, 1870-04-16
MONETARY ANB COMMERCIAL


FRIDAY ErkxISo, April L.
The prospect Of Legal proceedings on the
pstt Of the collectors Of State and county sa1ea
Against the banks Of this city, 70 collect the
anttunt of taxes assessed On their c1plG
haa been removed by the action OF the Bolru
Of Supervisors in accepting the terms oni:e!
By the banks, and reducing the ta1 70 oNf-atfo
OF the amount frat asseased The CLAIM 0,
the banks to have the tax reduced 70 ons-sMf1
common practice Of the Assessors to ASSESS
only oue-tli1d Of IT'D yslue. It is doubt
ful II this one-shird rule viii be
found to hold good in ~ casee N
real property it is not the case. In connection
with bank capital there is also another impor,,
tzns item Of advantage over any other personal
property in avoiding ta1Anon, and that "a tnat
the surplus fund which in rono Of the banks
is equal to the capital. is not taxed At AL either
By national, stAte or municipal governments.
In the Aggregate the surplus funds OF the
banks Of Chicago il equal to 50 per cent OF
their capital, and for all practical purposes of
BANKING. the "surplus fund" ia a. available
in. At the reduction the Board Of suPersisoEs
have consented TO make 70 the banks tho tax
Il therefore assessed and taxed on only q per
cent of tho available money capital belonging
to them, and il therefore lesa than the
properly. We arc awaro that, n = general
| rnle, there is very little chance TO cite CASES
where banks, and especially National Banks,
have escaped With even ordinary rates OF tA1a-
ton. Baakn, a. general rule, aro unpopular
with those who elect 1au-m.kers, and their
capital is genarslly taxed higlsr tLAu other
property; but in this case the practical result
Of the action Of the Board Of Supervisors Is
| to place the State and county taK On bank
capital below that Of other property.
| Money continues cary, and business in tho
mercantile departments Of traie,-in groceries,
imported goods, and dry goods generally -
| teesus to be reviving some. In these lines Of
trade merrlnnts ars selling good msny Small
Lille, and, while the aggregate Of the whole Of
spring trade, they ara selling to greater NUM-
Der Of customers than ever before. From this
it pecns that tho trade Of the city includes =
larger territory than ever before, and that
when the depressing causes OF the low
price OF grain, and the uncertainty In con-
neetlon With he value and volume Of tha
currency are removed, trade will show great
incr. are over the average of past years. Asi
is now, our merchants are collecting in the
country with moderate success, and this with
their cash eales, makes them nearer Independ'
! ent Of bank accomm editions than usual
New York exchange ie weak 1t from par te
Csc per a1 1,o0oprem1m for sales between banks
At the counter, bankers sell At lilo premium
and buy at par, D1afts on San Francisco are
for ed md ges cent t i PfsT1 g. IT. for cur
By the usual dispatches to the Board oi
Trade, gold was quoted in New York to-day
l13L. .
Good Friday was observed with exceptional
i Euictness by the Wall street fraternity whose
, influence over the legitimate trade Of tn
| country culminlted aud began to diminish or
, "Black Friday" the Nth Of septem
: ber. It was little noticeable that VIII!
0 the grain and prori4on and whiakey deal
ers tfansacted business as usual to-dAy, Al
. the usual telegraphie quotations we're receiye'
. from New York, the conscientious bulls
r and " beass," who speculate in railway shazes
9 prohibited ali public adTicas about puta
: aud " corners" and the prospects, Of prices
Dealers in stocks and gold who tele
/: gsaphed froms here could g
> 20 response from Their correspondent
in New York. who declined any communicable
with the outer world Without attempting I
3 account for the etzicter observance Of feast
and fasts by the Wall street Speculatora owe
any other class Of the trading community, Il
fact is worthy Of notice. II The bright Hun {
3lauDday -Thurs1ay Afternoon cast the ahado
Of tho sacred Bpire Of Trinity down WAli stree
with such modifying effect upon gold sr
stocks and bonds, It might not be wrong
.. wish that this were \ land in which it vi
u y "alwavB afternoon"
Il Il Tho following bids for and offers Of stocl
I Al rNA~ = Au.I