The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-09

70 explain how these rates are obtained II IL SUI
fcent that they are obtained, the Usury law to
the contrary, Notwithstanding. This Is simply an
imposition upon the commercial classes, who, dur.
ing the period when these rates are exacted the
street, have to pay like rates IN shape OF CON-
missions to note brokers to float their notes and
acceptances, these 'shares' being It has fre-
uuently been asserted, shared IN by bank officers
themselves. Here is q manifest injustice that
could be avoided by appropriate legislation abolish
ing the Usury law.
UsURY INDEED, In OUR DAY IS PURELY A STATUTORY
OFFENCE,
IL being recognized principle of commercial &C
ton that money will find its level as surely and
as readily as water. This we in the recent
large subscriptions to American loans in Europe,
far exceeding the amount asked for, the supscrip-
tons to the $50oo.ooo loan OF the Lehgh Valley
road last week having reached eight times that
sum. This arises out Of the fact as we explained
before, that the long boarded gold of France which
went to pay the German indemnity claim Is now
coming rapidly into circulation. We shall have
more OF 1t coming here and can find employment
for it, but more probably Tor ourselves without
any Usury law chan with 1t, as more OF it will
come, and law or no law, We will not get II for
less than 1t is worth. BY fixing the limit
OF 7 per cent as legal interest," we only increase
the value OF money by adding the risk OF
tract not binding IN law besides costs incurred in
the effort avoid evidence in the contract OF such
invalidty. 1t would be quite safe to iegisiate upon
the principle that money viii always bring what ir
Is worth, and
OUR Albany soLoN3 WOULD ACT WISELY
If they applied that lesson at all events, to the
metropolitan district. 1t should be boz ne In mind
that the plethora of money that now presents It.
self at this centre only results the suspended
ind, otria nf Of ba
tonai tampering with the currency by the chief
fiscal officer of the government. Given a relief
from this exceptional condition Of affairs,
and the money now here will soon find
employment, rates Will rise, speculation on
the Stock Exchange will become rampant
and the usury law will again step in to embarrass
legitimate trade. Instead. therefore, OF trying to
make more money out of ''rags ana lampblackf--
seeking as 1t were to evolve it from our own
inner consciousness, or borrowing it on govern
ment security at an increase OF the interest bur-
den and consequent Increased taxation-let US
rather invite the money Of the world here to seek
employment, in the full confidence that each in
dustry enterprise that gives 1t employ ment will
pay no more for 1t than it can afford to, and We
may be assured of reaching that much desired
haven OF reliel-monetary ease In the midst OF the
whirr OF Industry sooner than by all the schemes
now engaging the attention Of Congress, free
banking, as they regard It, not even excepted.
IN GENERAL TRADE CIRCLES
the resumption of the gold sales operated in.
juriously early IN the week, but towards the close
the market rallied and showed better DISPOSE
ton. The prospect Of the early opening OF the
canals encourages dealers; but If we accept "Old
PrObs" theory Of another cold wave that Is to fur
nish second ice crop this expectation is yet pre-
mature. In dry goods circles trade Is confined
Buyers are coming In from the West, South and
South west, and there is sufficlent encouragement
in the situation to justify the hope of an active
spring trade il the currency question were only
disposed Of one way or the other.
THE COTTON MOVEMENT
is in our favor, and bears out what has been said
above in respect to money seeking employment
here from Europe The figures we give are from
the Financial Chronicle in its special report. The
total receipts for the seven days ending March o
are 95,01O bales against 05s70 bales last week,
116 322 bales the previous week and 1851 bales
three weeks since, making the total receipts since
the LIST OF September, 1873 3,12s,03s bales against
279S 64 bales for the same period OF 1928, show
ing increase since September 1. 1878. of SsoS74
bales. The exports of the week reached total Of
1885, 91s bales OF which 40 were to Great Britain
$3.50 to France and 53ol9 to the rest of the Conti
ninent, while the stocks made up this evening
March O. are now 1871 47 bales.
THE FOREIGN EXCHANGE MARKET
during last week was well supplied by bills drawn
against recent railroad loans while the shipments
of cotton, being about regular, tend to keep the
market quiet and easy. The falling or OF general
trade operates against any extension Of the line
of imports, and it is probable that IN the prevailing
disgust at the vacillating policy of the Treasury
the subject OF the currency and the undecided
action of Congress many importers would wish
they had the option Of changing present engage
ments.
MONEY RULED EASY
throughout the week, as has been before stated,
at about 8 ana per cent as the extremes OF the
regular business with mercantile paper, 8 to on
for best endorsed, and decided preference for
short dates. This grows readily out of the uncer-
tainties of the present Treasury management,
when the amount OF greenback circulation may
be altered at the discretion OF any disbursing
officer of the government, and the amount Of the
bonded debt Is involved in the mazes of Treasury
bookkeeping' beyond even the ability of the
second officer OF the department to explain with
out examination
THE BANK STATEMENT
shows an increase in the total reserve OF 900,
owing to the gain OF $5S5, 500 specie, the legal
tenders having fallen $3.50, 900 The total liabilities
have increased S4,467 7Oo and the banks now mold,
in what Is reckoned as lawful money, $2i, 052,4 25
above 25 per cent of their total liabilities which is
s2Os, 975 more than yesterday.
COMPARISON.
The following is a comparison Of the average Of
the past TWO weeks:-
Feb. %. March I. Differences.
Loans $2s2 555, 700 $685. 1877 200 Inc 423l, 500
Specie. ..... 264sS,300 26,074 100 Inc. 1,5S5.S00
Legal ten. 6l,9l5,oo0 61,655, 100 Dec. 259,9o0
Deposits $50, S64, 800 244 1879, 300 Inc. 900
Circulation 26,775, 100 26907. 500 Inc. 200
THE ANALYSIS.
The following shows the relation between the
total reserve and the total liabilities:-
FED. 20. March I.
Specie ACKNOWLEDGEMENTS. 500, ASS 800 $2s074 100
Legal tenders. 49,. ....... 61,951 900 61655, 100