The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1867-06-05
FINANCE AND TRADE.


FINANCE AND TRADE.
II II li X Il 81 H H y y i ,.i'A'
Finnncial md Commercial Items.
From Saturday last, June LIST, the
treasury will purchase the I'd and Sd
series of the 1905, giving for them the
current market rate, and will continue
to sell the 5-2Os of 1865. The purchase
of LIST series OF 1904 is suspended, but
they will be converted into new bonds
of 1865. There is still outstanding
about / of the total original issue OF
these notes. Compound notes maturing
after July will be converted into the
legal tender certificates provided by act
of last Congress, the notes being re-
ceived at par and compound interest.
The compounds are coming in slowly..
The debt statement for June, it is
said in Washington, will not show an
increase of over two or three millions.
1t will probably appear on. Tuesday.
The New York city bank returns were
all in on Saturday afternoon, except
the City Bank, and the statement, it
was anticipated, would show q decrease
of SO, 900 in loans, 81, LOG, 900 in de-
posits, 81, 100000 in legal tenders, and
an increase of $475 900 in specie. These
figures reflect the statements between
the banks and sub-treasury.
Efforts are again being made for the
re-establishment of the GENITAL system
for measuring grain. ruNr
A dispatch from Albany, New York,
says that splendidly executed scoun-
terfeit ten dollar note on the Third Ma
tional Bank of Philadelphia has been de-
tected. 1t is in all respects perfect
fac sin,ile of the genuine issue, even to
the signatures which were executed
with the pen. The public can judge OF
the dangerous character of this note
from the fact it passed through the Me-
chanics aud Farmers Bank of Rochester
without detection. The only safe way
is to refuse all tens OH this bank. Ken
nedy's Bank Review. for June contains
a more minue description of this dan
gerous issue. o. ~ -
The publication of the income returns,
notwithstanding the numerous objec-
lions to it, elicits the following re-
marks from the Providence Journal
"No just estimate of the incomes ofmen
engaged in commerce or production can
he formed from the returns. Many men
must pay, for the last year, taxes upon
profits that We're lost before they were
realized. A great house that has just
failed in New York will have to return
an income, it is said, Of $500, 900, and
many men who, have NOT failed, and
who do not mean to, return large in
comes, but are really poorer than they
were before their profits were made, for
they have lost them land more with
them. IF the income tax could be
properly levied, and with as much ex-
actness as other taxes, it would Obvi-
ously be the most equitable that could
be imposed, even although the tax
might be paid, in some cases, after the
income on which twas founded had
DCCu IOoUs buU hO taAy CACCpb IuC w HID
ky tax, has been subject to such inc
qualities aud frauds. The income tax
has not yielded One-half what might
have reasonably been calculated from
the productive wealth of the country.
We believe that the taxes on incomes,
whisky and tobacco, at the present
rates, would 60 nigh to the payments of
the whole cost Of the Government, and
relieve the industry of the country from
the other grevious burdens imposed
upon it. We have thought that it
might be better for the assessors to cs-
innate the income as the assessors of
local taxes do the personal property of
the taxpayer, leaving him the remedy
of disclosing his income under oath, in
case he was OvertaXed.
The Cincinnati Gazette has the follow
ing in relation to the prevailing impress
sion concerning the crops. As regards
the wheat crop it is only necessary to
point to the quotations for -four and
wheat to show what people think about
it. Flour has already declined about
So % per barrel from the highest point,
and at the reduced rates there is an .un-
'yillingness on the part of holders to
carry stocks. We must not, however,
look for very low prices for wheat or
-four. The stocks, it must be borne in
mind, are very nearly exhausted, and it
would require large proportion Of q
full crop to give us the usual surplus.
But while farmers will receive land
some returns for wheat, in point of time :,
comes the hay crop. This will be large,
full yield being already assured. The
fruit- crop may, be considered out Of dan.
ger, and it is safe to say that the yield,
not onlyin the West, but throughout
the United States, will be extraordinary.!
This remark applies to all kinds. -
Corn is backward, but it is now CON-
ing forward rapidly. The amount
planted Is very large, and with favor
able seasona corresponding yield NAV
be expected. But as it will take sixty
days to put this crop ont of danger Of
dry weather, nothing definite can bc
foreshadowed.' Oats promise well, and
of potatoes Il large amount has been
planted. The early crop will yield
largely. The result of the late crop is,
of course, in the future. SSSb - -
And move as people have made up
their minds that good crops will be at
tended with revival of business, and
the prospects being favorable for a large
harvest, confidence is already gaining
strength in Itinahcial and commercial
circles, and Indications are noticeable
Of preparations for an active fall trade.
=f-t II
u We subjoin an extract from the Phil.
adelphia Age in, regard to the money
market Of that city on Saturday:
To-day's business can scarcely he CON.