, 1874-03-17
MONEY AND COMMERCE.
MONETARY.

MONDAY EVENING, March 10.
The money nnrkot continues quiet, a,sd tho
hupply OF loannblo funds abundant. at tho bnnks
tho rato for money IL no1ninally maintained at 10
por cont, though some of thom nro oIorlnE
monoy at per cont. In tho open 1nhrkot, tho
supply Of money ia oven lalEor t,au at t''o bat'ie
md por cont for 30 co. or 10 days ia oil tint IL
naked. 4 good many Of tho oountry banks aro
Offering largo suma through brokers hero at
nor cont for 8, nnd oven months 1oans on primo
co1lntorale, thougl, the brokors Bay tioy cannot
find employment for It ut over per cent.
Now York exchango continues very scarce at
OOo nor 81 .DOD premium, which Ia no noar tho
cost Of shipping o,,rroncy to Now York tint 1t
indicates tho probability OF liberal movolnonb
Of currency from tho West to Now Hork wltnh
q day or two. ..,..,-, =
NJ influx Of currency from , tho 4So SountFy ntyy Is Is
atill In cxceBB Of the tnovonont 1fon tho oley III
usun1ous ACCOMMODATION Taper.
recent decision @ Of tho 3 snPTsmo co1 Sa 81
!ho untSu saSga sStos ~ 1natnton. st aco tho M pr
Iu a"ss OF papor % by bank at 'iglior ratio Of in-
tcrcst than allowed BY tho laws OF the state IN
wll,ct tho bank s 1ocatod, in new light: Tho
Albany IN. " Lao Journal prints tho opinion
delivered by Justioo Davla as follows:
oaai MSfe eastpnen unss II trasfsrrea to oa e
at ehor rao of in.oreat thai, tue law allows Of pn-
per Of ts character rnne ansi given to tho ho'or for
ay hS sf conirae gaisF On %SeS% % n1
maintained Dy any OF tho parties to 1t II It Lad not
been discounted, ls usnrous, mud not dcfonaoio Us
purchase.
Tho point in this decision appears to DO TINT
II the note Wero given for valid consideration,
md bearing legal rato Of interest. 1t would not
bo void and tho lnakor would bo bound to ply 1t
discounted ut oil illegal rate Of intorost. D1t
with ''moro accommodation rapor." tho caao Ia
diIoront: Such paper would hnvo no binding, force
Gu any ono until discounted by tho bank, but II
lis construed to bo illegal, ant thoroforo not to
1nvo tho desired offoct OF making tho, paper
valid, ionco tllo Court hold TINT the nlalsor Of
tho papor could not bo hold to pay Il. But tho
Court further held that ,7liore, the nsurloua
note has beon pAi2,, ,o, tho .,,o borrower ny"sor
ea0'o OF interost us beyond beyond tho % statutory rato,
or wlatevor other ponnlty may ba prescribed by
tue Stato laws or tho National Dahk law: IL
aomo OF tl,o States, which have 1aws prescribing
uovoro penalties for tlsury, It las boon held that
fho proveiouH Of tho National Bank law con-
corning usury do not sot asidc Tho State penal.
tics. Ibis would undoubtedly, be tho rulo ct
courts in all atates and tho oply cases in which
tho National Bank ftet would take precedence Of
lilo Slate lava would bo in tho caBcB Of National
Danls in States whore tho State penalty for
ssrry ia loss than Tint proscrihoa by tho Nation.
al Bank act. Tho principle il that tho Nnsional
National Bank net anyho,o. If tho State laws
prescribe q grohter pennity Tor 1,anry than tho
National Bank net. tic oxccBs of State-1aw pen.
alty oyor that Of the National Bank act ls dddi-
,ioNal to tho latter.
THE BANKRUPT LAW.
Tho Washington Chronicle Of tho 11th says:
A majority of tho House judiciary Committee have
heretofore adhered their first ecslon in favor Of
total repoal, and have considered tho scnao auend-
monts to their bl and decided on non.consastence
law. scanning every sentence, and will make aucll
thorough work Of Il that bill may finally 10 produced
which Will ho satisfactory to both HOUSES Tho 3nyol-
untary bankruptcy clause will doubtless be ropcalel
but II tho House Judiciary Committee utterly rcfnao
10 chnngc thcr views Bankrupt law III likely to ass
Ills session.