davidaulloa/AmericanStories huggingface dataset:
The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-07-11
MONETARY.
NEW ORLEANS BULLETIN OFFICE,
Thursday Evening, July 10, 1874. (
NEW ORLEANS CLEARING HOUSE.
Total this week :i,5ol ,2Gs A $685., 1873 4G

Total this week. 81 ,j0l ,2Gs A. $685., 279 4
Total last week ...-... 5,333,533 ~ 81, O77 6
Total week before 5,277,Gzs 81 7Ol270 6
The Money market continues quiet and easy
with q fair demand for discounts at the banks
We also notice increase IN the offerings 0l
the street and slight hardening in the rates %
commercial paper, iii which however, trans
actions are reported that indicate any materia
Variation We continue to quote selected sigma
lures 1t y cent per annum, ilrst-class at 9f1lO
Al at 1l1l2, and second grade at 1Gla u cent
per month. Flrst-class mortgages at 10 tl cent
per aDDum, and second grade entirely nominal
We notice but little demand for investment
and particularly for securities though there il
apparently better feeling in city Bonds while
State Bonds are inanimate.
Gold opened at 1O95MllO, against 1C93 at New
York, and after fair business closed at 100
1104, against no in that market. The sales
summed up $51 900 embracing $1,000 at 1893,
eli, 900 at 1887 SO, at 10, s13, 600 at 1lOl1O
$1,000, 5000 and $1,000 at llOt and $1,000 at 1lOl
No sales OF Silver reported. American
half dollars were still quoted at l0i4MlO3t and
Mexican dollars at 1904, or 4 I, cent lower than
Gold Ut New York.
Under the influence Of the advance in Gold at
New York, Sterling Exchange closed about 40
" cent higher for commercial and 2-l0 u cent
for bank Tie sales were confined to f6200
comprising $1,000 Al clear at 5A, $500 do. at
5.343, f15W bill of lading at 5.35, $1,000 bank
at 5.S and fl1OO do. (at the counter) at ZAP.
Nothing TRANSFERRED in francs.
In German marks we noticed a sale of 10000
at -.
At the close Sterling bills were quoted at
6.33O5344 for bill OF ladng and Al clear and
6.3S@oh4O for bank, and francs at 4.70G4.6S4 for
private, and entirely nominal for bank.
The offerings OF Domestic Exchange were light,
and with limited demand, rates were without
quotable variation. The sales Of New York sight
were confined to $4,000, embracing 1000 and
$4,000 commercial at 9-32 q cent premium
slO, 600 do at ZIG and $4,000 bank at 1872.
The banks continued to check on New York at
] cent. premium, and commercial sight was
still quoted Il: 4015-1G
The only sale Of Stocks reported was 400 shares
Crescent City Slaughter House Company at ~.
The sales Of Bonds included $1,000 City Gold
Bearing Seven Per Cents at AZ; 5000 do at 47l
$500 and $40, 900 at As, and $1,000, $4,000 and
$40, OOO at 49,. They closed at about iSGl4sI
No sales OF City Scrip were reported. City APP
preparation Certificates and Metropolitan Police
Warrants were quoted at ~. Tine Certificates
OF 1873 ut 81.
Nothing TRANSFERRED in State Warrants /; they
were quoted nominal at 310133 for large 34013S
for medium and $1,000 for small.
The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-07-11
LIST OF VESSELS

LIST OF VESSELS
Up, Cleared and sailed for New Orleans.
NEW YORK.
Steamship San Antonio Pennington :. sid July g
Steamship Western Metropolis, Quick. sid July
Steamship COrtes. kemble .-.......-..s sid July
Bark Frank Marion Dillon .ldg July
LIVERPOOL.
Steamship Alice, Ellis .-.-.--.---.-ldg June 5
Steamship State of Alabama Flint. ldg june 20
Bard Prairie Bird Sanford. ....-..-... ldg May ~
AMSTERDAM.
Bark Noah Nielsen .........cld June
The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-07-11

OUACHITA RIVER.
BLANKSS LINE OUACHITA PACKETS
n- FOR CAMDEN, TRENTON, MON.
lss!saA roe and all way landings on Ouachita and
&-N5 Black Rivers. The very Light draug ht
passenger steamer
BasfrOp,
F. A. Blanks master, J. Holmes and w. Gus cl'ks
VIII leave SATURDAY, at 5 r NJ.
Willie.
j. W. Blanks, MASTER +. B. Trinidad clerks.
Will leave every WEDNESDAY, at 2. NJ
connecting with steamers Ora for Bayou BarthOlo.
new Goose for Little River, Tensas and Bayou Ma
con- Bertha Brllner for ID ArbOnne, Ann S. for BHuf
River, and Statforis little packet for Bayou Louis
BRITTON Il EPPLER,
je21 I'm W. Il. CLARKE, Agents.
The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-07-11
NEW ORLEANS, ST. LOUIS AND CHICAGO

Ne" ORLEANS ST. LOUIS AND CHICAGO
RAILROAD COMPANY.
GREAT JACKSON ROUTE.
Trains depart and arrive as follows:
From Calliope Street Depot.)
DEPAhI. ARRIVE.
Mail ..5p NJ Mail a.as u
Pullman Palace Sleeping Cars through to 81.
LOUIS, Chicago and Louisville.
cities.
Tickets Tor safe and information gwen az u
camp street, corner Common
a. D. SHELDON, Agent.
+. ID. FROST. General Manager aplg #
The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-07-11
MARINE NEWS.
OFFICE NEW ORLEANS BULLETIN,
.. Saturday Morning, July II.
Cleared Yesterday.

George j. Duncan is the duly authorized Marine
and River Reporter of the Bulletin.
The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-07-11
ADJUSTMENTS.

ADJUSTMENTS.
NRAND REGATTA
OCEAN SPRINGS
Having been postponed on account of inclem-
ency Of the weather, to
Saturday Next, July II,
ALL BOATS ARE CORDIALLY INVITED.
Entrance Free.
SUITABLE CASH PRIZES WILL BE
AWARDED
Boats to start after the arrival of the morning
trains from New Orleans and Mobile.
For further particulars apyyto
II. II. MINOR, Chairman,
jyS It Ocean Springs, Miss.
4 URORA BENEVOLENT ASSOCIATION.
ANNUAL PROMENADE CONCERT AND
SOiREE DANSANTE.
CARRoLLTON GARDEN,
WEDNESDAY EVENING, JULY %, 1874.
SUBSCRIPTION THREE DOLLARS,
Emitting the Subscriber to invitation for himself
and two ladies, ALL subject to the approval OF
the Invitation Committee.
The Entertainment will be in all respects the
same as those heretofore given by the Asso-
citation.
Applications for Subscription can be made to
DIR. A. F. McLAIN, at IA Baronne street.
E. L. MAHEN at ]. A. Browns, corner Bienville
and Peters street.
MAY, at Wheelock, Finlay & Co.,
]. A. G. WADSWORTH, ut 20 Canal street, or to
any member of the Association.
je142l 2Sjy5Std
The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-07-11
OPELOUSAS.

OPELOUSAS.
REGULAR WEDNESDAY PACKET
liz For Washinxtcn, Port Barre,
on the Coast, Atchafalaya River and Ia.
you Courtableau-tne new and light dranght passen-
ger steamer
II. II. Broad master, j. b. Schmidt clerk
will leave as above, every WEDNESDAY, at , p. NJ,
taking freight and passengers for all landings Ba-
you DIES Glaizes, i'll connection with steamer Minnie
board, to
my 81 j. b. WOODS g. CO.. 1914 Gravier st
Leaves every SATURDAY, at 5P. NJ,
For Washiuxt0n, Port barre !,
A@s Simmsport, Churchville, ond all interme-
=. date landings onthe Coast Atchataylay a
River and bayou Courtableau, the light .iranght,
passenger steamer
f. Quatrevaux, master, T. JOHN clerk
will leave above, every SATURDAY at r. NJ,
taking freight and passengers for all landings Ba
you DIES Glaizes in connection with steamer Creole
from Simmsport For freight or passage apply Or
board, OF to j. NJ. BOWLING,
je3O tt No. Is Decatur street. cor. Cust0mhOuss
The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-07-11

OHIO RIVER.
REGULAR CINCINNATI, LOUISVILLE AND
NEW ORLEANS PACKET
Leaves on SATURDAY, July ii. at S P. NJ.
r-. For Louisville, Cincinnati, Evans
lEAlffSSeS vile Henderson, ShawneetOwn, Paducah,
sas~6So Cairo Memphis and all intermediate
pOints-The passenger steamer
Fannie Tatum,
JnO. Elwell, master Geo. Stiles clerk.
will leave above For freight passage apply on
board OF to
jy5 c. G. WAYNE, 1O6 Gravier street.
The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-07-11
INSURANCE.

|
YNwENTY-FIFTH ANNUAL STATEMENT
CRESCENT MUTUAL INSURANCE COMPANY.
May %, ls74.
The trustees. in conformity to the charter submit
the following statement of the affairs of the conanv
| on the Both of A pril 1874:
flre premiums --.---.----.--- S2l9 10S %
Marine premiums 46 1856 30
River premiums. 1874 ISL .tJ-S4OO 593 25
Earned premiums less reinsurance and
| Losses paid and estimated
On fire risks $50, 455 IA
On marine risks. y. AT -
On river risks 1884 41-$lJG 2GG 80
Taxes discount in lieu of
participation, interest
capital, expenses. etc, less
discount etc .-..--.... 100 .Ej o. ID r3l 90
Leaving net profits NEUTRALITY-SUSPICIOUS.. s62 7o2 90
. The company have the following assets:
Loans on bond and mortgage 100 G6-s1O9 G59 II
Loans on pledge of stock at
call .-..-.----........-....S l3s aG5 SO
ash on hand ...--..-..... 63 s32 6s-- 2t2 OBS 81
Real estate. .-..-.. liz 20 ~
City bonds bank and other stocks laaUu 20
fremnms Ii course OF collection 10. leo 80
s652949 -
The above statement is t,ue and correct tran
~
THOMAS 4. ADAMS President
HENBY v OGDEN Secretary
STATE OF LOUISIANA
Parish of Orleans. City OF New Orleans {
sworn 10 and subscribed before me this sd dav of
May, ie.i W. EVANS
Second Justice of the Peace
Parish of Orleans La
The Board of Trustees Resolved, That after nav
ing the Fourth Quarterly Interest of IL per cent on
TWENTY-FIVE PER CENT be pad in CA NH On q,
and after the td DAY 81 June Ia these parties
insurng with the company entitled u reeriyr the
same.
TRUSTEES:
Thos. a. Adams. Sam1 T. Newman
Sam Il. kennedy G. I. Buddecke I
John Phelps, A. G. Ober
Adam Thompson Henry Abraham.
r. \. Strong, Victor Meyer
Jos Bowling Edw. j. Gay,
JnO. n. Sandidge, Simon Herlsheam
simon F0rcheimer, Joe. b Wolfea /
r. b. Post X. T. Torian
Edw. Pilsbury. John e. King,
Chas. E. Slayback FredR Cenesisn
David Wallace i'll Ha1ria
Andrew Stewart Joa. Stone
ny1S ThGA1y
The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-07-11
STEAMBOATS,.
UPPER MISSISSIPPI.


CHANTS SOUTHERN PACKET LINE.
GIVING THROUGH TICKETS TO
laAn1Sls I Boston, New York, PhiladelphiA Balti.
more Washington City, BufAo, Pitts
burg, Cleveland Cincinnati, Louisville. and
EXCURSION TICKETS TO ST. PAUL.
FOR ST LOUIS, CAIRO. MEMPHIS AND THE
80 BENDS.
Will leave as below at o'clock p. M
JOHN A. SCUDDER,
A. j. Carter, captain, e. ID. DIX, clerk,
SATURDAY, July H.
PAULINE CARROLL,
Jas A. Yore captain, Geo. Miltenberger, clerk
WEDNESDAY, July IS.
Issuing as usual Through Bills of Laaing in con.
nection with the railroads all the principal poin t.
North and West.
j B. WOODS & Co, General Agents,
myl l24 Gravier street
The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-07-11

Arrived.
No arrivals from sea yesterday.
STEAMBOATS,.
Josephine COzzins, from Bonnet Care
Bart Able, SinnOtt, from Grand EcOre
JnO A Scndder, Carter from st Louis
BastrOp. Blanks, from Ouachita City
The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-07-11
Imports.

NEW YORK-Per steamship CarOndelet-4O bbls
sugar 1914 sacks coffee IS rkins butter "a bbls &C.
ment % pkgs tobacco
The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-07-11

RED RIVER.
RED RIVER PASSENGER PACKET
Leaves on TUESDAY. July a. at S p. Nj.
a FOR JEFFERSON, SHREVEPORT,
53}&lAAns Coushata, BROWNSVILLE Grand Ec0re
Alexandra. and all intermediate landings
Tie me pisseD4er steamer
belle Rowland,
Geo. w. Eea, master, Chas. W. Drown clerk,
will leave positively above For freight passage
apply ON board, or to
LORD 4 McPEAKE, 46 Camp street.
BRlTTuN Il EPPLEI, LOG Common St
jyll hITE CARLIN, Tehoupitoulas St
REGULAR RED RIVER PACKET.
Leaves on SATURDAY, July H. at SPIN
n>- FOR JEFFERSON, SHREVEPORT,
1s6s11lf Cousha1ta, Brownsville, Grand Ecore
- Alexandria and all intermediate landings
-1he passenger steamer
GiadiOln,
z. +. Trnslow, master. Ed Groves, clerk,
BRITTON 4 EPPLER 1o6 Common street.
je3O LORD 4 McPEAkE, 46 Camp street
RED RIVER PASSENGER PACKET
Leaves SATURDAY, July IL, at p NJ
IT.. FOR JEFFERSON, SHKEv EPORT,
tIESs4es44ss&a5 and all way landings-The fine and
fast passenger steamer
Texas,
G. W. stinte, master Geo. Fee, clerk,
will leave above For freight or passage apply on
board, or to
sINNOTT & ADAMS IL Commercial Place.
hlIE CARLlN Tchoupitouas street.,
NJ. W. JOYCE jy6
WEEKLY GRAND ECORE PACKET.
Leaves every SATURDAY, at r. NJ.
re- FOR FORT DERUSSEY BARBINS
l6Ea!Slsk Norman's Alexandria, Mouth OF Can
River, Montgomery, Grand Ecore and II
way landings
Bart Able,
X. Sinnot, master. Geo. C.. Hamilton clerk.
Particular attention paid to way and plantation
business. For freight passage apply ON board or.
to SINNOTT & ADAMS
HlIE t. CARLIN, |Agents
apis tt BRirTON 4 EPPLER
The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-07-11
Arrived.

Steamship Emily Souder, Burdick for New York
II LudwigseI
The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-07-11
BANKERS AND BROKERS.

r OUISIANA SAVINGS BANK AND SAFE
DEPOSIT COMPANY,
51............ Camp street ...........51
CAPITAL NEUTRALITY-SUSPICIOUS.. $500, 900
The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-07-11
BelOw-At uarautine. .

SttamSnIp " M q HtWtS, Havana,
to G A Whitney Geo
Exports.
NEW YORk-Per steamship Emily Souder-
s6s bales cotton 14O bales moss bales dry hides $50
bdls hides III bbs oil 1850 dry hides zoo cases
sewing machines As casks boneback IS bags wool 100
casks metal
The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-07-11

The market opeiied with rather disconraging
dispatches from Liverpool, but an advance Of a
fraction in futures at New York and although
ON the WHOLE there nothing in the news to
stimulate the demand, yet there was evidently
more inquiry, which subsequently resulted in
sales 70 the extent noted above. Low Ordinary
sold at lOsc, and good style Ordinary at 124c.
Nothing TRANSFERRED with regard to the medium
The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-07-11

1VyE txpOkS 7WtIG 10 new 1OFk.
Rscezpss proper since last evening 374 GALES,
against 40 on last Friday and 800 last year,
81 3f0 haies, against 2957 last week and asa
~ yaar, md since August 81 Of l.2lO077
oalee against ~, 752 last year corrections
inclodad hoth yaars)- decrease II, SIS For re-
ce1Re. 8 ~ poste see above report
4 AhAla& ~ md ls5 s = 7ke onS ssIes n
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-04-15
guofx TO advertisements.


.,,rspuysrs-yiph Pdge-5th and 9th columns
NIsEIsG AND FINANCIAL-Sepenh Pd0e-5th column.
IaSKiSG-HoUsEs AND BANKERs-Eighh Page-4th col
BUsINEss NoTICEs-F0 Fourth Pd1e-lst column.
CoPARTSERsHIP NoTlCEs-Eighh Page h column
CORPORATION NoTICEs-SLth Pdge-4th column
DIVIDEND NoTICEs-Eighth Pd0e-4th column.
DRY GooDs-Ei0hh Pdge-5th and 9th columns -
IURorEAN ADvERTIsEMENTs- Sirh Pa0e-4th. 6th' ana
riSASCIhI,-Righh Pooe-Si and 4th columns
FURNITURs-Eighh Pdge-4th column.
HELP WANTED MAIEs-NtHh PdGe-oth coiuninn o.
HORSES. CARRIAGES, HARNESS, &c.-StT" f"g'-'u
column. - . -. a., oo,,rr
HOUSES AND FARMS wANTBD-Ninth Pdoe-lst Column
ICE CRRAM-ktHh Pdge-2t column.
NsTRUCToN-Sirih Pd0e-3 column. .,, o,o,
LECTURES AND MEETINGs-NtnM Fuge-otn coiunn'
IrGAL NOTICEs-Sirth P00e-4th column -,
MARBLE AND SLATE MASTELs-Ssrh fdge-Su coiuinn'
NACHIsHRY-SigM Pdge-3i column.
NlsCEILASEoUs-S,ria Pdge-4th column; Tenth Page,
sd, 4th. 9th. and 9th columns
MUSICAL INsTRUMENTs-E Fourth Pdge-6th column.
NEW PUBIICAToNs-6iru Pdge-2t and 80 columns
umn: BROogLYN-Eighh Pdge-6th column NEW
JERsEY-Eighm PdOe-5th and 9th columns; C0US-
TRY-Eighl PdGe-6th column; AUCrION-EIghN IdDe
9th coiumns-Ninh Pd0e-1st column.
eNEs by AUCTiOS-SirM PdQe-4th column.
SAVINGS BANKs-Eighh PG0e-4th column.
SITUATIONS WANTED. MALEs-N.nm Pdge-5d column )
FEMlLEs-NinM Pd0c-4'h and 9Th columns.
srECIAL NorICEs-Fifth Pdqe-6th column.
STEAMBOATS, AND RAILRoADs-Strh Page-6th and 6th
columns.
sToRAGE-Ninn Pdge-2d column.
RTEAaHRs OCEAN-SiTh Pd0e-4th and 9th columns.
SUMNER RETREATs-Niah Pdge-3d column.
TRkCHERs-Siyth Pd9e-3t column.
10 LEI BRoOKINS PRoPERTY-Ninh Pdre-2d COL
umn: CITY-Niah PdgC-1st aud 2d columns; COUNTRY
-Ntnth Pd0C-2i column.
10 WHOM 1T MAY CoSCERN-Srh Pdge-4th column.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-04-15
PERSONAL.

E1-Gov. Clah2Ii of Massachusetts is going
into the shoe manutac, ring business IN New'haup
shire.
A dispatch from Vienna says: Mr.. John
Jay, the American Minister. and his scnInlaw' Gen.
sehweints, the German Ambassador. wS cave nero ON
tue 10th inst. for the United States"
Gov. Ames of Mississippi has gain,Us good
deal OF popularity by dispensing with wine at
reception thus freeing the state from the dsg
drunkenness which on many former occasions Ss'
stained such gatherings
Mr.. HOratiO Nelson Slater of Webster, Mass,
has just paid into the treasury of Brown University
generous subscr pon OF $4,000 to be used the copo
ration think best for the welfare OF the institution
He has previously gwen other liberal sums to
college making In all IA total Of about $4,000.
Mr.. E. c. Stedman, who has been spending
few weeks In Florida for the benefit OF his HEALTH
stopped in Washington his way home the other day.
reporter OF TIE National Republican succeeded IN
gaining from him some interesting observations upon
literature and prominent literary Mr.. stedman
emphaticalY OF the opinion that New.York City be-
coming the literary center OF country aud that
literature is becoming metropolitan instead OF sectional
The New Engiand school OF literature eeuterinx in
Boston, had been brilliant one marked by originality
ana power, out " bad been feature OF single genera
on not destined TO DO succeeded by another of equal
Importance Just as the literary center shifted from
edinburgh 70 London, the true metropolis, % now
shutax trom bQstQn " New-tork
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-04-15
TIE LOSS or THE EUROPE

The Transatlantic Line has lost another
magnificent steamer, under circumstances
affording occasion for severe and hasty
criticism, which, whether deserved or not,
will be more OF less injurious. Bad luck
is as destructive to great corporations as bad
conduct and after you have proved that the
owners, the officers and the crews of the Vile
du Havre and the Europe were free from
blame in the disasters which befell those ves-
seis, YOU viii not have removed the vague
prejudice which their loss has implanted in the
minds of people proposing to travel. There
is 90 much of horror about the thought of
marine disaster, of being left to the mercy of
an angry sea, that most people take counsel
even of their fancies in these matters, and
prefer a good deal of discomfort to the
slightest percentage of risk. IT, therefore, the
seamanship of Captain SurmOnt and Captain
Lemarie should be placed beyond Tie reach of
cavi, it would not altogether reinstate the
line they serve in public confidence But, un.
fortunately, it will probably never be made
clear that the discipline on the Vile du Hayre
was of the most satisfactory kind, and the.
conduct of Captain Lemarie in so promptly
deserving his vessel has already been sub.
JtCteu W OBSERVATION-DISCLOSURES WHICH Will DE re-
membered after they have been met and dis
proved. There is such thing as inevitable
responsibility, arising from the nature of
things. mariner who loses his ship and n
General who loses his army, are neither of
them saved from such responsibility by inno-
cence Of all fault.
Whether the Captain of the Europe will be
entirely exculpated by the full inquiry which
will doubtless be set on foot by the Company.
cannot at this moment be decided upon the
facts at present in our possession. Our news
columns have given a full and complete account
of all that befell the unfortunate vessel from
the time she left the harbor of Brest to the
day when her salvage crew were taken off by
the Egypt, and her waterlogged hulk was left
to the will of the waves. The question of
most Importance for the Company to decide is
in relation TO her condition when she sailed
from port If her infrm state was the result
of her last stormy voyage to France, and
escaped the observation OF the employees of
tho dry dock at Havre this fact could not but
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-04-15
MUDDLED FINANCI1L LEGISLATION

The Senate Initiation bill, which passed the
House yesterday and only requires the Presl-
dents signature to become the law of the
land, is, as we remarked at the time of its
adoption by the Senate, of no great practical
Importance in its immediate effects-is
in fact temporary measure of contraction
but is deplorable for the precedent 1t
makes, and the want of Judgment and honor
displayed by those who voted for it. Since the
Administration claims that the limit OF the
legal-tender circulation is S400,00O,OO0 it Is
not likely that the present policy OF the
Treasury, which seems to be to keep in cir
culatlon about $5S0,OO00O0 of paper will be
changed AS for the section which
relates to the National banks, that amounts
for the present to command to bury IN the
earth from twenty-five to thirty million dol
lars. An imitation of bank notes to 100000
900 is contemplated, but it will require some
time to organize the banks and get out the
notes. Probably the bonds to secure them
will have to be bought of England.
The manged bill of the Committee on Bank
Ing and Currency, which was passed yester-
day by the House, is a bill which it will be
very hard for the banks to live up to if it
~
sections relieving the banks from the obi
CATION to keep q reserve against their
note circulation, and requiring them to
retain in their own wants the reserve pre-
scribed for the protection of depOsitors. The
present circulation of National bank notes is
1850 100000. OF this amount S27000,0O0 are
issued by banks in this city, S77,0O0,OOO by
banks in other redemption cities, and
S24G 100000 by the country banks. The
last, by being relieved of the require
ment to hold reserve against their
notes, will be placed in a position to ex-
pand their loans and discounts $lG6,00O,000
after having deposited five per cent in legal
tenders with the Treasury for the redemption
of their circulation. On the other hand, the
banks in this city will lose from $20,000,0O0 to
s4O,OOOOOO by the operation of the proyiso re-
curing the banks outside of this city to keep
their reserves in their own vaults and will be
compelled to contract their loans four times
that amount. 1t is easy to fOresee that these
absurd provisions, if the bill should ever be-
come a law, could not be observed by the
New York banks without creating financial
crisis every Fall, while, if the coun-
try banks availed themselves of their
additional privileges to expand, the
train would be laid for such an explosion as
we have not yet witnessed in this country.
We trust that the Senate will have at least
wisdom enough to reject this bill, which
cannot fail, if put in operation, to derange
the banking system Of the country, and in the
end prove its destruction.