New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-03-20
ON CARONDELET STREET.

Gold has been remarkably steady during
the last week. 1t has opened in New
York at 112 and closed at 112l every day
for four consecutive days. Yesterday il
was a shade frmer, and at one time adj
vanced to 1929. 1t does not seem, how
ever, that the efforts of the New York
''bull clique are attended with any sue.
cess, and the probability is that they will
give up the struggle, and permit natural
influences to have their full sway. The
Funding bill, which recently passed the
Senate, has been referred, in the House,
to the Committee of Ways and Means
Mr.. Schenck is chairman of that commit,
tee, and be is supposed to be in favor OF
the bill. It is presumed that he will re.
port it back without the seventh section
which compels National Banks to bal
on A. per cent bonds. The effect
of that section would be to throw a
large quantity Of fve-twenties on the mar
ket, and thus lower their price, SO that the
public would buy those bonds for invest
ment instead of the new ones, which draw
a lower rate of interest. This is the
Western view of the case. Nevertheless,
unless Mr.. Boutwell, can negotiate the new
bonds in Europe, it is hard to see bow he
could place them, except in the manner
proposed by the bill.
Ship Island stock had decided tenden-
cy to advance yesterday. and, last night
sold as high as 1856 at the Board. This is,
perhaps, owing to the belief that the Gov
ernor had signed the bill. On the other
hand, many persons, probably with view
of bearing" the market, exhibited a dis.
position to discredit the statement. The
following certificate from the Office of the
Secretary of State definitely settles the
question
STATE OF LOUISIANA, .
Office Se.e airy of staJe,
New Orleans March I9, 1870.
An act to amend an act, relative to drain
ing districts, known as the Ship Island Com
pany's bill, this day received: approved
March l6, 1870.
PITT CRAyATTE,
Assistant Secretary.
Senator Bacon published communica
ton in last evenings Picapsne, intended
to show that the Secretary of State die
not know what he was about, when b,
promulgated the Mississippi Valley Navi
cation act. Nevertheless the act has beer
promulgated, and it is a law, Senator
Bacon to the contrary notwithstanding
Senator Bacon says, that it is not a law
because the extra session commenced
within five days after the adjournment O
| the regular session. The meaning of thu
constitution evidently is, that the Cover
nor shall have at least five day
for con sideration, sand that b.
| must return the bill as soon after the ex
piration of five days as may be practicable
Obviously, he is compelled so to return
at the very next session called, or other
wise. To suppose that he can let who'll
session pass over without returning a bill
and thus prevent it from becoming law
is simply absurd. But, in this case, Their
is no such difficulty as Senator Bacon sug
gests, iuasmuch as the full five days di'
expire between the date on which the bill
was presented to the Governor, and tn
date of the commencement Of the extr
session.
There is good deal of talk about th.
bill compelling the Governor to sell tn
State stock in the jackson Railroad Com
pany. This project is said to have bee
contrived by Mr.. Newcome, president Q
the Louisville and Nashville Railroad, bu
the complete success of the plan depend
! On nainin0 control Of. the citv stock Ike