The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-07-02
COMMERCIAL MATTERS.

COMMERCIAL MATTERS.
During the first ten months of the present
fiscal year the export OF breadstuffs from the
United States had fallen off $31, 000 600, and
of cotton $25, 5000, 900, as compared with
those of the corresponding period of the pre-
vious year. The total exports for the first
1922 SOC. 900, or $40, 500, 900 less than in cor
responding time last year. and the total i'm
ports during the above period were S46O OOo'-
OOO, or $50. 900. coo less than the year before
Duties on Imports.
The Attorney General has written long
opinion concerning the decision OF Acting
Secretary Conant, of the Treasury Depart
ment, which was to the effect that duties on
imported goods must be paid at the nrst port
of arrival, and not at their port of final des-
tination. The Attorney General, in his opln-
ion, says: cater careful examination OF
all the statutes / am clearly Of the opinion
that the port of final destination and not the
port of first arrival is the place where the du-
is to be ascertained, and that the ten days do
not begin to run until the port of final desti-
nation is reached" This opinion is highly
important to all importers, and will necessi-
tate complete change in the new customs
regulations regarding imports.
American Credit Abroad.
The series Of letters which ex-Secretary
MCulIoch has been contributing to the
Tribune from London have attracted wide at
tention, both ON account of the high reputa-
ton of the writer as fnancier, and the sound
views and comprehensive research which they
exhibit The fifth letter of the series treats
of our National credit. The writer claims
that the credit of thu United States ought to
L 4 kI.k e oxb
ton, for the following causes: First, Its
rapidly increasing population, and the intel
igence and energy of its inhabitants. Second
~, The wealth of our National resources.
Thirdly, That the Government sis, in COM
parison with that of other nations, econom-
ically administered" Fourthly, "The ira
ditional policy of steadily reducing the pub
lie debt is being psrsistently adhered to,
under circumstances which render this al
most exceptional policy in the highest degree
creditable."
Thatour National credit is not of the very
highest character is attributed-Fjrst, To the
default Of the States. Secondly, To the ap-
prehension which exists in the minds OF
many capitalists and small investors Ian ap-
prehension that will never entirely cease as
long as an unredeemabie and deprecated
currency is maintained by the Government)
that the United States bonds may be called
in, and paid in legal notes. The writer
asserts that the failure of so many Of our
railroad companies, which were large boil
rowers of foreign capital, have had much
less influence in shaking the confidence OF
men who look beyond the mere question Il
pecunisry loss in American credit and Ameri-
can character, than the default Of the States. y
Tho Case of Dudley VI, JONES'.
In the suit of u H Dudley Co. against
]. w. Jones, to recover on 3 prommissory
note made on demand for $50, $40 O3, after
fourteen days of the trial the jury came in on
Saturday, after being out twenty-seven
The jury stood nine in favor of Civ
ing q clean verdict in favor Of Jones, and
three against The suit was brought in the
name of U. H. Dudley and Hiram Fl. Taylor.
It was argued by the defense that Francis
Cutting and Squire B. Goddard, who were
special partners to the amount OF $500, 900,
should have been joined in the suit.
It was argued by the defense that the
$500, 600 said to be contributed by them was
not paid in cash when the last partnership
was formed; and if paid, not paid in good
faith; consequently they were general part
ners instead of special The Judge, how
ever, overruled this part of the issue in CIV
ing his charge to the jury, and the case went
to the jury with the ruling that they must
find for the whole amount of the note, or else
the amount of The note less any amount that
they could find as mistake. that Jones did
not have at the time of giving the note. With
this ruling the jury stood as above. MIR. Dud-
ley refused to put his books in the case. MIR.
Jones has suit for 100000 against u ID.
Dudley & Co. that comes before the Supreme
Court, in Portland, in October.-P0rtldnd
(Maine) Argus.
Preparation for Specie Payments.
It is evident that in financial circles there
is preparation being made for the approach
of specie payments. With the banks this is
especially apparent, as upon them the severest
strain must fall for q time. The large num-
Der of clearing houses existing in this coun-
try is one proof Of the desire of the banks to
organize themselves into compact body to
meet the shock and another exists in the
tendency to hold national meetings and con-
ventions. The Saratoga Convention is q good
illustration of this fact.
1t proposes to collect together in one as
sembly some two thousand Of the leading
officers representing private, national and
State banks, and hold three days meeting
for discussion and social intercourse. A con-
solidation of interests and the organization of
some system upon which the whole banking
system may be closer united in its own be-
half are what is to be expected OF this con-
vention. It's deliberations will be interesting
as an exposition of the views OF the money
kings at time when a crisis is approaching
between the advocates Of national honesty
and the infationists' rag baby.-Baltinaore
American.
$4,000, 900 Less Actual Gold i'm tho Treas-
ury Than Supposed.
There is getting to be much talk and a
good deal of doubt about the character OF the
"gold balance of the Treasury. On the
21st instant the "gold balance was re.
ported from Washington at $4,000, 600, OF
which $40, 1000, 600 was specified as in the sub
Treasury in New York. But the New York
Bulletin states that on that day the coin
balance in the New York sub Treasury con-
sisted of s34, 100000 of gold, $4,000, 900 Of
silver, and $500, 900 of coin certificates.
Thus we have only s35 100000 of gold,
where it is generally believed We have S46,-
100000.
From this it appears that the coin certif-
Gates which have once been paid out are
counted as "gold" by the banks that receive
them and when paid bv importers and others