, 1873-05-27
MONEY AND CONT MERGE
MONETARY.

MONDAY EVENING, May 40.
Thcro has boeu general progress toward
easc, not only in tho locnl tnonoy Market but
In ncarly al the otllor important financial cou-
troa Of this country during tito last ,gool or two.
Thia III mainly tho effect Of tho activo movement
Of Western products, mol only from horo to tho
East, but from tho Enstorn porta to Europe.
Ono Of tho onocts Of tho largo foreign export
movement is aeclino in tho prico Of storliug
exchange, and MI enslor money market In Now
York. Ono feature somewllat unusual In this
In Wow Of tho reoont heavy ship. hi
monta, Of wheat, corn, hogs, oto., from all
the principal shipping points in tho Wcst, It
bo 1t discount but the faot that Il IL ssiil G At
premium shows that tho balance Of trado 's still
against tho Wcst. BaleB ,Yero mndo between
banks to-lay at go per 81 900 premium.
Tho ourroncoH Of Franco. Austria, and Russia
aro now on paper baeis, and In each Of those
countries specie ia uuod In only small part Of
tho transactions Of trade. 70 these lB soon to
press to work "making money" to which 4
forced circulation will DO given by making ii q
logal-tenler. 4 report to tlis ofToct comes from
London, and tho Financier OF that city BayB 1t
is to DO approhondod that tho iuterost on span-
AS fur as American finances arc concerned, a.
most anything that has tendency to dopreciate
the value OF European securities In tho London
market helps tho value Of orr own. Should tho
report TINT Spain will suspend Bpeote payments
provo true, tho tendency Of spoeio to ncoumu-
lato In Germany and England will be increased.
THE noosAo TUNNEL.
Noxt year tho HooHao Tunnel will DO COM
pletod. The total cost to tho State Of MaaBa-
ehuaotts Of tho tunnel and tho Troy l. Green
fold Railroad will bo about 81, 600, 600. For
somo time past the great question that has
agitatcd the State has boen as to how this
vate corporation, rs csuaes from tho State, or by
State Commissioners. The drift of popular
opinion On this question waa shown by tho yoto
Of tho Lower House Of tho Massachusetts Logis-
,atnIo Lot #, & fow days ago, In fayor Ct managoment
favor of It, though tho Governor is not.
ABOLITION OF DOUBLE TAXATION.
Two important steps have lately boon made In
different States, one In Pennsylvania and ono in
California, toward tho abolition Of double taxa
tion. The State Legislature Of Pennsylvania ro-
Gently passed. IN act removing the taxes imposed
on corporations, which woro 80 hcavy na to mako
Unnecessary for them to earn nearly 10 per cont
after paying all other expenses, before any liyi-
fore the passage Of this law tho tax on all bank
ers and banks, other than National, was nor
cent OF their not earnings. Tho ropeal Of tho
ta1 on eorporations relieves tho Incorporated
banks from this tux, while 1t continues tho old
law In foEco as to private bankers.
Tho California case involves principle Of
even groater Importance viz: tho double taxa-
Asga. t,on of land by tho taxation Of mort
saprome Court involving tic question pS,Sas 'of Of
'whothor the same property Inns been twice as-
6eaBed Tor tho Same tax for It is obvious that If
tho sub1oct-mattcr Of tho tax is tho samo it cam
tmnlaterial IN such D case by whom the title is
held. Tho decision is 1nado BY q full Bench. aud