The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-11-05

Should this ultimate prove correct, the ag-
gregate crop of these. countries will be but
223 500 tons, against 409, 500 tons last year; q
falling off Of 1856, 900 tons. It is, however,
conceded that SO, 900 tons old crop Brazil
1874 -75-are still in supply, which would
make the available supply from the sources
mentioned 1872 900 tons This quantity, even
with the yield in other countries, such as
Venezuela, Porto Rico, etc., it is considered,
will not be suffc for the consumption,
and higher prices when this is thoroughly IN
derstood are by some spoken Of as highly
probable. Still, there is an element OF I'M
certainty in all calculations of this character,
and it would not be surprising if these expec-
tations should be in measure at least dis
appointed.
We can speak for the coffee trade in the
United States as being at present. as it has
been for some time, very dullS with the sup
ply Of Brazil materially larger than at this
time last year, the stock of other kinds
takably depressed. Moreover, there is a con-
siderable supply Of Brazil in transit for
American ports. According to reports re-
ceived up to the beginning Of the week, this
consisted Of 375,l47 bags, while yesterday
there were 1877, 900 bags in first hands in our
markets.
This, of course, affords no positive indica-
ton Of what the seasons supply will ulti-
mately be-; but as there would seem to be
some falling off in consumption here in the
United States the stock on hand is likely to
prove ample for some time, especially If the
present dullness in trade continues. The
sales thus far this year to the interior n er-
chants have been much smaller than in 1874,
and to this stagnation in the jobbing trade is
attributed the existing slackness in demand
for cargoes, for which prices are in merely
nominal position.
Important to National Banks.
The Philadelphia Inquirer says: " 1t has
always been held by the Supreme Court OF
the United States that the Constitution is the
supreme law of the land and that decisions
made at common law, and under the organic
laws Of the States, are subordinate thereto.
In pursuance of this a case was recently
taken to Washington on review, to which the
attention of the commercial community is
particularly invited. The New York Court of
Appeals very high judicial bank-decided
that the agreement by bank to discount a
note abo-e the legal rate of interest is corrupt
and illegal, and in commercial law and under
the statutes of New York works forfeiture
of the whole debt.
"This decision has been reversed by the
Supreme Court of the United States, and it is
held that, under the National Bank Act, de-
clared to be constitutional heretofore, the
bank forfeited, by its usurious act, only the
excess Of the legal rate Of interest. It will
thus be seen that while there is ample pro-
lection against usury in the national law il
likewise prevents the direful effects of the
State law upon the business public; for, il
the latter were to be executed literally, the
damage done to trade would be almost meal.
culable. All Of this is but another argumen,
in favor of q revision of the general laws oil
the States, with view of shaping them with
the letter and spilit of the National Constitu
ton and the acts Of Congress made under the
organic law of the country"