The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-02-10
THE NEW ORLEANS WEDNESDAY, FEBRUARY 10 1876



, The gold coinage of the United State
minis during January was S1.7S2, $50; tn
subsidiary silver coinage. S416, 255; the trad
dollar coinage, $920,3O0. $685.. 900 of tn
new trade dollar were coined at San Fran
cisco, and S641 200 of them were sent t
China during the month.
The customs receipts for the week endin
, January 80 were: From New York, 81 1923,
s26; Philadelphia, Sl27, 2s4; Baltimore, s73,
GIG. The receipts at New Orleans for tn
week ending January % were S4S, 624
The New York Times suggests the follow
ing explanation of the large withdrawal O
specie from the Bank of England:
The city Of Paris will, during the latte
part OF the present week, place upon the mar
ket a municipal loan for 100000 francs
and at price which is likely to make it a yer,
attractive investment for capitalists in Europe
The skillful management Of the Frencl
finances following the Franco-Prussian war
and the unusual promptness with which ths
French indemnity to Germany was liquidated
inspired British capitalists with great conf
dence in French Government and municipa
securities. Hence, there are likely to bt
large subscriptions on British account for thi.
new French loan, and, as exchange at Paris
on London is in favor Of France, gold is flow
ing to Paris in anticipation of heavy subscrip.
tons to the new loan.
! BY the exercise Of the strictest economy on
the part of the French people since the war,
the foreign trade and commerce of France is
in very healthy condition, her exports
largely exceeding her imports, thus placing
the country in the position Of creditor ma
ton, and making it easy to draw gold to the
Bank Of France whenever it is needed It is
estimated here that the subscriptions to the
IF tbo ;tx Of will
billion of francs, and hence it is EASY to be
seen that large amount Of gold must be de-
posted at Paris as margin on outside SUBJ
scriptions
SOuthsra State Debts.
The following resolution has been intro
duced in the South Carolina Senate
Resolred, That the hypothecation of 81
04S, 800 OF State bonds, mentioned in the re-
port of the Special Joint Committee appointed
to ascertain what bonds of the State were
pledged by the Financial Agent of the State
as collateral security for State loans, was
without lawful authority, and that the said
bonds should not be funded under the act to
reduce the volume OF public debt.
The following resolution has been intro
duced into the Georgia Senate, and referred
to the Finance Committee
Resolred, That the Treasurer be instructed
coupons set forth in the report of the same
being IN the descriptive list of past-due bonds
outstanding OF the appendix to table +, until
otherwise directed by the General Assembly.
An Atlanta report adds: sThese are the
bonds Bullock said were paid, and be sup
posed had been hypothetical by Clews."
The Fall in Prices.
tSt Louis Republican, 9th inst.l
The condition Of general trade and the
shinkage OF values in this country are illus
trlted IN the present price of railroad IRON
contract was closed at Cincinnati a few
days ago for IL, 900 tons of iron rails for the
Cincinnati and Southern Railroad at $50 Is
per ton, and for Il 900 tons OF Bessemer steel
rails at $40 Is per ton, delivered Eighteen |
months ago these rails would have cost SS4 |
per ton for the iron. and $11O for the steel. |
The fall in price of iron rails, therefore. has
been 6o per cent, and in steel rails SO per cent |
Steel rails are now cheaper than iron rails |
were in 1873.
The fall in the price Of pie-ircn has been
greater still. The same quality OF iron that
vas sold readily, as fast as it could be made,
1t Sol per ton in 1873, now sells dull at $50
! fall OF nearly 100 per cent. 1t will be seen
That the same amount of money will buy
vice as much pig-iron as in 1873, 60 per
'ent more OF iron rails, and so per cent more
II steel rails: The same remark applies to a
greater or less extent to all other maaufac-
ured fabrics; all are cheaper than they were
eighteen months ago-and this is why the
bsurd idea that the country needs more
money has vanished from mems minds
There is at this time two. thirds more money
n proportion to the profitable use for it than
here was in 1873. There is, indeed, an
normous surplus Of money. 1t cannot be
invested IN manufacturing, for there is little
emand for manufactures. We are building
ew railroads. and hence there is little demand
Or rails and pig-iron. We are consuming but
moderate amount of cotton, woollen and
Gather fabrics, and hence the reduced demand
or these fabrics, and the discomfort and
trkes IN the manufacturing districts in New
.ngland and the troubles in the mining dis
riots Of Pennsylvania.
The condition OF the country is one of debt
aging. We have ceased the borrowing and {
uylng in which which we were SO deeply
hsorbed two years ago, and are settling up {
ocounts. 1t Is hard, disagreeable process, ,
ut IL has 10 be gone through. When it shall ,
ave been accomplished, trade will revive. ,
fedlt VIII grow stronger, and we shall begin 8
new era Of prosperity.
The Wine and Spirit Traders. +
AT the last meeting of the Council Of the ]
Inc and Spirit Traders Society of the t
nted States, held in the society rooms, in s
eaver street, it was decided to establish c
'anches OF the organization in all the States c
the Union as rapidly as possible, locating t
'ch branches in the principal cities, and Sc 9
lrlng for them the cooperation of the most f
ointment merchants in the wine and spirit il
ade IN each State. The establishment of S
e State branches will be commenced imme
a.ely by the president of the society, which n
II visit the different States for the purpose. p
We consume annually, according to Treas a
y statistics, two hundred and ninety million 0
unds OF coffee and only sixty million "
undS of tea. r
DR.. Cummins, who has been moving around p