, 1872-12-20
HONEY AND COMMERCE,
MONETARY.


THURSDAY EvEsrxa, Dec. 19.
In tho local money market matters continue
10 work quietly, with some slight progress to-
ka1d an easier condition. Tho demand for bank
accommodation is large yet. but is becoming OF
tmore healthy character, being now largely from
packers to pay for hogs. The capital that gets
sut in thls line Of trade comes back quickly, and
leaves large profit in this city. There is still
good deal Of paper coming here from New York
u1d Boston, made by Chicago merchants for
goods and offered in the open market here at
~ to 2 per cent per month, but, IS has been
before remarked, this shows the necessities OF
Eastern merchants rather than OF the makers Of
The paper.
New York exchange was weak again to-day,
and sold between banks at 25c per 81, 600 dis
count
MONEY PROSPECTS N EUROPE.
Attention Is being called by some OF the
Il the new year Germany will release $40. 900, 900
n7 s8oc00C00 Of new legal tender gold coin, and
IN this connection a general buoyancy of specu-
tat1on IS predicted IN some quarters. The de-
Cline in the Bank Of England rate to per cent
IS also regarded as indicative OF unusual abund-
enco Of money in the course OF month or two.
The latest Indications OF the London market;
however, are adverse to this theory.
SCBRESDER1SG BILLS OF LAI{SQ.
Tho recent decision by the United States Cir
clt Court at Boston, in the cnse of the Bank OF
Commerce OF that city causes considerable dis
cusslon III all parts OF the country, and reveals
to the banking fraternity that tho majority Of
them have been systematically assuming legal
liabilities which they we're not aware Of. The
most important question in this connection is
flis: When q bank receives q bill Ct lading with
draft &C the consignee attached, is the bank
bound to hold the property until the draft is
a
fility when it h*s procured the acceptance of
tie draft and may It then turn over the property
t. the cons;gneo2 The common understanding
Of bankers hiss been that the whole duty
Of the bank has been performed when it had
procured the acceptance of the draft, and that
tAs shifted the liabilities entirely from The bank
to the coEsignee, and it Was on this basis that
large ajority OF transactions were made. This
custom has been considered to considerable
extent unavoidable, because in many cases the
goods shipped were perishable, CO fish fruit,
re2t, live stock, etc., which must be sold at
oncs a bank, it was claimed, Eas not COM
14isslou merchant, and could not put those
things on the market in the course OF its regular
business Again, it is argued that the greRt
ia5oTity OF cunEigunents are delivered to the
c'nsignee without the presentation OF bill OF
t:Gi2G. Ihe carrlers-rallroad companies or
G'eamboats-have assumed to deli1or goods to
the person known to them as the one to whom
t.:c goods we're addressed by marks On the pack
ayes. This custom of delivery, it was assu1nsd,
.
tended no further than procuring the acceptance
Of the draft. All these assumptions are without
::ar1ant IN law. The possession OF the bill~of-
l. ling. with the consent Of the shipper, car
rieE With 1T the entire and exclusive control
Ct the property. 4 carrier who delivers goods
70 the nominal conslgnee, no matter how well
such consignee may be known to the carrier, be-
comes liable to the bank holding the bill~of-1ad-
hank surrenders the bill of 1aiing to the nomi-
nal consgnee: without his payment OF the draft
attached, the bank becomes liable to the shipper
1r., Tor the n,3!tan amount Of the draft When the
is udersooa 81 bs4a baaI5 Is II 5on 9ss s
4 will considerably complicate the business Of
drawing against shipments. In CAGES where
Shippers have been awaTe Of this iunility of
tan4s: they have doubtless been glad to inter-
pose the responsibility of bank between them
selves a;!d the consignee. But for their own
e~tety, I-nl.s should not surrender bills Of lad
1-g except upon the payment Of the draft at
tached: unless advised by the shipper to the con
1.ery. II the goods are perisAablo and become
worthless from the neglect Of the consignee to
ray his acceptance, he would be liable to the
SHIPPER, though if he refuse to accent the bank
:7Yuld doubtless be held responsible if it did not
take ordinary measures for tile protection Of
the shipper interest.
CURRENCY LEGISLATION.
Inree conflicting lines Of policy in regard to
currency legislation are being developed IN Con-
eyoss the most prominent features Of which |
C,aoan+-a+;oa ~ ~ :tsr.u , -.
=. oe1eeuHat1oA VI Tug nteresls anu power
OF the National Banks. Continuance OF the mo- |
nopoly Of bank circulation. The issue Of certi-'
Ecstes or bonds BY the Government, bearing 3 |
Or : per cent interest, which bonds shall be |
available 1or bank reserves. and the reduction or
abolition of taxation on bank deposits. These
features are embraced to greater or less extent
Y az the bills nov introduced by the National
bank nterost. MIR. far"eus Currency bill ID
one OF thus class
=. free bank1ng, or the removal OF the re-
st1ct1on to the volume Of National Bank c1rcn-
latlon. several bills Will be introduced with
ms as TIC MAN feature. The bill introduced
oy Vt. Merriam, Of New York, would permit free
tauh1nG to all on per cent bonds, without any
retirement OF greenbacka concurrent with the
increase OF National Bank notes. It Is thought
t41t otuGt o4in ~ oe P1esSAteo VIII PloPuse9
per cent DEQk1NE Q0QQ9, Wl[1 some fAtl0 OF re-