, 1876-05-24
The Dullness Of the Local Loan
Market undisturbed.
light Country Movement Of Cur
rency---!rlle Clearings
R2,UOO,OOO.
The Produce Markets More Active, and
Generally Easier.
An Important Decline In Proyislons'.'
Wheat Turns Downward.
FINANCIAL.

Tho failure oi the city 10 pay soma ceftlheates
that fell due yesterday was tho topic OF consider.
abla dscnssion In financial circles. Vouchers had
been prepared 70. tho payment OF some Of tho mn
turing certificates, hut AS Comptroller Hayes hnl
been removed, and Comptroller DcrlcE.on Ind not
had his bond accepted, there wns no Comptroller
to siNn tho vonchcrn. The whole question OF tho
past Issues of certificates was debated In SONIC
quarters with good deal Of heat. The action Of
the city In falling to pay the certificates, hnd the
refusal Of the new Government 10 renew The old
scrtiacntca or ipHuc new ones In their place, vas
nign,attzcd by few Of tho hnnkots and business
u,on rcpul!atlon. This topic IL dis"
tntsch at length III our cditnr'nl col.
nu,ns. Int It may be tald here that courso
pursuea by tho sworn officers Of tho city, In
accordnucG with the advice thcy receive from their
counsel ms TO the constitutional an0 rgnl qnestfons
Involved, cannot In my scnse he sttgmaiizca re.
pudIntton. The gst Of tic law Is, rs declared by
the events Tint certificates cannot lie Issued 10 be
paid nut OF The taxes OF nny other year than that
Tor which they are issued. There Ia In no quarter
iny intention to Withhold the payment OF a. dollar
lHc from the city, but tlc payment must be made,
!nnccordnnee with law. There arc mora than
Enough hack taxes due 10 pay OF all tho certificates,
IND us they arc received they will bo 70 applied.
Fur instance, there are about 80, O00 COO Of back
taxes 10 he fcalizc1 ont Of land salca in August,
,nough to ext!nEnish almost all tho certificate.
'Ahfnntng" around, and paying paper With
paper Is not The way for n Errnt city
Hike Chicago to r1anngb its finances. Thu
present crtdls could only bo postponed.
It is much better to meet tho lif.cMlty. now,
1anarely, and settle H. than gu plunslnc deeper
ina deeper into Illegal insucs OF paper. The credit
II The city In the long run will be Injured lcss by
Lie former course than hy the hitter. The awk-
wanlncss Of the situation ls considerable OF course,
but IL is due 10 The Illcnl issue Of the certificates.
md not tp tho honcst acknowledgment Of the fact
That they wero illegal, and that no moro can be put
out.
The local loan market displayed no new features.
The supply Of good paper waH ligl.t and tho sur
plus Of means considerable.
itatcs OF discount werc SOLO per cent to regu!nr
customers. Concessions were made TO good out
side borrowers.
On the street, rhtes wcro 6Q1B per cent DusI.
ness was dull.
New York exchange was sold between banks at
60c per 81, QUO premium.
The clcaringa were s., 600. 600.
CONDITION OF THE CAtcA0o BANKS.
The decreasing number Of the Chicago National
Banks make the examination OF their statements
easier each year. Since tho last statement, March
10, tho City National has Nnnr cut Of business.
The number Of National hanks has thus been re.
0uccd 10 fifteen. The surprise with which the an
Lounccu.ent Of the faurc was received rccurs upon
tn examination Of ita last report. The sworn
rtatcn,ont Of s officers shows that but two mouths
1go, md only six weeks before It's suspension, the
bank had 30 per cent Of Its deposits on hnnd IN
cash and cash mems. It's exhibit was stroug
ono. II would be idlo To pretend that tho recent
successive failures Of sevetal National Banks after
their officers had under oath shown them 10 be per.
fccsly sound. had Increased the popular confidence
in the general value Of bank statements. 1t In
hoped anil believed, however,, TINT we have had
The last Of these experiences.
We append the principal items OF tho bank state
ment Last made and p'nce by their aide tho corre-
spending items OF tho statement Of last year. The
comparison Is nuta valuable M It would be were nat
Tho statement Vt last year dated May l, Nhrn the
loaus aud discounts md deposits Of the bnnks arc
affected by the board Of Tralc settlements Of Tho
lst uf tAe month.