The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-05-25

rate of taxation for 1873 from III TO 1874
cents per 500, and the city of Baltimore levy
from 81 rs to 81 80 per 500, compared with
1877.
The towboat Port Eads with five barges,
arrived here last night from st. Louis, with
BOLT bushels of corn in bulk III, 496 bushels
of wheat and 81. 4o3 bushels Of rye, making a
total Of 1G5.01G bushels OF bulk grain
J1non all products exported from Brazil
there Is imposed by the government of that
country az imperial export duty OF 9 per
cent and a provincial export tax of per cent,
making together an export duty OF - per
cent upon all products leaving the empire
OF State Consols the sales yesterday
amounted to 100000. and they closed weak
at 7b14m753S against 75a4@764 on the day
previous OF Premium Bonds the sales were
s144. 800. and the market was, weak at 33140
337s. against 341S61341. on Thursday, Stocks
were quiet only II shares having been sold
In the discussion between the cotton manu-
facturers of Lancashire and the weavers now
on strike there. and In the comments OF the
press thereon. it is generally, although un-
willingly. conceded that American colnpeti-
ton has a potential influence in diminishing
the English cotton trade at home and abroad
England now sends to the United States less
than one-third the quantity OF goods she
sent ID 1860, while on the other hand II Is
stated that 10000 pieces of cotton goods have
been shipped weekly from New York ana
Boston to England for two or three years, 1t
has been said that these goods have been SOLD
at loss in order to realize cash, but this Is
denied by excellent authorities The London
Times attributes the increase OF American
manufactures at the cost Of British industry
to the superior quality and equal or cheaper
prices of American cotton, besides genuine
domestic advantages in the process oil manu-
facture. The Saturday Review declares that
American products are profitable competing
with British goods not only in the Eastern
markets, but in England itself, and attributes
the decline Of the Eastern trade to the fraud
ulent folly of English manufacturers, who
have lost their customers by palmine OIL on
them adulturated goods" as well as to the
fact that the American cotton manufacturers
can produce at less cost than the British.
THE BANK OF ENGLAND IN DhNGER.-Some
of the London financial journals have taken
I'M the cue given by Bagehot in his Lombard
street. and are calling public attention to the
dangerous condition of the reserves OF the
Bank of England. The London World and
the London Statist are especially noticeable
for their plain talk about the matter, The
World says:
Should there be from any cause sudden
demand for money for the continent or the
provinces there is an instant drain upon tne
bill brokers and bankers OF the metropolis
who in turn fall back upon the Bank OF Eng
land; and In an emergency, such as might De
caused by a war with Russia, the bank act
would have to be suspended, and there
would be heavy risk OF the whole delicately
interviewer network of credit collapsing
like a house OF cards. Ihings are not as
they were in 1897, when the bank was more
isolated than it Is now, or even as they were
in 1s47. 1867 and 1866, at each of which
dates the bank act hal to be suspended At
these several periods what are called Crans-
fer credits" by Geographic wire ana trans
Atlantic cable were unknown. It'll obvious
that the suddenness with which demands for
cash can now be made does not leave the
time there was formerly to organize means
of meeting sudden strains upon our system
of credit. No doubt the telegraph facilitates
ready action on the part Of the bankers in
self-defense as well; but 10 a case In which
time is absolutely necessary to stave OIL dan
ger. it vastly adds to the difficulty OF pulling
through. The Bank of England has virtually
ceased to be the peoples bank; and while
the paper of the bill brokers, credit com
panies and Joint stock banks, there is
actual danger. At one time the bank refused
even to allow the London and Westminster
Bank drawing account There ought to pc
entire dslocaton of the Old Lady from the
ut nS ha a down
Until there Is the Bank Of England cannot
become better than IL is at present, or snow
itself more worthy of its quasi-national posi-
tion and privileges. 1t has lost its old con
troll over the money market, and yet has to
bear all the burdens that are involved in its
position as the centre of our banking Sys-
TEN. The consequence is that week by week
the reserve is dwindling away, and yet the
bank directors are afraid to put up the rate
TO protect it, because the outside market
would not follow them, and they might lose
even the small discount business they have.
The Boston Commercial and Shipping List
has the following about one of the widest
and most visionary schemes we ever heard OF
read of:
Two propositions are before Congress, one
directly and the other indirectly, for the con.
struction of a ship canal parallel with and
near the Atlantic coast, capable of enabling
from one point to another, beyond the reach
of both the vicssitudes Of the sea and the
interference of a hostile fleet. The contigura
ton of our coasts permits the creation Of
an int -ior water way, extending from
Boston to the Gulf of Mexico, by which al
army and a navy could both be
moved up and down from one place to tho
other, to anticipate and repel the attack OF
descent of any hostile force approaching from
the Atlantic ocean. The chain OF works t.
accomplish all this begins with short cana
to connect Cape Cod Bay with Long IslanC
Sound, whence inside communication already
exists as far south as the Cape Fear river, by
means of the Raritan and Delaware bays anc
canal the Delaware and Chesapeake Canal
Chesapeake Bay, Elizabeth river, and finall!
the sounds of North Carolina A glance
at the map shows, extending all the
way down the coast from Cape Hat
teras series of narrow lagoons
capable, by easy dredging and an occasional
easy cut or canal, of being made a continuous
water way and prolongation Of the existing
system, which would allow a vessel to pass