, 1873-05-20
MONEY AND COM MERGE
MONETARY,

good. Homo OF tho banks that hhTo lhrEo llnos
Of mercantile accounts experience larger ae-'
maud for accommodation than they caro- to fneot
but for loans OH oollatorals money Ia Quay enough
ut 10 per cent, md BofMo Of tho ban&a aro o1ter-
Ing to loan on call, Oh security Ok Iuo p6st COL
lateralB, at 8 per cont.
New York exchange was offered protty freely
to-day at par.
Ourronoy movements arc rather light yet, but
orders from tho country arc larger than week
ago.
EyAs1oNs AND MISREPRESENTATION OF THE Two-
GENT STAMP TAX.
Tho evasion Of tho Government two.cont tax
on bank chocka and sight drafts will doubtless
eeem lika small business for bank. There Ia,
however, In many quarters large degree Of prop
aration, directed to this petty object. Iu somo
parta Of tho country tho ordinary method Of pay
Ing out money Oh tho checks Of dopohisors
rocoipts, tile latter not being technically liablo
to the two-cent tax, aud some country banks
have gone 30 far as to hare receipt books
printed for, salo to tholr customers, inatead Of
oheck books. Our attention las also boon
called to tho increasing practice Of country
banks drawing On thois correspondent banks
as. atis n aa Tost dggs dae nnoat
grace inatoad Of at sight, az was always the GUS
tom before this now method Of osadin1g tho t"o-
cent sta,np-ta1 canlo into faation. We have aa
of "ocouoy, and OF tho country ballks which IRE
known to prnctco it, there is scarcely ono that
can gain over 800 Or 800 year by 1t. TO
whatever kind Of aophiatry banker may rehort
bus any stock Of that article-to tho evasion Of
= twocont ' tax, It would SOON that bis dopoatore
might wall have cause to fcnr that he would
mike use of tho SAME class of arguments to es-
cape the larger liabilities to themselves In case
tho opportunity ever offered. Tho moat that
eau he eaid III 6ohalf Of small ovasiona Of debt.
small swlrdoa or thefts, is,. that many man
moral courage or hardihooa that would permit
him to commit q great ono.
There Is, however, another aspect to
@ aa Practice tp Of oy country S5'"n =
"one days da.o" instead Of at sight, that may
have moro weight against 1t In tho minds Of
those who RT.eteo @ y than dsnnn tho r. m95si 9a
obligation davolvos On tho holder to proaont
them for payment al maturity. Tho maturity Of
abill dra1n tat ono days date, WITHOUT graco,"
il pn tue day or s s Tho G such
payment, vitiatee the coutraas implied In the
bill, and voluntarily releases ogory indoraar, and
possibly also the drawer. from legal liability. It
would Of COURSE be an unusual u sot ct clrcum-
instance to refuse payment Of draft Of one Of
it's country correspondents. But supposing auch
2 case, and also that tho bill was
nns o day g. or ton two Of aff oss ma'as
days date bills are, the holder ct the bill would
dnd tha. ho had no recourse on any iudorsor
through whose hands It had passed:
With great many bankers, and merchants.
Congress abolislllng tho atamp-tax on all money
and legal obligations excopt bank ol,eoks and
tight drafts. Wo are reminded OF this by . letter
from 1ank- teller At Louisville to tho Now fotK
..all drafts or orders for money when mol paya-
blo by . bunk, banker, Or trust company, are,
under the rulings.to Of the Royenuo pepaftmont;,
%eeopr s1s%2 fF0% 70 IL o ostrac 81 stamp ho s
published by tho Journal of Commerce.
this ia not correct. a bank check or an order
for money, drawn payable at sight, on any bank,
p q s4s aa s5e t. nx he t rss
mistake TINT the stamp dnty On tine - drafts
ments was over repealed. Tho tar on these for.
sr + aa bq 81 psope VIA
VOL AFFORD to pay 1t, and to whose interest u
Taa to see that the stamps Wero atlxcd IN order
to RsFioGs tEe sa fHr to 81 sog aog glu money
6n51i 6een repealed Instead. d. '''> VIVIAN N''''' INV
THE FINANCIAL 1aoonLas nnI, IN of1'1AN1 AMI Aos'
x..-,,.,,,.,,.ta II, = aAta. -. II. +o,o,~,r,,;. 49,
oSta m o
&1,o {rnf Huf nh q
Ooohsa On t9o au:n la'.ans' ~ Sauaoo naol i.
panlo 14at a. ouslneas i man atoRpoe NY uiI
tau ~ 9 ',rnaat
5 Is propaolo tnas, a. sne plesens "sl.lng, oona
denee may nave oeea y % somo measure n sessodoa
As laI 3D. AussslA ,n & anu ~ s
sl9etunAto .uas snoy nto ~: s " - npeoo nassn
ana conaoauenfS sh1 1,a e'lIa u toas euff0tic; .t,
pano caunos 81 @uuu% ; ~ ,sar;a .ause tn
pIesalnng oreu.s pan'o: .aat;n nt;r% nsa nor,;
PaPet-mohey cu'1onvs aSstoe"'Ausa a,, sase onn nm
~ eqnl'Alons n n1' rrano Sovuyso'GGu ~ IT,
ans paPer ono{ ,atee I'D ~ - ~
oot oM o. a5easuiy ;s "an pais.y soo y
tssnos onn ~ o. lug Naua n h"n I'm
,o OF I'M 5ne torsr oo n1ttu 1t H. ~.
% + xo} " ~ " ti,a lns'19; novorn
Nat1ohal banA ao'as tne .Inas u sun 19F1rn PEI
ment and, on tue date e. a6oTe 20. o,n menttoned hei
CON 70 she amount o. Sl,1oouoo; Ison, tuero t1sa
fore, Y Austrla "ero on snaclo ~ oasie. tnor
would % reserve OF aDons ~ Pc CONF agslna
the aggregate OF tue currency Ine panic, 10"
ever, Is strictly credit panic rasultlns from
!oas OF confidence IN the value Of spooula
i've stoeKs' WINCH haYa poen increase
enormously IN the iast tnree so yoarf
similar panic occurrea 'noso .i n looo. Gaualnl
oYon greater DECLINE IN Austrian anu Hunga
Tan stocks than tue present one. .,, A!ettor 1foI
Iegsa, .,m III hungary, 70 " EuPusi4 tAPsI saIs
"IAo impulse given to 1naubttlal anti hnancle