, 1874-01-31
MUNEY AND COM MERGE.



good, and aftcr tha temporary domaud ie ov
money ls likely to bo more p1onty noxt woe
Somo Of tho banks nro even now willing 10 Il
croaao thcir loans II satisfactory papor Is o
fered.
New York exchange ia still rather acarco, b.
was little easior to-day, with sales at 800 nj
25o per 81, 900 discount.
THE TAX ON DANK CAPITAL.
b1r. State-and- County Tax Collector Glen.
has dug up tho hatohot and put on lis ,Yar-pai,
anew III his raid ngainst tho banks to COLLECT til
taxes on thor capital stock, md dcclatcn thu
"any way ho can worry or annoy them shall nc
bo neglected." Wo havo not ut any time tako
tho pnrt Of tho bnnlss In this contest. On til
contrary, wo have shown iu our recent accoul,
of the loyal proceedings Of the last Bovon years
TINT tho banks lavo now lcsB to complain o
than over before. and that Ereat conceBaionl
lavo boon nlado BY tho Collectors to got them tt
pay. Every, good citizen md every taxpayer Is
nf course, desironH TINT tho bnnkB should my
t1oir reasonable proportion OF ,hc taxes on por.
sonal property, aud VIC bcliovo s,1oll is tho dc.
siro Of tho banks themselves If tho difficulty
about tho double ,taxntton Of noll-rcsi-
Mr. Tax-Collcctor Cloary's determination to
proceed to Immediate hosttliticB, and to " worry
and annoy the banks in any way 10 oan,'" docs
not aottlo tho lazy question neither is his de-
tho suspicion Of poraonal interest. Even If tho
$75, 600 or so Of bank taxos for 1873 were paid
tomorrow, the stato aud county would not bo
cent bottcr OF than # 1t woro paid t1roo
books and money. to the County Treasurer
only at cortain periods in tho year, and in tho
interim the Collector has the ,lao Of tho money.
Tho use of a75,0oo for throo months is worth
something, but NO do not understand Tint the
stnto aud county would gel any moro benefit
from Its payment now than two Or three mouths
henco.
THE MECHANICS NATIONAL nASx,
Wo regard 1t as an exco1out thing for overy-
oody that Mr. J. I. Scammon ias retired from
the Presidency, and. ns he claims, from any con-
nection with the Mechanics National Blink OF
Chicago; L is a good thing, for tho bank bo-
callso mr. bcammons uneuviablo reputation.
aud his woll-known embarrassed financial cou,li-
ton wore an element Of weakness to tho bank,
It ia also an excellent thing for The TRIBUNE,
@ 19r the Teaaon that tho bank will no longer bo
ablo to clain that whatever is said in The TR1n-
uNE derogatory to tho condition OF tho bank is
prompted by any personal luminosity entertained
by tho proprfetore OF The TRIBUNE toward Mr..
seanmon naan, J., WHO lu,s, claims tint ho or the Inter-
ID tho @ atise aSe'no of na fvnls '0nga5-Tsfe ta Tae
TRIBUNE. ANY chance for charge Of prejudice |
% On our part peing thus removed, We can now say
70 DO before, that IL our opinion tho Executive !
Committee Of tho Cloaring- -Houao yesterday al |
lowed themselves to 10 persuaded aoilloui reason
INTO wlthtrawlng thcir Recommendation OF OK
tho Clearing House Association. Tho Com
mitteo did not examine into the affairs of the |
Mochanioe' National Bank as thoy were in honor
t,e pound TO 40 aftos making the recommendation
statement Of tho affairs OF tho Mechanics Na-
tional Bank, and thoy do not know to-day Tie
nmonnt Of the bills receivable Of tho bank, nor
Wnother ta such bs receivable arc good or whother
Of the pube. The Committee sgsplv too] poE't6n tGo
verbal statement Of one man, an oalcor Of Tia
a bank IT., to the efoct that the bank had yesterday
liabilities aed d to dcpositorB had boon REDUCED
100000 in the Inst month. The nIcchanics'
National Bank could not have paid off e1pO, 600
or its deposits and acquired 100000 in cash
except by tho collecting Of s1J0000 Of It's billss
receivable, mud We venture tho assertion that
th;. the l Mecauca National Bank cannot show that
thls has been dono: The Mochanics' National
YORK s22o, ,oo0 for advances md oyerdrafts This
amount tho Metropolitan has boon anxious to
secure in some way, and the promise has, We
annlIAn understand, been mado, that this shall be
ssSs5so t1s t%1''s@Sss ssaases 4e s National
tho Marine Company, and Of Mr.. J.. 7. Scam,
mon; Hut the metropolitan National Bank doen
debt duo to It, and if tho NIcchanics NntionalhnJ
Sll2, ,ooo ~ cash yesterday. it ia reasonable TO
suppose TINT tho metropolitan, and also other
banks that hold the past duo obligations of tia
nlechan1ee' National, will demand Mt least part
payment in money at once. Tho demands nf | 3
thoso banks Will absorb not only the S112, 900 of
~ !" cash" hold ycatertay by tho AIechanics' M
slonai, btlt as much more rs tue Mechancs' will
Dc a0lo 10 realize out Of lts bills receivable in
the ownerB Of the 932C,000 Of deposits do for
tnesr money. DO they suppose TINT these bankg. d
creditors Of tho Mechanics National, Will bo 20
coaGent c {has as to alow the aepostors to draw
stand by to take tho loavinga and tle poorest &
part OF the bills receivable for thor debts? The
stn at ,s tho Mschanies is yot in condition
nae 1ul!y 1us1ltiea its expulsion from the Clear
Houso aftor once having taken this no. ''
:. ,lt'on ll owe IT to tho public to examine tic d,
cash - and tho bills receivable OF tho alechan-
~ Natlona! Bank otherwise they stand in the il
stltuuo OF lndorsing, without any Reasonable =.
lounced rotton. 'Ae
About two wecks ago Bank Examiner spiph "
tas aoaia TO say That unless tho Mechanics It
et that amount Of cash from some sourcp. It df
'onld hayo to suspend Even tho MccLanicss y.
Iaell doos not claim to hayo accomplished any, !,
hing Of the kind. And wo have REASON to beiyo %
hat 1t tho real condition OF tho bank had H.
oen M maue known to the Comptroller OF lie | "
for somo unaccountabln du
cIsoll. mas LOT beon dono-hu would have nn
oihted ltecoivor for the bank before nov. du
The truth IL, that there are some bunka In tha d.
loaEing- -Honso that arc in onya littio better 9a
ondiflon than tho Alochanies, aud thoy ara
Ding oil in their powor to prevent Tie nraco. oil
ent OF actual examinations of thoir afrairs hv tic
ie Executive Committee, md tho lattor aro =.
ping their duty. 'o "'s s'e
THE FNEE-UASKIN0 n1LL IA
l4e bank1ng and Currency Committea'a h;1, :
y Ffeo Banking, ia, on the whole, tic beat sv
lrroncy measure that has boon proposed in 81;
ongrehs Tor several yours, aa it answora NOT -!
'Iy tue demands Of those who want moro rurs 'a
ncy but also the views Of those who inast m ..
moyemont 4 W toward specie resumption. We lo -
y at;n beleve eve TINT tho provisions Of ita eighth
United States loyal tondcr Iea noIes
deomabo in coin at the end of two years from
nIr Issue IL 2 54dicious measure, or tlat It
~ oFeEaCO Ae tho Banking aud Curroncv Cnn, Of