New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-05-22
MONETARY AND COMMERCIAL.
MONETARY.
NEW ORLEANS REPUBLICAN OFFICE,
ERIpAY EYkNING. Nav u 1873.

NEW ORLEANS REPUBLICAN, OFFICE. I,
FRIDAY EVENING. May q, 1875. J
| We have again to notice an extremely
| dull money market. The demand for
money. both at the banks and on the street,
was limited. The bank clearings show
| about the same volume of business as at
| this time last year. This is an encourage g
circumstance in view of the fact
| that during the ,active season { the
past WINTER the amount of business,
compared By the same standard. exhibited
considerable shrinkage. We hear OF cor :
tinued applications from the country for
money and supplies. which SO far are cat
,iousiy met by factors, who as yet are
indisposed to advance freely. The
losses suffered from former advances
upon growing crops have taught fac
most rigid canton. and however de
sirous they may be of accommodating
their friends in the country. they feel con
ident that the more prudent policy tier
are pursuing will be best f)r the common
interest.
The movement in gold. foreign aud do
nestle exchange was limited to dag, and,
as will appear below, with little Or no
variation in rates.
Stocks were again inactive, with few
transactions reported.
City and State bonds were inau:mata
the latter being quoted fraction lower
than yesterday.
IN other securities the transactions wore
immaterial.
In tho Supreme Court to-day a decision
was rendered IN the case of the State ex
rel. J.iL Macauley vs. Charles Clinton.
Auditor, sustaining the refusal @: the
lower court to issue mandamus to ccm
pei the Auditor to estimate ana c0l,er. a
tax for interest on certain bonds issued by
the State in 1866 1868 and 1870. as provided
by act of 1870. The petitioner had attacked
the constitut!onalty Of the funding bill
as impairing the contract Of the State with
the holders OF bonds previously issued.
The court declined to decide the constitU-
tional question, on the ground that the
State was mot party to the suit, ard the
Auditor had no interest in the solution of
the question A similar decision, il viii |
ha remembered, was rendered by Jldge |
Woods in March last, upon an application |
for injunction against tho Governor and |
others, made by the same plant L, as /,
holder of these same bonds.
We learn that the Representatives Of the |
foreign holders of the boLds declared cues
toned and doubtful by the supplementary |
funding bill have determined TO bring the
matter at once before The courts, and that
the Attorney General, in accordance with
the published instructions of the Governor
will facilitate the proceedings SO as TO have
the matter decided at an early day. In addi
ton to testing the validity ot the bonds.
we learn that it is proposed to make an |
ssue upon the constitutionalityo of the supp e.
mental bill, which, it is claimed, cor tlicts
with the funding bill. 1t will be source
II much qualification to the public to know
hat this vexatious question is soon to be
disposed of, and that the authorities are in
lined to lend their aid to such consunl-
nation.
We continue to quote first class sixty dav
,aper and collateral loans at Sag t. cent u
.nnum, AL do at I0al IL, and second grade
vt Is Is. First class mortgages still rule
It 9al0 T. cent p annum, while second
rade are entirely nominal.