, 1873-01-22
MONEY AND COMMERCE.,
MONETARY.

MONETARY.
TUESDAY EVENING" Jan. a.
Duaneas and finances continue rather dull,
Ind money working cloao yot. Some of th,
banks report largo falling on in thoir tlcposltt
from the demands Of tho railroad companies fol
curroncy to usc on their pay-rols, on which pay.
ments begin In tho middle Of cach month. A
good many annual settlements In tho lumber 70.
g|ona Of Wisconsin and Michigan wero loforrot
from tho last half of December until now, oh ac
count. Of the strngonoy OF monoyat tho close ol
tho year, and the donand for funda to mako thoso
settlements now helps to prevent money growing
easier for tho present, though 1t will aet money
afoat in the country and aid tho liquidation ol
tnacbtodhess generally. ........
Thoro appears to be Il fair supply Of loanable
funds In tho open market hcro, but those who
hold the money aeom indtaposota to discount
business paper, though tloy Offer It pretty
freely on good collatera1s at 10 to IL per cent per
annum. Tho disposition OF londora sooms to DO
to take nothing but collaternls that can bo turu-
cd Into cash In this or sonlo ollor market at any
time.-
Tho. demand for currency Ia still very active,
and though large amounts wero received horo
from Now York this morning, the supply la doa-
Client.
New York exchange WAS depressed by tho de-
mand for CURRENCY, which obliged q good many
banks 70 eoll their New York bills at rs aud 900
por 81, 900 discount
THE usuny CLAUSE
IN tho National Bank net prohibits any National
Bank FROM taking or chargtng greater ratio OF
interest than is allowed by tho laws Of the State
in which tho bank is loestod, and proaoribos, sa
ing ot. = greator rate, Of INTEREST than
is allowed BY tho laws Of tho State
shall be ltv,as ase se9l adjudgca forfeiture Of tho
with It, or which has been ,agrcod to 10 paid.
al bank may raooSer back IL any action Of dobt
twico Tho amount Of interest paid.
It has beo1. hold that this penalty prescribed
by tho National Bank not superseded tho penal
ties prescribed by State laws, aud maao Nation-
al Banks subteet, In many instances, to heavier
any ratio, tho State laws In nonrly all instances
conflict with tho National law, and leave tho
u, whole matter Of penalty question for much
litigation, and the Banking, and Currency Com
mitteo Of tue House havowisoly, concluded to re-
port bill to repeal tho usury clause Of the Ma
tional Bank act t is to he hoped: tho bill will
pass, aud that it will open the way for tho aboli-
tton of al usury laws.
THE TRANSPORTATION QUESTION.
The ownership OF rolling stock by corpora-
tions separate and distinct from tho railroad
corporations that ront aud uso the rolling stock
is fast becoming 90 Important fentyro In Tho
operation. Of railroads throughout tho Unitod
sses ms1 soa 5nsS j dsv IND p0s 70 pp po'41G 1co
Of interest . means Of escape from tho arbitrary
power Of the railroad corporations thomselyua.
The fourth annual report Of the Massachusetts
Railroad Commissioners shows that there arc
freight rolling stock in use on tho railroad sya-
tom OF this country: (1) Tho ownership BY IN
diyidual railroad corporations; (2) tho ownor-
ship BY those corporations as partios to other
rAf7ffS
roads; and (s) the ownership by private parties
or companies, which dorive profit from the use
OF their cars by railroad corporations. In this
last mentioned form OF tho ownership, the rolling
stock companies hare two plans Of getting their
revenue viz. ono by furnishing oars to tho
railroad company for . stipulated hire or rental
for the uaa Of them, and another in which the
rolling-stook company becomes the carrier OF tho
freight, and pays the rairoad company n stipu-
cars over tho railroad. II is this iast festaso @
that affords the possibility of solution for
some Of our railroad difficulties. The report Of
the Massachusotts Commissioners gives somo
eepss por Foq w9h @ pfT s s toll
make money by transporting the cars Of private
Iolltng-Btock companies over their roads.
Nov, il the principle were onco
established that railroads arc public highways,
right to run ita cars on the payment Of Legal
rate Of toll, subject to certain regulations as to
time, speed, condition Of cars, oto:, etc., the
proaent doiclenoy Of rolling stock and transpor-
ta!ion fnolllties would, to great extent be aup-
pnea. :. ING Maaaaehuaetts oommtseloners Do
railroads OF tho United States thoro is def.
cheney OF rolling stock; there are moro corpora
tions that hire cars than there are that let them,
and freight rolling atock Is thua made COM
modify, as It were, Of debtor aud creditor co1po-
rations. Many OF tho railroad companies aro
financially weak, and unable to purchase sufIl-
cient supply Of rolling stock to accommodate
and foster the busincaa which tholr tracks could
accommodate. III It we're established that
railroads were tpublic highways" in fact,
as they are In the theory OF tho Law, rolling
etocx companies would be formed in the intor-
est Or different Rection6 Of the country, and 1t
"o9lo DC the 1Ault OF none but themselves, II
did not supplv itaaf wifi, anf1iciont r1rohor ~
nara II rnn a., tho ;-o- ro;ln,l II Mnl,1ar. A.. S.,
ma IN tin,on nnu+:+Snv ,,en1 ~ 49,, ~ =, - W. at us