New-York tribune., 1867-05-25


an equal amountis issued TO banks in the West The
National Currency Bank has effected negotiations Of
this character 10 The extent OF 100000 within
week. The favorable impression given Of the Chi
cago and St. Paul railway moItga bond, 10 which
The Tines 90 strongly dissenta may be changed by
facts ROW IN pOesessOnUf our ne ebor. who IL ia
TO be hoped. viii. hurry them out before TIE bonds
arc ell sold
The Chicago and North Wc5lcl1 road earned. tho
tird week in Nay,
1867 .sioo,992 1905 si7s.ss Increase 9,37Is
The return from tho Bank Of EnGand for tine week
ending May gives the following results when
compared with The previous week:
TIE Rest .............. SO lJs5o2 Increasc el969a
Public deposits .-...-.-. 7.4Gc,557 lnorase 35iSG
On the otlitr sdc of the account
Goverrmcnt securities 9i2,sss3i4 No change
Other securities ...-.. 1s,220Ss6 Increase. G55Ts
Notes unemployed S.sll6:Ago Decrease ere .ss ns
adecrease OF 9i5255 and the stock OF bHon n both de
partments is siolso 357 showing decrease Of ssSss
when compared with the preceding return. ..rF
Tie Chicago Tribune Wednesday, remarks:
Owing TO the cold rainy weather which has prevailed
all day. business IN financial and mercantile circles was
nooe in connection With Se mensw Market EerS
exchange was IN good demand and firm with saes DO.
light, and some OF the institutions compelled to ship
currency
The Cincinnati Gazette of Wednesday, says: .t
worked easier but there disposition TO loan freely.
and paper scrutnzed quite severely hereto
fore Rates Of interest between bankers and depos0rs
ranged from to per cent and fair ranged in the open
market l2@16 There very little capital Oherng IN the
street for investment In the exchange market the supply
and demand about equal and rates were steady at
par TO % premium buying, and lilo premium selling.
There were no shipments OF currency.
The question of the right of the NewYork Central
Railroad Company to charge gold fares was argued
before the Supreme Court at Binghamton on Tues
day, Judge Bacom presiding.
On the 9TH inst q passenger named Hiram Lewis
went to the Central Railroad ticket Office IN Syra-
cuse to buy ticket for Canast0ta, - miles distant,
offering "greenback" IN payment. The blll was
fused by the COmpaDys ticket agent who demandedpa
ment gold or It's equivalent. Mr. Lewis then paid his
fare in currency at the rne goa rate anu soon Sor ar .
TO make this demand On this Issue the argument took
place at Binghalnon C. H. sedg4iek appeared as eoun
1t was arguedby Mr. sedgwic ON the part OF the plants
m and claimed that the act OF Congress declares thas
Rreenbacbs shall be lawful money and legal tender IN
payment OF all debts public and private, wlthn me
United states, excepting duties on imports ana neress
on certain debts The said act OF Congress-
lie contended. constitutional and valid ana IN SUP
port Of this he cited many eminent auRoln,es, a an
Gin payment Of debt" when given as ralroaa lafc'
within the intent and meaning OF sald act Inc &c. Oh ~,
passengers their route at rate not 10 cXceeu Two
cents per mile and de1endants as common M eareas S
who rendered fare The law raised an Implying cohtrtc
TO 10 eSa the ease at law was the same az
though written contract existed between plantin aha
defendants whereby defendants agree TO plaintiff
on their road at two cents per mile and plaintiff agreed
to pay at that rate in advance therefore This obligation
of tho plintiff was debt Numerous authorities were
here cited in suDstantaton OF this principe) "A debt
that which person was bound 10 pay or perform
for another IL made no difference whether The con-
tract mon which the money arose was executed
cutory In taking S. cents in United states notes from
the plaintiff miles OF travel the defendants asked
and received TO exceed per mile The 55 cents
lawful money and was precisely the same In
legal contemplation piece OF gold coin OF the same
denomination" The defendants having asked and taken
from plaintiff greater rate OF fare than allowed ny law:
he conended that Judgment should be ordered in favor OF
| plaintiff for $50 and costs.
Iudge Pratt, for the Railroad Company, argued and
claimed that the several acts making Treasury notes
e@a fender in the payment OF all debts not author
by the Constitution and were therefore yOd anu OF
IN them nv the Court of Appeals the point was simply
taken that the defendant might avail ltsef OF ~ II th
case should reach the Supreme Court OF the une
states the right TO redre payment OF fare in coin would
not be tested unless legislation had restcted OF
taken away that night The acts OF Congress authorizing
he issue Of Treasury 10 circulate as money were
the only that bore on this point On thls pom.
matter plainly Of State legislation; that the state was
prohibited from making anything but gold a ana
Issa If had never been suggested by any jurst
| commentator upon the Constitution that any suen
power vested in Congress THIS right was 0ny as
sumed in case OF natural emergency, was of doubtful
policy and denied by able jurists IL was therefore
clear that the statutes ia question should 9e strictly on
srued and should not be extended beyond the strict let
thereof In the next place the payment oi Iare on
railroad was not the payment OF DEBT anu uu ot Soe
within the letter OF the statute making treasury notes
legal tender IN the payment OF debts The payment OF
fare was like the payment for article soid where the
vendor could demand gold silver or paper IN exchange
therefor The person gt refuse TO sell his goods 10,
ANYTHING but specie its equivalent. The amount oil
wayare was limited but that did not give II the charac
ter Of debt 1t submitted again. hat the errhs 1 ~
used in this act were net such rs are Nsuay g7eg m
statutes In which IL was des ned to make any kind of
money legal tender in all business transactions They
were not t5 terms used In our own national laws reg
atng the value or the different kinds OF coin ana has
shall be legal tender In proof OF this number OF IN
stances produced from Bright9ns Digest anu sa,
English statutes. Judgment. on these grounds was
| claimed for defendant. d, nh 4.
The papers on both sides were then submitted lhe uc
| cision viii be rendered in July next.
The following are the movements of Dry Goods at