, 1875-03-07
MONEY AND COMMERCE.


Tha demaud for Accommodations coutnues aal1 IL
III. hanxs and Is reported strong in some quarters
The merchants have found their coueeuons sHtuaH
suspended By the storms Of the last fortnight Ihey
ara forced In the abseaee Of the payments they had
expected for their full les to discount their notes In
order to Day for their spring purchases.
The amount Of grain and provisions that II accunu-
latinn here is steadily increasing, and there il conse
auently = tolerab1y steady and considerable demand
from Board of Trade parties. These combined causes
hare been sufficient to discount lines up to hgn
figure and the amount II surplus funds at tho dsposa1
Of the banks is not largs.
The movement Of produce eastward with tho spring
vii, tend to release la,gs amount Of money now used
in holding it. but On tbs other hand, the demands Of
the spring trade for funls will more than counterba
ance this tendency to rehxation 1t Is not heiy nas
there will be anything Ike easy money market o.
fore summer
Rates of discount at the banks are 10 per cent to reg
uar customerp with concessions OF to per cent 10
good outside borrowers.
On thu stree there ano activity Of any kind to 1e-
port Rates ara par csnt call to 1s per cent On
time.
The amount Of currency that Is going to the coun-
try to the hog districts large for the season Ihe e.
cepta Of hogs continue.t rate surprising CONSIDER
ing the circumstances and many persons are wonder
ing that " short hog crop should be so long.
New York exchange continues to grow hrmer'
Sales were made to-day, between banks, at par
The clearings ware s33o0,oe0.
For the week the eleaings s28 537 68s.74, and
the balances g. sl5d for the corresponding weak
of last year they nere 81, ,02o IL, and
UsmY LAWS.
North Carolina hss achieved the doubtful honor OF
enactne the worst usuY law in force In any State Of
the Union It fxes tn, rate Of interest at per cent
where there ia no specific agreement but allows q
written contract ESQ great Is per cent" {some Of
f.n%+1 that and
forfeits not merely the principal Of loan when more
than per cent Is take but double the value Of such
nrincpal and subjects the offender, beaides. to fine
Of not less than S1O0 than 81 600. When the
Bank OF England puts is rae at 10 Per cent per an-
num- and money is worth per cent . month In New
York no man In NORTH Carolina can lend his money to
the pcope Of his se at the market rate without
violating tho Law and cnrrng these monstrous penal
ties.
NATIONAL BAYK9 AND UsURY LAWS.
Tbs question has bcn raised whether the penalties
Of the State laxs fol usury apply to the National
uanks or hether the! liable only to the penalties
nf the National Banking law. This question has been
diferently decided by he Supreme Courts OF different
States and has not ut, we believe, come before the
United States Supreme Court. The New York Supreme
Court decides that theEahona Banks are aenable to
State Usury laws.
The Massachnsetts Supreme Court declares that
eminent tribunal {New York Court Of kppeas) 7e are
unable to concur in tie conclusions it has reached
The Court then decsd that only tho penalties OF the
National act applied to the National Banks.
A similar diversity is found in the decisions Of
other State Courts butt ttae majority In favor Of
the Massachusetts dccisAn.
THE sP1Sd TRADE.
The New York Daily Bulletin Of March 4 has an
article giving the rcsultsof its inquiries as to the pros
pects Of the spring tradetu New York
Appeatances leave rooui for question that the
xorst point Of depression has been reached md that
we are now fairly the way towards healthy con-
ditton Of busness. Thedegree Of recovery vaEes in
the different branches Of trade. The dry goods and
grocery trades are most hopeful; whe those trades
which furnish goods less necessary to subsistence or
comfort arc naturally latr in exhibiting the symptoms
Of recovery.
The South Is in condition Of extreme mercantile
depression. The merchnts Of TINT section can do
lte without credit from New York, and pretty lib
eral oue as to time and yct under the threatening
uncertainties that aurroand the Cotton Estates, our
merchants arc disposed contract such credits very
severely. largo amount Of population dependent on
the iron trade and uponthe various ramihahons OF
the railroad interest hay. Jet found no relief from
the prostratton that has ALLEN them with greater
severity than upon any sther class. And again. the
extraordinary severity d the winter has in very
marked deoree checked travel and the forwarding Of
products over uearly tho shoaa populated area Of the
| country.
wo have this substantial fact to rely upon: that the
agricultural population, the main stay OF our COM
merce, have suffered comparatively little from the
panic They have had abundant crops; the condition
of the foreign markets suggests tho probability ct bel
ter prices the aurIus remaining from the harvest
Of and there therefore every to expect
they will require average quantity OF goods, md
the more 30 as the lie decline In prices has virtually