, 1873-03-27
MONEY And COMMERCE
MONETARY.

WEDNESDAY EvEa,,ta, March 20.
In tho local money markot thoro Ia ntill q fai,
supply OF loannblo funds, but tho demand from
grain npcoulators In active. Tho merchants arc
making hcnvy ro,nittancos to Now York. md
ehoro WIS considerable iucroaso in tho country
dctnand for currency to-tlay. All thoso ciro,iln-
stancea combine to malto tendency toward a
cloBor money narkot, as Is ,1slsal ut this soaso,
Df tho yohr.
Now York exchange Is In active demand, fol
eho reaaon givon abovo, md the prioo was
highor, snloa between banks boing mado Mt pnr,
with moro buyers than Bellcra at Tint prico.
J Govornment bonds hayo MI advanced cousid-
erably in tho Inst two dnyH, partly In consequence
Of an actual advauco in tho gold prico In thu
London market; but tho groatcr portion Of tho
advance in tho currency Quotatonn ID duo to tho
'fiao iii gold. With gold today n. 111]S tho now
bpor conta woro quoted ut 11A3SS, whicl, nlakea
thoir gold yalno 03t1 & oxclt,siyo of'aecrstel in
tereot since Fob. l.
THE ADVANCE IN opLu.
Gold WIS quoted so-day nj 1iG1a, boing tho
highest price touched uinco Sept. 2, 1870. Whom
tho rreuont Administration camo into po,ror in
Ma:cl, 1861 gold was 100. III Wow OF tho
nvowcd policy of a move toward spccto pay-
monts, tho price of gold gradually declined 10 10
by November. 1870, at which prico 1t remained
with only slight fluctuations from it until DO
comber, 1871. Tho honyy cotton crop Of 1871
Hnd tho heavy exports Of cotton doprossod gold
to 1o5 in Doconbor, 1871, and January, 1871
off OF tho exports Of cotton n11h tho apparent
failure Of tho bon,l-buying policy as means Of
returning to specie raymonts gold roao as high
aosS ss Of oansg bs Of aerns oseaRs he
Established by tho foreign bill-t[ruworB Of Now
York, waa ono Of the Causes TINT holpod TO de-
Press e Il TUG price .'d 1i go'ai to 111h IN
tho last nno months, by which tho stock of coin
has been diminished ut loast CSC, 100000 in that
timc, and Of tho adoption of the policy of i'll
Boutwell, in Octobsr, gold has steadily advanced
from 11115 OH Doo. 20, 1872 to 11G11 today.
There will, Of course, bo occasional downward
reactions from tho general upward tcndouoy, no
thero hayo been In the laat 't1.roo months, but
with tho falling Off of tho cotton oxports this
ppring, everything is III favor Of tho gold spoc,,-
Aators for rise, mud it Is not improbable thnt
iu June and July gold will bo as high as it was
0our years ngo.
DANK FAILURES IN REV YORK.
Ninc banka have failed III New York City IN
tho last oghteon months, viz. Ocean National,
Eighth National. Union Square National, stuy-
resant l'ank, Dull'a Head Bank, Guardian Say
!hlnrket Savings Bank, and Central Savings
Bank. Four Savings. bault6, three National
banks, and two State banks. From schedule
of the asaote md liabilities Of tho Ocean nnlunion
'able to pay dopositors III full. Tho Eighth Ma
"tionnl hns, wo bellows, paid dopooitors CO per
cent. Tho Bulls Hcnd will probablv pay do
positors in full. Tho stuyyesant has non,A1al
II is doubtful yot whother they vii! reallze over
80 or co por cont. Tho Guardian Savings Bank
has paid 50 per cont Of its deposits aud will pro-
badly pay III full: Tho Bowling Green Savings
A.. r.
Danls DO per cont. Tho enatiro loss to stock
holders and depositoEs by those nine bank fail
lres will probably aggregate about 81, 900.
lp all the cases except that Of tho Central sav-
tho loaning Of Tho funds Of tho Bank to aid aomo
t, private speculation or project Of tho officers OF
! the Bank, or direct embezalcment on their part.
THE TAXATION OF MORTGAGES.
Tbs last Legislature Of the State of KanHas
rea1 estate By the exemption Of mortgages and
other securities from taxation" The 1aW, how
ever, has provoked o great doal Of unfavorablo
comment especially from the real estate owners,
burden OF taxation. Following tits drift
OF popular prejudice tho Attorney Qeneral
OF the State Of Knnans has decided that tho law
y not in violation Of tho Consultation OF tho
to provide Tor The ta1ntion Of "notea, bfls, dis
counted moneys loaned aud dueH of ovory
description owned by the banks" and for uni
form rate Of assessment and taxation on all
General will not iuyalidate the law, the courts
are tho only authority that can do that. But it
is not improbable tho next Legislature OF Kan
Eas will repoal tho Law. In this connection also
We may mention that tho bill for tho exemption
Of bonds md mortgages from taxation which
had boon before tie Legislature Of New York for
some months, was last week defeated by de-
cidod majority Those two instances Of tho
mi Dthnr ~ 7nhf S1o
however, show any 1lnaoundness in tho principle
which 1t was sought to establish, but only tint
n this cnso, us in tho caao OF the uHnry lawB,
pred1udico is stronger than logic. The tax
nre both dolnsiyo attomnts to regulate tho prico
OF money, their rcnl ctlect, however being to
! make 1t higher than it would bo without tIonl.
Tho tsury LAWS cay tho money londcr shall not
haye moro than specified legal rate OF interest,"
and the ,laws for the taxation Of oyidepcea Of
into the public treasury. Thero is, however,
nothing more certain in fnauclal affairs thau that
It's use in spite OF uBury laws and taxation. Tho
risk for tho violation OF tho ono and the tax paid
under the other, arc simply addcd to tho rate OF
interest," aud oil como out Of tho products Of the
soil at last with the additional coat OF maintoiu-
Ing moro tax-gatherer1 and lawyers.
LOCAL aTocK AND BOND MAnxEr.
Measra. Lunt, Preston t. Kean quote as fol-
lows this afternoon:
ltnyfHg. .Seii:n1.
STeoe ~ n.' .llUlI lit
6-20s OF fM...............,.......11G .11Gai III
s-%oo " o1 ...-..+-....lEij5 ll7H
6-20s Of ", Jan. and July. y........ .116 llOT
6-2os Of Ct, Jan. and July.... ..117I 118ss
6.2os Of '0s jan. and July .l7l; III
!v-t9s. ..ltla< III
y. = os 4New iss9o1...-. ~.."....l14H l14zS
Gold aud Gold Coupons. .ll6T 11giS
t3old Excnango ...-............ 1l5H
Sterling Exchange Qargo drafte).. ,.., 1O8kca 100
Northern Pacific Gold 7-3Os. ...... 49,. lG0 int.
Ghtea8o City 1s..- 93N l. Int.
Gooa @ county 7a....: .:.........,.,. 80" 0DH Int.
1ninois County and Township lOs o. GlO5 .,..
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3EAl EcTATE