, 1873-01-24
MONEY AND CGoillMERCE,
MONETARY,


THURSDAY EvESxSa, JAM g.
The local money market continues tight. The
long-e1pectcd eaae. vhen orerybod; was to
get money without trouble, does not come.
1hc7e Ass noE becn ample time for tho interest
Enc dividend disbursements to hare all the
effect tteJ will IN tho direction of making money
easier, This result has been produced to some
extent IN the Eastern markets, bnt not to the
ieSree anticipated, mud tho conclusion 6eou.s
SnaVoldable that tho situation this year is differ
ent from the usua1 ono at this se1son. Ono
Of the causes ct thie difference is un9aesfions-
bly, tho low pric:ss ct Western products received
6y tho farmers and this in turn is caused by high
<reighte. Tic reduction to-day OF the Bas'e Of
England reto Of discount to per eent shows,
however, that tho fincncial prospect in Europe
is improving, ed this in t.:1 viii have its effect
upon the demand fer .iaaarican EecuriticS before
loag.
One of the e{-scial local canses OF stringency N
this market ID the fact thnt the railroads canter
ing in Ghic=go do not pay their debts for Rup-
plies This applies to yearly al the prominent
erd c.d-eSscblibhel companies, who are owing
Chicago merchants hundreds Of thousands OF
dolarB, while ut tke ear1o time these companies
are sending tl:eic money collected for froighta
of to New York to 10 used in speculation in
stools.
Currency il still in active demand md c1-
change ct heavy. 3=couut. Sales Of New York
bills ::etc 1:ado ,o-dty 1t Soc Ter 81 600 Eis-
CouHt
TIE sAr1oSAL uASKnue7 LAw
Tho railroad speed with which the repeal OF
the National Bankrupt Law has been put
through tho House taasos everybody by surprise,
friends ss well os enemies Of the law, and elicits
fro5a both side* = protest against 80 summary
ard of-hand proce eding, which if reeFeatod in
tic Senate would seriously unsottlo oil present
bIsine2s relations between deborB and creditors.
We 1aro con!ersed carefully, to-day, with hnlf-
a-dozen Of the mos. thoughtful end widely
known merchants and bankers of Chicago on
thiE subject, aad find that, while their opinions
aro moro diverse than On almost any other ques-
xion ef faa.,cial legislation, they sro unanimous
IN eaying that the LAW should not be repealed at
oaco, If at ali.
That ths la,s is open overy serious objections,
nnd is made tho means Of glaring hbuses uud
5windling, none Of them deny. But it is ad-
niited By all that the summary and unqualified
repeal Of the Law would be 9 serious disaster to
The objections to the law Oh it stands come
from both debtors and creditors, to each Of
which some Of ita provisions undoubtedly work
great injustice: Tho clause providing for In
voluntary bankruptcy puts it in the power Of any
unreasonable and relentless creditor to throw
any honest debtor, who may DO temporarily ON
brrrasaed, into bankruptcy, aud thus ruin his
business and reputation, simply because
uoto within fourteea days after ita ma
u1ity. On the other hand, creditors object
to the clause which provides for voluntary
bankruptcy, on the ground that lt enables dis
honest mon to hold over the heads OF their crel-
ito7s the threat of going into voluntary bank
ruptcy with al it's ooncomitants Of peculations
and procrashnanona Of assignees during the two
gears allowed them for the settlement Of the
bankrupts estate- The provision for voluntary
bankruptcy is, therefore, notorious as means
OF often compelling creditors in sen-defonce to
compromise On terms that allow tho debtor to-
escape with very considerable capital "saved,"
OF more plainly "plundered,'' ~ from his credit
q1s. There arc cases in Chicago Of the same in
diviauals having gone into voluntary bankruptcy
eeTeral times in the List eighteen months. In
come ct these cases it is believed that this policy
debt, and has, been deliberately adopted .s
means OF defrauding creditors in case certain
Wild gambling speculations turned out unfavora-
bly. Tie motto OF this class is, " Heads win,
BILE il any law, or any absence Of Inv, would
make the matter very much better this class
ElU always manage to swindle creditors to some
extent: The general opinion seems to be, how
debtors from swindlins creditors to as great an
extent rs they woald. do without it. The law as
it stands makes it to the interest Of tho iusolvent
debtor to settle with all creditors at 50 cents
than 80 cents on the dollar Of his debts, he can
do nothing without the unhnimous consent Of
two-thirds of his creditors, both in the number
and in the amount Of their debts.
One serious objection to the law is, that an
honest debtor who may, on account Of come
temporary embarrassment, be threatened with
bankruptcy proceedings By some M
unercifoi creditors, cannot prefer any
e1editor who might be willing to advance
him money ION security to tide over his difficult
ties, or. eren to pay off his other creditors.
Under the present law, q man once tninted with
insolvency by his inability to pay one note, is
bound to 60 down the law prohibits his having
way by giving security for loan.
From the points iven above, it will be seen
that there is 20 much to I've said On both sides
that the question Of repeal OF the law is not
one to be decided in tho off-hand manner in
which the bill has gone through the House.
For our own part, We must confess that, after
hearing tho views OF business men, we aia con-
vinced that in its present form the law does
more harm than good, and that there should Ger
teinly be some amendments which are plainly IN
dioated above. The law, however, contains some
Of the best provisions for both the collection ct
debts and the protection Of debtors that NC shall
ever get, the Objectionable clauses should be
eliminated by careful legislation, but the law
should not be summarily repealed, as seems pos
sble may be the case II the Senate acts as head
long as the House has done.
LOCAL STOCK AND BOND MARKET.
i Messrs- Lunt, Preston & Kean quote as follows
this afternoon: -.
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