The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-09-12
COMMERCIAL MATTERS, Etc.

| Southern Pacific.
Construction lie progressing rapidly along th
| various portions of this road. At the Telegrap
Pass there are some 2000 men and 600 horses
work. he work to be done is of the heaviei
| description OF grading and rock cutting. In on
| place in the Pass the rosd winds around anon
| the mountain. for seven miles, whilst actual
making direct distance OF but little over on
mile.
The Direct Cable.
| The Superintendent in this city of the Direc
| United States Cable says that messages are no
passing over the cable at high rate of spec
although the Faraday arrived on the ground o.
the 22d of August (ten days after sailing from
London), she had only three days of moderate
weather, during which she p cked up the cable Il
| the final splice. He hopes to be able to say in
day or two when the line will be ready for bust
ness.
New Tanning Proc ess.
Iowa will soon be independent of oak forests
and hemlock swamps, inasmuch as new pro
cess of tanning leather by using tanning plant
instead of bark, is said to have been fully testet
and proved successful. One ton OF the plant viii
tan 400 lbs. OF leather, which is said to be more
than the same weight OF bark will do. Barb
costs about S12 per ton, the plant not to exceed
IS, the latter producing the best quality Of
single tract in the Western part contains over
$1,000 acres, which, it is g. tlmated, will produce
three tons to the acre. The process Of tanning
is the same as with bark, except that the juice OF
the plant, produced by straining, is used instead
Of bark.
Tempting Market for Labor.
There 10 a pressing demand for labor in New
South Wales, and If but one-haf is said of that
country, as a paradise for the emgrant can be
relied upon, it will be wonder if the demand is
not speedily responded to. We quote from the
sydney correspondence of the London Times:
q nd ant ora Ian 1shI yar
the county for want OF labor. Where am at
present writing from, perceive the effect OF it.
Men who would expend considerable amount of
money in arabic culture refrain and turn their
land 70 grazing. Root culture is extremely pro-
ftable if labor only were to be- had at what might
be termed an exorbtant rate, but ploughman
can not be hired for love or money.
Orchards that depend on hired labor run to
waste; gardens resemble DR.. Watts's sluggards
garden. have it on the authority of person in
terested in the building trade that he could get
double the amount of building on hand if labor
were available, and | am confidently assured by
persons competent to speak on the subject that
this colony could at the present time afford pro-
ttable employment to several thousand mechan-
ics, at wages which in England would be deemed
fabulous. A country where coal-miners can earn
tt per week ought to command more attention
from intending eDlgrants. l am confident that
5000 or 5000 artisans and laborers of various
kinds could be absorbed here every year for some
years to come wit out having much sensible ef-
feet IN the reduction OF wages.
The SunfiOwer as an Article of Commerce.
To this plant many useful qualities are at
Lrlbuted, some Of which are the following: 1t is,
n Its growing state, anti-miasmatic and absorbs
Or scatters the malarious poison arising from
sWamps or marshes. in so much that the inhab-
tants of houses we'll surrounded by suDfowers
Ire said to escape ague and fever, and similar
1is prevalent in such localities where sun
lowers are not cultivated. In France medicine |
prepared from some portion Of the suutlower is |
extensively used for the cure Of diseases pro- |
iuced by malaria.
The seed of the sunfower supplies large |
mount of oil suitable to be used for lubricating
machinery. The seed, when ripe, also furnishes |
cry good food tor horses and cattle as substl-
ute for grain. and the stalk of the plant is said |
o make good coarse fodder and to furnish an
xcellent material from which to manufacture
oarse paper. The yield of the sunfower when
is very large to the acre, both as re-
ards seed and stalk. Attention was beginning
D be attracted to the cultivation of this plant in
larylaud before the commencement of the late
'ar, since which but little has been heard in re-
ard to the subject-Ne,o York Bulletin.
Usury by National Banks.
IN. Y. Journal of Commerce.
The act of Congress authorizing the establish
lent OF national banks allowed to them the
rlvilege Of charging whatever rate of interest is
by the laws Of any State or Territory,
lllllibcu tueu W s0Neu per C6UG when no ia 6
fixed by local statute. The penalty for exceed
lg the proper charge Is only nominal being sim
ly a forfeiture of the interest demanded If pay
tent is resisted, and recovery Of twice the
mount if the interest has been paid and suit is
rought by the person aggrieved or by his legal
AS all interest is taken in ad-
ance, the latter clause only will apply to any ,
al case OF usury, and, as no such recovery of
ouble the interest overpaid would amount to
lo1gh to pay the costs Of suit, the proposed =,
obligations is still coectable by this act, even
the transaction should be tainted with usury. :
We regarded this as very proper regulation, :
Id our view has been justified by The fact that :
o injustice or oppression has followed the con-
ssl0n At the date OF its adoption we called
ntion to the fact that 1t was far more liberal [
ian the statute of this State, and that our State
INKS had motive thus furnished to change c
cir allegiance and become reincorporated under {
@ national act. To remedy this inequality our | c
ate Legislature in 1870 passed alaw incorpora- l.
lg the very language of the national act on v
is topic, and furthermore declaring that the
ne intent and meaning of the new provision was ,
place the State banks on an equality '' in the Z
rticulars in this act referred 10" (that is, in u
ference to the taking OF interest and the pen y
y therefore), with the national banks organ I;
ID under the act Of Congress-" The statute !
'sed by repeating any and all parts of acts in G
nslstent with these provisions.
AS far as legislation could do it, the object
tlonal banks were subject to very reasonable Y
DIVISION respecting the taking of usury, and the il
ate banks by express statute were paced on a a
with them.
While this understanding remained, no grief
ne to anybody, as far as we ever heard, by the y
axation of the old time severity. No one was n
pressed, and the only regret we ever heard ex- a.
9ssed In any quarter WAS on account of the d
litaiion OF a provision so benefcent to the in is
'porated banks. The whole business world de- h
es that all classes OF our citze. m ght share Fl
its benefits.
The national act was passed in 1864 and it was 4,
ary ten years before there was any serious at 81
npt made to question the common belief that IL II
provisions really exempted the banks incor- W
'ated under it from the penalties imposed bv III
al legislation in the several States These at
APIS were made, of course, by persons who b,
he'd to evade their honest obligations under rs
plea of usury. The first important decision, s.
far as we remember, was in the Supreme
lrt OF Ohio, in the case of the First National az
TX vs.. Clearinghouse (22 Ohio p. 1927, in which nj
'as held that the provisions Of the State law WI
posing penalties Of forfeiture, ETC., for usurv III
not apply to the national banks. The same
gment was given in the Supreme Court of g.
in the case of the Central Ma ~