, 1870-04-27
MONETARY AND. .COMMEREI.l7
MONETARY.

TCEspAY EVENING. April "a
Tho curious disposal of the "legzt-teuder
dcbar the government from iestiins, in crs" Of
another war, h leesl-tendet currency that shall
be applicable to the payment at debts con-
trActed before Congress should authorize its
isaue- As the matter stands uow, the Snnranae
Court having decided u4at United States
notes arc mol applicable to the payment OF
debts contracted prior to the Legal-Tcnler
net, Ill tho lower courta would bc bound to
rule III accordance with the decision Of tie
Supreme Court but, the Court did also, aftes
that decision, vote to Eeconrlder the Arguments
on this point, and would have done 10 bad not
tho oily two csses On the docket ID which this
question is involved been withdrawn. Whether
the Judgment Of the Supreme Court would be
tho same IL another Case as il Mas in that Of
Henuerip ve- G1iswold, which ia now tho au-
tLorita1iyo Interpretation Of tho law On tLat
point, il not Of much practical Importance for
the present, simply because it would t.kc two
years ur more before any sucn case could come
u, fur adiudicat;on before the Supreme Court,
and even il tho court were then
to r1ycrte its former decision,
by ra,ling that United States notes were
d legal tender for debts contracted pHor to the
Legal Tcnder act, it probably would not mako
much difference, az Greenbacks will probably
be at OF near par, aud large proportion Of
tho present Indebtedness, which ante-aate es tho
Legal-Teuder act, will have been cancelled.
But in case Of another such emergency as
made tlo Legal Teuder act Of 1867 necesaarts, !,
new csso could be pushed through, and tho
present ruling Of the Court revelsed, 50 thst
the question Of paying debts with my new
legal-tendcr notes which Congress might then
autLoriza would stand Just wl,eEo it did before
the Supreme Court gave its Judgment Against
situation is peti,sps the most satisfactory in
which the legal-tepder question could have
been left. As far u ANY existing debts con-
tracted before the Iegh-Iendef act are cou-
cesncd, thoru il no probability OF any decisioa
status before gold il at par, and yet some
future decision Of the court can rercrBo its
present ruling, and maintain that in the
emergency OF w1s the government may issue
legal lender notes that shall be applicable to
al debts.
The London correspondent Of tho New York
Financial Chronicle notices tho increase Of
| applications now being made ln that market
! hy American railway companies for loans.
| Ihe bonds Of these and other corpora
tons, aud also some State bonds, ara
Transferring an immense bonded Amer
ican debt to European holding. Among
markets are: Tie Port Royal 6. c. hail
road. ao0o, 600; Oregon-C -Califo1nia Railroad,
S5,O00. 600; st. Louis Nrilge Company, 81, 00O, +
0od; State Of Alabams, s2.600,O00; Del
Moines Valley Railroad, s2tvo, QUO; Inaia
! nAfo49e e Uihpnnington ttAiupAd Sauount mo-
stated) md Northcrn Pacidc Railroad, sl00.
00,G0d. Tho loans here mentioned uro only j
portion OF what have very recently been Of
ferod in London and Frankfort, and the AZ
grcgAte Of alt would probably be over 200.
100000 since JanuaH1:. A considerable proper
ton Of these hss already been negotiated, ant
probably III will be. Here is IN ar9ouut near
1y equal to h2lf Of out total exports Of domcs
tic products, including specie, during 1869
and yet in sTito Ct the unprecedented suppl.
Of foreign eKchtngc being msde in this way
tho price Of sterling is steadily advancing.
In tho local money market there are N
changes to note. Money is abundant botl
with tho ba.tks and il the open market. an
first-clAss paper is in lnnsnd At from 10 70
per cent.
E1chaugo continues firm at Soc per S1,00
premium for ealcs between banks- At til
counter bankers sell At 1-10 premium, and bu,,
at par
Eales at tho Stock Board to-day waro:
$500 United States 1910 bonds. .1o1
| $o,OV Ancl7CNH Rolo. .......-....s... ....A5