, 1874-01-29
MONEY AND COMMERCE.
MONETAlsY.


Tho general money market continues to work
,easier from day to day, though 1ust at present
thore is IN nctivo demand In tho local market
for grain and pork Bpeoulntora, who arc pfopar"
Ing to pay for large amounts Of thoso oon,motli-
tics wlliol, they oxpoct will 10 delivered On tho
frat day of ncxt month, on February options.
Tho preparations In this direction lavo boon
largo, mud tho shifting Of tho loans from ono
bank to anothor will keep money, in active do
mand for several dbys yet, but whom tho
transaction is completed, as 1t will DO
Tho first two days Of February,
money is likely to bo much moro
plenty bore than now, mud speculation will prob
ably take new start 1t tho foreign markets. afo
not unfavorablo.
higher, selling all Clio wny from GU cents per
$1,000 discount up to par.
FREE nANElNd.
II tho telcgraphfc report that tho Banltng and
Currency Committee hive sgrood to to incorno-
rute cnuBo In thoir Free Banking bill " "roQnir-
Ing lilo socretary of tho Treasury to tss,ie S2,-
0O6, 600 por month aftor tho 1st Of next July Of
notes reoonsbo Unable Il A. e9!n omaa attss 1.-Two two
auresa s;a to worry a1,atrd thing. 10
ni3horizo tic Issue of other grconbacks or
National Da,lls notes retcemablo III two yoara IN
coin, would only bo authorizing dfcront grado
Of currency from that n9w IN 1 existence, e,a anu
currency any moro than specie docs. Iloro 1s
no wav to begin tho appreciation Of tho present
currency but by increasing the yaluo Of the
greenlacks now III oxistonco. II tue ns; nresont;
Bapk currency will appreciate III precisely tho
same proportion.-no matter how much Of
it, It tho bauns' arc authorized to
g certa'nly l II ft fa's9 fa 4oof to o
10 % depreciated e @ by my increaso, no matter how
groat, Of National Bank notes. This being tho
case, the National Bank currency ts secured tho
best my cu1rency can bo secnroa. an 1nd II tneso e
out just as much aa the people can 11sc. II they
got out too much, and people begin to think tf,at
grccnbacks era bottor than bonk-notos, tho latter
would como homo for redemption. nnd the vol
ume Of bank-notes would diminish.
The business of this country noeda currency
that will adjust itself to tho wants OF trado not
MI sShtrary volume Of currency that can only
be changed by the direct interference @ ana NJ
ccssaut tinkcring Of somo ex-probato Judge, 81 Or
some carlatan like Mr.. Boutwell,: This aclf.
adjusting currency cannot DO Furnished IN any M
other way t!nn free banking,-i. O., allowing tho
banka to issue Just aa much currency y ~ tney
:an secure by The dQnoat OF United stateS ponos'
Something Of a iiuttor las hoon made among
tho bnuks Of this city by the tlotofinnct mannof ~
in which tho Collector Of state nnd Conusy Inxos xo
haa announced to thom that II theif ta3ea 1or
their hands and carry it Of. somothing over
two years ago the United statos District Court
decided TINT tho shares of National Banks Wero
not taxable except ut the residence of tho ow1-
ers in tho National Banks Of this city are not
residents Of this State, but pay taxos on their
shares in tho States whore they reside; Iho
banks claim thoreis no l1w thas can compel Them
sonaf property. even under tho
State lows, must he collected OF The
individual Stockholders, and ~ this view of tue
case it ia difficult to 500 how warrant can
be legally issued against The banks as corpora.
tions to make them pay taxes On !1 tho lndIylduas
property Of their Stockholders. The position OF
the banks, however, ia an equiVoeal ono. Thoy
admit not only the Justice o. tho taxation OF
their capital stock. but also thoir powor to col
rectors and yet It is we'll known that none Of the
National Banks hayo paid dollar OF State,
county, or city taxes for tue Inst troo yearg ara
one or two National Banks have not Raa dollnr
tho banks datos baok to 1857, when
the banks protested against tho assoshmont OF
their shares at thc'r .par valne instead OF ono-
third their value, as IN the case OF othor rer-
that reason alone. III the Legislature OF TINT
year bill was introduced to authorize tho asBess
uent OF National Bank shares at their full cash
valno. But by some means tho bill was SUB
utb6Gl, HtA ulA iU[ Nv oHGc uICpu0 u laHs 1t
ter the adjournment Of tho Legislature, when 1t
began to 10 suspected that bribery bad boon ro-
Or called a special session Of tho Legislature
wMch passed. the BILL: 1t was contended by tho
banks that this bill WAS unconstitutional in
that 1t authorized unequal assessment
and taxation Of personal property. On
this point suit brought by one Of tho banks Of
this city for tue recovery OF the excessive taxa
tion ill., we balseye, still pending In tho United
States Supreme Court. Nevertheless. tho banks,
with fow exceptions, paid (unaer protest) tue
taxes 80 assossod, until lS7o, believing tllat the
decision Of tho suit in their favor would give
them claim against the stato, county, aud city
for tho excess OF taxes collected. But in 1870
tho Aaseasor, inBtoad Of assessing the shares Of
tho banks at par, as had been tho rule since
1907, undertook to assosa them ut their market
ynlue,-in other words, assessing Tho surplus
funds III addition to the capital stock. Upon
this innovation tho National Danks refused to
pay at all, aud, in n suit to OH
force collection, Judge Dlodgctt, Of tho
United States District Court, admitted tho ploa
OF the attorney Of tho Union National Bauk,
that tho situs of the shares Of tho bank followed
tho residence Of tho owner and that therefore
+tnu ~ Uto+a