The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1870-02-08
NEW YORK
Supreme U0uft Decision On the Legal
lender QueSliOD-FlnaDClaI Mat

Supreme U0uft Decision On the legal
lender QueSgiOn-FlnaDclaI Mat
terS, &c.
New York, February THE
Supreme Court decision on the Legal
Tender question was the great sub
ject of discussion in financial circles
this afternoon As understood in
Wall Street, the Legal Tender act
was justified by the war, but that
Congress had low no power to issue
any more Legal Tender notes, and
that all contracts made before 1862
are to be paid In coin. In this shape
the decision is certainly a very i'm
portant one, but its influences on
values was remarkably slight. This
decision makes some hundreds of
millions Of railroad bonds, and an
immense aggregate Of State and city
bonds payable In coin, both principal
and interest. the interest of which,
for eight years, has been payed 10
greenbacks. The payments of interest
or principal since 1862 having been
accepted by the creditor, will not be
affected by the decision except where
the money has been accepted under
protest, accompanied with a demand
for gold, which cases are, of course,
very exceptional.
1t is, perhaps, not improbable that
some of the poorer States with heavy
debts, as North Carolina aud Tennes-
see, being unable to provide for their
debts, even on a currency basis, may
| be driven by this decision into open
| reputation, pleading the action of
| the Supreme Court as imposing on
them obligations which they could
not honor. The price Of gold ad-
vanced In the morning on private tel .
grams from Washington to the effect
| that the decision would be in favor of
all contracts made before 1862 being
payable in coin; but when the other
part of the decision was known, this
afternoon, gold declined, from the
| fact that Congress, under the decision,
cannot issue any more legal tenders.
/ Officers of the Chicago, Rock Island
and Pacific Railroad have agreed to
give formal engagement to observe
in future all rules of the Stock Ex-
change relating to the registration OF
stocks and the ratification of ex-
change of all the new issues of shares,
or of convertible bonds, and this be.
ing all that is required by the Govern.
ing Committee conditionally to tho
replacing of stock on call, it is pre-.
sumed that it will to morrow be agair
restored to Its former position on the
Stock Exchange.
The New York Central Stock anC
Scrip declined Ii to cents, owing tt
the fact that the company has 81, 900.
600 worth of bonds falling due soon
which were issued before 1862, anC
the spectators jumped to conelu
sion that these bonds would have tC
be paid in gold, hence the depression
in shares. The decline In the New
York Central had a depressing intlu
ence on the balance of share lists
and prices were lower, but not TO any
great extent.
NEW YORK. February 1.-THE ar.
rest Of Il. A. Stevens, an ex u. S. In.
spector and Gauger, appears TO have
been made in St. Louis. by an Officer
from this city. 1t is said that frauds
perpetrated by Stevens and a number
Of business men here will aggregate
to $4,000, 900. In one case of %, ,00(
barrels of proof spirits, the Govern
ment is said to have received only
81 900, where it was entitled to $50,
600. Stevens was brought to New
York, and has been committed to an
swer.
The sale II Thompson's collection
of pictures was opened to-day. The
bidding was spirited, and prices
although low, were fair for the poorer
pictures, which were offered to day.
The Spanish frigate Victoria arrived
o-day from Havana.
In the Court of Oyer and Terminer
to-day, Judge Ingraham charged th,
grand jury that all agreements will
persons who have committed felonie
! not to prosecute them If their portion
OF the property are returned, are lille
gal, and the offenders should b
brought 10 trial,