, 1873-01-11
MONEY AND COMNgi:iICE


SylNlHE AM
FnfDA- EVENING, Jan. TO-
Tho Benceal traae Of the city Is dill, the novc-
mont of products from lloro eastward continues
seriously diminished by tho deficiency OF trals-
portation fnosaltioa. md tho money market coll
t1nueh tight tho lattor bolng, to great extont,
tho offcut Of tho circumstances first mentioned.
It Is possible that by this time next winter tho
Canada Southern md tho Baltimore t. Ohio
Railroads will DO completed to this city, so that
pfmilar blockade TO tho proaont may not bo OK
pcrlcnced tllon, but tloro Is no question but It
hns a worry unfayorablo elfoct OH business and
finances now.
In tho open market good two-namo rapor solls
ut ~ per cont per month.
New York exchange ia worry scarce; tho amount
OF bills maaongaInss sllipmoutsoF produce, hogs,
and cattlo to tho East is worry small, whllc the
demands for exchange continue 30 largo TINT
banks TINT havo always got supply OF exchange
from their own customers aud laavo noyor ahip-
ped currency to New York before, arc shipping
itnow to maize exchange.
This - emrorntng, rg, 5aa' 1o tho First National
restraining G. II. niuriaon, Collector Of tlat
town, from proceeding to collect tho taxos as
n 4esssu upon Its stock. claiming, that National
Tho Illinois Central Ra1lr oud CoInpany hQs de-
clareu tho usual scml-aniaa,al cividoud OF s ror
cont, paynblo on tho lat proximo. Tho transfer
books OF tho Company will close on tho 10th in-
stant, and reopen Oh tho 9TH Of february.
INCREASE OF NATIONAL BANK CIRCULATION.
It scomB probable that tho r,ropoaa! mado In
Che Report of The Comptroller Of tho Curroucy
to repeal tho 900 redistribution act, ani
authorize instead Of It m incrcaso of @25 O00 600
In National Bauk circulation to ho distributed
among banks III tho Wost will bocomo q law.
hlr: Hooper, Chairman Of tho Banking and Cur
1ocy Cons.itteo, is ir favor Of it, and it is be-
llevcd maj ajority Of tho Committee agree with
hin.
INTEREST ON nANK RESERVES.
The National Bank party in Congress arc in-
dctatigablo III their eldenyors to got something
equivalent to d reieauo Of tho por cont enrtiti-
Gates. They havo seized hold Of tho popularity
Of the plan Of milking boudB convertible into
greenbacks, and uice ger"a, at the pleasure Of
ths holder. a,,a taekod OH to IT tho provision
tint these bonds shall ho available for bank re-
eoryes. Tho plan being agitated in Washington
aa stated by The correspondent Of the Now York
Journal Of Commerce Is, to make bond bearing
Q low rate Of interest, md iusue It In exchange
for greonbacks wl.oneycr wanted, tho bonds to
ono-fonrth Of tho Congressman claim this as a
plan of their origin. Tho origin makes 1ttlo dif-
ference, but it was undoubtedly first proposed
by Mr: Lynch, of Maino Tho plea upon whichitis
urged is that such :. bond wonla assist very ma
torielly IN moving tho crops, but tho ment Of the
thing, and the real and only point for which it IL
urged, Is to give tho bnnkn MI interest bearing
resorvo to take tho placo Of tho redeemed . per
have been Withdrawn within two yoars. Tho
average reserves held by all tho bauks in tho
United statee during tho year 1879, as uhown by
ten ~ of the p pr
The interest on these proposed new bonds is
9.G5 por cent, md ns the banks would probably
hold nearly tho whole amount Of their reserve
in thsso bonds, the scheme would cost tho Gov
ABOLITION or uFunY LAWS.
Governor Dix, Of Now York, in his message
just published, recommends tho entire abolition
of the Usury laws. Ho claims tint in a rndo
condition Of society, whom tho laboring classos
were moro dependent on CAPITALISTS tho EXCUSES
fo1 Usury laws wore piausible but TINT In tho
present advancea.stuto Of civilization they can
not DO defended on logioal grounds, and tLat
il quite nj prevalent aa the doairo to borrow,
and WHOM labor has become Independent and
powerful, it Weeds no protection, direct OF in
direct, against capta' in competing with tho
arbitrary and fixed standard Of value FOR money,
when auch,value will, in spite Of au legal linii-
tationa, conform to tho fluctuations Of COM
merco,. tliat borrowers are uaado to sufEer
londers premium for violating the law.
He concl1dos liB recommendation to the Legia-
latura by saying: "Shoud you not be prepared
to follow the example OF Massachusetts, Rhode
solute repeal OF tho usury laws, can conceive
no possible objection to tIleir modification 30 far
as to lcnre tho rate Of interest to bo fixed by
agreemont Of tho parties on commercial paper,
and on loans secured by the mortgage or hypoth-
ecatiou Of personal property
MINNESOTA AS 4 AEPUpTAT1Nu eTATE,
10 the Editor ef 4he Chicago 1ribHns:
SIN: In your tissue Of tile ath instant I find,
IN your financial column, an apology for tho Stata
OF Minnesota in the 1opudation Of hor State
State in D'D Hso moro iavora5a @ 5ss" gSt t1aa ,aa
te she deserves: qanyes II answer to comments Of
pudiation by the people Of Minnesota at tic
pols, you say While We havo no disposition
to apologize for repudiatora i'll any part OF tho
country, It is no moro than just to the people Of
Minnesota railroad bonds reforrcd to by tho
London Times wore duly authorized by tho Log
ls1ainre Of tho State, md issued in duo form by
the Executive authorities, tho State mover re-
Grafton for these bonds; md that, Us soon as it
was found that tho people Of tho State wore to
DO practically dofraudod notice was giyon
by the next Legislature that tho
the bonds would not bo paid. This notice WIS
duly given boforo tho bonds had pnsaed out OF
the hands of first holders, otc. Being ono OF
the unfortunate holders Of these A1inncaota State
railroad bonds, know that this stntomont in not
substantially t1uo. / negotiated for Homo OF
tAcso bonds. in leas thap QUO year from their
issue, with parties who took them for work tone
On ono Of tho railroads, at their faco vnlue, nl-
most Immediately aftor their issue, and before
the Legislature refused to provide for tho pay
ment OF interest aud gave notice Of tho intention
to repu1iate the bonlA+ There is nnothor Wow
Of this act Of ropuaiation by great State Of the
Union, Which looNs not altogether Just
and honorable. The amonded Constitution,
which pledged tho faith and credit Of the State
for the payment OF the iutorost on, and the re-
demption Of the principal Of, those bouds also
provided for lien upon tho net profits Of the
roads, upon the lauds granted by tho Govern
amount Of flrst-mortgayo bonds Of tho roads
equal to tho Sum Of tie railroad bonds Issued ;
SO that the State, it would seem, ia fully secured,
md yet refuses to pay interost or givo tho lands
to the innocent holders Of her indebtedness.
r repudiation undor these circumstances morts
the approval of honest men and communities,
we SOC no reason why my State, much loss in
dividual,, Should be ut all particular in tho dis
charge OF their Just dobts. 1LL1Xo1a.
Whon We printod,, eomo days ago, the article