, 1875-03-26
MONEY AND COMMERCE
FINANCIAL.

Tie ,tin.rs ri the banks and lean ngsnla contnnoa
dull, The moderately active flomand for hccomroda-
lions that was noticed few da~H sgo has subEldei.
and OH cyery hand the aane report ia made that thero
II nrneat nothing doing.
Rates Of discount At tho hanks are ga ror cent
cali loans at per cent.
On Tho street dullness prevails. Rates arc 7is rcr
cent
New York exchange was = iltlts nrmcr, n 93S50e
premium between hanks for $t,Voo. ...
Tho Of currency IN and out Of tho city Ia
Uncomfortable.
The cfearlhGs were s., ,70d0 00o.
NOT THE CHICAGO CENTRAL NATIONAL HANK.
Tho suit referred 10 In Issue Of ycstcrday Al
being commenced by the Central National Dank
against F. Allen and H. F. Murphy for no. 00o IA tho
rropc1<s OF tho Now York bank Of that name. Tho
Chicago hank Of tlat name has no c1atm whAtevor
asaitst said parties.
THE TAX ON HAT1oNAr nASE CIRCULATION.
We have rrcciycd tho following letter from banker
syncatina tbs repeal "f tho lax Of pcs cent icvsc by
tho National uauk act tin circulation OF tho M
tinnal Dants:
ass s Tssa & nS III eGsa'i ear aree on ho
"sresniasE. rsS " "saa 10 ] retr.l a. | rary a. .hey
cnntl e exchanged for bonds issncd ~ tho Govern.
md ntcrc.t Iii gola. Tbis certainly appears the
rirlras antt most foar'blc Of all tho many rians to
M % 9s rts;s e i. aSs S far
Ter shc financial question ~ to sce IN nlan hn.
vucaiei y 3onrtel! that without clhngo In tho
iira Of National bank c,,rrcnry That Is going on
might lruve lisaatrona 10 tic husneRa nterea:s
at ,e country than tho supposed dcafth Of ths fall
Tie question is, how 10 pct tnck to apecc ba,ts
EH stifl keep ato1nt Of currency III circulation
tuirent to meet Tho business wats o! ths country
or answer would be ~ follows: Allow the doy-
.lntes !n gold ty taking them up early !ato With
l,otsl*, aa has been srelnen,ly advocated hy ypu.
iio, ty roIeatfnH that part Of tho National ank act
which requires them to puy tax Of per cent PER
Then COMPEL SaiioIal DantB 10 redeem their c.rc-
l,an in gold ut liked rcr!od-say carly rs Jau !,
We believe, with the law repealed sa1ng circulation,
tho rntl retiring Of National Bank circulation which
il gniM1. would 10 Immediately stopped. and
lIarka nrgauizcd notwithstanding the probability Of
their seing compelled to redeem ihelr circulation III
iii Will, per cent honds at 10. with the to. m
circulation per cont per annn1n, md The probability
Il s
tts circulation, and that so few new tanss arc he!nR
''sned under tho TesSe' + rss e. pSnsA y a.As sw x,,
Tint tho National Danxs should seek 10 escape from,
LIS laymcut Of tho tax OF per ccut circulation.
ly other a1 Is not unnatural, but cannot SEQ that
the argument Of our correspondent ju4taes tho re-
zeal Under tho National 1lanking net, separate taxes
levied upon tbs circulation. deposits, md capital
not invested III United Staes bonds, Whether not
hc National Huuka subject to a1cessyo Taxation In
Tho aggregate by tho United Btatos is question that
W. l.. IT, docs not touch. When TINT point Ii brought
Into discussion, II will be dihcut 10 slow that
tle National links do not receive moro thsn
equive1ent for whit they Fay tho Cor
ernmen In discussing tile 1speal Of the TAI clrcu-
by tho Cove nrnent. lh onr o!nlon, orr correapon-
acnt has chosen to nttack The tax for which II La
,lown tho doyernment gisca tho banks tho most cot
s.icration. 1t fnrIlAhrA tho paper, tho expensive
plaea md all tho costly anil special hkill thht ID re-
lutrc for the production Of tho bank-notes. kctrs
II operation ut it's cost the Redemption Uatra,t,
which rcnews thcRs notea when they bccomo wprn and
1oIcl. 1t maintains 1arge forco Of detectives for
tue suppression Of countetfcits. It haa given
the National Banks tue monopoly Of tho cir
:M,atioa Of the country. and lRs taxed tho
competing no!ca Of State banlH out OF existence. II
eows tho National uauka the privilege OF Increasing
decreasing their circulation ID they had 1t to their
eroat to do anil finally, by TIC act Of June p. 1874
.tolRhea the resorves they had hitherto teen obliged
I'd teep ngaiuss the!r circulation.
w npptchen1 that tho questions Of thc ssx on c1e
:nlaon, md tho strtugcucy in circulation which o'ir
correspondent fears, arc entirely distinct Ihercta
than enough paper money in circulation st prcs.
The rEeseut retirement Of circulation IL In every
r.as healthy movement. End That must prece,lo
IT, resumption Of srocle payment; aud tto
tiuso that operate It fartlor reaching than tho
pn,uncsetiys tex on circulation. Whistler the present
,ate Of tho tag Is right, il matter Of calculation. Wc
,Loul not object to auy decreaseor tncteaso-of the
ate tllht could bp shown 10 give Jnascr equivalent
lor tho benefits the bahks receive.
TIL VIRGINIA FUNDING FILL.
The now Tax bill before tho Virginia Legislature,
providing for tito funding Of the Btao debt by means