The New York herald., 1871-02-23
FINiNCIiL Ind COMNERCIlh.
WALL STREET,

4. M.
The anniversary of Washington's birthday was
observed strictly as a holiday in Wall street. The
various boards. the banks and the brokers' Offices
were closed. Even the usual knot OF gold operators
who were wont on former holidays to haunt the
Gold alley remained at home and left the market
without later quotation than that Of Tuesday even
ing when it closed 11l3s 11lH.
The following are the latest prices OF the active
stocks:-Western Union Telegraph. 40 4956; Quick
silver, 14a Is; Pacific MAIL Asa q A; New York
Central consolidated, "a! 94sS; New York Central,
scrip. 8oi4 903s; Erie, 2lys 221s Reading 90 a
99ii; Lake Shore 9i5s a 94a&; Northwestern, yGt6
II; 40. preferred S6's s8ls; Rock Island 1878 u
1O7H; ST. Paul. 525s SO: do preferred, 741s 74ss;
Wabash, 53 a 5314 Ohio and Mississippi 351s s5s,
Boston, Hartford and Erie, 256 "a Union Pacific,
2lss 2i5s; Columbus, Chicago and Indiana Central
17s4 ais.
The announcement Is madc'from Washington that
the Treasury Department will commence the pre-
payment, without rebate, OF the March interest on
the ten-forties on Friday next, February "a.
THE MINNESOTA REPUDIATEp BONDS.
correspondent communicates the following on
the subject or the repudiated Minnesota bonds the
| redemption Of which Is at present agltating the
| Legislature al st. PAUL.
For eleven years the Legislature of that State has
assumed that its hands were tied by amendment
OF the state constitution which, after the Bonds
were issued under pledge or State faith and credit
was amended de J1cto, so as to forbid the taking
effect fany law to provide for the interest or prin-
cipal OF certain State ponds issued TO railroads,
signed by the Governor and impressed with tho
great seal OF Minnesota, unless submitted TO and
approved by the people, Benjamin r. Curtis, Of Bos-
ton, and William NJ. Eyarts have, within few days,
united In an opinion that the bonds are contracts
projected by the constitution OF the United States
They say:-"The duty OF the Minnesota Legislature
would seem TO be clear. The CONSTITUTE on autho-
rzed these bonds at the time Of their issue and taxa
tion for their payment. The subsequent suppress
sion OF the power OF taxation for the payment or
the bonds destroys their value ana is void, rs re-
pugnant TO tae constitution OF the United States.''
recent recommendation made by the Governor OF
Indiana-that tue Indiana constitution should be
amended, to prevent IT. Legislature from N any
manner recognizing the Wabash and Erie Canal
stock, ior which that State pledged Its faith.
NORTH CAROLINA BONDS
gentleman recently from Raleigh, who while
there was 1T the pains Of making thorough uvesi-
cation OF the finances OF the State sends the follow
ing with reference to the later or newer issues, or
those which VIII be particularly the subject OF
the action TO be taken by The proposed State con-
vention:-
her !, 1870 was $685. s45; and OF this amount all
bat S45o000 are unquestionabIy Just good as the
is any question are 100000 fententiary bonds, Is
sued under act OF Assembly August "a 1865 and
S35o,o00 stll outstanding of an issue Of s200O,ooo
issued TO the Chatham Raroadi under act
OF Assembly. August IL, 1855. These last were pro.
nounced unconstitutional by the supreme court
and 81 $50 600 returned to the state Treasurer
leaving 335o,0oo outstanding, as above stated.
These must not be confounded with an issue of
81 800 900 to the same road by ordinance OF the con-
yenton OF 1868, chapter 49, the validity OF which
has never been questioned. III regard To all the
ether new bonds there Is Kind Of doubt but that
no better ana no worse. Representative men OF
both ponical parties agree in tins, as do che
and perhaps the CHIEF cause OF The re-
markabc decline has doubtless been that
cal With the special tax bonds about which there
has no doubt been great deal OF fraud. and specu
lators encouraged TINS impression and used IT. TO-
gether with the fact that very few OF The new
bonds were doubtful. SIS handle TO depress the
price. The Stigma resting on the special tax bonds
is that the roads TO when they were issued never
derived anv benefit from their sale: the officers OF
tae roads getting possession OF them IN lump
before any work had been done the roads and
selling them and putting the money IN their own
pockets
CURIOUS FACT IN LIFE INSURANCE.
An article from the pen OF Sheppard Homais on
the growth OF life insurance in the United States.
published ia recent number OF the American lie
assurance magazine, contains the following, which
viii be read with much interest
A very remarkable example o, the effect OF tho
human Will. although exercised unconsciously, per-
haps. has been developed by the experience OF our
lie companies. This is in the selection by an ird
yidua, fom among the different knis OF pclIces Il.
sued by the company-these are IN general for
short term Of wears Tor the whole life or where the
insurance Is payable on the attainment of
II given age, at death If prior. The
hrst would naturally be selected by such
persons aS had some reason to fear tnat
they would ie before the close OF the term OF years
,and when reason might net be dlscernble by the
keenest medical examnerl; the second would natu-
rally be selected hy persons who had no reason to
believe that death womb occur sooner or later than
The average, bur who, knowing that death must oc
eur, desire TO make provision for their families.
The third class would on account or the increased
premium, be chosen only py those persons who had
some reason TO think that they would live TO enjoy
the money. As result in our largest American
company we fnd that the annual mortality among
holders o. short term policies has been l. per cont,
whole life policies has been 0.9g per cent, endow-
mont assurance policies has been 0.40 per cent.
TINE TRENTON DROWNING CASE.
The Coroner's inquest in this case was held yes