New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-03-31
ON CARONDELET STREET.

1
York yesterday, probably owing to the
vigorous efforts of the national banh
interest to defeat the funding bill. The
| opposition of the banks is ostensibly
| based On the section Of the bill which
compels those institutions to accept the
| new bonds as basis for banking, in
place of the old ones-that is to say, to
| deposit bonds on which they are to re-
ceive four per cent per annum interest,
instead of bonds on which they receive
six per cent. 1t is argued that this COM
pulsory process is in the nature of repu-
diation, and that if carried into effect, it
will compel many of the national banks to
suspend business by reducing their profits
two per cent per annum." Both of these
arguments are fallacious, insofar as
they are urged as ground of oppo-
sition to the funding bill. 1t is obviously
to the interest of the country to have its
debt funsed at four per cent instead of six
per cent, and to offer choice Of investment
IN the new bonds, while the government
has the option of paying the six per cents,
which is not reputation. II, indeed, the
government were to compel an individual
holder to accept four per cent in place of
q six per cent, the act would be unjust;
but in the case of the banks the govern
meht clearly has that right. Those insti-
tutions derive their powers and their priv
ileges from a special law, which law may
be at any time repealed, and
the whole system abolished. Il for
tori, any part of it may be
repealed whenever such repeal may be
required by the interests Of the country.
The portion of profit derived by the
banks from the interest on bonds depos-
tied by them is raised by taxation, levied
on the general industry of the country
and is not derived legitimately from the
banking business. The country has I
right to say that it will not be taxed any
longer for the purpose of increasing bank
dividends without being justly liable to
the charge of reputation. 1t is simply q
question of expediency, which the public,
and the government as the representative
Of the public, has clear right to decide.
There was not much movement of any
Kind in Carondelet street yesterday. Bust
ness has been very dull for several DAYS
past Speculative movements seem to
nave subsidized, and proftless calm
'eigns among the street operators. Ship
STAND fell Oft yesterday, and was offered
It 1921 without finding purchasers.
was likewise a little
weaker. Lottery stock is very strong, but
here is very little of it on the market.
The same may be said of Sanitary"
rheumatic rallied to some extent, yester.
ay; but Petroleum seems to be in rapid
ecline.
We observe that the ordinance provid-
ag for the sale of the city stock in the
ackson Railroad Company has passed
he Board of Aldermen. 1t is stated that
lie thing has been arranged to pass the
Their board tomorrow night Is it pos,
bile that the outgoing Council intend to
gnalize the termination of their func- ,
ons by this gross perversion of their
overs, this shameless sacrifice of the rights $
nd interests of the community which
ley are supposed to represent? We can
arcely believe that they will thus fly in
10 face of public opinion. The project b
obtain control of the jackson Railroad
ompany by taking possession of the city
ock has been contrived by shrewd and f.
Idacious spectators; but these gentle
en- must look with contempt on the peo- fl
e of New Orleans if they suppose that
oh design can be carried into effect. n
The following were the transactions at
2 Board last night