The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-04-28
FINANCE AND BUSINESS.
GENERAL MARKET REVIEW.
BANK REFORM.

BANK REFORM.
The Financial Chronicle of April %, dis
cussing the proposed new law for national
banking, says: We have always been
friendly to the banks and to the banking
system in all the attacks it has sustained
We not sure that aeovert attack is OF
concealed under this tempting relaxation
from the duty of keeping reserves. The
privilege of issuing notes was first g: wen to
the banks on condition that they kept Is or
. per cent of cash reserve on both their cir
culation and deposits. Relax this condition,
do away with the legal duty of keeping up
part of these ample reserves, and we are
by no means sure that the enemies of the
national banking system will not
lation also. The reserves of me
banks have always been tneir great safe
guards. We have space for but one other
question about the new measure of banking
reform. We wish to know what guar antee
there Is that the west and south could foster
and attraci to their own borders the new
banks which would be likely TO spring up If
he existing restrictions were removed. 1t
a law of healthy banking progress that
ew banks can grow up in no CHER places
1t in such as have an abundance OF floating
tpital. Now it has been often shown that
T. west and south have no such abundance
Ocapital to spare for new banks. What
ttse states and their farmers want to get is
me floating and fixed capital. This CAPT.
talley cannot get from congress or by leg
lslaon. With these facts in view we should
hkeo know how they propose to secureand
TO Pitt by the new facilities for founding
1reshOanks which they are so deslrous TO
lncorsrate into the law.
The blowing notes are also from the FL
nancta Chronicles: The highest price OF
gold tn week was 1141s on Monday, and
from tht it fell off to 1l31z on Wednesday
afterDoo, On Thursday, when the presi-
dents We. was first known, so tar as bust
ness in tt gold room was concerned, the
price opend at 1l3E and closed at ll2H;
and to-day ,.fter opening at 1i12l, it sold up
10 ll2s6, closng at liz. The extreme effect
OF the veto iessage, therefore, appears to
nave Deena epression of Ia per cent, as
shown in the Inference between the open
ing price on Thursday and the lowest price
since. As NOTED in the range above, the
market has snovn more hrmness to day
than yesterday. n addition to the effect of
the veto, the mSket may have been in.
huenced very slightly by the prospect Of the
May interest coming out next week, as it is
then paid without re)ate. At the treasury
sale of 81 600, 900 on Thursday. the total bids
amounted to 81 430, 900 and the awards were
at liz 80 to 1929. Cusoms receipts of the
week have been s., lSl ,OR.
n~ CHICAGO CoFFEE.
The Tribune is elated abolt direct impor-
tation via Chicago river. 1t says: The i'm
portation of coffee to Chicago has already
assumed large proportions, and is likely to
become an important branch of the trade OK
this city. 1t has been found that COTE can
be brought here direct from Rio J@neiro By
way of Boston, and sold in oompetition with
that brought from New York, which has
hitherto boon the source of supply for this
market. One firm is now importing four
thousand bags a month, the average value OF
which is $l30,0O0 in gold. The coffee Is landed
in Boston within five feet of the cars OF the
Boston & Albany road, by which line. and
its connections, the New York Central and
Lake Shore, it is shipped hither. BY this route
the insurance. wharfage, brokerage, and
other tolls and charges which are found so
burdensome by importers at New York are
avoided, at saving of more than half a cent
a pound The contract with the railroads
gives this shipper the advantage of 15cents a
hundred pounds. AS the coffee is sold here
at the New York price plus the freight,
1t will be seen that the margin for profit is
large enough for other merchants to embark
in the same enterprise. From this point the
coffee can be distributed throughout the
Northwest with ease and little expense.
Other branches of the grocery trade have al
ready found themselves benefited by the
diversion of the trade of the towns in the in
terror from New York to this point. and nc
good reason is apparent why all the coffee
which is sold here, amounting to fifteen
Thousand or twenty thousand bags a month
should not be imported BY Chicago; dealers