, 1872-10-31
hTONEYANE) C0nAHlERCE.
MONETARY.

"WEDNESDAY EVENING. Oct. 80.
The local money market is quiet, without much
change in the supply Of loanable funds, which is
get far from being equal to the demand. The
increase in deposits has as yet been enlall and,
though the aggregate Of loans has been de-
creased some, the banks have felt the necessity
of reducing them, in order to get back to 6atls-
factory condition, and have the proper reserve
of cash On hand, in proportion to their hablll-
ties. After this, tie increase Of deposits OF oe-
crease Of loans would be direct increase OF
their ability to loan. Collections continue to
improve, and the chances are that in a few days
The banks will be able to extent more aid to
merchants.
New York exchange was scarce and higher to-
day, with sales between banks at par. There
appears to be less exchange making than usual
aud the demand has at the same time Increased.
Merchants hero are remitting to Eastern cities
largely, and the country banks are ordering con-
siderable amounts to meet the demand ct their
counters for New York funds.
UsURY Dy NATIONAL BANKS.
number OF cases are now awaiting the de-
cis:on OF the law Offices Of the United States
Treasury, in which aggrieved parties have ap-
piled to the Comptroller Of the Currency to ex-
ercise the power given him to wind up National
Banks for violations Of the provisions Of the
National Currency Act. In all, or nearly all, OF
The special penalty provided for this offence
in Section 80 is loss Of the whole interest charg
ed, and liability to the aggrie7ed party for an ad-
titional sum equal to twice the amount Of inter
est charged, which sum may be recovered in an
action Of debt against the bank. But, in addi-
t:on to this penalty paid to the individual, the
Solicitor Of the Treasury has held in previous
eases, that the Government demands another
penalty for the abuse Of trust and violation of
It's confidence in the bank. This official opinion
TON record Ia, Int. Rev. Record 61) holds that
violation of the provisions Of Section SO, in re-
gard to usury, subjects the bank to the forfeit
So. The dissolution Of the association,
however, must first be decrccd by proper
court. Tho severity Of these penalties for ill.,
fraction OF Law Which is at variance with COM
rEe7cial usage for oil usury penalties are at
laws which there is SO much temptation to dis
regard because it is known their principle is
Nrong-is inducing many persons to make sys-
tematic business OF prosecuting this particular
class Of claims against National Banks $.
An instance Of this is to be found in the settle
tnent Of the affairs of the balf-dozen mercantile
firms that recently failed in Baltimore: It is
now found that the aggregate liabilities Of these
of Trustees for at least two Of these firms, the
creditors have chosen gentlemen who have made
special reputation in former settlements OF
the affairs Of insolyent firms, by claiming and
recovering from banks large amounts that had
been exacfed in excessive interest on loans. 4
Baltimore paper Gays that, in connection with
the winding ID of tie affairs of the suspended
firms in that city, some Of the leading creditors
t;ona1 TonRs who hava charged excessive raies
OF interest to add to the assets of the house for
final distribution
ABOUT THE PUBLIC DEBT.
J1,dre Bjchardson Assistant Secretary of the
Treasury, has been giving his time lately to
comDilina a book of :iufoTmation Concerning
the Public Debt OF the United States. with the
PrcEars Rank D;Tectora ond Investors, .; Amnnr
.,t11ar information, he saws in rerard to the
''~~@ NEW noSps.
T1co hundred mi1lion dollars If the ner cents
bava a1ready hepn nerotiated. h11t IA yet none
of the ner cents and AZ ner cents have been
iEsued- These are The onIy loans now offered
FOR sale by the Goyernn,ent, All others having
long since been closed, are being reduced as
talned from the sale of the new bonds, aud tie
CON in The Trcnaury viii permit. The rcduc-
tim of the nnh|ic debt for the three years last
naat hna haen At the rata of ahont s10 nm 0()f) a
loan. Which can be used to redeem the i've
twe,,tv bonds. and not to ipcrcase The public
,1ef,t have sti1, further re1:1ced the a1nount Of
bonds bearing six Der cent. Interest.
o0osi '0e ,GI.u Fnaof1osa1 Fl CURRENCY
tbe Assistant Secretary saws: "Within the $780,
nm ma limited l,v eocl3 of The acts of 1859 and
ISL. the amount kent in circulation is determ-
ined wholly by the wants and demands Of the
nnbiic. who it appears. reouire FRACTIONAL curen-
cy % IN The pronortion OF about one dollar to each
1nhabitant OF the country. Tue amount in cir
culation rarely E goes above that proportion, mix
inc nToner ailoTance for Lost and DESTROYED
nafee nj EloR aPd when It falls much below. scarcity
;s sen,sihIv felt thronehont fhe country"
The Assistant SECRETARY ;ns;sts Fiat the a44 =
mn nm of TJnitcd States notes retired bv Sscre
toposT 49, SfcGn1lncI, r. craatad 0 - '0~
lazy A1'ouno'n = - prsERu pTsSa FIND
to that amount vhieb sh tie preaant @ Secretary is
1o.t - .a ~1aa,!nar 10 s1I daa,y - -
~ npe ~ u1e ;ta .a,ora, I sia :;
amt ~ e,1es se1eaai that ~
WHICH III rsS AZ .Hs
rao ,,,rsrs - saoe,,t v1 5.taa ,,xo snno
Lonuoa e - papess " aeesas oa.e5 -: 6te st
may o. me specle moselneats II uleat Fatat ~.
ly % ~ ~ a1 'a1 ,he tn
o. cg3 anE ae lnpoiis ~ guy n1!.. 49, ~
3oI,o., oo5 .sti a. o.soe..:,,,5;,, Il, =,
nllnons as cpnPareu VIII LIS col1esponet4hs a tl.
psr!ou " tnS n7a paeeeu6 p!.,t6s :c11 u e1o Enn
eapoi.n a~oae ~ eoF tI,1oa III ~