The New Orleans crescent., 1869-03-12
gew 0rleans Stiunep Aarket.
CsxscExr oryIcz, No. "a GAIT sfRnzx,
Thursday Evening, March IL, 1859,

1915 the closing rate yesterday and during the re-
| mander of the day from 1890 A. NJ. to P. NJ.
| inclusive, it ruled ct the latter figure. The de-
mand and supply have been of very restricted
character throughout and rstes have been un-
| usually steady from the opening to the close OF
| business. We subjoin particulars Of the princi-
pal sales as follows: $4,000 at 1921 to 1924;
$4,000 and $4,000 at 1924 $4,000 at 1924 to 1925
SO 500 at 1923 $4,000 at 1928 closing ut 1870
| 1923. We note the sale OF $1,000 American half
| dollars at 1903.
FOREIGN ExoHANGE.-Rates of sterling and
francs have disclosed still further up ward ten
| dency to day. The market was at no time better
than nominaly supplied while the demand was
swholly restricted to one or two remtters, as will
be seen by the annexed statement of actual sales,
| viz: f2000 Al clear sterling at las. We now
| quote bank sterling at l433@l4S3; commercial
| do. at l424@l43. Bank francs at .93423923;
| and commercial do at 3.S7A6G3964.
DOMESTIC EXCHANGE.-Operau0ns under the
above heading exhibit moderate activity, with a
very stiff market. Offerings of commercial sight
and short sight disclose but little if any increase,
while the inquiry on the part of remitters is still
| steady and at times active. The following shows
| the principal purchases by banks and bankers
since our last, viz s25, 900 sight on New York at
| I@4 premium 5000, and S., ,Oe0 do. at pre-
mum; $4,000 and SIS 600 do. at 5-l6 premium;
s6500, $500, $500, $40 ,000. $50 600 and $4,000
90 at ! premium; $4,000 sixty days sight on
| New York at II discounts S2l00 thirty days date
| on Mobile at II discount: $4,000 sixty-hve days
date on Sc. Louis payable in New York. at dis
count; Sll eco gold check on New York at dis
| count. We quote bank sight at I premium;
commercial do. at l@s premium.
UNCURRENT NoTEs AND SEoURITIEs-City treas
| ury notes have been in better request to-day and
| sales show slight advance. while operations in
most classes of Securities have steadily inclined in
favor Of sellers. Offerings of fsvorite descriptions
| continue light however. and the following, which
include the principal sales, may be regarded as
| fair average days business for this period OF the
year. viz $4,000 city treasury notes at 264c. dis
count $40 GOO, 600, $40 600 and SIS 900 do at
| e N M I'D Z do. 10.
| 0O0 do at 27z; $4,000 State warrants AT size;
| $5eO0 do. at SS; $1,000 and $4,000 six B cent
| levee bonds at 7l4c.; $4,000 and $4,000 do. at
7l5; 5000 do. at 7ls i $50 shares 0pelousas Rail-
road stock at 50 so f3 share; GA and 100 shares
Jackson Railroad stock at 81 y share; 25 shares
Union Insurance Company stock at s85 u share;
so shares Louisiana State Bank stock at s22 Is "
share; $50 shares do. at s2S; and 10 and 100
| shares do. at S23 25 % shars-
I BOARD OF BRoKERs.-The following comprise
the sales at the Board tonight, viz: $1,000 gold
at 1874; $500 State warrants at s7l As share
Jackson Railroad stock at 81 ~ share l25 shares
Louisiana State Bank at S22 f3 share.
| SPECIAL DIsPATCHEs.-We indebted to the
Western Union Telegraph Line for copies of the
following private dispatches received from that
Nelc York, March l1-10;A. M.-Gold opened at
1917. 1890 A. M.-Gold lslf. Cotton market
quiet and weak. Sterling l09@lO94. IL NJ
Gold 1919. Cotton market dull prices lower
niddlng 2s}c., Mobile 29c., Orleans 294c. Ster.
ling steady. 3P. M.-Gold closed at 1875 Cotton
inactive; prices dropping. Sales 700 bales.
Middlng 2s3c., Mobile 2S2c., Orleans 29c. Ster-
ling steady.
| liverpool, March IL, Ills A. M.-Cotton market
quiet. Estimated Gales 1000 bales. Upands
l2@l2td., Orleans l240l22d. l;20 P. NJ
Cotton market dull. Eltimated sales 1000 bales.
Prices unchanged. 5P. M-Cotton market dull.
Sales 5000 bales. Uplands I'D, Orleans l24@
l2sd.
London, March ll-ll:l5 A. M.-Consols 921@
928. 5.20s S2s.
Hdure. Mdrchill, A. M-Cotton market opens
quiet. Quotations unchanged. EveniDg.-COtton
market closed firm. Tres Ordinaire l.42a., low
middlng aioat LA.
| TAX ON CAPITAL.-The New York Journal Of
Commerce of the lst inst thus notices some OF
the abuses of the internal revenue system:
The New York Times has an elaborate article
on the claim of the internal revenue department
for a tax on the money used in any way by bank
ers upon the ground that it is part of their capi
| tai. In this article 1t is conceded that the claim
as at first presented cannot be sustained. The
| bankers will doubtless be thankful for so much
| lberality. The discussion In the Times is marrea
by the statement that il is fortunate for the gov
| ernmeDt that it has at last found an officer with
courage to undertake this contest, and with suhi-
cient integrity to carry 1t through" III 1t requires
| great amount OF courage to engage In contest
with the taxpayers, then the revenue officials are
the brsvest of their race. for most OF them are in
perpetual broil Of this kind. Unfortunately for
the treasury, the money lost to 1t does not leak
through any such channel. The failure to collect
| does not come from yielding disposition on the
| part of the assessors wherever doubtful claim
can be urged, but from colluson with rogues to
defraud the treasury of revenues where there is
| no dispute whatever about their legality.
We do not say that many of the so-called bank
ers are not dodging the law which taxes their
capital. Every such man should be followed and
punished but the pretence that this is done Is no
ground for trying to prevent II by an interpreta.
ton of the law designed by its trainers, and
which cannot be sustained in the courts The
original claim of the assessor was that sll money
| hu houk ma hau nr
from whom received, is part of his capital and as
such liable to be taxed. This claim we discussed,
and the Times now comedies that it cannot be
maintained Capital that is borrowed is none the
less capital if it is subject to all the risks of the
business. But q man who borrows money for
temporary purposes does not usually hold IL sub
ject TO such cond itions and loan OF this charac-
ter not thus depe Ddent is n no proper sense part
of the borrowers capital A banker worth $50.
600 who borrows from day to day, aud really
handles an average of half q million dollars OF
other peoples money would be liable to punish
ment as q felon, if be should obtain credit on a
representation that he had a capital of $500 0OO
subject TO the risks of his business. Such tenn
pOfary loans are not truly his capital employed 10
the business, and if not, they are not liable to
taxation.
The officer will be sharp and viglant in hunting
up every possible peg on which TO hang claim
for an extra dollar; he will interpret ell the
doubtful clauses against every poor struggling
tradesmsn, shopkeeper or manufacturer, aud then
allow millions to go to waste under his very
nose in cases where no principle is involved, and
where nothing is wanted 10 save 1t but integrity
and ordinary business capacity. We are not sp'
plying this to any particular officer, but to the gen
| eral management of the department. 1t Is so IN
| all the branches of the government. In the GUS
toms service the Office that is sharpest after every
| little invoice, with exactons Of bills Tor nall
storage, carriage, labor, duty on commissions, ex.
ira penalties ior inferential undervauations, and
all sorts Of petty charges of very doubtful le
gality, and more than doubtful equity, and where
there is most clamor in favor Of specific duties, II
the very place where the big rogues, by collusior
with these same indefstgable officials, run through