, 1870-12-01
MONETARY AND COMMERCIAL.


WKpsEscAr EyES1SG, nov. 80,
The following, from the manuscript Of the
fo1shcouiug eularged edition Of "waskars :
scietca Of Wealth." Is printed In tho N.w
York Financial Chronicle, and pertnus to a
coming question that has BEEN several tines
pointed cut in TIE TR1DcSE lately, and that
must socu engage the attention OF the poop1e
~ much a any other ISSUE Of national inter
est:
"oae reIl telious obstacle To tie general trade
OF ths country. foreign knd domc is the heavy
ratroad tolls tmposed In consequence Of extensive
tomolnsttGns b. managers Ct different naturally
competlLR l.net, who ar thus enabled to es!ab-
ts9 sxotnt4ns rates for fright
lntn haa alrrady become an evil Of great mag
Litnds, ana II es1dgn1y Increasing Win the co0-
s:aLt xssnstun OF railroads, 4ad The incteasc of
fs>e c0u,s.palion3, 70 that the tndustry Of some
Nra:ons Of ,aeoouass5 u already sens'oly Effected
The results Of tneae monopol!es a1e iwp-fott
]: Ths{ discourage production, iof Vhcu II 3akes
me value Of one tu,hei OF wheat to ret anotnef
sn;nsi 70 markef, t1e indnecnent - faiss whea.
" Altnlniaheds 80 OF al other pIoductA Tna con
Nqosnea Is taat fa.tutts cannot afford to cu!u-
vatc ther least productive lsn1s At ali, exec pt 90
tsn a. * the! consone ineif ONE produces. or 1ad
- TO Increase the cost OF products ut the
place OF expaltaton, is 70 diminish tt9de, eype-
c!ang foreign commerce. Al tass Is excessive In
Of 5tnsr copnEeA II II coat 10 Of IS ceais per
bna.tt more 70 Transport wheat from iowa to
Nes fofk ihan It nusht ths wheat grower on tho
saorcs Ut he LlAck SEA Who competea WIN tae
American producer IN the markets of E1rppo M
ne inn advantage Of 1t. and viii Increase hs pro-
dus5,oo 40 p.oots accordingly.
oolaps'i,ton with foTetxn productions, are jassiy
ccn.id zed Injurious to The tnllusisy sud ta1, ot
s.s. hs;ae eat IT, s1ee1s to!ls haze tae sans
cor hdefnuon thAt while duties Tpp.d q, Into tha
nnn n; + treasury, nd eoosu.n.e pant Of the ns-
apnal revenue. ana thus relieve the whole people
The lev who own Or manage rai]rDada
Iaas es1l, already great, VII doubtless become
more snd mere onerOus unn Congress Intesftfts
n5 p a., ame M GENERAL !eaislaaon upon soe subject. II
utna1 law. but 1t Congress has The power to reg
niate commerce With fofrt8n natons md eznoug
ine lGfesa stases, II would seem qutts clear that
usi 70 the FtFy existence Of commerce, and the
WeIafe o. the dl1etrnt sections OF the un1on as
taatoi suteIEat Transportation Foreign c7mm erce
laa ever been under the special guardianship OF
the na:1o0sl legislature, buk how much more 50
ought fhe domestic Trade OF 1he country to receive
Us Watcfful huperEi iuon that DO obstacle be Inter-
tho 1attonal industry. :
.' We thi1k this subject worthy og immediate
asteI Mnn ca the part Of our statesmen as well -
the fcne! 81 public. Ought not the entire railroad
s.an N TO be placed under the care and contrib
Of the Secretary Of The 1ntef1or, duly aahortxeti
70 o. rt1n!fe such returns annuslfy. OF af.ener, Of
Al railroad aid transportation Companies. a. will
a1o!A Ncnnie lntormstI"n upnH every t,rspt es-
scutlA1 e ILL adt rataa:vx Il -. 4, ,,ps. u.s
tntlr reputation md Eaaasfrneni7 lfs Cuup-
t'ol.E Of the Currency u necessary. why not
Comptroller of Il21.roads
Willie M1. Walker recommends, in sub
stance. the sAue remedy a. hae been xlrezdy
recommended in The TntBrEE-viz govern
n1ens cohtfol-he states only lAlf Of the eTil.
AL that lie states about the grinding taxation
upon The producer by combinations and con-
soltdations OF railroads ia true, but there Ia
another Item which he has aaisse1, and that
ia aha Watering Of the stock Of railroads by
the capitalization Of ther expenses, which
atlotds = pte.e1t for taxing The people 70
tbe actual capital paid in. Il IL estimated
lust ths capital Of Eighteen of the principal
railroads OF tho Northern States. most OF
thom terminating either at Now York
or Chicago. hayo becu watAred to the
extent Of cyer 53o0. .0oo, 900 during the past
fve years. This s3oo, coo 900 Of "wster. II
eaua. TO, probably, 50 per cont Of tie actual
capital, AID. on this 50 per cont OF "water, n
Tho companies claim that they must have dtyi-
dendR, as veil ~ On the actna} capital. The
result IL. that their chtTges are increased fol-
thAs rnrrose, and their profits are, IN fact,
iuly hsss PER cent g1eater than they appesi
The comments which appcarcd i'll this col.
nItiu. ytstcteAy, On the condition Of the Great
.Mtttesn eleGrAph Company, and its cuptracl
with se!as Reeve to build its lines, hAys
cil!ed oct. from one of the gentlemen inter.
et'sd IN the pending suit, the follosirg lettal
pany:
n.the E'iiie- Il TAe Chfeuoo TRIBUNE:
ISIS due TO the Great Western Telegraph Com
pshs 20 saJ, after the article which appeare,i 1t
noH rend'ng ia the cIfrmt cour,, involving III III
vasftis, ana ialEntss Of The contract nude viii
NJ Ma. nsSSse, sc, p me COMPANY. gssas zo3ny Wit
twJ cxrt ptlHns all he f1tne4&fs a,4 both sdes hay
swotn that she5 would not hare taken the cou
nust q. o. the same terms upon which Mr. Reev,
sooS y; oScaase .S &c va bound 70 bud ss!e9rap,
Cn!on Telegraph Company had tines already e.
tabsIsLtd: 1n1, be:anse, he agreed 70 take hi
Sa o. he pscseds Of ns sa'e o he .tsel
aid, btcause, 1n addition 70 building md equip
E1nS tie 1ues. he bound himself To pay all the eI
p n.es ot ~ o1x.nizaf.or, ano ali othez expense
u one enlnR 70 take such contract. 1t Ia sn
otne5, md vcrJ different thing, to take 4 contsae
psTa6;s ~ l, easa Mt;aoas any ras, without an
Tnc President oi The western rnion Telegraph
| Ctmfsns, before the committee 1t Washington
| s1aied teat 10 llaonis md Iowa It. cost, In casa
| fer noth1ax-
70 take I'll risks Of tho ssle OF s.ock-the stoc
Of Al opposition company Ito pay al expenses q
~ en- osisien line to tho western rnion Teit
graph company. no nan would 10 - tuf thrc
'tTcs the stuonnt Of a cash contract
We print the foregoing in Difference to thi
case WAS rot fully explained rcsterdas.
In The money market there were no prom
men. fealures TO note to-dxy. There was
little more activity in connection With ii
usual monthly settlements ot gEsiu contracts
std alro eotue demand for money firm rtl
ties Tl,o are carrying grain for country cu'
toneTs, Int On the whole there WAS no mos
&csisi'y thsn Is utual'y incident 70 the clos
Of the month. Compartd with other .yess1
I however, this is au unusual etasou. A9uo4
all the conditions Of the money market, !
we'll - the generxf markets, a1e Il,
rsverre Ct What they usually =.
ss ts s e shs s.u; IT, .ss.s,
/. 3s row easy for Ill loans not longer tbs
thirty days. Instead Of Gov Of currency
tho country, as fs geuerslt tbs cfse In n,
vambtr. there Is ecarcety any CURRENCY Eoiu
in that direction now. Usually there Is ! n
rnrrly Of money xtioat In the country ii th
ye.r few hogs have come to Market No
withdrawing the reports to the coorr.s:
there eeems reaeoa for thinking there is n
much wheat to cone, End Rh&e there
farmers AID country ope etators have evident
made up their fnicds 10 hold Oh to, in Il
expectation Of higherpriceain IN ihe spnng. Th1
. nearly Avctything in connection With mons
ard the general markess is the reverse OF h
year, &nd the eoursa OF prices during the ne
ftn nonths Is likely to prove As ainerect
Exchange r ecarcef than during the ps
. few dae. and ralea eerc made betTcen bin
sr-dav - high ~ T0e per s1.om premiu1
though Coz Vas the general rate At the COZ
.. t.s bankers sell as l-l0 premium, and bny
pS1.
. The following quotations for buying =
selling government bonds, iocal stocks, 50
, aud f1lver In this market tbi4 afternoon.
!. fmni.htd bJ Lunt, Preston l. Keap, baolr
, II Ciatk street:
Eusbs5. SeU'