The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-05
SOUTHERN BONDS.

In some aspects the year 1874 promises to be
more encouraging to the holders OF Southern Sc
curities than its immediate predecessors. Earnest
efforts are apparently In progress on the part OF
many OF the leading State officials to arrange for
the payment OF interest ON the respective public
debts, and in several instances the purpose has
been achieved. The dregs OF old rascal
ity continue, however, TO show their leaven,
and the work of thieves seriously i'm
pedes the best endeavors OF the real
men OF honor who are striving to remove the I'M
happy financial difficulties OF that portion of the
country. Many of the bondhoiders are Northern
capitalists who invested money tor the benefit or
trusts, and reposed unbounded confidence in the
pledges which they received, and 1t Is but natural
that they should watch with more or less OF
anxiety the several steps that are calculated to
bring relief One of these gentlemen has recently
made suggestions to
THE GOVERNOR OF NORTH CAROLINA
that are, perhaps worthy Of practical considera-
ton in other States. His plan Is as foll0ws:-1.
That all coupons coming due up to and inclusive Of
those OF April 1874 shall be funded in bonds OF the
State; 2. That the annual interest due on the LIST
Of july 1874, and thereafter for term of 10 years.
be paid one-half in cash and one half in scrip.
8. That the scrip shall be made receivable for all
State taxes, or be redeemable by the State at any
time after five years with interest added; and
l. That the 1st OF July, 1884, the State shall
sumo the regular payment OF interest In cash. The
natural increase Of property in 10 years would, 1t
is believed, be amply sufficient to warrant the re-
quired for the payment OF interest and other
State expenses.
TEE STATE OF FLORIDA
presents cleaner record az regards public debt
and the payment Of her obligations than any OF
her sisters. Her Governor has demonstrated thar
he Is not repudatiOnsr In any sense Of the word,
and the promptness with which her Treasurer has
walked up to the mark during the last three days
and paid In gold the interest on her consolidated
gold loan is more eloquent than all the mouth1ngs
OF public messages. The amount OF the bonded
debt of Florida Is now less than S., $50. 600, and
with the growth of the State and the development
OF its resources by Northern men who have gone
there and been fascinated by its climate it ID
reasonable to believe that small as she Is, the
Peninsular State viii keep the lead Of oil Southern
States in the rapdity and success Of its financial
improvement. at>
THE BANK STATEMENT,
which we published yesterday, but reproduce to-
day for the purpose Of reference, continues favor
able, the excess over the legal Is per cent OF re-
serve being 81, 100000. 1t will be observed
that the increase in specie was "a, ,0O0 The
line OF deposits increased $10 400, and legal
tenders $1,794, 100. The increase in loans was
s., 040 500 The total liabilities are $2S2,000 600.
ana the excess over the legal reserve Of Is per
cent is $1s 7O7 25o-a gain Of 81, 900 since the
last statement. The following is a comparison OF
the averages OF the past TWO weeks
Dec. ~. Jan. 8. Differences.
Loans $2bs 0s4, 500 1921, 1876, 400 Inc S. O4O 900
Specie 800 as sss 600 Inc Isl 800
Deposits. 1876, 152100 205, 500 Inc 10, 247 400
Circulation. 27.156.lO0 27,1S6,sO0 Inc. $4,000
The following shows the relation between the
total reserve and the total habilites:-
Dec. q. Jan. 8. DIFFERENCES
Specie $23 5l4 800 $685. 1896, 900 Inc. 881. 800
Legal tends A, 1884, 900 48,46S, 100 Inc. 1874, 100
Tot reserve. $685. 17s30o $74 700 Inc. $8e75 400
Circulation. 27,156,100 27.186,30O Inc. $4,000
Deposits. 1876, 100 2O5 sss500 Inc. TO- 400
Tot iabtea $222 200 $685. 800 Inc 10, 900
% pc. resve 55,577,os0 5s,l4e,4S0 -
Excess over
25p c. res. 12,60l,25 16,707,25 Inc. 4,l06, 900
Deductng from the above calculation the amount
Of specie, about the counting Of which there are
grave doubts the statement would stand thus
Total liabilities. $232 5s5, 800
Deduct specie. 2S395, 6OO
Balance. $Z04, l90,2 zoo
Twenty-Five per cent OF which is. ST., 047, $50
Legal tenders on hand. 46, ASS, 100
Deficiency in the true legal reserve Of rs