, 1875-04-20
MONEY AND COMMERCE


TIN tttustnn Of tic ioau market ren,ana without
fa,,r., TAere Is fair demand for accommodations
Iron, merchants wo hlscounlitR tlclr own notes
.ur t.er r1risg ptilasos. Tho spring srada Of the
civ n lr backward III account nf tho weather. n,.
till tAlt.incsn Of country buyers increases to su,n
rxtc,t tlc l,cc of merchants fur loans. Thcro wsre
fluctuations In prices oil the noard nf Tralt,
wt', t.,lsc speculation ai aou1e apple I,ions for
flE,l. frn. tlut direction. There Is average nls.
rrEaU"oue da'naud fDr loAi,a.
Klt. ri discount are st10 per cent nt tlc bants.
ui tho street there IA more Inquiry for goat COM
mcre,al paper than can ba supplied. Naea are 791s
Ptrccnt.
Now York exchange remains NJ shipping rntea'
Exchange II being made ty sl.Eru1rnts Of caltet
whisky from lilo Lake Baperior n'uea &C., btt
In 1,,artia altogether below tile demand.
Tie clcarfnEs were s., ieJ,Uu.
ACCUMULATION OF CURRENCY IN EEw ronH.
1r effect Ct tho rreloat movement os ct'rroncy 70
Nov York u Inviting sefuAt!o n already apparcnt,
furerat. III this ro.uun few days ngo. Tho New
y"rk Daity 1u''ta in lis Gnaucsal column Of Friday
sass:
Tile laks erc receiving currency from tho interior.
sad looking ab,: with anxiety AZ to how 10
emI.oy II. Ifheiln"ae tradc does net require tlcir
facilities tcy viii te trcity saro 10 10 takrn up by
ecatorA; uld We NAV lsrr add that there IL Grnw-
irg oiuioz, that tile sesr will 10 hnhiy arceulatye
o.ie ALREADY speculation Ahs hec1u1 4cttra III sornrt-
country. Tic Latter for tho moment las cnl,llnasca,
brolcs 1nhfor speculation. In tlr long rum II would
r. mitch heortf t.!s were o' TO- ah9a@a. II Inesnla.
til ~ int cHtse 10 extreme 1t may d. tnctng to
tnIvtu legitimate trade 4nl give tlc tfmil cunalehlo.
uASrIS1 CAPITAL.
TIC United Statas Supreme Court Inns decided that
Tic tux uf otc-:w4Ey y-four,h Of per cent upon bank
Ing cat al ranna 10 ovit.l upon money borrowed By
banks er Lankcra from time to lo for The purposes
II t.cr business. Tic Collector Of Internal 1tcyenno
IN New York took tie opposite view Of tito rasc, AMI
assessed thc banking lr1n Of Clark, Dodge Co. t9O0j
lax Upon ,uunry they had borrowed. They brought
suit In The lnI:e s:7scs Court Tor restitution anl
WHO successful. Thy Supreme Court decision Fays:
Tle question 1ers IL whether money no. pesmaaenE-
~ l,y.ftti hut borro~cl temporarily III ths ordinary
osl tl Lnslnt 81 to nlcrt emergency is capttal
nnd we nrc c:tr that thr term dos no ctsast 10 COM
Ecccitntun within tic moaning Of tile statntc
tinlres oAnS Of list character. After controversies
Ind arisen to fAu Interpretation 10 bs given to the
ftsuie upon tic que lion ut ihyuo n this cso between
bankers anl tho Government. Congress- passed tic act
Of l.1s defining tue meaning Of tho tcr.ns capital
"khaii .lot clne nn1.cY lorrowed reccived froIn
day to day in tile sun eonrse Of b,ihiness f1on aly
u T. wss
.cnel 10 rcmova any lauht previously exiatlng us to
hs ] UT q1 s1q Iii css IL % % av
only IN cases subsequently Er!snB, It would unlolhed-
II hare 20 provided III terms.
REDEMPTION OF NUr11ATED CURRENCY.
Tic Treasury Department las published the follow
my Information in regard to tho redemption Of
tatel notes uul biis that will bc Of general public
interest:
Lc:Al-tenler notes, tho n,ration Of rash not eqna
lug unc.trulh aud FRACTIONAL noss, tue ins'ti!ason Gt
rlull Hot clalny one-hfih, reteclnbD ut the full
ice v1l,le os Whole uotcs by tue Treasurer tho sev
saI A3sistan! T1easusts M and .spos.tafe. Of tho
L*eat.'enter Observation-Disclosures notes. the nlatl|a.
ion tf sas Sanng Or e1sesd.ug sy faea neasuTs ~ r.
cra.a Ero,,or;ions are rc.lesmaS,c at ainrteuts o
tlc tal! fIee value Of anel whole notcs.
Further deductions ~ the Rane proportion nro TO DO
fJnft 0f
tat!ou. '''''0
Fractional cnrrency-Fractional notes, tho muti!a-
meui ous-tlf, hit reaching swo-aflls Of Ito
'nal proportions, urn 70 anabr ut fourtiftha ot the
tue nu.illation Of which equals exceeds two-fthy
but uccs NIT re.eh orc haf afe rcee1uabe ut tArec
Notes nu,ila,ed rs descr4bei in the preceding
Paragraphs. accompanied by LII affidavit from tto
''wucr aud from such other PERSONS have tnow!eige
totally destroyed nre, II the rroo! furnished ts satts-
fury, redeemed at the full iacs vaus Of such whoo
ln.rA.
Tho affidavit mist state tho cause anl tue manner
Of the Musllx:iuD, aud tlle cAr4ctcr of tho a!ans
.',st DO certified to he good bya magistrate or other
THE pEn1,v cnrs1s.
Tho orstn 2s,tuna, Of p:rin, describes the origin
snd exleut Of the recent Derlin hurry:
Up to the ovs1lng Of tho 3l.s twenty-si1 firms most
" slHa SPECTATORS, had failed, some Of them icclar-
Obligations. Tho u1nrao lad Tor the time being FALLEN
~ ttlee - iA1 Atu tnu 'e2i4 fteGu'Aio[4 uats hu.
le:sl = aesas xL!eh LAY narrowly essarSd being ds-
ef 4 ~ h a ns f1 s aS n Ty ,sc " h' @ rSGf
1!is eahini,lon OF uerlnan tentlsnces tufs now To
!hc fpeet!aof Oh 10 otner tsIrs q tue German pa-
!slo, hns a. 1T Gpteaiea necessary, y ~oaa seem, 70
pro's tt!at nesn is now te centre ot tic world. nnd
az taa kouRh ~ n'aNe u thM ~ Fesktta ani lnalf-
sE'hate i1 III 1ufeBn and a foreign
ttsltes. Il %ts not sllagl tor hln 10 buy atld hel
.Seh 'oans " n9e 9 mn na1e aeeas 60 anr"a, @ a.
thouHh GhfinttG1 ior colossal sins VI hs own mar
tr;,n l.. I'm aariif,, ~ tas ,nnst = ~
h lats On Etsat iloI'tF shares tlcait III ptehna ia