, 1873-12-31

1EG 1]hyHeht Ok N9Gth w ~ tsAfSaee'ot11+
Tbe demand for money for local use In the
CARRYING Of gram aud provisions la still voly
large, hut Otherwise it iB vory light. Tho
aomana frum mercantile departments
of trado Is very light. lilo dry
goods, grocery, ard hardware MERCHANTS
aro collecting 10 satisfactorily IN tho country
dntiqa from tho banks. In fact, the condition Of
thau now the manufacturing intcroat Ia the
only ono III this city which sooms to lag behind
III the general revival OF business from tho Of
foots OF Tho panic. OF tho different branchos Of
manufacturing, many will doubtless soon revive,
but lhere are also aoiue which will scarcely ro-
cover thoir former activity for several years.
Those arc tie Embellishments that grow
up III tha great extension Of rail-
MISUNDERSTANDING, cnr-bu,ldihg, car-whcel
factories, q largo part of tho rollsug-mll bus-
ncss III che mnnufacturo of railroad bars, etc.,
etr.
New York cxohango WIS sold to-day ut Goo per
$1,000 premium, md several Of tho banks III de-
fault OF sufficient supply of bills mnte against
lho shipment Of proauce. are shipping currency
to Now York.
pASKnurscy OF NATIONAL pAsKs.
by Judge Dlo.igott, Of tlto Unitoa States Dis
ers' National Dh,k Of Chicago, to the elect
that National Bank cannnot DO thrown
into bankruptcy. Tho Court held that tho
vide Tor the appointment by tho Comptroller OF
Inc Currency Ut o Receiver, IN caHas whore tho
solvency OF the ha,ik aro in question, wcro not
superseded b. the National Bankrupt law passed
Two years subsequent. If this dccision IL BUS
lnlncd by tho Supreme Court Of the United
States, tnere is no moIte Of procedure n5Rinst O
Natsonal Bank thut reluscs to ray its dapositarg
hut in an action OF dobt, according to tho usual
process prior to the passage Of the bankrupt
law.
The recent decision Of ono of tho Courts, that
hotel-kecpers wero exempt from The provisions
Of the National bankrupt law, was apparently
made on the .neroly technical grouud tl!a; hotel-
kuepers were not mentioned in Tho Bankrupt
Inv. But the Dan1:rupt law does apcc.fy
"bauRers," mud tho ground Tor this decision i'll
regard to National Eanks seems to be tlat q
Btandurd condition for all National Bank5 III
required III the National Currency act, and that
fins condition is ali evidence Of solvoncy. The
which call for tho appointment Of q 1socciyor
BY tho Comptroller Of the Currency arc specified
III tho National Currency act as follows: When
capital stock is below the legal minimum fail
uro to make the specified reserve good diiiciun-
cy in specinl suipluH faiiutoto appoint rcdeon1-
ing ageut, Or TO rcdeom notes failure to sell
capital alock Tor certifying checIs unlawfully.
The National Currency act, howoyor, provides
10 test OF tho general character OF tho DiIla re-
eeivable hod BY National Banl' and ! y !, view of
this defect Of tho Inv 1t AppeniB tint u National
BANKS arc exempt from ,i,e ,Moyisiona Of the
Naaonal Bankrupt lnW. ttoy n@uy renlly be ju-
solvent aud yet cannot be thrown into bankrupt
cy l4e other debtors.
. TIE b1SAHufi Law -,
It fcems reasonably csHaih now TINT tho
Bankrupt Inv ,s1h not 10 repealed. Tho nnraey-
o,is protests which lave been sent to Congress
from every considerable city i'll tho country
at,u'nst .no .eou uGlo ~ tI Io ~ ~ Aoua' 1'a
rave demonstrated tnat me eoMmofcial com. =
Munlty are ny 10 meaaa 10 laf9oly III tavor OF
tic repeal NJ WINS supposed. IAe question Of
nmotdmg tho Inv il therefore tho prominent
nua pnw In This connection wo prnk Rot,,,
sm1oou,;o,a ~ a corrasnnn1Icnt t.A hr u
EHraa lottcr il too lon, In ,,ri,,t in fult. liz
pays:
rha rb,rrnfth eo,tto,, which ertnrea ,,referenrca
fsc.ns liz time Of ayol,es Vi preferences to sixty
days, il1tc:d Of four months tas ,ow a,l tho liuo
avoiding fraudulent consesance Or payment to four
tnhteaa o. tx mnias y Ss now}; n.x'y uaSs uno ~
.pas o 'n y. ~ n, a f nnItu
be!uro ting retltson In tl.tR connection would
Rso Success tic rspra Of that Msrt Of tlc thirty un
section which allows ar adjudication IL ls,Bs 70,
suffering property to he taicu on legal proeesa al
thonsh ats ass7s'on Of tae spreus H., Court 9f tht
United saies woaiu aesm 10 maks tnis .Spea! u
fraulvlenta i aD''' S'' '''>AA' AN''
Auo,uer amendment 0. the law seems desirable III
Compelling VI inme,ato tri. ol tic return day. ull
less for good cause shown continuance u Buf
fered. Tue denial of the acts VI bankruptcy Shout
pe anasf 9a.. J., u,,,. u, .ona ,roos.. ,
a ue 10 H., ao o @
Unoa tile dia,nissai of petun for inyonntar,
bankruptcy, there Should bo allowed suggestion oi
lamages which cun he collected by execution or rule
With these md other amendments which hays hee'
sggsstea ,ho % %oma psoase W.; satisfactory ses.
~ aasy ~ ~ now @ a1' ~ ns.
sas u reesra Us u pariet Jdves md soa i
pertant opinions ui,oa ,tlan noinss from tho hchea
taibMnal ii lilo Ind. We ase ust beginning 10 hay
more knowledge upeu controver'oa pupts, when Con
sIsss lnassy s'eis In a,st i,asses s%eelag rslea
wno aeIato Or soslaeon as 10 Is escasy
e hs i'sno nn ~ io , ny , n t snst ali cv
Led couurics Iaye baugrant laws,
r,rrsr
yrr, y,nr Tar ttaNuonov c1osod oo.r, q
ccN1 -" w., .oMh' easit LUZ .tosoo '"9s
e@i % PER- cel., Mn ~ 1oa,>c,1oon> inv m a,rs
1oo5e tn uIl , ,a - ~ ,nt w WIsn ~
eSpre Sps vii I so into operaton M here Eday goSt
demoud " aier1;p~ ta nnntaigons wi; IL i" sS san
"a ,,n,,or t',n ,a,v ,,io,, ~ exn,,anro ~ mi,