
and prolongs our suffering and delays the
recovery from the awful paralysis which
weighs us down. Weeks since, they rejected
the measure authorizing the conversion OF
registered into coupon bonds, a measure asked
for by our own citizens, that they might pledge
their stock in the North for loans to enable
them 10 rebuild or to go into business. The
request was a modest one, from the granting
~ 10000 % - ctn4n :
but it was rejected.
The public are looking with anxiety to see
what the Legislature will do on the subject Of
finance. The apprehension is, that little will
be done. and that taxes, always a certain
thing, will be, as usual, laid upon the people.
In other words, the Egyptian dictum OF
requiring that bricks be made without straw
will probably be repeated once more. We hope
not.
The number of National banks now In the
United States is l,62S, with n capital Of
S40S, 9S5, 48l, and a circulation Of S242, 926, $40.
1t is stated that the Committee on Banking
and Currency, in Congress, have determined
not TO repeal the ten per cent, tax on the circu-
lation of State Banks. or course they will
not not because there is likely to be any
revenue from the tax, but In order TO prevent
the incorporation of State Banks. We suppose
there are no State Banks now. They have all
come under the Congressional law rs National
Banks. We question whether there will ever
be any more State Banks. Their exit was sig
nifcant of the disappearance of State Rights.
But there were good institutions among them
in their day. A cotemporary, n few days since,
drew a contrast between them and National
Banks TO their disadvantage. 1t was not fair.
The great trial of the National Banks is yet 10
come. They, too, willhave, In the end, good and
bad amongst them. But should those In Fir-
ginia stand as well as our old State Banks,
with their branches, they will do very we'll.
The old Virginia State Bank notes are quoted
in the market at the following rates per dollar