, 1869-08-14
MONETARY AND COMMERCIAL.
MONETARY,

The questions Of usury Ii New York. and o
"corners" in Chicago. stand IN Rea1ly the same
| position In regard 10 m0rni right Tne law. how.
ever only reaches the former, and the sentenceIrq
Of several prominent capitalists OF N&w York, mol
| only 10 lines but to imprisonment IN q common
| jall, with bc1l Of malef1c;ora OF every grade,
shows how The law regards practices which Inter.
ferc with The general course OF trade, and enable
unscrupulous men TO extoft money from those
over whom their schemes have given them an
/ advantage. The capitalists Of New YORK had q
"corocr :" en- tho money MARKET and
| they made use OF the opportunity to
cstort extra Interest Mt the rate OF from ~ to lDo
per cent per annum for loans. Al fur rs the tndI-
siduals who were sentenced to these 1ncs aud
penalties ata concerned, two-thrts Of the bust
Less community will be heartily glad that they
have been made 10 suder. THE only objection Il
that the penalties were not severe enough This
1usL1uce Will be q WhoesoMt check up IN the rich
and Eruspang capitalists whose increasing power
Is regarded with uneahsle@s. The general eject
OF p.url lawe, however, Is another matter. For
years the ukury laws of New York hare been con-
sIdered dead letter. The conv1c:.cu has steadily
| gained groEna thAt they we're relic Of early and
crude notions In regard TO nn1nces. In Whatever
ssate OF country the spirit Of stringent nsnry laws
has been strictly enforced, it has becn the
experience that uoau1g capital YVES driven ont
The question OF usurJ laEs md altnilat legislative
cnsctmen;a may be summed up into TWO atc1ua-
lives: Such lava strictly enforced have tendency
to 1cprlss enterprise, rs well Us speculation, and
to DIVE capItol away; but Without tncm there
will always he cases Of c1tortlon, for which tue
suffering parties have no redress
A report Of the business Of the Central Pacific
Railroad. issued By the nscal agents Of the CON-
pany, ahows the interesting fact that the Central
Fnct1c ia already pairing road its gross
earnings being nearly Is per cent Eore than its
operating expenses. 1t Is but three mouths since
the connection was Made between the two Pacific
roads, nnd IN thar time tho business and expenses
Of the Central PacI1c, running between sacra-
menlo and Ptompntury Point, have been a. fol-
lows:
Operating expenses. ses..-....,.,........... 9a1, BAL
.ae% G%4A+lxa-. ...-.........9 ia1,u3S
From thesc rgurcs II Is apparent tna1 the Pacific
railroads can not only pay the Interest on their
INST mortgage t'onds, hut also on those issued to
them bJ the government, and, With the natural In
crease Of busness, will bc atle to reduce fares
and frrlgats TO the minimum OF mites ca1rgeI on
any ruaGs In the country.
While the reports Of tledcien; grain crops in
Europe make a prospect ot largo inpostatons bs
England, the whole American Continent Is ltsely
to be blessed With large crops, the QUIZ exception
Throughout being the corn crop In some parts OF
crop vii be abundant, not only tn the Northwest
buttn California and IN the northern psr1s Of Geor-
G1a, ALABAMA anu Mississippi In Cnnada also
crops are unusually ianye. The Toronto Telegraph
has had repasta from all sections OF Canada rela-
1lsc 10 the condition Of the growing crops, and
SUES mp It's collation. Of results by saying that
never before has the yield In grain, roots fraits
aud hay In the Dominion been equ4lled in amount.
II La Eo largely IN eIceas Of a common Jear that
3T5Srr In t1at 4jrfn
Of wheat by rust, r!dge mud lodsnent, and the
gsanar:cs be stt1 r.led beyond MI oriaazJ expect
attou. As far ea the United STATES Is concerned,
the prospect Of an active export dtmanl for
t-rndstrns rs well as cotton, together with the
Increasing confidence Of European capitalists IN
regard TO onr boads, md the expectation Of them
thas leIy 10 contouc, bid ialr to put The price
Of gold lower, and 10 make IT more plenty In
American money markets than It has been for ses-
esN years.
Thc local money market continues well supplied
With fauds, aEd borrowers on 6hos. ttne dnd no
G:tNcu!1y In getting money At 10 per cent There
ere, however, symptoms Of q change near At haaf
The crops have bcgan TO move, 1nd orders from
the country IeE currency IN bc sent ont lnto the !
Nheal-Ealhing districts Art increasing. Two Of our
principal hanks IN tns city Fave ordered currency
lfom New York to-day, and the row tha. Is thus
started Wit! probably continue 10 Increase for the
Etxs two months The dispersion Of the noa.tng !
rarT.l over rte country, and n1aynilaElHy OF |
great portlcns Of II In transit, mnst necessarily
Il axe money 1ght before the end Of the current /
101ih.
Excnsnee as lower again to-day, severn: Of The
banks being obliged 10 sc'! In order 10 meet the
atnanGs OF their country costorncss for curreury.
Sales we're natc between batks to-c1F at SIC to
:l.t1 per s, ,t1o dsscoCnL Al he counter bankers
1re taxing at l-lo dscoup, and selling q; rar+
Gnld continues 10 decline with the prospect Of
ac1rascd rsri1ce exports. and government bonds
,iso decline In New Iork owing to the Increasing
,csivity Of money, Which obllges The withdrawal
II capttal from that class Of Investments the de-
line being also ipauenced to some extent by The
!ecl!ne IN gold. IL London, hoFeset, the price ol
'onds continues 1rn at ss:* against s1.t yester-
Lay. The relative condition Of the London and
Sew Yoyt market now is fasorah.e 10 large cx-
,ofts Of bonds- :.
Dealc1b' quotations far barring and selling gov
.rrrucnt bonds, local stockf. gold and silver, IN