, 1875-09-23
STATE OF TRADE.
4 Large Quantity of Country
Paper Kcdlscountch Hero.
Country Balances Running Low..'high
offerings Of Commercial Paper
The Produce Markets Steadier'''
Provisions Quiet.
Grain Generally Stronger, with an Urgent
"arot' Demand.
FINANCIAL.

FINANCIAL.
rbs amount of country paror that has b.en rtdiS-
hmns1 by Tho Chicago bank. id becEed 10 be larger
II tbts time than It has lvon hcforc. Country
haut basancrs arr also nicli drawn "'Nn. one taaH
.,onc having o. nearly million dollars of its country
astostts aiucs ita last statement The movement al
ra11spcy Ia. not nt any time hten ~ brisk ns 1t waa
txnected to fe, lnt II has teen sfa1tly enoa4h 10
amount 10 large sum In the Aggregate. The large
offerings Of country paper serve to employ Goou usal
of tho losuab1a funds Of tho hanks hut II not ~ a
y..har satisfactory feature Of the finances. is ot
1,,cn thu ea,te ciiaraeter the demand when col.
lcettape arc yoot f.o city merchants for actonlo-
ions 1t Indicates that trade IN tho city or country,
ns !ho ease may be, Ia not extensive enough or re-
iuliueratiys ennugh to snaba merchants to take in as
much a they pay out,
TITO lo,u rnsr8et IL dull. Commercial business ia'
entered sonawA1t from tho policy the far1'orH have
adopted Of holding on 10 their crurs and their canre-
tsnt caution In 1nhkiuE pnrchaRcs. All lor71a oI eh-
terpriFe. outside Of tho regular chsunsIs of tr fa-
tnue delrrs.ea, aud, stthnu9 millions Of dollars nj"
seeking employment cannot command the roai!ath'e
nf capitalists in view es flu ut,tr.ny Of Tic ftHrs
of currency. Mnst Of ,tlc lsr offered las batxa Is
comtnerctal paper anI ot s,al quality. iae sar-
ply Of miscellaneous tart7 IS sr.4l.
Atss Ct discount s.lu it1 4xut to regular r''t-
toners. Th0to IL iara enrlluH at tha u'troAa VI
fow of them Tint nriy.
On tbs ..rse. lbr1O is lstla to le ouc. Iatts a
1R per cent.
New York e1charso continues INACTIVE. salca ago
malo at s1c discount 1rtwcen bluks for l,c91.
tbs orers currency 10 ~ to iAe country ofb not
larRe.
Tue clcsstuse wero q 1ooo,ou'.
the TAX on CALCULATING MOTIFS.
The Collector ot Internal llayonue has made public
Iii. letter to lho Collector 1t MoNio ruin.
shat lrssonu private firms that circulated
.olts istlel hs municipal corporations
not liable ~ tie tug Of III yer ccnt lcylcl by cnl-
tires. other currency thAn greonbacEs that
of National 1'anks. The Commissioner also writes to
the New York journal If COMMERCE TINT a "munlri-
ay Is not ahlu 10 any lax on payng cut Its eusEen-
cy" The argument by which he suprurts tAis upIiou
,,in In found iu tie Iutter below:
NJ TAI oH pE1tHo.1A PnivAIE r1nNA WHO c1RCE-
LA1s hoFLa !.sUEp NJ Mualc1PAL conrueATloas.s
TREASURY pErAErIlNr, utt1cI os IsrlNaAL
the question of r,luirllg returns sr ii, IL rr cont
tax from rerznIls Or hrs III hobc wfiu rceciVe mud
IVY out circulating ufscs assus " that city, in refer.
tnsas that Aasc t4tefi!iy rt-Pxan!1Iel tic a.Aup.
1"1rug ui,Dt The Question: we'll se%s. 10 aud 10 uf
tie aer u Fub Z, ls5j as ots. ,all Ind o.$l3 u tie
II Is clear .t tile rrovi1cs of the aet Of Fob tlo
MT ruEe: huy Iraslsiu. If the REVISED Statutes not
tIcon8istent thrre9h, aud that t. lr.rs1Hs nf the
KsviseA Statutes anu ,ivcc Of tbs act of this
Allhoc In pari iattriI, aud Lncrcfotu, II
possioIp. be cuustrlscd Is t4st al may stand.
Sc. /! II tho act Of Feb. rtnYh!,s 'Ihat esery
pcr.n ir, arso,tatlon o.hlr tlau National D1uk as-
socn,t"s, aud every corporation, sts h1nk "r State
MhkiuH association thall pay TAI Or 10 per tciitum
mi Mi MI Nv them TL,x I,n. ,,ot ro,..ni NJ
thing IT, Eer 4 ia nT lila r,h1t,i H,,tnu n ~ !. l.,
addition thereto Il tutaa exclusively to HE
Of ne partlcs hsFo we !ed fnE tsks, Ut trf a'e.
SLcuasshH au!es' "n1ie sec' 31iI naue no EXPRESS
tust,uns. rr1ur oic which nrC not t5 nvht,nt MIN,
sto,se,. III hac. g. IL. ''''
Suc. ~ of thu at Of Fob, provides "Thpt ayery
sueI lcrsvu tlTt nssoeatrn, s,rIoTat,on tso la,si
of Htats banking aaauiltt1pu aud lpo every National
bnnkInr association shali uay n ltka tux M III ,rr
Tensum On lbs nmonnt pf nn.ea of my perspn Grtp.
assucatiun other that SalIu banking asauslati0u
OF Of my corporation. Stats b4ns. ss.te banking